Tech stocks reeled after President Donald Trump announced a sweeping change to the H-1B visa program, sending shares of some of the largest users of foreign labor tumbling.

Shares in Infosys, Cognizant, Tata Motors, Amazon, Microsoft, Meta, Apple, and Google all fluctuated in the days following the September 19 proclamation. Seven of the eight companies are among the nation’s top ten users of H-1B visas, according to the federal H-1B data hub.

The following table shows stock prices on September 18 and 19 for those firms:

Company Sept. 18 Sept. 19
Infosys 17.57 16.75
Cognizant 70.26 66.94
Tata Motors 723.80 708.80
Amazon 233.08 231.48
Microsoft 511.76 510.68
Meta Platforms 788.00 769.99
Apple 240.04 245.75
Google 252.89 255.85

Apple and Google were exceptions. Apple rose from 240.04 on September 18 to 245.75 the following day. Google advanced from 252.89 to 255.85.

Apple’s iPhone 17 Pro Max, the larger variant of its flagship phone, launched on the same day Trump unveiled the policy. Google also benefited from a separate development, as reports indicated it would not be forced to break up its advertising business despite a large European Union fine, per Tip Ranks.

The President’s proclamation imposed a $100,000 fee on new H-1B petitions, a move the White House later clarified would be a one-time charge rather than an annual cost, unless the policy is renewed after its planned expiration next year. Commerce Secretary Howard Lutnick had initially told reporters the fee would automatically recur each year, a point repeated several times in an Oval Office briefing.

On September 20, White House Press Secretary Karoline Leavitt posted on X: “To be clear: 1.) This is NOT an annual fee. It’s a one-time fee that applies only to the petition. 2.) Those who already hold valid H-1B visas are not subject to this charge.”

The White House fact sheet said the step was aimed at curbing “abuses that displace U.S. workers and undermine national security.” It directed the Departments of Homeland Security and Labor to revise wage rules to prioritize higher-skilled H-1B workers.

Confusion quickly rippled through industries and foreign worker communities, with some visa holders rushing back to the United States to avoid reentry complications. Microsoft, Amazon, and Goldman Sachs were among the companies that circulated urgent travel advisories to their employees, according to the same report.

India’s government reportedly warned of “humanitarian consequences by way of the disruption caused for families.” Roughly 72% of H-1B visas are awarded to Indian nationals, according to federal data.

The H-1B program has long been hotly debated. Critics say it depresses wages and displaces U.S. workers, while supporters argue it supplies critical talent that the domestic labor force cannot match. A 2025 fact sheet from the Department for Professional Employees, an AFL-CIO affiliate, claimed that “Employers can and do underpay H-1B workers,” citing federal data showing 60% of visa jobs were in the two lowest permissible wage levels in 2019.

Elon Musk, the tech titan behind Tesla, SpaceX, and X, previously said the H-1B visa program is essential to his industry.

“The reason I’m in America along with so many critical people who built SpaceX, Tesla and hundreds of other companies that made America strong is because of H1B,” Musk posted on X in December 2024.

Infosys and Cognizant, two of the largest H-1B employers, have faced scrutiny over their own practices. Infosys, which operates out of Plano, paid a record $34 million fine in 2013 to settle allegations of systemic visa fraud. Cognizant was ordered to pay punitive damages last fall after a California jury found the firm was liable for discriminatory conduct against non-Indian workers, following a class-action suit from a Texan and several other plaintiffs.

Trump’s order is supposed to take effect in the next H-1B lottery cycle.