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

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.

By TOI TECH DESK