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International Business Times UK

Technology

Jim Manzon

IBM Faces Major Crisis: 95% of COBOL ATMs at Risk from Cost-Efficient AI Disruption

IBM Anthropic Rob Thomas United States

IBM’s Rob Thomas: Code translation isn’t modernization; mainframes deliver superior performance and security. (Credit: Visual Studio)

A 70-year-old programming language runs nearly every ATM in America. On Monday, investors decided that's now a problem for IBM.

IBM shares crashed 13.2% after AI startup Anthropic said its Claude Code tool could speed up modernisation of COBOL systems. The stock closed at $223.35 (£165.21),wiping roughly $31 billion (£22.9 billion) off the company's market value. It marked IBM's worst single-day drop since October 2000.

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