Continued hit on "software" sector as IBM drops 13% on AI fears. IBM (International Business Machines Corporation, NYSE: IBM) is currently experiencing significant downward pressure today, February 23, 2026. Down roughly 13% from the previous close of $257.16. This sharp drop appears driven primarily by news of @AnthropicAI launching or highlighting an AI tool (likely tied to Claude) that automates COBOL code modernization and analysis. COBOL is a legacy programming language still widely used in mainframe systems, where IBM has long held strong expertise and consulting revenue from modernization services. Investors are reacting to fears that advanced AI could disrupt or accelerate displacement of IBM's traditional strengths in this area, threatening consulting and mainframe-related business.