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IBM stock falls 10% after Anthropic launches AI tool to modernize COBOL code

IBM stock price dropped sharply after an AI company launched a tool to update old COBOL computer systems faster. This news also affected other tech consulting firms that earn money from legacy system upgrades. The new AI can reduce time, cost, and human effort needed to understand old code, showing how artificial intelligence is changing traditional tech service businesses.

24 Feb 2026 2:43 am