Fresh concerns about artificial intelligence upending entrenched business models rippled through global markets Monday, pressuring equities and cryptocurrencies alike after Anthropic introduced new capabilities for its Claude platform targeting legacy COBOL systems — a longstanding revenue stream for IBM.
Anthropic said its Claude Code tools can accelerate COBOL modernization by automating the discovery and analysis phases that traditionally consume the bulk of such projects. COBOL, or Common Business-Oriented Language, remains deeply embedded in critical infrastructure, with the company estimating it processes roughly 95% of ATM transactions in the United States. Vast volumes of COBOL code continue to power systems across banking, airlines, and government.
However, many of the developers who originally built these systems have retired, and relatively few universities still teach the language, leaving enterprises with shrinking pools of expertise. Historically, upgrading or migrating COBOL environments has required large consulting engagements stretching over years — work that has supported major enterprise vendors, including IBM.
By positioning Claude as a tool capable of automating much of that groundwork, Anthropic’s announcement raised questions about the durability of traditional consulting-heavy modernization models. Investors reacted sharply: IBM shares were down 11.2% shortly before the closing bell.
The decline in IBM compounded broader weakness across technology and private equity names tied to AI sensitivity. The Dow Jones Industrial Average, S&P 500, and Nasdaq Composite each fell more than 1% as risk appetite faded.
Market commentators pointed to the accelerating pace of structural change. The Kobeissi Letter described the current period as a pivotal moment, underscoring how quickly AI-driven innovation is reshaping competitive dynamics.
Digital assets, which have traded closely alongside high-growth tech in recent months, were also under pressure. Bitcoin dropped 5% over the past 24 hours to $64,000, while Ethereum and Solana posted similar losses. Many major tokens hovered near levels last seen during the Feb. 5 market panic.
Crypto-linked equities followed suit. Coinbase, MicroStrategy (MSTR), Circle, and Galaxy Digital slid between 4% and 7% on the session.
A notable exception emerged among bitcoin miners expanding into AI infrastructure services. IREN gained 5%, Cipher Mining advanced 3.4%, CleanSpark rose 1.5%, and Hut 8 added 0.7%.
Meanwhile, safe-haven assets outperformed. Gold climbed 3.2% to $5,243 per ounce, and silver surged 6.5% to $87.69, reflecting a broader rotation toward defensive positioning as AI-driven disruption unsettled markets.
