AI scare trade casualty: IBM [Yahoo! Finance Canada]
International Business Machines Corporation (IBM)
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Source: Yahoo! Finance Canada
And I mean no prisoners. IBM ( IBM ) shares sold off to the tune of 13.5% on Monday after Anthropic renewed fears that AI code assistants could disrupt legacy COBOL (Common Business-Oriented Language) workloads. Anthropic said in its new blog post that hundreds of billions of lines of COBOL remain in daily production across finance, airlines, and government. It argued that AI can now automate analysis tasks that historically made modernization slow and costly. COBOL has a starring role in mission critical infrastructure such as payments and financial systems, areas where IBM has been the leader for years. The market shot first and asked questions later on IBM, causing $31 billion in market value to go up in smoke. Shares are only up slightly on Tuesday. Here's what I am hearing the day after the IBM rout. IBM Response (from spokesperson) "IBM has been investing in code modernization for years — both through skilling initiatives and through our own generative AI capabiliti
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IBM
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- 2/23/26 - Form 4
- 2/23/26 - Form 4
- IBM's page on the SEC website