The Economic Times

US Stocks | IBM posts steepest daily drop since 2000 after Anthropic says AI can modernize COBOL

IBM shares plummeted over 13% on Monday, marking their worst single-day fall in over two decades. This sharp decline followed AI startup Anthropic's announcement that its new tool can significantly speed up the modernization of COBOL, a critical programming language used extensively in banking and government systems running on IBM mainframes. The development signals a potential disruption for legacy systems.