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 programming language run on IBM systems.
IBM shares sank 13.2%, their biggest drop since October 18, 2000.
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COBOL is a programming language widely used on IBM mainframes across banking, insurance and government systems.
“With AI, teams can modernize their COBOL codebase in quar… [369 chars]
Source: Reuters | Published: 2026-02-24T02:42:14Z
Credit: Reuters
