Anthropic published a blog post saying Claude can modernize COBOL code and IBM instantly lost $31 billion in market cap.

The post: "Legacy code modernization stalled for years because understanding legacy code cost more than rewriting it. AI flips that equation."

That's IBM's entire business model.

COBOL runs banks, insurance companies, government systems. Written in the 60s-70s. Nobody knows it anymore. Rewriting it costs millions. So companies pay IBM billions to maintain it forever.

Anthropic just said "Claude can do it now."

One blog post. $31 billion gone. This is what AI disruption actually looks like.