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Story summary
- On February 23, 2026, International Business Machines Corp. (IBM) shares fell 13% after Anthropic announced Claude Code can modernize COBOL.
- The drop was IBM's largest one-day loss since October 2000.
- February's 27% slide marked the steepest monthly decline since 1968.
- Investors worry AI advances will disrupt legacy firms like IBM, whose mainframe business is core.
