IBM Shares Plunge 13% in Steepest Drop Since 2000 After Anthropic Launch
IBM’s stock plunged 13.15% on February 23 for its steepest one-day drop since 2000 and its worst month in 34 years following Anthropic’s launch of a COBOL modernization AI tool. Investors fear the new Claude Code feature could undermine IBM’s legacy software maintenance business.
1. Historic Stock Decline
On February 23, 2026, IBM shares tumbled 13.15%, marking the largest single-day loss since 2000 and pushing the stock toward its worst monthly performance in 34 years.
2. Catalyst from Anthropic
Anthropic introduced a COBOL modernization feature for its Claude Code AI platform, sparking concerns that IBM’s mainframe maintenance and legacy software services face competitive pressure.
3. Investor and Analyst Response
Market participants cited potential erosion of IBM’s high-margin software revenue as analysts revised down growth forecasts and warned of margin pressure in upcoming quarters.
4. Broader Market Context
IBM’s steep slide contributed to an 821-point drop in the Dow Jones Industrial Average, reflecting heightened investor caution over AI competition and related market uncertainties.