IBM shares suffered their worst single-day drop in over 25 years on Monday, February 23 after AI startup Anthropic announced that its Claude Code tool can automate the modernisation of COBOL—the decades-old programming language that sits at the heart of IBM’s mainframe business. The stock fell 13.2% to close at $223.35, wiping roughly $40 billion off IBM’s market value and dragging it down more than 24% year to date.The selloff was triggered by a blog post from Anthropic claiming that Claude Code could handle the exploration and analysis work that makes COBOL modernisation so expensive and time-consuming for enterprises. The company argued that AI tools can now compress what used to be multi-year, consultant-heavy migration projects into a matter of quarters.For IBM, which earns recurring revenue from mainframe hardware refresh cycles, software licences and COBOL-related services, the implication was hard to ignore: if AI can do what armies of consultants once did, a significant chunk of the company’s business model faces disruption.

What exactly is COBOL, and why does it still matter?

COBOL stands for Common Business-Oriented Language. It was created in 1959—the same year Alaska became a US state—partly drawing on work by computing pioneer Grace Hopper. The language was built for one job: processing business data. Payroll, transactions, administrative records.Sixty-six years later, it still does that job. Every day. An estimated 95% of ATM transactions in the US still rely on COBOL. It supports 80% of in-person credit card swipes. Hundreds of billions of lines of the language are in active production every day, powering critical systems at banks, airlines and government agencies worldwide.The COBOL Working Group of the Open Mainframe Project estimated in 2021 that roughly 250 billion lines of COBOL are still in use at businesses globally. And most of this code runs on IBM mainframes—the massive, customer-owned servers optimised for large-scale transaction processing.

The problem: Fewer people speak COBOL every year

The catch with COBOL is not that it doesn’t work—it works extremely well for what it was built to do. The problem is that the pool of developers who understand it has been shrinking for years. Most computer science graduates today are trained on Python, Java and cloud-native architectures. Taking a job maintaining COBOL systems is widely seen as career-limiting rather than career-building.This has created an expensive talent bottleneck. Organisations are competing for a shrinking number of specialists who can keep these systems running, while struggling to attract younger developers. During the COVID-19 pandemic, several US states found themselves scrambling for COBOL programmers when unemployment systems—many still running on legacy code—buckled under sudden demand.Banks have tried multi-year migration projects to move off COBOL, and some of these efforts have ended with widespread service disruptions and regulatory fines. The IRS only recently announced a transition from COBOL to Java. For most organisations, understanding the legacy code has historically cost more than rewriting it—which is precisely why so much of it is still around.

What Anthropic actually said—and why markets panicked

In its blog post on Monday, Anthropic framed the announcement as a direct solution to this bottleneck. The company said Claude Code can map dependencies across thousands of lines of COBOL, document workflows and flag risks that would take human analysts months to surface. It also released what it calls “The Code Modernisation Playbook,” laying out a phased approach where AI agents read through COBOL programs and JCL scripts, extract business logic, generate code translations to Java or Python and create test suites—all within weeks rather than years.Anthropic’s broader pitch is that legacy code modernisation stalled because comprehension was the real expense, not the rewriting itself. AI, the company argues, flips that equation by making the analysis cheap and fast.Markets took the message seriously. IBM’s 13.2% drop was its steepest daily decline since October 2000. According to Bloomberg data, the stock is now down 26% in February alone—putting it on track for its worst monthly decline since at least 1968. The selloff also dragged down cybersecurity stocks after Anthropic unveiled a separate security scanning capability built into Claude Code on Friday.

IBM’s mainframe business is the real target

IBM isn’t just any company that happens to use COBOL. It owns the mainframe platform the language runs on. The company earns revenue from hardware, software licences and performance upgrades tied to COBOL workloads. Its modernisation strategy has been to connect COBOL to modern tech—exposing COBOL programs as APIs, integrating them with cloud apps and running them alongside Java and AI workloads—rather than to eliminate the language entirely.If an external AI tool can handle the heavy lifting of understanding, documenting and migrating COBOL systems, it threatens a core part of what IBM sells. It’s not that COBOL will disappear overnight. But the consulting-heavy, multi-year modernisation model that has sustained IBM and a roster of large IT services firms—including companies like Infosys, TCS and Wipro—could shrink significantly.Indian IT benchmarks felt the ripple too. The Nifty IT index dropped nearly 4% on Tuesday, February 24 as fears of AI-driven disruption to legacy IT services spread.

IBM isn’t alone—AI disruption fears are wrecking havoc on the entire software industry

IBM’s Monday crash is part of a much wider rout. On Friday, cybersecurity heavyweights like CrowdStrike and Datadog slumped after Anthropic unveiled a separate security scanning feature in Claude Code. A major software ETF has now shed 27% this year—its steepest quarterly decline since the 2008 financial crisis. The pattern is becoming predictable: an AI company drops a new capability, and investors dump the legacy names that capability threatens.The fear driving all of this has a name—”vibe coding.” The idea that AI can now write functional software from plain-English prompts has led investors to question the long-term pricing power of companies selling tools and services that developers might soon replace themselves. It’s not just IBM. Consulting firms, IT services giants and enterprise software vendors are all being repriced on the assumption that AI shrinks the addressable market for their products.Whether Anthropic’s COBOL claims hold up at enterprise scale—where decades of undocumented business logic, regulatory requirements and organisational inertia complicate every migration—remains an open question. But Wall Street isn’t waiting to find out. The market has decided that the era of expensive, multi-year legacy modernisation projects is ending. The only debate left is how fast.

NEW DELHI: Leader of opposition in Lok Sabha, Rahul Gandhi on Tuesday hailed “Babbar Sher comrades” of the Indian Youth Congress (IYC) detained for protesting during the AI Summit at Bharat Mandapam. He praised the youth wing for fearlessly raising their voices, saying “peaceful protest is our right.“His remarks came after Delhi Police arrested IYC National President Uday Bhanu Chib in connection with the protest staged at Bharat Mandapam during the AI Summit on February 20.Sharing a post on X, Rahul Gandhi said, “Peaceful protest is our historic heritage. It is in our blood and is the democratic right of every Indian. I am proud of my Babbar Sher comrades in the Youth Congress, who have fearlessly raised their voices in the nation’s interest against the ‘COMPROMISED PM’.”He alleged that the India-US trade agreement was detrimental to national interests and “will harm our farmers and textile industry.”“The Trade Deal with America has compromised the country’s interests. This agreement will harm our farmers and textile industry and hand over our data to America,” he said.Reaffirming his party’s support for the protesters, he added, “The Congress Party and I stand firmly with our Babbar Sher comrades. Holding a mirror to power with the truth is not a crime, it is patriotism. Do not fear – truth and the Constitution are with us.”Earlier on Friday, around 10 IYC workers were detained for briefly raising slogans against Prime Minister Narendra Modi inside Exhibition Hall No. 5 at Bharat Mandapam during the AI Summit.According to police, the incident occurred around 12.30 pm. Additional Commissioner of Police Devesh Mahla said the protesters had registered online to attend the summit.The group entered the venue wearing or carrying white T-shirts printed with images of Prime Minister Narendra Modi and US President Donald Trump. The T-shirts also bore slogans such as “India-US Trade Deal,” “Epstein Files,” and “PM is compromised.” The protest reportedly led to heated exchanges with some attendees before security personnel intervened.Officials said those detained are being identified and that appropriate legal action is being initiated.Earlier in the day, Delhi Police sought seven days of police custody for Indian Youth Congress chief Uday Bhanu Chib, who was arrested in connection with the protest. Chib was produced before a judicial magistrate at Patiala House Court following his arrest after questioning.Police alleged that there was a “common intention” behind the demonstration and claimed Chib was the mastermind. According to investigators, he “hatched the conspiracy” and arranged logistics and funding for the protest.The protest case has been transferred to the Delhi Police Crime Branch, who will conduct further investigations into the matter, police sources told ANI.Responding to the arrest, Rahul Gandhi said it proves “dictatorial tendencies and cowardice.”“The arrest of Youth Congress President Uday Bhanu Chib and other IYC comrades for bringing this truth before the nation is proof of dictatorial tendencies and cowardice,” he said in his post on X.The “shirtless” protest triggered a political war of words, with BJP leaders and even rivals accusing the Congress and of orchestrating the disruption and “bring shame to the country on the global platform.”Also read: ‘Provided logistics’ for ‘shirtless’ protest: Why Delhi Police arrested youth Congress chief Uday Bhanu

Archaeology in Panama keeps surprising. Deep in the Natá district, researchers have uncovered a tomb that’s been hidden for over a millennium. More than 1,000 years old, it contains human remains, gold jewellery, and intricately decorated pottery. Experts say the finds might rewrite what we know about social structures and rituals in pre-Hispanic Central America. The tomb is part of the El Caño site, which has been under excavation for twenty years. These burial grounds were reserved for high-ranking individuals as reported.

Gold-filled tomb reveals high-ranking burial from 800–1000 AD

The tomb reportedly dates between 800 and 1000 AD. Inside, skeletal remains lay surrounded by gold pectorals, bracelets, and earrings. Some of the jewellery features bats and crocodiles. Those animals had strong symbolic meanings for the societies in the area. It seems the person wearing the gold held the highest rank among the group. Ceramics decorated with traditional motifs were also placed alongside the body. Experts suggest the objects were not just decoration. They may reflect beliefs about life after death or ongoing social status.

El Caño site reveals centuries of high-status tombs and gold craftsmanship

El Caño is about 200 kilometres southwest of Panama City. Archaeologists have been digging there for around 20 years. So far, nine similar tombs have been found. The work continues, and each season brings new finds. Researchers say the tombs give clues about social hierarchies, trade, and rituals in pre-Hispanic societies. It seems gold was highly valued. The repeated designs in jewellery across tombs hint at shared beliefs and cultural connections.Making gold back then took skill and the right materials. Only certain people seem to have had access to it. The tomb had pectorals, bracelets, and earrings, showing both craftsmanship and symbolic meaning. The bat and crocodile designs match patterns found in other places nearby. This might point to shared myths or religious ideas. Experts say these items were probably used to show rank, both in life and after death.

Burials suggest social status, and rituals continued after death

Valuable items placed with the bodies hint at what people thought would be needed in the afterlife. Experts say El Caño gives a rare glimpse into pre-Hispanic Central American culture before Europeans arrived in 1492. The exact age of the tomb and what the gold is made of are being checked. It could take months before detailed results appear in journals.

Stock market today: Nifty50 and BSE Sensex opened in red on Tuesday on weak global cues following fresh tariff threats from US President Donald Trump. While Nifty50 dropped over 100 points, BSE Sensex went below the 83,000 mark. At 9:16 AM, Nifty50 was trading at 25,608.90, down 104 points or 0.40%. BSE Sensex was at 82,935.89, down 359 points or 0.43%.Analysts said domestic markets are likely to remain range-bound with a positive undertone, supported by sector-specific momentum at home despite mixed signals from overseas markets.Dr. VK Vijayakumar, Chief Investment Strategist, Geojit Investments Limited says, “President Trump’s State of the Union address today and the message that he would convey will be keenly watched by markets globally. The EU freezing the deal with the US in the light of the tariff changes following the US Supreme Court verdict and Trump’s warnings to countries backing away from deals indicate that the tariff drama has more in store for economies and markets. We will have to wait and watch how this drama plays out.” “Meanwhile the trend of weakness in tech stocks stemming from the potential AI impact continues. The weakness in the ADRs of Indian IT companies indicates that this segment will continue to remain under pressure.” “A positive trend in the market that will have significant bearing on the markets is the change in the FII strategy in India. FIIs have been buyers in ten out of the last seventeen trading sessions indicating their renewed interest in India. The improving corporate earnings in India is the principal reason for this change in FII stance. Given the robust macros of the Indian economy and improving corporate earnings, this FII buying trend can continue. Therefore, sectors in which FIIs have been buyers like capital goods and financials will remain resilient and the IT segment in which they have been sellers will continue to be weak. So, watch out for the stocks in these segments.”On Wall Street, stocks declined sharply on Monday as investors reacted to persistent fears about the disruptive impact of artificial intelligence on corporate earnings, along with the fallout from Friday’s US Supreme Court ruling on tariffs. The combined effect prompted a shift away from riskier assets.Asian markets mirrored the weakness at the open, pressured by anxiety over how advances in artificial intelligence could affect company profitability. Ongoing uncertainty surrounding tariffs further dampened sentiment among traders in the region.In currency markets, the US dollar remained subdued on Tuesday as Asian investors assessed the implications of renewed turbulence in US trade policy. The greenback held onto its losses as China and Japan resumed trading after holidays. Sentiment was also influenced by President Donald Trump’s warning to countries against stepping back from recently concluded trade agreements following the Supreme Court’s decision to invalidate his emergency tariffs.(Disclaimer: Recommendations and views on the stock market, other asset classes or personal finance management tips given by experts are their own. These opinions do not represent the views of The Times of India)

INDORE: Archaeological Survey of India has concluded that the Kamal Maula Mosque at Bhojshala complex in MP’s Dhar was constructed using parts of ancient temples, “based on scientific investigations, survey and excavation, study and analysis of retrieved finds, study of architectural remains, inscriptions, art and sculptures”.The existing structure was built centuries later “without much attention to symmetry, design, or uniformity”, says the ASI report submitted to Indore bench of MP HC in 2024. TOI has a copy.On Monday, the bench, while hearing the petition on the Bhojshala-Kamal Maula Mosque dispute, directed that the ASI report should be made available to all parties. Justice Vijay Kumar Shukla and Justice Alok Awasthi directed all parties to file objections, suggestions, opinions and recommendations in two weeks, with the next hearing fixed for March 16.

Hindu Front for Justice state vice-president Ashish Goyal, also a petitioner, said, “The survey conducted by ASI — the report that has come out — establishes that the entire structure dates back to the Paramara dynasty. It was built by Raja Bhoj, and also by his forefathers. The structure is approximately 950 to 1,000 years old.”“This report is deeply encouraging for the Hindu community. Very soon, this decisive battle will reach a conclusion,” Goyal said.“It should not matter whether the report has been opened now or earlier. What should matter is what the religious character of Bhojshala would be. This is the issue on which the Hindu community has been struggling for years,” he added.Another petitioner, Bhoj Utsav Samiti convenor Ashok Jain, said, “We had filed the petition with the notion that if the place was a mosque, it should be given to them (Muslims) and if it is a temple it should come to us. Now the court has given two weeks for all to reply. We will take appropriate steps after the next hearing.”“The report establishes that in the later structures that were constructed, materials and remains from the original Bhojshala of that period were used after being dismantled,” Jain said.The 2,000-page report in 10 volumes was prepared by ASI additional director general Alok Tripathi, with contributions from Zulfiqar Ali, Bhuvan Vikram, Gautami Bhattacharya, Manoj Kumar Kurmi, Izhar Alam Hashmi, Aftab Hussain, Shambhoo Nath Yadav and Niraj Kumar Mishra.The team used the latest scientific techniques to excavate, study and enlist the findings during the 98-day survey and hinted that it may have been a temple dedicated to goddess Saraswati.ASI found a total of 94 sculptures and sculptural fragments, many of which were chiselled out or defaced. Sculptures of fourarmed deities were carved on windows, pillars and beam used in the existing structure.Images carved on these included Ganesh, Brahma with his consorts, Narasimha, Bhairava, gods and goddesses, human and animal figures. Images of animals in different mediums include lion, elephant, horse, dog, monkey, snake, tortoise, swan, and bird, the report said, adding that mythical and composite figures include a variety of motifs called kirtimukhas — human-faced, lion-faced and composite-faced — and vyala of different shapes.

Jordan James Parke, the reality TV star famously known as the “Lip King” for his appearances on E!’s Botched, has died at the age of 34. Parke, who gained notoriety for spending over £130,000 to look like Kim Kardashian, was reportedly found unresponsive in a London apartment on February 18, 2026.

Trigger warning: This article contains mentions of death, reader’s discretion is advised.Jordan James Parke, who was best known for his appearance on the famed reality show ‘Botched,’ has passed away. He was 34 at the time of his passing. The influencer was well-known for getting enhancement surgeries and cosmetic medical procedures that cost well over USD 150,000. He passed away on February 18.

Jordan James Parke passed away at 34

The acclaimed influencer, also known as the ‘Lip King’, passed away last week at the age of 34. As per reports shared by The Daily Mail, it has been suspected that the man passed away after undergoing some cosmetic procedures; however, the investigation into the matter is still underway. The news was initially confirmed by the man’s sister, Sharnelle, who shared a heartfelt tribute to her brother. Her post read, “Jordan I have no words to explain the sadness and heartbreak that we are feeling you were our bestfriend … our WHOLE WORLD … our everything! we love you more than anything in the world!! There are simply no words to express how grateful that we had you in our lives.” She further concluded the post on an emotional note, citing “I hope you are dancing in the sky with Nan and Granda (star emoji).”

Two people arrested in relation to Jordan James Parke’s passing

The influencer was found unresponsive in London by the authorities, after which it was confirmed that Jordan James Parke had passed away. The Metropolitan Police confirmed the news through an official statement, sharing that an ambulance was called to Lincoln Plaza, Canary Wharf. In relation to the case, the authorities have stated that “his death is currently being treated as unexplained” and that a 43-year-old man and a 52-year-old woman have also been arrested.

About Jordan James Parke

Jordan James Parke was known for his continuous cosmetic procedures, which he started getting done at the age of 19. These all included nose jobs, neck, lips, and jawline fillers, a BBL, and a chin implant.

Shoaib Akhtar slams Hardik Pandya, Shivam Dube

NEW DELHI: Former Pakistan fast bowler Shoaib Akhtar slammed India’s bowling attack after their heavy 76-run loss to South Africa in the T20 World Cup Super 8 match. He said the defeat exposed how fragile India’s bowling unit is, especially against strong batting line-ups like the Proteas.Akhtar was particularly critical of Hardik Pandya and Shivam Dube, who gave away 67 runs in six overs for just one wicket. He felt they lacked pace and intimidation, and that using them in the death overs was a tactical mistake.

“Hardik and Shivam Dube were bowling at around 120 kmph. It’s not as if they are Malcolm Marshall — someone who would intimidate a batting line-up of South Africa’s calibre. If you deploy them in the death overs, such a counterattack from the Proteas is inevitable,” he said on Tapmad.He also pointed out that India’s bowling looked vulnerable overall, with South African batters dominating even the team’s key bowlers. Akhtar highlighted Varun Chakaravarthy’s expensive spell, saying his usual pace was down and that he was punished by the batters. “Indian bowling has been exposed. If you look at Varun, whose strength is bowling at 97-98 kmph, he was clocking 94. And when he came into the attack, he was hit for a no-look six by Dewald Brevis,” he added.Akhtar suggested that India should bring Kuldeep Yadav into the team, calling him the “missing link” who can trick batters and take wickets at crucial moments. “The missing link here is Kuldeep Yadav. He is someone who can deceive batters in the air and pick up wickets when needed. He is a proven match-winner.”He also felt that Varun Chakaravarthy and Washington Sundar offer similar skills, making India’s bowling attack predictable and easier for top teams to attack.