
IBM shares stabilize after an earlier scare fueled by AI platform Anthropic. Anthropic announced a new coding tool for COBOL, a programming language developed in the 1950s that runs on IBM mainframes. This initially caused IBM shares to faceplant, closing down 13% yesterday, the biggest loss in over 25 years. However, IBM's Chief Commercial Officer, Rob Thomas, clarified that any modernization of COBOL is actually a tailwind for the company, and IBM's Watson X A.I. platform has been updating COBOL for a couple of years.