By Yuvraj Malik
Publication Date: 2026-02-24 09:01:00
Anthropic unveiled new Claude functionality that can modernize COBOL code faster at scale, triggering a sharp drop in IBM stock on Monday.
- IBM says new AI tools do not address the ‘fundamental engineering challenge of running mission-critical workloads at scale.’
- IBM charges clients to modernize their financial systems running on Cobol, a business that is under threat from the new Anthropic tool.
- New Claude capabilities, ranging from code debugging to enterprise security assessments, have triggered a broad selloff in software stocks.
International Business Machines Corp. on Tuesday highlighted its own technological strengths after Anthropic unveiled a new Claude feature designed to modernize the legacy code running on IBM systems, a development that sent IBM’s shares sharply lower the previous day.
“New AI tools emerge every week, including our own,” IBM said in a response to a Yahoo Finance post. “What they do not change is the fundamental engineering challenge of…
