US Stocks | IBM posts steepest daily drop since 2000 after Anthropic says AI can modernize COBOL

Group 1 - IBM shares experienced a significant decline of 13.2%, marking their largest drop since October 18, 2000 [1][5] - The decline was triggered by AI startup Anthropic's announcement that its Claude Code tool can modernize COBOL systems, which are widely used on IBM mainframes in sectors like banking, insurance, and government [1][5] - Traditionally, modernizing COBOL systems required extensive consulting efforts over several years, but Anthropic claims that AI can reduce this timeframe to mere quarters [2][5] Group 2 - The software sector has faced considerable pressure recently due to market concerns regarding the advancing capabilities of AI tools, particularly following the introduction of Anthropic's Claude plug-ins [4][5] - Shares of cybersecurity firms, including CrowdStrike and Datadog, also fell as investors assessed the potential impact of Anthropic's new security tool on the industry [5]