Amy Morris

The Dow

Down 822 points.

The 10-year Treasury yield at 4.02 percent.

The two-year yield at 3.43 percent.

IBM shares now 13 percent lower.

That's its biggest drop since March of 2020 as the AI startup Anthropic says its Claude Code tool can help with modernizing COBOL, which is a dated programming language.

Most of the mainframe computers that run COBOL are made by IBM.

IBM down nearly 30% off a P-Kit earlier this month.

The stock now on track for its biggest one-month percentage drop since 1992.

Nassim Taleb warns investors to brace for escalating volatility and potential bankruptcies in the software sector as the AI-driven rally enters a more fragile phase.

The Black Swan author says markets are underpricing structural risks and overestimating today's AI leaders.

Author and risk analyst Nassim Taleb at a Universa Investments event in Miami spoke exclusively to Bloomberg Businessweek Daily.

UK police have arrested former British ambassador to the US, Peter Mandelson, on suspicion of misconduct in public office.

This comes after the Department of Justice released emails allegedly showing him forwarding government information online.

to Jeffrey Epstein.

Police also searched two properties linked to Mandelson as part of their criminal probe.

His arrest deepens the crisis, engulfing Prime Minister Keir Starmer over his decision to appoint Mandelson as U.S.

envoy, despite his known links to Epstein.

Mandelson has not been charged and his lawyer has declined to comment.

A powerful winter storm has buried New York City in one of its 10 snowiest days on record.