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AI startup Anthropic's claim of automating COBOL modernization sent IBM's stock plummeting, wiping billions off its market value. The decades-old language, still powering critical systems, faces a ...

While Anthropic’s Claude Code grabbed headlines, IBM has been deploying its own generative AI solution, Watsonx Code Assistant for Z, designed to modernize the very mainframes it built. Unlike general ...

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On 23 Feb 2026, IBM shares dropped 13%, losing nearly $30B, after Anthropic's Claude AI promised faster COBOL modernization, threatening legacy IT services dependent on scarce expertise.