IBM(US:IBM) 智通财经网·2026-02-25 03:35Core Viewpoint - IBM's stock experienced a significant decline due to concerns over its traditional business, triggered by Anthropic's Claude Code product's ability to translate COBOL, but analysts highlight IBM's ongoing self-reformation efforts [1][2] Group 1: Market Reaction - IBM's stock fell sharply, marking the largest single-day drop in 26 years, primarily driven by market fears regarding its legacy business [1] - Jefferies pointed out that the sell-off overlooked IBM's proactive self-reformation initiatives [1] Group 2: IBM's Innovations - The Watsonx Code Assistant for Z product integrates generative AI into mainframes, facilitating the modernization of COBOL to Java, thus alleviating the burden of traditional mainframe modernization [1] - IBM's software business acceleration is attributed to advancements in hybrid cloud, AI, automation, and data sectors, rather than solely relying on mainframes [1] Group 3: Competitive Advantages - IBM's integration of capabilities directly into the Z platform provides a structural advantage over horizontal code assistants, which lack native access to mainframe data and tools [2] - The modernization of mainframes involves more than just code conversion; it requires deep integration with operational resilience, performance tuning, and change management, areas where IBM excels [2] Group 4: Market Position - IBM's mainframe business continues to grow, with 70% of its customers expanding related workloads, indicating strong business resilience [2] - Approximately 73% of global transaction volume is still processed by mainframes, underscoring their critical role across various industries [2]