Trump's $100K Visa Move Threw Us, Says Cathie Wood

On Friday President Donald Trump took his most extensive step yet toward overhauling the US legal migration system, with a pair of proclamations that explicitly favor the wealthiest of the world's prospective expat workers. The US President slapped a $100,000 application fee on the widely used H-1B visa program, a move that would drastically increase the cost of visas heavily coveted by some of America's largest companies seeking to bring in skilled workers from abroad.

CEO and Founder of Ark Invest Cathie Wood joined Caroline Hepker and Joumanna Bercetche on Bloomberg Radio to discuss the news as well as other trends driving markets.

Satish, a graduate student from India studying in San Francisco, thought this fall would be about finishing his business degree and then lining up an H-1B visa, the work permit that’s become a mainstay for skilled immigrants in the US.

Instead, he’s worried about his ability to build a career in the US as he tries to make sense of the Trump administration’s plan to raise the H-1B application fee to $100,000.

“When someone moves here, they move with the motive of working hard and building something better,” said Satish, who like many interviewed asked that their full names be withheld, saying they feared drawing attention to their visa status or complicating their future plans. “With everything that’s going on no one is willing to speak a thing. They’re scared of their statuses.”

President Donald Trump framed the new six-figure fee as part of his effort to protect American jobs and national security. Separately, he unveiled a “Trump Gold Card” visa program — where for the price of $1 million, individuals could get US residency.

Trump’s H-1B visa announcement jolted companies that have long relied on the program to bring in global talent, especially in California’s tech-heavy economy that relies on trained computer programmers, data analysts and engineers.

The suddenness of the change — with the new policy taking effect Sunday — and initial confusion over whether the fee would apply to current visa holders added to the chaos, with companies warning affected employees to return to the US immediately and refrain from traveling overseas.

When passengers on an Emirates flight from San Francisco to Dubai heard about the decision, they paced up and down the aisle of the cabin checking their phones and asking flight attendants to let them off, according to video posted to social media. While passengers aren’t typically allowed to leave a plane once the cabin doors have closed, the Emirates pilot announced to the cabin that “due to the current circumstances, obviously they are unprecedented for us here at Emirates, we are aware that a number of passengers do not wish to travel with us and that is perfectly fine.”

One day after Trump’s announcement, the White House clarified that the fee would only apply to new applicants starting in the next lottery cycle, but the update did little to soothe fears of visa holders.

It also leaves many large companies trying to assess what it will mean for their recruitment plans.

Alphabet Inc.’s Google, Apple Inc. and Meta Platforms Inc. employ thousands of H-1B visa holders, while universities and hospitals — from Stanford to the University of California system — also rely on them to recruit lecturers and research staff.

For international graduate students, the visa is a key pathway to remaining in the US after finishing school. Of the 85,000 visas issued each year, 20,000 are set aside for advanced US degree holders, with a master’s or higher. Demand always vastly outstrips supply — in the 2025 fiscal year lottery, more than 470,000 people applied.

Some business groups in the past have called for reforms to the H-1B system, saying it’s been overused by outsourcing firms, while others have pushed for an expansion, including lifting quotas so they could fill critical labor shortages.

When Trump’s announcement came, it didn’t give companies or lawyers any time to prepare.

“It was timed to create pandemonium,” said Karin Wolman, a New York–based immigration lawyer.

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