From H-1B to CEO: How Satya Nadella traveled the path the U.S. just cut off for Microsoft workers

Impact · against what's priced in

The Trump administration's suspension of Microsoft from the PERM program creates a material talent retention risk that is not currently reflected in its valuation. In contrast, the National Medals awarded to the CEOs of NVDA, AMD, DELL, and GOOGL are purely ceremonial and do not change the underlying growth or margin assumptions already baked into their prices.

MSFT−0.40

Not in the price yet

In context

The suspension from the PERM program and the freeze on pending applications create an urgent risk of losing thousands of high-skill employees as visas expire, a specific operational headwind not currently captured in the price's focus on AI revenue and cloud margins.