President Donald Trump’s proposed $100,000 fee per new H-1B visa is sending shockwaves across industries that rely heavily on foreign skilled labor. While the fee does not apply to current visa holders, it could drastically reshape hiring strategies for Big Tech, startups, consulting firms, and Wall Street institutions. Big Tech companies like Google, Amazon, and Meta have long used H-1B visas to bring in top engineering and AI talent. While these corporations can absorb the $100,000 cost per visa without major financial strain, the cumulative impact could still be significant. With tens of thousands of H-1B applications filed annually, the total cost for major tech firms could reach billions. However, some analysts suggest the high fee might also act as a barrier to smaller competitors, potentially consolidating talent in the hands of established giants. Startups, however, face a more immediate threat. Many early-stage companies operate on tight budgets and depend on H-1B visas to hire critical technical talent. The new fee could force them to limit hiring to only the most senior, high-salary employees—effectively cutting off access to younger, emerging talent who often fuel innovation in fast-growing ventures. This could slow down the pace of innovation and reduce the diversity of ideas in the startup ecosystem. Consulting firms, already grappling with a talent shortage, may see hiring become even more difficult. Many consulting roles—especially in data science, cybersecurity, and software engineering—depend on H-1B workers. With the added cost, firms may shift more work offshore to countries like India, Mexico, the Philippines, and Argentina, accelerating existing trends of remote and distributed teams. Wall Street is also affected. JPMorgan, Goldman Sachs, and Citigroup each have over a thousand active H-1B filings, primarily for technology roles. While financial firms may prioritize hiring for revenue-generating roles like investment banking and trading, the new fee could still hinder their ability to build out tech teams. Junior bankers and analysts who often serve as entry points into the industry might find fewer opportunities, especially if firms reduce their overall hiring of foreign workers. JPMorgan economists project a drop of 5,500 work authorizations per month under the new policy, which could lead to labor shortages in key sectors. While the full impact remains uncertain, one thing is clear: the cost of hiring foreign talent has just increased dramatically—and the ripple effects will be felt across the economy.