AI Disrupts Traditional Business Models, IBM Plunges 11%, Cryptocurrency Market Follows Suit

BlockBeats News, February 24th, AI company Anthropic announced that its Claude Code platform can automate the modernization of COBOL systems, triggering concerns in the market about the impact on traditional IT consulting and software business models. In response to this news, IBM's stock price plummeted 11% intraday, becoming the latest target of AI disruption.

Market risk appetite simultaneously declined, with the three major U.S. stock indexes experiencing a general downturn, and cryptocurrency assets also under pressure. Bitcoin fell by about 5% to around $64,000 in 24 hours, with Ethereum and Solana experiencing similar declines. In terms of related stocks, Coinbase Global Inc., MicroStrategy, Circle Internet Financial, and Galaxy Digital all saw declines of 4%–7%.

However, Bitcoin mining companies focusing on AI infrastructure demonstrated relative resilience, with IREN, Cipher Mining, CleanSpark, and Hut 8 seeing slight price increases. At the same time, safe-haven assets strengthened, with gold rising by 3.2% and silver rising by 6.5%.