Explained: How IBM’s 13% plunge on Anthropic’s COBOL disruption fears sparked bloodbath in TCS, Infosys, Wipro & other IT stocks
IBM Share Price and Anthropic AI Impact: IT stocks slumped on February 24, falling up to 8%, after IBM plunged 13% on Wall Street—its worst drop in 25 years—amid concerns that Anthropic’s Claude AI tool could streamline COBOL code and disrupt IBM’s legacy business. The weakness spilled over to Indian IT names.
IBM Share Price and Anthropic AI Impact: IT stocks slumped on February 24, falling up to 8%, after IBM plunged 13% on Wall Street—its worst drop in 25 years—amid concerns that Anthropic’s Claude AI tool could streamline COBOL code and disrupt IBM’s legacy business. The weakness spilled over to Indian IT names.
