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IBM becomes the latest victim of AI, with its stock price plunging 13%
IBM stock price plummeted on Monday, becoming the latest victim of the rapid development of artificial intelligence technology. Previously, Anthropic announced that its Claude Code tool could be used to modernize legacy systems running COBOL.
After Anthropic announced on Monday that Claude Code can automate the most complex code exploration and analysis tasks in COBOL modernization, IBM’s stock closed down nearly 13.2% at $223.35 per share. COBOL-related business is one of IBM’s core operations. For a long time, IBM has sold large mainframe systems optimized for large-scale transaction processing, which commonly use COBOL.
“Billions of lines of COBOL code run in production environments every day, supporting critical systems in finance, aviation, and government sectors. Despite this, the number of people truly proficient in this language is decreasing year by year,” Anthropic wrote in a blog post on Monday. “AI is very good at simplifying those tasks that once made COBOL modernization costs prohibitively high.”
Anthropic stated that Claude Code can assist in modernizing COBOL codebases: mapping dependencies among thousands of lines of code, generating workflow documentation, and identifying risk points that “human analysts would need months to discover.”
The blog post said, “Legacy code modernization has been stalled for years because the cost of understanding old code exceeds rewriting it. AI has completely reversed this situation.”