IBM shares plunged 13% after Anthropic said its ClaudeCode can automate COBOL modernisation-threatening a core IBM mainframe and legacy IT services revenue stream tied to the ageing programming... .
Shares of International Business Machines recorded their steepest daily drop in more than 25 years on Monday, after AI startup Anthropic said its ClaudeCode tool could be used to modernize a programming language run on IBM systems ... .
And most of this code runs on IBM mainframes—the massive, customer-owned servers optimised for large-scale transaction processing.The problem ... IBM's 13.2% drop was its steepest daily decline since October 2000 ... It's not just IBM.