AI scare trade casualty: IBM

The AI scare trade is taking no prisoners. 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. CO ...