JOURNAL ARTICLE

IBM Sinks Most Since 2000 as Anthropic Touts COBOL Modernization.

  • Published In: Bloomberg.com, 2026. P. N.PAG 1 of 3

  • Database: Business Source Ultimate 2 of 3

  • Authored By: Vlastelica, Ryan 3 of 3

Abstract

The article focuses on the significant decline in International Business Machines Corp. (IBM) shares, which fell 13% following the announcement by the artificial intelligence startup Anthropic that its Claude Code tool can assist in modernizing COBOL, a programming language predominantly used on IBM mainframe computers. This drop marks IBM's largest one-day percentage loss since October 2000 and contributes to a 27% decline in February, potentially the steepest monthly drop since 1968. The article highlights concerns among investors that advancements in AI tools could disrupt demand for legacy products, particularly in industries reliant on COBOL, such as finance and government. [Extracted from the article]

Additional Information

  • Source:Bloomberg.com. 2026/02, pN.PAG
  • Document Type:Article
  • Subject Area:History
  • Publication Date:2026
  • Accession Number:191800846
  • Copyright Statement:Copyright of Bloomberg.com is the property of Bloomberg, L.P. and its content may not be copied or emailed to multiple sites without the copyright holder's express written permission. Additionally, content may not be used with any artificial intelligence tools or machine learning technologies. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Looking to go deeper into this topic? Look for more articles on EBSCOhost.