Airlines, banks, and insurance companies share a common reliance on COBOL and IBM mainframes, making them notoriously challenging to navigate. Recently, Anthropic introduced COBOL-specific capabilities for its Claude AI bot, prompting a significant 13% drop in IBM’s stock. This innovation presents a potential threat to IBM’s long-standing dominance in these sectors, as COBOL systems underpin crucial operations across numerous industries, including finance and healthcare. The scarcity of skilled COBOL programmers, many of whom are retiring, exacerbates the issue, making these systems vulnerable to disruption. Transitioning from COBOL involves complex reverse-engineering and meticulous execution to ensure zero downtime, which is especially critical in the financial sector. Additionally, the combination of AI and COBOL challenges traditional computing logic, potentially empowering developers and simplifying interactions with outdated systems. This shift may herald a gradual change in an industry long held captive by IBM’s monopolistic practices.
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