IBM's $40B stock wipeout is built on a misconception: Translating COBOL isn't the same as modernizing it

VentureBeat
Feb 24, 2026, 5:00 pm98 pts
On Tuesday, Anthropic published tools that let Claude read, analyze and translate legacy COBOL into modern languages like Java and Python. By the end of the trading day, investors had wiped roughly $40 billion from IBM's market cap — the company's biggest single-day drop in 25 years — pricing the…

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