IBM’s approach is fairly straightforward: Rather than relying exclusively on a limited pool of human programmers to solve the problem, it built a generative AI-powered code assistant that helps convert all that dusty old COBOL code to a more modern language, thereby saving coders countless hours of reprogramming. The watsonx Code Assistant allows programmers to select specific bits of COBOL code and translate them into Java instantly. Updating and modernizing old code is just the tip of the iceberg when it comes to what’s possible with AI-augmented code creation, and IBM isn’t the only company racing to build a solution.

Source: The World Depends on 60-Year-Old Code No One Knows Anymore

To assist? Yes. To do it on its own? Perhaps not.