February wasn’t subtle when it came to SaaS. IBM fell more than 10% in a single session – its worst trading day since October 2000 after Anthropic announced that Claude could streamline COBOL code. For context, IBM has had decades of exposure to enterprise COBOL systems across banking, government and large corporations. When a frontier model suggests it can materially compress the time and cost required to modernise or manage that code base, markets don’t wait to see how it plays out. They reprice and they do so immediately.