$IBM just had a brutal drop, wiping out billions in one session. The selloff seems tied to AI tools like Anthropic’s Claude potentially making it easier to modernize old COBOL systems which is a big part of IBM’s legacy business.

I’m honestly not sure what to make of it. Big institutions usually move slow, but if AI really makes switching cheaper and faster, that could matter. Is this the start of real disruption… or just the market freaking out over an AI headline?