IBM stock suffers worst single-day drop in 25 years over Anthropic’s COBOL tool: What it is and why it wiped billions of dollar for IBM
IBM shares suffered their worst single-day drop in over 25 years on Monday, February 23 after AI startup Anthropic announced that its Claude Code tool can automate the modernisation of COBOL—the decades-old programming language that sits at the heart of IBM’s mainframe business. The stock fell 13.2% to close at $223.35, wiping roughly $40 billion…