IBM Stock Plummets Over Misconceptions and AI Claims on COBOL Modernization

IBM's $40 billion stock decline is largely due to misunderstandings about COBOL modernization, not merely translating the old code. Anthropic's claim that its AI can modernize legacy COBOL software has sparked market fears, contributing to an 11% drop in IBM's shares. Going forward, watch for clarifications from IBM and tech firms on AI's actual capabilities in legacy code updates.