Join host Constance Draft as she unpacks the dramatic 13% plunge in IBM shares triggered by Anthropic's Claude Code AI tool, which promises to automate the modernization of COBOL — the decades-old programming language quietly running the world's banks, insurers, and government agencies. This episode explores how a single product announcement exposed the fragility of legacy tech business models, sparked a broader "AI Scare Trade" that hammered Salesforce, Adobe, and Intuit, and raised the urgent question: can established software companies integrate AI faster than AI commoditizes them? From mainframe moats to market panic, Constance breaks down what happens when nobody wants to maintain the code that still runs everything.

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This content was created in partnership and with the help of Artificial Intelligence AI