David Gurra

Just explain his thesis a bit.

Benefiting from the upside, Bloomberg's Ian King and Riley Griffin.

Thank you so much for joining us on that roundtable.

Meanwhile, coming up, software earnings, they take center stage too.

What to expect as AI fears enter the picture.

This is Bloomberg Tech.

Shares of IBM had the worst day in more than 25 years Monday after Anthropic announced that its clawed code could help to modernize the dated coding language COBOL, largely run on IBM computers.

This as Anthropic continues to unveil new AI tools for its co-work agent software across human resources, investment banking, and design.

Bloomberg's Brodie Ford joins us with the latest.

Kobol was invented in 1959.

There are 200 billion lines of Kobol cold that underpin financial systems, banking payments around the world.

And basically, Anthropic said it would be really useful to use Claude to help maybe investigate, look into, change that.

And then one of the most storied technology companies in history had its worst day in 25 years.

Take it from there.

You've got to feel powerful if you're anthropic right now, right?

If you just say the name of a product, the company associated with that project tanks.

I mean, IBM has been talking about using AI for COBOL modernization, and it seems successfully offering that tool for a couple of years now.

And yet markets are really jumpy, right?

I mean, the potential that Claude or another AI tool can disrupt the leaders in a given software category is really frightening investors right now.

And it's just it's an incredibly jumpy market.