IBM shares plunged over 13% after AI startup Anthropic announced a tool to modernize COBOL, a key IBM programming language.

Shares of International Business Machines recorded their steepest daily drop in more than 25 years on Monday, after AI startup Anthropic said its Claude Code tool could be used to modernize a ...

International Business Machines Corp. shares plunged 13% after Anthropic said its Claude Code AI tool could accelerate COBOL modernization, sparking investor fears that AI may disrupt IBM's legacy ...

IBM still profits from mainframes running decades-old COBOL systems. Anthropic says AI can migrate that software elsewhere.

IBM’s stock ended Monday down 13% as Anthropic’s Claude Code threatens to dismantle a critical part of its business.

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