TLDR
- Anthropic launched Claude Code with COBOL modernization capabilities, directly challenging IBM, Accenture, and Cognizant’s lucrative consulting practices
- IBM stock plummeted more than 11% following the reveal; Accenture and Cognizant experienced significant declines as well
- Bitcoin retreated to $62,700, representing a 5% decline over 24 hours; Ether and Solana posted comparable losses
- Precious metals defied the selloff with gold climbing 3.2% to $5,243 and silver surging 6.5%
- Bitcoin mining companies pivoting to AI infrastructure emerged as outliers, with IREN climbing 5%
On February 23, 2026, Anthropic unveiled new capabilities for its Claude Code platform that enable automated modernization of COBOL, a decades-old programming language still powering critical infrastructure worldwide.
COBOL remains the backbone of approximately 95% of ATM transactions across the United States. Financial institutions, airlines, and government agencies rely on hundreds of billions of lines of COBOL code executing every single day.
The challenge facing organizations is the disappearing pool of COBOL talent. Most programmers who originally developed these legacy systems have long since retired, and modern computer science curricula rarely include COBOL instruction.
This talent shortage spawned a lucrative consulting industry. Major firms like IBM, Accenture, and Cognizant established substantial practice areas dedicated to legacy system modernization—projects typically requiring years of effort and extensive staffing.
Anthropic claims Claude Code fundamentally disrupts this model. The platform can analyze dependencies, trace code execution, document complex workflows, and identify potential vulnerabilities across thousands of code lines. Activities previously requiring months of human analysis can now be completed through automation.
Alongside the tool launch on February 23, Anthropic published a comprehensive Code Modernization Playbook.
How IBM and Consulting Stocks Reacted
IBM shares declined more than 11% after the announcement, reaching intraday lows during afternoon trading. Accenture slid 6.58% while Cognizant dropped 6%. These stocks had already been trading lower prior to the announcement due to weakness across the technology sector.
International Business Machines Corporation, IBM
Broader market indices reflected the negative sentiment. The Dow Jones, S&P 500, and Nasdaq Composite all declined more than 1% during the trading session.
Crypto Follows Stocks Lower
Bitcoin shed 5% across a 24-hour period, settling at $62,700. Ether and Solana experienced comparable percentage declines. Cryptocurrency markets have exhibited strong correlation with software sector equities in recent months, with Monday’s action reinforcing that pattern.
Major crypto-exposed stocks including Coinbase, Strategy, Circle, and Galaxy Digital all declined between 4% and 7%.
The notable exceptions were bitcoin mining operations transitioning to AI infrastructure services. IREN advanced 5%, Cipher Mining climbed 3.4%, CleanSpark added 1.5%, and Hut 8 gained 0.7%.
Precious metals moved inversely to risk assets. Gold advanced 3.2% to reach $5,243 per ounce. Silver surged 6.5% to $87.69, with both commodities bucking the prevailing market trend.
Anthropic explained that legacy code modernization initiatives have historically stalled because the expense of comprehending antiquated code exceeded the cost of complete system rewrites. The company argues that artificial intelligence fundamentally alters this economic equation.
According to Anthropic, Claude Code enables organizations to complete COBOL modernization initiatives in quarters instead of the years traditionally required.
The announcement represents another wave in the AI-driven disruption that has repeatedly unsettled software sector valuations throughout recent weeks.
Get 3 Free Stock Ebooks
Discover top-performing stocks in AI, Crypto, and Technology with expert analysis.
- Top 10 AI Stocks - Leading AI companies
- Top 10 Crypto Stocks - Blockchain leaders
- Top 10 Tech Stocks - Tech giants
