---
title: $IBM is down over 13% after Anthropic launches an AI tool that converts old COBOL code to modern languages.
description: AI code translation directly competes with IBM's legacy modernization consulting.
---

[Syz The Moment](https://blog.syzgroup.com/syz-the-moment)

# [$IBM is down over 13% after Anthropic launches an AI tool that converts old COBOL code to modern languages.](https://blog.syzgroup.com/syz-the-moment/ibm-is-down-over-13-after-anthropic-launches-an-ai-tool-that-converts-old-cobol-code-to-modern-languages)

 Written by [Charles-Henry Monchau, CFA, CMT, CAIA](https://blog.syzgroup.com/syz-the-moment/author/charles-henry-monchau) | Feb 24, 2026, 3:41:45 PM

[View full post](https://blog.syzgroup.com/syz-the-moment/ibm-is-down-over-13-after-anthropic-launches-an-ai-tool-that-converts-old-cobol-code-to-modern-languages)

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