AI disrupts traditional business models, IBM plummets 11%, and the crypto market declines simultaneously

GateUser-6433627c · 2026-02-24T00:51:19+00:00

On February 24th, artificial intelligence company Anthropic launched the Claude Code platform, automating COBOL system modernization, which raised concerns about traditional IT business models, causing IBM's stock price to drop by 11% at one point. U.S. stocks and cryptocurrencies generally came under pressure, with Bitcoin falling about 5%. AI infrastructure-related mining company stocks saw slight gains, while safe-haven assets like gold and silver rose.

GateUser-6433627c

2026-02-24 00:51:19

Abstract generation in progress

On February 24, artificial intelligence company Anthropic announced that its Claude Code platform can automate COBOL system modernization, sparking market concerns about the impact on traditional IT consulting and software business models. As a result, IBM’s stock price temporarily plummeted 11%, making it the latest target affected by AI disruption. Market risk appetite also declined, with the three major U.S. stock indices generally falling, and cryptocurrencies coming under pressure. Bitcoin dropped about 5% over 24 hours to around $64,000, with Ethereum and Solana experiencing similar declines. In related concept stocks, CEX Global Inc., MicroStrategy, Circle Internet Financial, and Galaxy Digital generally fell 4%–7%. However, Bitcoin mining companies focused on AI infrastructure, such as IREN, Cipher Mining, CleanSpark, and Hut 8, performed relatively well, with their stock prices rising slightly. Meanwhile, safe-haven assets strengthened, with gold up 3.2% and silver up 6.5%.

BTC-2,82%

ETH-3,33%

SOL-2,53%

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