Trump's $100K Visa Move Threw Us, Says Cathie Wood

H-1B Visa & International Talent - The new H-1B visa restrictions apply only to new visas, impacting India significantly as part of broader negotiations [1] - The administration aims to attract foreign talent educated in the U S into the U S workforce long-term, suggesting potential future policy changes [2] - Other countries may capitalize on the H-1B visa situation to attract high-skilled talent, creating regulatory arbitrage [4] Economic Outlook & Fiscal Policy - The rolling recession is evolving into a rolling recovery, with potential weakness in employment due to increased productivity and capital substitution [6] - The effective corporate tax rate in the U S could be as low as 10% due to accelerated depreciation on structures, equipment, domestic R&D, and software, despite the stated rate remaining at 21% [7] - The dollar is expected to rebound due to increased return on invested capital in the U S, driven by deregulation and tax policies [8] - A productivity-driven economic boom is anticipated next year, potentially engineered by the current administration [9] - Productivity is viewed as a potent anti-inflationary force, with inflation potentially dropping below 2% and heading towards zero [11] AI & Capital Expenditure - The global large language model (LLM) market is consolidating to four major players: OpenAI, Anthropic, X A I, and Google's Gemini, driving significant capital spending [14][15] - Meta Platforms is actively acquiring talent from companies that are not succeeding in the AI space, aiming to re-enter the game with an open-source strategy [17] China & Technological Competition - President Xi Jinping has directed the Chinese economy towards new productive forces, emphasizing technology and aggressive competition [18] - China is shifting away from "Involution" (massive commoditization) in sectors like electric vehicles, focusing on profitability [19]