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flag IBM stock dropped 13% on Feb. 23, 2026, after Anthropic launched an AI tool that automates COBOL code modernization, threatening IBM’s consulting business.

flag IBM stock fell 13% on February 23, 2026, after Anthropic unveiled an AI tool that can rapidly modernize COBOL code, a critical programming language used in most U.S. ATM transactions and legacy systems. flag The tool automates tasks like risk identification and documentation, potentially reducing reliance on costly consulting services from firms like IBM, Accenture, and Cognizant. flag The announcement contributed to a broader tech sector selloff, with DoorDash and other tech stocks also declining amid concerns over AI disruption, shifting trade policies, and speculative economic fears.

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