Shares of big tech like Amazon.com AMZN, Microsoft MSFT, Meta Platforms META and Alphabet Inc. GOOGL GOOG slipped between 0.4% to 0.5% in Monday pre-market session amid Trump’s H1-B crackdown. Intel INTC stock fell 1.2%.

Trump’s administration revealed on Friday that it would demand a $100,000 one-time annual fee for H-1B working visas, a move that has raised concerns about higher labor expenses and limited access to skilled workers.

While the new fees only apply to new applications, analysts warn that the limited supply of skilled workers in the U.S. could lead to increased wages and reduced margins.

Several major tech companies and banks, including Microsoft, Amazon, Alphabet, and Goldman Sachs GS, have issued urgent travel advisories to their employees.

Shares of other companies heavily reliant on H-1B visas, such as JP Morgan JPM, fell 1.65% during premarket trading.

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The revised visa fees, anticipated to have a moderate effect, may trigger a shortage of skilled workers in the U.S., potentially pushing wages higher and pressuring corporate profits, as per analysts. Indian IT professionals, who account for most H-1B applicants, could encounter higher expenses and slower revenue growth as a result of the changes.

Trump’s visa fee proposal initially caused confusion among large U.S. companies, prompting the White House to clarify that it is a one-time charge for each visa petition, not an annual fee. The move, part of Trump’s broader immigration crackdown, aims to push firms to prioritize domestic workers.

Despite the controversy, some industry figures, such as Netflix NFLX co-founder Reed Hastings, have supported the new fees, calling them a “great solution” to the H-1B program’s lottery system.

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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.