Today’s 2-Minute UK AI Brief

24 February 2026

UK AI — A daily summary of AI news most relevant to the UK.

In brief — IBM's stock dropped 13% following a blog post by Anthropic that highlighted the potential of AI tools to rapidly refactor COBOL applications.

Why it matters

  • Investors reacted negatively to the implications of AI on traditional software development.
  • The incident raises concerns about the future of legacy programming languages and their relevance.
  • It highlights the competitive landscape in AI, particularly regarding tools that enhance coding efficiency.

Explainer

IBM experienced a significant drop in its stock price, attributed to a blog post from Anthropic, which pointed out that its AI tools, particularly Claude Code, can efficiently rewrite applications written in COBOL, an older programming language. This revelation has implications for the software development industry, especially concerning the future of legacy systems that rely on COBOL. Investors may be worried that advancements in AI could diminish the value of traditional programming skills and tools, leading to a potential shift in how software is developed. As companies increasingly adopt AI technologies, the demand for programming languages that are currently in widespread use may decline, raising questions about the sustainability of those skills in the job market. This situation underscores the competitive nature of the AI landscape, where companies are racing to develop tools that can enhance productivity and efficiency in software development.

Sources: go.theregister.com go.theregister.com go.theregister.com go.theregister.com

ibm anthropic ai cobol stock_market