What smart people are saying about the US suspending new PERM applications for Microsoft, Adobe, and Indian tech giants

Impact · against what's priced in

The PERM suspension introduces a new headwind for US tech firms by increasing attrition risk and recruitment costs, though Microsoft's reliance on extensions rather than new hires mitigates the immediate headcount impact. For Indian IT giants, the move creates a binary risk of reduced US-based talent pipelines versus an increase in offshore work allocation.

ADBE−0.30

Not in the price yet

In context

Blocking the pathway to green cards creates a new risk of talent attrition and higher labor costs, which could pressure the 41.4% free cash flow margin the market expects the company to sustain.