Wild. Anthropic announces Claude Code couls modernize COBOL code, causing IBM stock to drop 13%.
They didn't actually show that it modernized COBOL code, they just said it could.
"Shares of IBM closed the day lower by nearly 13.2%, at $223.35 per share, after Anthropic on Monday said Claude Code could be used to automate the exploration and analysis work that drives most of the complexity in COBOL modernization, a key IBM business. IBM has long sold mainframe systems that are optimized for large-scale transaction processing, where COBOL has often been used."
https://www.cnbc.com/2026/02/23/ibm-is-the-latest-ai-casualty-shares-are-tanking-on-anthropic-cobol-threat.html