IBM's stock price is plummeting, Anthropic claims its tool can assist in modernizing COBOL.

IBM's stock price fell by 11% on Monday, marking the biggest drop since March 2020. Prior to this, Anthropic stated that its Claude Code tool could assist in modernizing the outdated programming language COBOL. Anthropic wrote in a blog post, "In the past, modernizing COBOL systems required a large number of consultants to spend years unraveling workflows," but "tools like Claude Code can automatically handle the most time-consuming exploration and analysis stages of the COBOL modernization process." Currently, most large mainframe computers running COBOL are produced by IBM. IBM's stock price has decreased by nearly 30% from the highs reached earlier this month, marking the largest monthly percentage drop since 1992.