Feb 23 (Reuters) - Shares of International Business Machines recorded their steepest daily drop in more than 25 years on Monday, after AI startup Anthropic said its Claude Code tool could be used to ...

COBOL is a computer language used for business data processing and IBM is a leader in that area.

Anthropic's AI tool Claude's ability to modernize Cobol code caused IBM shares to plummet, wiping out billions in market cap.

Investors reacted to Anthropic’s assertion that Claude Code could streamline legacy COBOL modernization, raising concerns about pressure on IBM’s high‑margin mainframe services despite longstanding ...

IBM shares plunged over 13% after AI startup Anthropic announced a tool to modernize COBOL, a key IBM programming language.

With the decline, IBM shares have fallen 27% in February, on track for its biggest one-month slide since at least 1968, ...

The Amazon- and Google-backed AI startup said its latest tool would make it easier to update decades-old business software.

IBM’s stock recovered a bit after its February plunge as experts highlighted AI startup Anthropic’s work on legacy COBOL code ...

IBM still profits from mainframes running decades-old COBOL systems. Anthropic says AI can migrate that software elsewhere. IBM stock was down 10% on Monday afternoon after Anthropic published a blog ...