Artificial intelligence-driven disruption shook markets again Monday after Anthropic unveiled new capabilities for its Claude platform aimed at overhauling legacy COBOL systems — a segment that has long supported consulting revenue at IBM.

Anthropic said its Claude Code tools can automate much of the time-intensive discovery and analysis work required to modernize COBOL environments. The language, short for Common Business-Oriented Language, remains foundational to critical infrastructure. The company estimates COBOL processes about 95% of ATM transactions in the U.S., with vast amounts of code still running systems across banking, aviation, and government.

A growing shortage of COBOL expertise has complicated upgrades. Many engineers who built these systems have retired, and only a limited number of academic programs continue to teach the language. Traditionally, modernization projects have required large consulting teams working for years to map workflows and dependencies — engagements that have benefited enterprise service providers such as IBM.

The suggestion that AI tools could compress or partially replace that work triggered a sharp market reaction. IBM shares were down 11.2% less than an hour before the closing bell.

The weakness spread across broader technology and private equity names exposed to AI-driven volatility. The Dow Jones Industrial Average, S&P 500, and Nasdaq Composite each fell more than 1% on the session.

Market commentators underscored the broader implications. The Kobeissi Letter described the current environment as a pivotal period marked by rapid structural change driven by AI innovation.

Digital assets, which have increasingly traded in tandem with high-growth software stocks, also came under pressure. Bitcoin declined 5% over the past 24 hours to $64,000, while Ethereum and Solana posted comparable losses. Many major tokens hovered near levels last seen during the Feb. 5 market selloff.

Crypto-linked equities tracked the downturn. Coinbase, MicroStrategy (MSTR), Circle, and Galaxy Digital slid between 4% and 7%.

A handful of bitcoin miners pivoting toward AI infrastructure stood out as relative gainers. IREN advanced 5%, Cipher Mining rose 3.4%, CleanSpark gained 1.5%, and Hut 8 edged up 0.7%.

Meanwhile, investors sought refuge in traditional safe havens. Gold climbed 3.2% to $5,243 per ounce, and silver jumped 6.5% to $87.69, highlighting a broader shift toward defensive positioning as AI-related uncertainty weighed on risk assets.