By David Beren
Publication Date: 2026-03-13 16:38:00
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IBM (IBM) shed 15.9% year to date after Anthropic’s Claude Code tool threatened to automate COBOL modernization, IBM’s highest-margin consulting work, though Q4 revenue grew 12% to $19.69B and generative AI bookings crossed $12.5B. Franklin Resources (BEN) added 849,500 shares and Invesco (IVZ) increased its stake by 2.2%, signaling institutional confidence despite the selloff.
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Anthropic directly targeted IBM’s consulting segment, which generates roughly a third of revenue and contracted in Q1 2025, forcing the market to reckon with whether AI code generation disrupts IBM’s most defensible revenue stream.
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Still one of the biggest names in the computing world, IBM (NYSE:IBM) shed over 16% year to date heading into mid-March, a jarring reversal for a stock that closed Q4 earnings at $314.84 with momentum. What was driving this result? Well, on February 23, Anthropic…
