TLDR
- Claude Code from Anthropic now automates COBOL modernization, directly challenging revenue streams at IBM, Accenture, and Cognizant
- IBM shares plunged more than 11% following the revelation; Accenture and Cognizant experienced declines as well
- Bitcoin retreated to $62,700, representing a 5% decline over 24 hours; Ether and Solana posted similar losses
- Gold climbed 3.2% to reach $5,243 while silver surged 6.5%, moving opposite to the broader market
- Bitcoin mining companies pivoting to AI infrastructure posted gains, with IREN climbing 5%
On February 23, 2026, Anthropic revealed that Claude Code now handles automated modernization of COBOL, among the most enduring and widely deployed programming languages globally.
COBOL powers approximately 95% of ATM transactions throughout the United States. Hundreds of billions of lines execute daily in financial institutions, airlines, and government infrastructure.
The challenge stems from disappearing COBOL expertise. Developers who originally built these systems have mostly retired, while modern universities rarely include the language in their curricula.
This expertise vacuum generated substantial revenue for consulting companies. IBM, Accenture, and Cognizant developed extensive practices dedicated to helping organizations modernize COBOL systems — projects that historically required years and substantial teams.
Anthropic claims Claude Code transforms this landscape. The tool maps dependencies, traces execution paths, documents workflows, and identifies risks throughout thousands of code lines. Operations that previously consumed months of human analyst time now run automatically.
Alongside the tool, Anthropic published a Code Modernization Playbook on February 23.
How IBM and Consulting Stocks Reacted
IBM declined more than 11% following the announcement, reaching session lows during afternoon hours. Accenture lost 6.58% while Cognizant fell 6%. All three companies were already trading lower before the announcement due to wider technology sector pressure.
International Business Machines Corporation, IBM
The downturn extended throughout markets. The Dow, S&P 500, and Nasdaq each fell more than 1% during the session.
Crypto Follows Stocks Lower
Bitcoin declined 5% across 24 hours to reach $62,700. Ether and Solana posted comparable declines. Cryptocurrency has tracked software stocks closely during recent months, and Monday followed this pattern.
Coinbase, Strategy, Circle, and Galaxy Digital each fell between 4% and 7%.
The sole crypto-related stocks posting gains were bitcoin miners transitioning toward AI infrastructure. IREN climbed 5%, Cipher Mining advanced 3.4%, CleanSpark rose 1.5%, and Hut 8 increased 0.7%.
Gold advanced 3.2% to $5,243 per ounce. Silver jumped 6.5% to $87.69, with both precious metals moving counter to the overall market direction.
Anthropic explained that legacy code modernization projects previously failed because understanding existing code exceeded the cost of complete rewrites. The company maintains that AI fundamentally alters this equation.
According to Anthropic, Claude Code enables teams to finish COBOL modernization in quarters instead of years.
The announcement arrived amid ongoing AI-driven disruption that has repeatedly impacted software sector valuations throughout recent weeks.
