With President Donald Trump’s H-1B visa pricing plan rattles Corporate America, Baird has data that can give clues as to which technology and services sector companies could hit the hardest. Trump said he would charge $100,000 in taxes on his visa program late Friday. The White House has made it clear that it applies only to new visas and is not an annual claim. Still, the change has caused businesses and governments around the world to scramble to assess the impact of the weekend. With that in mind, Baird provides clients with a list of companies within the consulting and professional services industry, providing average application approvals from 2015 to 2024. The chart below shows the most approved companies. Certainly, Baird pointed out that he would usually be less likely to work in the US than Greenlighted. India-based consulting firm Infosys has led the way on average just over 3,750. This is because stocks have fallen by about 22% in a rough year of stocks. The average analyst voted by LSEG holds stocks, but a typical price target suggests that the stock can rebound by more than 17% next year. Infy YTD Mountain Infosys in 2025 followed, with an average of over 2,450 people per year. Baird analyst David Conning said the company was the most affected of its coverage group. However, Koning pointed out that applications have fallen from mid-2010 levels, and that the number of actual workers appearing on this visa type is close to 1,000. Koning said Cognizant could see a 25 basis points margin impact and a 1.5% impact on earnings per share. Cognitive stocks fell by more than 11% in 2025. The average analyst has a holding rating and price target that implies a 27% meeting per LSEG. Konin is not alone. Goldman Sachs’ James Schneider also listed perceived people in his reporting as facing this top risk in a Sunday memo to clients. According to Koning, professional service company Accenture should have a modest impact from its policy. The company has seen just under 1,200 approvals per year, but Koning noted that the numbers have been slipping significantly in recent years. Koning estimated a financial hit of less than 5 basis points in margins, about 0.25% on earnings per share. Accenture stocks have plummeted more than 31% since the start of 2025. However, the typical analysts surveyed by LSEG have purchase ratings and price targets that reflect an increase of over 28%. (Learn the best 2026 strategies from within NYSE with Josh Brown and others on CNBC Pro Live. Tickets and info here.)
Trump’s $100,000 visa plan could hit these companies the most violently
