Vance: Microsoft Suspended From Foreign Worker Green Card Program

Shares of Oracle, Microsoft, AMD, and others fell after the Financial Times reported OpenAI's annualized revenue is $20B less than previously signaled. OpenAI reportedly stated $50B in revenue, down from $70B. Chip suppliers like AMD and Broadcom also saw declines. OpenAI declined to comment. Investors anticipate Anthropic's IPO in November and OpenAI's next year.

OpenAI revised its annualized revenue to $50 billion, down from $70 billion, impacting Microsoft (MSFT) shares. MSFT, a major OpenAI stakeholder, is modestly undervalued with a GF Value of $591.09, offering 10.8% upside. MSFT's GF Score is 99/100, reflecting strong financial health and growth. Insiders have sold more shares than purchased, while guru investors show mixed activity.

US Vice President JD Vance announced the suspension of the PERM program for Microsoft, preventing the company from applying for permanent residence for workers. This decision follows an investigation and allegations of Microsoft laying off American workers while hiring foreign workers. Vance emphasized the need for Microsoft to prioritize American workers, despite the company's strong relationship with the administration.

The Trump administration suspended Microsoft, Adobe, and Infosys from filing PERM applications for green cards, alleging abuse of the program. According to Vice President JD Vance, Microsoft laid off 6,000 U.S. workers while hiring 6,300 H-1B visa holders. Labor Secretary Keith Sonderling stated the companies made false representations in their applications. The suspensions are part of a broader crackdown on H-1B visa programs.

US Vice President JD Vance announced the suspension of Microsoft from the PERM green card program, citing alleged fraud. The move follows Microsoft's layoffs of 6,000 American workers while benefiting from 6,300 H-1B visas and 3,000 green cards. Adobe and other IT firms were also suspended. The PERM program certifies no qualified US workers are available for specific jobs. Microsoft has not commented. Vance also targeted nine universities for investigation.

The Trump administration accused Microsoft of abusing the H-1B visa program, barring it from applying for permanent residency for foreign employees. Microsoft reportedly laid off 6,000 US workers while hiring 6,300 foreign workers on H-1B visas. The administration also targeted Adobe and several consulting firms, citing job losses for American workers. No immediate response from the affected companies.