The Economic Times

IBM shares sink 13%, record steepest drop in 25 years after Anthropic says AI can modernise COBOL

Shares of IBM plunged 13.2% Monday, marking their steepest single-day drop in over 25 years, after AI startup Anthropic said its Claude Code tool can modernise COBOL, the legacy programming language running on IBM systems, raising concerns of AI-driven disruption in IT and cybersecurity stocks.