Trump to impose $100,000 annual fee on H-1B visas, shaking up tech hiring

Winners

Robert Half International ($RHI) — Higher employer demand for domestic tech talent and contract placements as firms avoid costly H-1B hires.

ManpowerGroup ($MAN) — More U.S. staffing needs and temp-to-perm roles as companies pivot away from visa-dependent hiring.

Upwork ($UPWK) — Outsourcing and remote contracting become cheaper alternatives to onshore H-1B talent, boosting marketplace activity.

Globant ($GLOB) — Nearshore/offshore IT delivery gains relative cost advantage versus U.S. onshore teams that relied on H-1B staff.

Coursera ($COUR) — Employers expand upskilling/reskilling of U.S. workers to fill STEM gaps created by tighter, pricier visas.

Losers

Cognizant Technology Solutions ($CTSH) — Business model heavily uses H-1B employees; added per-worker fees pressure margins and pricing.

Infosys ($INFY) — U.S. delivery reliant on H-1B staffing; higher costs and potential client pushback on rate increases.

Wipro ($WIT) — Similar H-1B exposure; onshore project economics worsen, risking delays or rebids to offshore only.

Darden Restaurants ($DRI) misses Q1 EPS by $0.03 as beef inflation and higher marketing spend squeeze margins despite solid same-restaurant sales

Winners

Uber Technologies ($UBER) — Olive Garden’s Uber Direct partnership is boosting first-party delivery; if Darden scales this across brands, Uber’s order volume and enterprise delivery revenue benefit.

Domino’s Pizza ($DPZ) — Consumers shifting toward at-home, value-focused meals favor Domino’s carryout and bundle offers versus pricier casual dining.

Wingstop ($WING) — Beef inflation pressures steak-centric competitors, making chicken-led concepts relatively more attractive on price; Wingstop’s asset-light model can leverage that traffic.

McDonald’s ($MCD) — Aggressive value platforms capture trade-down from casual dining as households look to stretch budgets.

Costco ($COST) — More meals at home mean bigger grocery baskets; Costco benefits from bulk food demand as diners skip sit-down restaurants.

Losers

Darden Restaurants ($DRI) — EPS miss and margin compression from higher food (especially beef) and marketing costs; value promos cap pricing power near term.

Bloomin’ Brands ($BLMN) — Outback’s steak-heavy mix faces the same cattle-driven input inflation, with limited ability to push price without hurting traffic.

Brinker International ($EAT) — Chili’s competes directly with Olive Garden/LongHorn on value; elevated promo and labor costs risk further margin squeeze.

The Cheesecake Factory ($CAKE) — Higher labor and ingredient costs plus larger average checks make it vulnerable if consumers pivot to cheaper options.

Texas Roadhouse ($TXRH) — Strong brand, but steak exposure makes margins sensitive to persistent beef inflation and potential check-management by guests.

Nvidia to invest $5B in Intel and co-develop AI infrastructure and PC chips

Winners

Intel ($INTC) — Fresh $5B equity capital plus a multi-year collaboration with Nvidia validates Intel’s roadmap, supports balance-sheet repair, and channels demand into Intel’s x86, foundry, and advanced-packaging offerings.

Nvidia ($NVDA) — Gains a powerful second-source and co-design partner for AI data centers and AI PCs, improving supply-chain resilience and opening custom x86/RTX system paths alongside existing platforms.

Super Micro Computer ($SMCI) — A broader Nvidia-Intel AI portfolio expands server reference designs SMCI can ship, sustaining high-mix AI rack growth across enterprise and cloud buyers.

Dell Technologies ($DELL) — As a top OEM for AI servers and workstations, benefits from new Nvidia-Intel platforms that widen enterprise SKUs and accelerate AI PC refresh cycles.

Micron ($MU) — More AI servers and accelerated PCs translate into heavier HBM/DRAM pull-through per node, lifting content per system and pricing power in high-performance memory.

Losers

Advanced Micro Devices ($AMD) — A tighter Nvidia-Intel stack pressures AMD’s CPU + Instinct GPU positioning across AI data centers and AI PCs, challenging its attach rates and platform wins.

Qualcomm ($QCOM) — Intel-Nvidia x86 AI PC chips threaten momentum for Windows-on-ARM laptops, blunting QCOM’s share gains and software ecosystem tailwinds in premium notebooks.

ARM Holdings ($ARM) — An x86-centric AI PC push with Nvidia slows ARM’s near-term share capture in PCs, reducing the urgency for OEMs to migrate away from x86 designs.

GlobalFoundries ($GFS) — Intel’s improved standing as a custom silicon and packaging partner may crowd out GFS on advanced AI-adjacent programs where customers want deeper Nvidia alignment.

Marvell Technology ($MRVL) — Nvidia’s expanding NVLink and in-house interconnect roadmap narrows openings for third-party AI networking silicon, limiting upside in high-bandwidth data-center fabrics.