IBM's stock price recorded its worst single-day drop in 25 years! Anthropic claims it can transform Cobol systems
IBM's stock price recorded its worst single-day performance in over 25 years on Monday, plummeting by 13%. This decline was due to the artificial intelligence startup Anthropic stating that its Claude Code tool can help modernize Cobol systems. IBM's stock price has already fallen by 27% in February, potentially marking its largest single-month decline since 1968. Market risk warning, investment should be cautious
IBM's stock price recorded its worst single-day performance in over 25 years on Monday, after artificial intelligence startup Anthropic stated that its Claude Code tool can assist in modernizing Cobol. Cobol is an outdated programming language that runs on IBM computers.
IBM's stock price plummeted 13% that day, marking its largest single-day drop since October 2000. With this decline, IBM's stock price has fallen 27% in February, potentially setting the largest monthly drop since at least 1968.
Anthropic wrote in a blog post:
"In the past, modernizing Cobol systems often required a large number of consultants and took years to streamline workflows. Tools like Claude Code can automate the exploration and analysis phase, which constitutes the majority of the workload in the Cobol modernization process."
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