Investor's Business Daily on MSN
IBM stock stung by Anthropic fears. Analyst says AI 'can't replace' the mainframe
IBM is the latest victim to investor fears about Anthropic's AI code.
After Anthropic introduced a tool for automating time-consuming COBOL modernization, IBM's stock plummeted over 13 percent.
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.
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