This issue was actually mentioned in Saturday's homework. There are two reasons: one is that tech companies are the main demand for H-1B visas, and now AI is the backbone of tech companies. So, H-1B might slow down the progress of tech companies to some extent and could even increase their costs. The other reason is the added uncertainty around Trump’s policies. Uncertainty is the real headache here. It seems like Trump is handling immigration more for political correctness, but immigration is actually the driving force behind America’s development. Even Powell himself has said that employment issues are related to immigration. Not to mention real estate—Trump’s policies might make it harder to attract mid-level tech talent to the U.S., so it’s very possible for the market to feel concerned. The third point is about respecting history. Trump introduced similar policies back in 2020, and the market reacted with a dip back then. A similar situation could happen in 2025, especially during a time when employment is highly sensitive, so the likelihood of a downturn naturally increases. Of course, I still stand by what I said: H-1B is not the main contradiction in the U.S. right now. While it might trigger emotional concerns, the bigger battles are still between Trump and interest rates, Trump and tariffs, and Trump and geopolitics. This post is sponsored by Bitget ｜ @Bitget_zh