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The Anthropic Tool That Destroyed $22B in IBM Value Overnight

by | Feb 24, 2026

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I’ve been watching market disruption unfold for years, but what just happened to International Business Machines (IBM) stopped me in my tracks.

We’re talking about IBM’s worst drop since 2000 in the dot-com crash — $22 billion in market value evaporating in what felt like a blink.

The stock collapsed over 20% in roughly one month and the catalyst tells you everything you need to know about the speed of AI disruption right now.

Anthropic released a tool for COBOL systems — yes, that ancient programming language — and suddenly IBM’s consulting and services revenue model looked threatened. That’s how fast things are moving.

One AI tool announcement and a tech giant loses billions. It naturally raises the question: Is it not possible for these companies to be incorporating AI to stay ahead of this curve?

And when you look at the scale of what’s driving this disruption, it gets even more staggering.

OpenAI and Anthropic’s burn rate is massive, with hundreds of billions in cash behind their push. That kind of financial firepower accelerates innovation in a way legacy companies simply aren’t built for.

Here’s what struck me most: Bulls climb stairs but bears jump out of windows. That’s exactly what IBM’s chart looks like.

The Dispersion That’s Defining This Market

This isn’t just about IBM. This is the disruption and dispersion we’ve been talking about. Look around the market right now — you have stocks up 30% and down 30%. Stocks up 20% and down 20%.

IBM was actually a solid performer before this. Then it wasn’t. That’s the environment we’re in.

Now, you might be thinking: Is this an overreaction? Maybe. I think some of it probably is.

But stocks are already overvalued so the carnage that can ensue isn’t something I want to step in front of with my risk capital. And honestly, it’s just so disruptive right now that I don’t want to be outside of an individual stock that’s still finding its footing in the middle of all this.

When the ground is shifting this quickly, caution becomes a strategy, not a weakness.

How I’m Actually Thinking About This Setup

If I’m going to do something on IBM, I’m putting positions way down from current levels. I want to give this market all the space it needs to work through the fear.

I’m not interested in the first little pullback to moving averages. Sure, there might be a short-term bounce — there’s already been a bit of premarket recovery — but that doesn’t mean the bottom is in.

If IBM is down 50%, maybe I’ll take a stab at it. That’s the kind of discount that would get my attention. That’s where I’d consider positioning with defined risk and clear expectations.

But right now? I’m watching. I’m analyzing. I’m not forcing anything.

The lesson here isn’t about IBM specifically…

It’s about respecting the speed of disruption and understanding that sometimes the smartest move is staying patient while everyone else rushes in to catch the falling pieces.

This is how fast things can change when AI threatens an established revenue model. And this is why I’m not interested in being the brave soul who calls the bottom too early.

I’ll see you in the markets.

Chris Pulver
Chris Pulver Trading 

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