IBM Stock Price Sinks After Latest Anthropic AI Update - Markets Insider

IBM stock price dropped 13% after Anthropic unveiled an AI tool to reduce the cost of COBOL systems, which are used by many businesses for critical systems in finance, airlines, and government. The tool can identify risks that would take human analysts months to surface. The update poses a potential threat to IBM's business data service, which is a core part of its business. The new AI use case could allow companies to streamline their COBOL operations for a fraction of their previous cost.