On February 23, IBM shares plummeted by 13.2% — the company's largest single-day drop since October 2000. The reason was Anthropic's announcement that Claude Code is capable of modernizing legacy systems in COBOL, a key business area for IBM, writes dev.by.
Anthropic's blog states that Claude Code can automate "the analysis and understanding phases that account for the majority of effort in COBOL modernization."
COBOL (Common Business-Oriented Language), developed in the late 1950s, is still widely used. According to Anthropic, about 95% of ATM operations in the US are processed using COBOL.
Modernizing such systems traditionally required "an army of consultants and manual analysis," but AI tools, the company claims, are capable of "flipping the economics of the process."
Investors perceived Anthropic's statement as a threat to IBM's business, which historically profits from supporting and modernizing legacy systems. Amid the sell-off, the company's shares have fallen by more than 24% since the beginning of the year.
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Адкуль дадзеныя для трэніроўкі? ;)