Anthropic's new AI tool can write 67-year-old COBOL code, which sends 115-year-old IBM's stock tumbling by 13% — IBM stock has worst day in 26 years, down 25% MoM and counting

Anthropic's new AI tool can now write 67-year-old COBOL code, causing IBM's stock to plummet by 13%. This development is significant as industries like airlines, banks, and insurance heavily rely on COBOL and IBM mainframes. With the introduction of COBOL-specific functionality in Anthropic's AI bot, IBM faces a potential threat to its long-standing dominance in this market. The aging workforce of COBOL programmers adds to the challenge, as these systems are deeply ingrained in critical operations across various sectors. The complexity and interconnectedness of COBOL systems make replacing them a daunting task, leading to continued reliance on this legacy technology.