IBM Stock Crashes 13% as Anthropic’s Claude Code Threatens COBOL Business, Shares Down 24% YTD
In a dramatic market reaction on Monday, International Business Machines Corporation (IBM) shares plunged nearly 13.2%, closing at $223.35, after AI startup Anthropic announced a major breakthrough targeting one of IBM’s core legacy business strengths — COBOL modernization. The sell-off deepened investor concerns that generative AI tools are rapidly disrupting traditional enterprise technology models. With…