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6 IBM Shares Crater 13% After Anthropic Says Claude Code Can Tackle COBOL Modernization

Slashdot
msmash @ Slashdot 1 place · 02/23/2026 16:10 EDT

IBM Shares Crater 13% After Anthropic Says Claude Code Can Tackle COBOL Modernization

IBM shares plunged nearly 13% on Monday after Anthropic published a blog post arguing that its Claude Code tool could automate much of the complex analysis work involved in modernizing COBOL, the decades-old programming language that still underpins an estimated 95% of ATM transactions in the United States and runs on the kind of mainframe systems IBM has sold for generations.

Anthropic said the shrinking pool of developers who understand COBOL had long made modernization cost-prohibitive, and that AI cou

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