Investment Rating - The report does not explicitly provide an investment rating for the industry but discusses the implications of the H-1B visa fee increase on various companies within the technology sector. Core Insights - The increase in the H-1B visa fee to $100,000 is expected to significantly impact the talent landscape of the American technology industry, particularly affecting large tech companies like Amazon, Google, Microsoft, Meta, and Intel, which will face substantial increases in annual human resource costs [1][2][3]. - The policy aims to prioritize the hiring of domestic American labor and encourage more students to pursue STEM fields, addressing concerns about foreign labor replacing local workers and its implications for national security [3][4]. - In the short term, the increased costs may lead to structural challenges within the tech industry, particularly for small and medium-sized enterprises, while potentially benefiting larger firms that can absorb these costs [4]. Summary by Sections Event Overview - On September 19, President Trump announced the H-1B visa fee increase to $100,000, effective September 21, impacting new applications only. The annual quota for H-1B visas is 85,000, with a significant portion held by Indian and Chinese applicants [1][10]. Financial Impact - The increase in visa fees will lead to substantial additional costs for major tech companies, with estimates of $990 million for Amazon, $690 million for Google, $600 million for Microsoft, $410 million for Meta, and $290 million for Intel annually [2][11]. Long-term Implications - The policy is designed to create a virtuous cycle of education investment leading to talent supply and technological innovation, although the training period for STEM professionals may create a mismatch in supply and demand in the short term [3][4][12]. - The report suggests that while large tech companies may adapt by increasing local hiring and training, smaller firms may struggle with talent acquisition and rising costs, potentially leading to increased industry concentration and reduced innovation diversity [4][13].
10万美元H-1B签证费用重塑美国科技行业人才格局