ETtech Explainer: Decoding Anthropic’s Claude Code update that triggered IBM selloff

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A single Anthropic blog claiming its AI model Claude can read and modernise COBOL wiped nearly $30 billion off IBM’s market value. COBOL, a 1959 programming language, still powers critical banking, airline and government systems worldwide. Claude promises to cut modernisation time from years to quarters, potentially transforming the economics of legacy system updates.