IBM’s shares dropped 13.1% after an AI developer unveiled a new tool for modernizing COBOL systems, a move that could threaten IBM’s traditional mainframe and services business. Investors are concerned about how quickly AI might reduce the need for legacy IT modernization, potentially pressuring IBM’s revenue from consultant-heavy work. The report also details insider trading, hedge fund activity, government contracts, congressional stock trading, and analyst ratings related to IBM.
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IBM shares slide 13% as investors react to a new AI tool aimed at modernizing COBOL systems
IBM’s shares dropped 13.1% after an AI developer unveiled a new tool for modernizing COBOL systems, a move that could threaten IBM’s traditional mainframe and services business. Investors are concerned about how quickly AI might reduce the need for legacy IT modernization, potentially pressuring IBM’s revenue from consultant-heavy work. The report also details insider trading, hedge fund activity, government contracts, congressional stock trading, and analyst ratings related to IBM.