Maybe... Yesterday, IBM had its worst day since 2000. The stock dropped 13%, sliding from $257 to $223.39 after Anthropic unveiled “Claude Code,” an AI tool built to tackle COBOL modernization. COBOL was written in 1959. It still runs roughly 95% of U.S. ATM transactions and sits at the core of major banks and government systems. IBM makes billions maintaining and migrating that legacy infrastructure. Now investors are questioning how durable that revenue is if AI can map codebases and flag migration risks in minutes. The selloff wasn’t subtle. AI isn’t just creating new markets. It’s testing old ones. And if you don't adapt... you die.
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Did Anthropic just kill IBM???
Maybe...
Yesterday, IBM had its worst day since 2000.
The stock dropped 13%, sliding from $257 to $223.39 after Anthropic unveiled “Claude Code,” an AI tool built to tackle COBOL modernization.
COBOL was written in 1959.
It still runs roughly 95% of U.S. ATM transactions and sits at the core of major banks and government systems.
IBM makes billions maintaining and migrating that legacy infrastructure.
Now investors are questioning how durable that revenue is if AI can map codebases and flag migration risks in minutes.
The selloff wasn’t subtle.
AI isn’t just creating new markets. It’s testing old ones.
And if you don't adapt... you die.