US Suspends Microsoft, Adobe and IT Firms From Green Card Program; OpenAI Revenue Gap Hits AI Stocks

US Suspends Microsoft, Adobe and IT Firms From Green Card Program

The Trump administration has suspended Microsoft, Adobe, Cognizant, Infosys, Tata, Wipro, HCL and Capgemini from the Permanent Labor Certification (PERM) program, which allows skilled foreign workers on H-1B visas to apply for permanent residency. US Vice President JD Vance announced the move on Thursday, citing an ongoing investigation into alleged fraud in the H-1B visa system.

Vance said Microsoft laid off 6,000 American workers last year while receiving about 6,300 H-1B visas, adding that no American company had abused the program more. Secretary Keith Sonderling said the Department of Labor was suspending the companies from the permanent visa program, calling it a step to protect American workers and punish fraudsters.

Microsoft published a comment on recent immigration questions on its blog. The suspension means H-1B employees at the affected companies will be subject to a six-year cap with no extensions and will not have a green card pathway. Notably, Apple, Amazon and Google were not on the suspension list.

The announcement came on the same day President Trump awarded Microsoft CEO Satya Nadella the National Medal of Technology and Innovation.

OpenAI Revenue Report Triggers AI Stock Sell-Off

A Financial Times report that OpenAI told investors its annualized revenue was nearing $50 billion at the end of September, well below the $70 billion widely reported by media, triggered a sell-off in AI stocks. Oracle shares fell more than 5%, with losses also hitting Nvidia, AMD and Microsoft.

According to CNBC, the $70 billion figure includes revenue sharing from major partners such as Amazon and Microsoft, while the $50 billion figure strips out those partnership deals. OpenAI's annualized revenue was $30 billion in July, meaning the $50 billion figure still represents significant growth. Anthropic was at $65 billion annualized at the end of July.

Nvidia Chief Jensen Huang's net worth fell below $200 billion as tech stocks dropped.

Sources: Techmeme