IBM Stock Slides as Anthropic’s Claude AI Disrupts COBOL Modernization, Bitcoin Falls to $64K

Artificial intelligence disruption rattled financial markets again Monday, dragging down IBM stock, major tech shares, and cryptocurrency prices. Investors reacted sharply after Anthropic announced that its Claude AI model can automate large parts of COBOL modernization, a move seen as a potential threat to IBM’s long-standing consulting business.

Anthropic highlighted the massive footprint of COBOL (Common Business-Oriented Language), noting that it powers an estimated 95% of ATM transactions in the United States. Hundreds of billions of lines of COBOL code remain embedded in banking, airline, and government systems worldwide. However, many of the original developers have retired, and COBOL is now taught at only a limited number of universities, creating a growing skills gap.

Traditionally, modernizing legacy COBOL systems required years of work from large consulting teams. Anthropic claims its Claude Code platform can automate the exploration and analysis phases of modernization, dramatically reducing time and labor costs. The announcement sparked concerns that AI-driven automation could erode demand for consulting-heavy services, sending IBM shares down 11.2% shortly before the closing bell.

The broader market also felt pressure. The Dow Jones Industrial Average, S&P 500, and Nasdaq each dropped more than 1%, reflecting ongoing volatility in AI-sensitive software stocks and private equity. Crypto markets, which have recently shown strong correlation with tech equities, also declined. Bitcoin fell 5% to $64,000, while Ethereum (ETH) and Solana (SOL) posted similar losses.

Crypto-related equities including Coinbase (COIN), MicroStrategy (MSTR), Circle (CRCL), and Galaxy Digital (GLXY) slid between 4% and 7%. In contrast, bitcoin mining companies expanding into AI infrastructure outperformed, with IREN, Cipher Mining (CIFR), CleanSpark (CLSK), and Hut 8 (HUT) posting gains.

Meanwhile, investors rotated into safe-haven assets. Gold surged 3.2% to $5,243 per ounce, and silver jumped 6.5% to $87.69, underscoring heightened market uncertainty amid accelerating AI disruption.