By Ty Roush
Publication Date: 2026-02-23 20:49:00
Topline
IBM shares plunged Monday to their biggest daily loss since the dot-com bubble burst after Anthropic announced an AI tool that it said would streamline updates to decades-old enterprise software, the latest development by Anthropic in recent weeks to fuel a stock selloff.
The Amazon and Google-backed AI startup said its latest tool would make it easier to update decades-old enterprise software.
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Important facts
Shares of IBM fell 13.1% to $223.39 at Monday’s close, marking the stock’s biggest one-day loss since October 2000 (15.5%).
Anthropic announced in a blog post Monday a tool for its Claude Code that will help modernize the COBOL code, a programming language developed in the 1960s that processes about 95% of ATM transactions in the U.S. while also processing Social Security payments and other systems used by financial and airline companies, among others.
IBM helped popularize COBOL and still offers…
