Explained | What is COBOL? How an Anthropic Claude blog wiped $30 billion off IBM in a single session

A recent blog post from Anthropic has sent shockwaves through the tech industry, resulting in a staggering $30 billion decline in IBM's market value. The blog discusses concerns surrounding COBOL, a legacy programming language that has been integral to many financial systems and corporate applications for decades. As the industry increasingly shifts towards modern programming languages and technologies, apprehensions about the future of COBOL and its impact on IBM's business strategy have surged. Analysts suggest that the declining relevance of COBOL in an era dominated by artificial intelligence and cloud computing may pose significant risks for IBM's long-term profitability. The blog's viral nature has highlighted the importance of evolving technology landscapes and the potential vulnerabilities of established companies in adapting to these changes. The situation underscores a broader conversation about the need for innovation and agility in the tech sector, particularly for legacy companies like IBM, known for its historical reliance on older technologies. As the discourse around COBOL gains traction, stakeholders are left to ponder the implications for IBM and the tech industry's future trajectory.