IBM shares suffer biggest single-day plunge since 2000 as Anthropic unveils COBOL modernization tool
IBM shares plummeted Monday after Anthropic revealed its AI tool can modernize COBOL. This tool automates tasks that once required years of human consulting.
Insights:
Anthropic announced today that its Claude Code (Anthropic tool) can be used to modernize COBOL (programming language) on International Business Machines Corporation mainframes. The announcement coincided with a sharp market reaction, as IBM shares fell 13.2% on Tuesday, marking the company's largest one-day decline since October 18, 2000. This drop represents the steepest daily loss for the technology giant in over 25 years, occurring as the market processed the potential impact on legacy systems.
