股价大跳水！刚刚，特朗普签了！

Core Viewpoint - The recent increase in H-1B visa fees to $100,000 per year is aimed at ensuring that only high-skilled, irreplaceable talent is brought into the U.S., which may significantly impact tech companies that rely on these visas for hiring foreign employees [2][3]. Group 1: H-1B Visa Fee Increase - The fee for H-1B visa applications has been raised to $100,000 annually, a substantial increase from the previous several thousand dollars [2][3]. - This policy is intended to incentivize companies to hire American workers instead of foreign employees [2][3]. - The new fee structure applies to both initial applications and renewals, forcing companies to evaluate the worth of foreign employees against the cost [2][3]. Group 2: Impact on Tech Companies - Major tech companies like Amazon, Microsoft, and Google, which heavily depend on H-1B visas for hiring software engineers and other skilled workers, are expected to be significantly affected by this fee increase [6][8]. - Cognizant's stock fell over 7% in intraday trading following the announcement, closing down nearly 5%, resulting in a market cap reduction to $32.7 billion [1][8]. - Accenture also experienced a stock drop of over 2% before slightly recovering [1][8]. Group 3: Broader Immigration Policy Context - The fee increase is part of a larger immigration policy reform by the Trump administration, which aims to curb the perceived abuse of the H-1B visa program and protect American workers [3][7]. - The administration plans to reassess the prevailing wage levels for H-1B workers to prevent companies from using foreign labor to undercut domestic wages [7][8]. - The introduction of a "Golden Card" visa program, requiring a $1 million payment from individuals or $2 million from companies, is also part of the new immigration strategy [4][3]. Group 4: Market Reactions and Industry Outlook - Morgan Stanley has downgraded its rating for the U.S. IT services industry from "neutral" to "cautious," citing concerns over declining investment returns due to accelerated AI investments [10]. - Accenture's target price has been reduced from $325 to $271, reflecting a broader negative sentiment in the market [10]. - Year-to-date, Accenture's stock has fallen over 30%, while Cognizant's stock has decreased nearly 12% [11].