AI Tools Disrupt COBOL Modernisation Market, Affect IBM and Consultancies
AI startup Anthropic's launch of Claude Code, an AI tool that accelerates COBOL system modernisation, triggered a sharp drop in IBM shares and broader consulting sector declines. The development highlights how AI may disrupt revenue streams built around legacy code maintenance, prompting market reassessment of the consulting model. While IBM has its own AI solutions for COBOL, the speed, scope, and pricing of modernisation are now under scrutiny.