IBM (IBM) shares sold off on Monday on the basis that Anthropic's (ANTHRO) Claude Code product can translate COBOL, prompting concern about the tech giant's legacy business. However, investment firm Jefferies said the sell-off,

On the heels of IBM’s sharpest daily decline in a quarter-century, analysts cheered the resilience of the company’s mainframe business.

Anthropic launched an AI tool that automates COBOL modernization, challenging IBM's long established mainframe services business. IBM responded by stressing the resilience, security and integration needs of mission critical enterprise systems that go beyond code translation.

IBM or International Business Machines Corp had its worst day on stock market in more than 25 years on Monday, February 23. The 100-year-old IT giant .

IBM’s stock ended Monday down 13% as Anthropic’s Claude Code threatens to dismantle a critical part of its business.

IBM shares rebound 5% after AI fears fade, as analysts defend its mainframe strength and downplay risks from Anthropic’s Claude Code and COBOL modernisation concerns.

IBM still profits from mainframes running decades-old COBOL systems. Anthropic says AI can migrate that software elsewhere.

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

IBM shares slumped on Monday, February 23, 2026, after Anthropic said its AI could speed up COBOL modernization. The stock fell about 13%, marking IBM’s sharpes

IBM is the latest victim to investor fears about Anthropic's AI code.