
Anthropic's Claude Code Targets COBOL, Spooking IBM and Investors
IBM stock fell about 13% after Anthropic said Claude Code could automate COBOL modernization, threatening IBM’s legacy mainframe business since COBOL underpins many critical systems (including the majority of U.S. ATM transactions); the AI disruption adds to market jitters and IBM has slumped more than 24% year-to-date.


