IBM stock’s worst single-day drop in 25 yrs over Anthropic tool

2026-02-24 - 08:33

IBM shares plummeted after AI startup Anthropic announced its tool can automate COBOL modernization, threatening IBM's core mainframe business. This AI advancement could compress years-long, costly migration projects into months, impacting recurring revenue from hardware, software, and services. The market reacted swiftly, signaling a potential shift in the legacy IT services landscape.