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00:02IBM shares plunged 13% on Monday after Anthropic said its Claude Code tool can modernize COBOL
00:08systems that run on IBM mainframes, according to Bloomberg. The drop marked IBM's worst single-day
00:14percentage loss since October 2000. Shares have fallen 27% in February and are on pace for the
00:20company's largest monthly slide since at least 1968, according to Bloomberg data. Anthropic
00:26said Claude Code can automate much of the exploration and analysis required for COBOL
00:30modernization. IBM said its mainframe value does not depend on COBOL and supports multiple
00:35programming languages. Analysts said customers already have migration options and many continue
00:41to use IBM's platform. For all things money, visit benzinga.com.
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