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IBM's (IBM.N) stock price plummeted on Monday after the artificial intelligence startup company Anthropic claimed that its Claude Code tool could help modernize COBOL, an outdated programming language mainly used on IBM computers. IBM's stock fell by 13% at one point, marking the largest single-day drop since March 2020. Institutional data compiled shows that the stock has dropped by 26% in February, potentially setting a record for the largest monthly decline since at least 1968.
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