{"id":100280,"date":"2026-02-23T20:39:32","date_gmt":"2026-02-23T23:39:32","guid":{"rendered":"https:\/\/tech.einnews.com\/article\/894909573"},"modified":"2026-02-23T20:39:32","modified_gmt":"2026-02-23T23:39:32","slug":"ibm-doordash-shares-drop-as-tech-selloff-continues","status":"publish","type":"post","link":"https:\/\/new7.shop\/zerocostfreehost\/index.php\/2026\/02\/23\/ibm-doordash-shares-drop-as-tech-selloff-continues\/","title":{"rendered":"IBM, DoorDash shares drop as tech selloff continues"},"content":{"rendered":"
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Shares of IBM Corp., DoorDash Inc. and other software companies closed lower today following another broad decline in tech stocks.<\/span><\/p>\n

The selloff is the latest in a series to have hit the information technology industry since Anthropic PBC released Claude Workspace plugins on Jan. 30. A plugin is a collection of prompts, datasets and scripts that customizes Claude\u2019s behavior. Anthropic released<\/a> more than a half-dozen plugins spanning use cases such as sales, marketing and project management.<\/span><\/p>\n

The launch caused a selloff in the shares of enterprise software companies focused on the same use cases as Anthropic\u2019s plugins. Shortly thereafter, the artificial intelligence developer debuted<\/a> a tool called Claude Code Security that can scan application code for vulnerabilities. CrowdStrike Holdings Inc., Cloudflare Inc. and several other cybersecurity providers closed lower the day the tool was announced.<\/span><\/p>\n

Today\u2019s selloff appears to have been caused by multiple factors. One of them is a blog post<\/a> that Anthropic published this morning about Claude\u2019s code modernization capabilities. The company explained how developers can use the AI service to port applications written in COBOL, a legacy programming language, to more modern technologies.<\/span><\/p>\n

Many COBOL applications run on mainframes. IBM, the world\u2019s largest mainframe supplier by a wide margin, closed 13% lower today. The selloff also impacted large technology service providers such as Accenture plc and Cognizant Technology Solutions Corp., which dropped 6 and 6.6%, respectively. The two companies provide COBOL application modernization services that some investors believe could be disrupted by AI.<\/span><\/p>\n

There were also other factors at play behind today\u2019s share declines.<\/span><\/p>\n

Over the weekend, the U.S. Supreme Court struck down most of the tariffs imposed by President Donald Trump last year. In response, Trump announced plans to impose 10% duty on all imports starting this Wednesday. He later increased the rate to 15%. The European Union and India reacted to the move by suspending trade agreement discussions with the U.S.<\/span><\/p>\n

Separately, a little-known analyst firm called Citrini Research published a blog post about the potential market impact of AI. The piece includes a fictional market report dated June 2028. The report outlines a hypothetical scenario in which \u201cAI capabilities improved, companies needed fewer workers, white collar layoffs increased, displaced workers spent less, margin pressure pushed firms to invest more in AI.\u201d<\/span><\/p>\n

Citrini Research\u2019s blog post describes the report as a \u201cthought exercise\u201d and as a \u201cscenario, not a prediction.\u201d Nevertheless, several of the tech companies that the piece argued could be disrupted by AI saw their shares drop today. DoorDash closed 6.6% lower while Visa Inc., American Express Inc., tech investor Apollo Global Management Inc. and several others also logged single-digit declines.<\/span><\/p>\n

The S&P 500, Dow Jones Industrial Average and tech-heavy Nasdaq Composite dropped more than 1%.<\/p>\n

Photo: Unsplash<\/a><\/h5>\n
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