• Crypto suffers deeper declines as AI fears send IBM plunging 11% Artificial intelligence company Anthropic announced that its Claude platform can streamline COBOL code, a key profit center for IBM. • What to know: Anthropic announced that its Claude Code can automate COBOL modernization, sending IBM lower by 11%, the latest victim to AI-related business model threats. • Crypto prices suffered along with the major averages and software sector, with bitcoin pulling back to $64,000. • The seemingly daily disruption of business models by advances in artificial intelligence continued Monday, sending stock market averages and crypto prices sharply lower. • Today’s victim (in addition to the usual ones) was IBM, after Anthropic said Claude code can automate COBOL modernization. • “COBOL [Common Business-Oriented Language] is everywhere,“said Anthropic.
Article Summaries:
- Artificial intelligence fears hit the market on Monday, as Anthropic announced that its Claude Code can automate the modernization of COBOL, a legacy language that powers a large portion of IBM’s revenue. The news triggered an 11% plunge in IBM shares, contributing to a broader sell‑off that pushed the Dow, S&P 500 and Nasdaq down over 1%. Crypto markets followed suit, with Bitcoin falling to about $64,000 and Ethereum and Solana declining roughly 5%. While most crypto names slid, bitcoin‑mining firms tied to AI infrastructure posted modest gains, and precious metals rose on the day.
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