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IBM is the latest AI casualty. Shares are tanking 11% on Anthropic programming language threat
International Business Machines stock is getting slammed Monday, becoming the latest perceived victim of rapidly developing AI technology, after Anthropic said its Claude Code tool could be used to modernize legacy systems that run COBOL.
Shares of IBM closed the day lower by nearly 13.2% at $223.35 per share. Anthropic said Claude Code could be used to automate the exploration and analysis work that drives most of the complexity in COBOL modernization, a key IBM business. IBM has long sold mainframe systems that are optimized for large-scale transaction processing, where COBOL has often been used.
Short for Common Business-Oriented Language, COBOL is a dominant legacy code system developed in the late 1950s often used in business data processing, such as payment processing and retail transaction systems. An estimated 95% of ATM transactions in the U.S. use COBOL, according to Anthropic, making it a prime target for cost-efficient AI disruption.
IBM stock sinks as Anthropic rolls out yet another disruptive AI tool
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The AI-driven software sell-off that ravaged markets in early February isn't over, with IBM stock tanking on Monday as Anthropic unveiled another disruptive AI tool.
IBM shares fell 13% after the maker of the Claude AI chatbot announced another new tool. In this case, the startup announced an update that can help reduce the cost of COBOL (Common Business-Oriented Language) systems used by many businesses.
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