IBM Shares Plunge as Anthropic Touts COBOL Modernization Efforts

IBM Shares Plunge as Anthropic Touts COBOL Modernization Efforts

By Ryan Vlastelica
Publication Date: 2026-02-23 20:32:00

International Business Machines Corp. shares plunged on Monday, after the artificial intelligence startup Anthropic said its Claude Code tool can help with modernizing COBOL, a dated programming language that’s mainly run on IBM computers.