AI startup Anthropic's claim of automating COBOL modernization sent IBM's stock plummeting, wiping billions off its market value. The decades-old language, still powering critical systems, faces a ...

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IBM shares plummeted after AI startup Anthropic announced its tool can automate COBOL modernization, threatening IBM's core ...

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On3, 2026, Anthropic unveiled Claude Code, an AI tool capable of modernizing decades-old COBOL systems in months rather than years.