NASDAQ Composite declines over 1% on OpenAI revenue concerns; Nvidia, Oracle, Intel shares fall

The Trump administration suspended Microsoft from applying for employment-based green cards, citing fraud claims. The move targets the H-1B visa program, which allows hiring of foreign professionals. Microsoft, a major tech employer, faces uncertainty in processing immigration applications for affected workers.

The US Department of Labor has suspended eight companies, including Infosys, TCS, Microsoft, and others, from the PERM green card program, accusing them of abusing the system. The suspension affects pending PERM applications, potentially delaying green card processes for employees. The companies have collectively requested nearly 3 million foreign workers since 2009, according to US officials.

The US suspended eight IT firms, including Tata, Infosys, Wipro, Cognizant, HCL, Capgemini, Microsoft, and Adobe, from a green card program for foreign workers, citing job market impacts on Americans. The suspension follows allegations of abuse and active federal investigations. The firms have reportedly requested nearly 3 million foreign workers since 2009, receiving over 230,000 H-1B visa approvals and 100,000 permanent labour certifications.

US revoked PERM access for Microsoft, Adobe, and Indian firms Infosys, Tata, Wipro, HCL, and Capgemini, citing fraud. Microsoft denies abuse, stating it pays high wages and hires American workers. NASSCOM argues for skilled talent mobility, claiming reduced H-1B dependence.

Firmus, backed by Nvidia (NASDAQ:NVDA), postponed its AUD $7.1B ($4.95B) IPO in Australia due to poor demand and market volatility. The company will seek private funding instead, valuing it at $30.6B. Firmus cited market conditions and terms not reflecting its business strength. Nvidia shares closed 2.94% lower at $230.48. According to Vested, seven U.S. IPOs were postponed in Q3.

Astera Labs (ALAB) stock dropped 9.21% to $347.05 on October 8, following a broader chip sector sell-off triggered by OpenAI's lower-than-expected revenue report. The company launched Aries 7, its PCIe 7 signal conditioning portfolio. Despite a 23% rise in 2026 revenue forecasts to $1.91B, free cash flow fell 49.6% YoY to $67.21M, raising concerns. Analysts' target prices range from $390 to $850, with a potential total return of 146%.