TLDR
- Claude Code from Anthropic now automates COBOL modernization, putting billions in IBM, Accenture, and Cognizant revenue at risk
- IBM stock plummeted over 11% following the reveal; Accenture and Cognizant shares also tumbled
- Bitcoin retreated to $62,700, sliding 5% over 24 hours; Ether and Solana saw comparable declines
- Precious metals rallied against the trend: gold climbed 3.2% to $5,243, silver surged 6.5%
- Bitcoin mining companies with AI operations bucked the selloff, with IREN gaining 5%
On February 23, 2026, Anthropic unveiled a groundbreaking capability in its Claude Code platform: automated modernization of COBOL, the ancient programming language that still powers critical infrastructure worldwide.
COBOL remains the backbone of approximately 95% of ATM transactions across the United States. Every day, hundreds of billions of lines of this legacy code execute across financial institutions, airlines, and government agencies.
The challenge has been finding people who understand it. Most developers who originally built these systems have long since retired, and modern computer science programs rarely include COBOL in their curriculum.
This skills shortage created a lucrative opportunity for major consulting firms. IBM, Accenture, and Cognizant have developed substantial practices dedicated to helping enterprises migrate their COBOL systems — projects that historically required years and large, expensive teams.
Anthropic claims Claude Code fundamentally disrupts this model. The AI tool can analyze dependencies, map execution flows, generate documentation, and identify potential risks across thousands of lines of legacy code. Work that previously consumed months of analyst time can now happen automatically.
Alongside the tool launch on February 23, Anthropic published a comprehensive Code Modernization Playbook.
How IBM and Consulting Stocks Reacted
IBM shares crashed more than 11% following the announcement, reaching intraday lows during afternoon trading. Accenture declined 6.58% while Cognizant dropped 6%. All three were already trading down earlier in the session due to broader technology sector pressure.
International Business Machines Corporation, IBM
The selling pressure rippled across indices. The Dow Jones, S&P 500, and Nasdaq Composite all closed down more than 1% for the day.
Crypto Follows Stocks Lower
Bitcoin declined 5% in 24 hours, settling at $62,700. Ether and Solana experienced proportional losses. Cryptocurrency markets have tracked software equities closely in recent months, and this session followed that pattern.
Coinbase, Strategy, Circle, and Galaxy Digital all declined between 4% and 7%.
The sole crypto-related gainers were bitcoin mining operations that have pivoted to AI infrastructure hosting. IREN climbed 5%, Cipher Mining advanced 3.4%, CleanSpark rose 1.5%, and Hut 8 increased 0.7%.
Precious metals rallied counterintuitively. Gold advanced 3.2% to reach $5,243 per ounce. Silver jumped 6.5% to $87.69, with both commodities diverging from the broader market direction.
Anthropic explained that legacy system modernization has historically stalled because analyzing old code was more expensive than rebuilding from scratch. The company argues that artificial intelligence fundamentally alters this economic equation.
According to Anthropic, Claude Code enables organizations to execute COBOL modernization initiatives in quarters instead of years.
The reveal arrived amid an ongoing wave of AI-driven disruption that has repeatedly shaken software sector valuations throughout recent weeks.
