IBM’s stock took a hit after Anthropic, the company behind the AI model Claude, said its new tool can make fixing old COBOL software a lot easier.

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The most widely adopted computer language in history, COBOL is now causing a host of problems. It's also dangerously difficult to remove.

IBM shares suffered their worst single-day drop in over 25 years on Monday, February 23 after AI startup Anthropic announced that its Claude Code tool can automate the modernisation of COBOL—the ...