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<ul class="summary-list"><li>Big tech companies have pulled back on PERM applications, often the first step to a green card.</li><li>Huge layoffs by Google, Amazon, Meta and other tech companies have made the process harder. </li></ul><a target="_blank" href="https://www.businessinsider.com/category/big-tech">Big tech</a> companies have backed off <a target="_blank" href="https://www.businessinsider.com/america-immigration-needs-reform-losing-workers-2023-3">green card</a> applications in a big way because the process has become tougher and there's less competition for talent.This situation is making it harder for foreign tech workers to stay in the US, and it may mean overseas candidates have to search far beyond Silicon Valley and New York City for jobs in the industry.<a target="_blank" href="https://www.businessinsider.com/google-requests-update-immigration-rules-hire-top-ai-talent-2024-5">Google</a> stopped so-called PERM applications in January 2023, the same month it laid off 12,000 employees. PERM is a certification process run by the Department of Labor. It aims to ensure that admitting foreign workers into the country doesn't impact US workers' job opportunities, wages, or working conditions. It's often the first step toward a green card.Earlier this year, Googlers were told the company wouldn't restart the PERM process until at least Q1 2025, according to a current employee with direct knowledge of the matter. A Google spokesperson declined to comment."Tech companies have been following Google's lead and taking their foot off the pedal in terms of green card applications," said <a target="_blank" href="https://www.benachcollopy.com/ava-benach/">Ava Benach</a>, founding partner of Benach Collopy, a leading immigration law firm in Washington DC. "Google has an outsized influence here," she added. "It has a reputation for treating workers well and leading on these things, so if Google stepped back, then this gives other tech companies cover to step back, too."<h2>Amazon and Meta moves</h2>Earlier this year, <a target="_blank" href="https://www.businessinsider.com/amazon-suspended-us-green-card-applications-foreign-workers-2024-4">Amazon</a> told employees it would continue to pause all new PERM filings through 2024, according to an internal announcement seen by Business Insider.Amazon said in the memo it had initially paused PERM applications in 2023 and decided to keep these suspended until the end of this year after reviewing "labor market conditions and immigrant requirements."While <a target="_blank" href="https://www.businessinsider.com/mark-zuckerberg-plan-meta-make-money-from-ai-2024-4">Meta</a> continues to undertake green card sponsorships for international hires, the process has become painfully slow. Getting a green card through Meta is now taking "a year or more," a current employee with knowledge of Meta's hiring processes said.<h2>PERM is a lot harder now</h2>A wave of <a target="_blank" rel="" href="https://www.businessinsider.com/amazon-layoffs">job cuts</a> by Google, Amazon, Meta, and other tech companies has made the PERM process more complicated.Companies now have to demonstrate that laid-off employees are not qualified for the jobs intended for foreign workers. They also <a target="_blank" rel=" nofollow" href="https://bashyamglobal.com/blog/the-impact-of-layoffs-on-the-perm-process/">have to notify people</a> who were laid off in the past six months about job openings before filing PERM applications for foreign workers."With more US workers available for open positions, the labor market test fails and so the process becomes a waste of time and money for these tech companies," Benach explained. "If tech companies have done layoffs relatively recently, they also have to notify laid off workers of new positions that may be going to foreign workers," she added. "If some of these people say 'yes, I'm interested,' then you're out of luck with the green card application."Meta's <a target="_blank" href="https://www.businessinsider.com/layoff-angst-meta-employees-face-tough-reviews-reorgs-2024-3">multiple rounds</a> of <a target="_blank" href="https://www.businessinsider.com/meta-vps-leave-ahead-of-thousands-more-layoffs-2023-5">mass layoffs</a> reduced the company's headcount by over 20%. The company is now <a target="_blank" href="https://www.businessinsider.com/meta-rehiring-workers-from-layoffs-2023-8">hiring again</a>, but it is having to work harder to explain to US Citizenship and Immigration Services why international workers are needed."It's hard to justify PERM after laying off people," the Meta employee told BI.<h2>Supply and demand</h2>Big tech companies may also be less willing to pursue green cards because of changes in supply and demand across the tech labor market.The industry went on a record hiring spree in the previous decade, and this only intensified during the pandemic boom. When big tech companies were fighting over a limited supply of tech talent, the PERM process was a useful weapon to wield."This is a cumbersome, arduous process that no one likes. It often happens when companies are competing intensely for talent," Benach explained. "Saying 'we'll do your green card for you,' is a great perk to attract the best tech employees.""So when, like now, there are more tech workers on the market, these companies don't have to do this as much," she added. "They are not all scrambling for talent anymore, or at least not as much."<h2>Alternatives for foreign tech workers</h2>What should foreign tech workers do if their current employer is taking too long with PERM applications, or has stopped the process entirely?Benach advises candidates to look outside of the Bay Area and New York City for tech jobs in the US. Many other employers across the country need people with science, technology, engineering, and math qualifications, she noted."It's not just Google and the other big Silicon Valley companies," Benach said. "Other companies in other parts of the country are in desperate need of tech workers."Labor market tests for the PERM process are by their nature local. And there are fewer tech workers in other parts of the country, with some people unwilling to move far for jobs. So this makes the green card process potentially easier outside of places like the Bay Area and NYC, she explained.<h2>Big Tech is trying alternatives, too</h2>In an email to BI, an Amazon spokesperson said the company is working with affected employees to find "alternative immigration pathways" to extend their stay in the US.To get around PERM hurdles, some companies are opting to classify international hires as applicants for a <a target="_blank" href="https://www.uscis.gov/newsroom/alerts/uscis-updates-guidance-on-national-interest-waivers">National Interest Waiver</a>, the Meta employee noted.An NIW application can be done without corporate sponsorship, so an employee can "self-petition" without a specific job offer in hand. This process classifies foreign candidates as people with specific skills and experience that would benefit the US if they became permanent residents.NIW applications jumped in 2023, according to <a target="_blank" href="https://www.uscis.gov/sites/default/files/document/reports/stem_related_petition_trends_eb2_and_o1a_categories_factsheet_fy23.pdf">data</a> from the US Citizenship and Immigration Services.<h2>Google wants to change the roles</h2>Google is trying to fix PERM bottlenecks. On Wednesday, <a target="_blank" href="https://www.businessinsider.com/google-requests-update-immigration-rules-hire-top-ai-talent-2024-5">it filed a letter with the Department of Labor</a> arguing for changes that broaden the list of roles that can be fast-tracked to a green card.This "<a target="_blank" href="https://www.federalregister.gov/documents/2023/12/21/2023-27938/labor-certification-for-permanent-employment-of-foreign-workers-in-the-united-states-modernizing">Schedule A</a>" list focuses on jobs the Labor Department considers to be poorly supplied with talent. It hasn't been updated in 20 years, and Google argues the list hasn't evolved to meet the needs of the modern labor market.Google is in particular need of AI experts and the company says it will be hard to hire them all."We project that our need for AI Engineer roles, including Software Engineer, Research Engineer, and Research Scientist roles, will increase significantly in the coming years," Google wrote in the letter. "AI advancements offer incredible promise, but the lack of skilled professionals threatens to hinder their full potential."Are you a foreign tech worker struggling with a green card application? Get in touch:Contact Hugh Langley through the encrypted messaging apps <a target="_blank" rel=" nofollow" href="https://signal.org/download/">Signal</a> and <a target="_blank" rel=" nofollow" href="https://telegram.org/">Telegram</a> (<a target="_blank" rel=" nofollow">628-228-1836</a>) or via <a target="_blank" rel=" nofollow" href="mailto:hlangley@businessinsider.com">email</a>.Contact Kali Hays at <a target="_blank" href="mailto:khays@businessinsider.com">khays@businessinsider.com</a> or on <a target="_blank" rel=" nofollow" href="https://signal.org/download/">Signal</a> at 949-280-0267.Contact Eugene Kim, via Signal or Telegram (<a target="_blank" rel="noopener noreferrer nofollow" class="c-link">+1-650-942-3061</a>) or email (<a target="_blank" href="mailto:ekim@businessinsider.com">ekim@businessinsider.com</a>).Reach out using a nonwork device. Check out Business Insider's <a target="_blank" rel="" href="https://www.businessinsider.com/insider-guide-to-securely-sharing-whistleblower-information-about-powerful-institutions-2021-10">source guide</a> for other tips on sharing information securely.

Big Tech's big green card problem

Climate Action 15: 2024's top global innovators powering green solutions

<ul class="summary-list"><li>US stocks traded mixed on Tuesday, with the tech sector rallying ahead of key earnings reports.</li><li>The S&amp;P 500 and Nasdaq ended the day in the green, with the tech-heavy Nasdaq hitting a fresh record.</li></ul>US stocks traded mixed on Tuesday, with the Nasdaq Composite rising to a fresh record as traders looked ahead to high-profile earnings reports. The tech-heavy index and the S&amp;P 500 finished the day in the green, while bond yields wobbled.Shares of <a target="_blank" class="" href="https://markets.businessinsider.com/stocks/googl-stock">Alphabet</a> and <a target="_blank" class="" href="https://markets.businessinsider.com/stocks/snap-stock">Snap</a> rose 1%, while <a target="_blank" class="" href="https://markets.businessinsider.com/stocks/amd-stock">Advanced Micro Devices </a>popped 3% as investors awaited earnings after the closing bell.Shares of <a target="_blank" class="" href="https://markets.businessinsider.com/stocks/msft-stock">Microsoft</a> also rose 1%, while <a target="_blank" class="" href="https://markets.businessinsider.com/stocks/meta-stock">Meta</a> shares climbed 2% as traders anticipated their <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/meta-q3-earnings-preview-meta-stock-price-ai-growth-guidance-2024-10">financials</a> on Wednesday. <a target="_blank" class="" href="https://markets.businessinsider.com/stocks/aapl-stock">Apple</a>, which held mostly steady, is on deck to report on Thursday.Corporate profits have come in strong so far for the quarter. The S&amp;P 500 is on track to post a net profit margin of at least 12% for the reporting period, which would mark the second straight quarter it's done so, according to a <a target="_blank" class="" href="https://insight.factset.com/sp-500-reporting-net-profit-margin-of-at-least-12-for-the-2nd-straight-quarter">FactSet</a> analysis.Traders are looking to a <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/stock-market-outlook-tech-earnings-gdp-inflation-jobs-report-economy-2024-10">big few weeks</a> for markets, with third-quarter GDP set to be published Wednesday and the October jobs report due out Friday. The Fed is due to make its next rates decision next week, a day after the presidential election. Some doubts linger over whether the Fed will take interest rates as low as some investors initially hoped. Markets are pricing in a 53% chance rates will stay within 50 basis-points of their current target range at the Fed's January meeting, up from 0% odds priced in a month ago, according to the <a target="_blank" class="" href="https://www.cmegroup.com/markets/interest-rates/cme-fedwatch-tool.html">CME FedWatch tool</a>.Here's where US indexes stood shortly after the 9:30 a.m. opening bell on Tuesday:<ul><li><a target="_blank" href="https://markets.businessinsider.com/index/s&amp;p_500?utm_source=markets&amp;utm_medium=ingest%3Futm_source%3Dmarkets&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_source=markets">S&amp;P 500</a>: 5,832.92, up 0.16% <a target="_blank" href="https://markets.businessinsider.com/index/dow_jones?utm_source=markets&amp;utm_medium=ingest%3Futm_source%3Dmarkets&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_source=markets">Dow Jones Industrial Average</a>: 42,233.05, down 0.36% (-154.52 points)</li><li><a target="_blank" href="https://markets.businessinsider.com/index/nasdaq_composite?utm_source=markets&amp;utm_medium=ingest%3Futm_source%3Dmarkets&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_source=markets">Nasdaq composite</a>: 18,712.75, up 0.78% </li></ul>Here's what else is going on:<ul><li>A hint in <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/stock-market-earnings-outlook-q3-bottom-demand-manufacturing-election-bofa-2024-10?_gl=1*gr9ay9*_ga*OTI1ODIwOTQ2LjE3MTYzOTg2NjU.*_ga_E21CV80ZCZ*MTczMDIyMjUxNS40OTYuMS4xNzMwMjIzMTMxLjguMC4w">S&amp;P 500 earnings calls</a> suggests that corporate profits are about to boom, Bank of America says.</li><li>Here's what Wall Street is expecting for <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/meta-q3-earnings-preview-meta-stock-price-ai-growth-guidance-2024-10?_gl=1*i0lfm3*_ga*OTI1ODIwOTQ2LjE3MTYzOTg2NjU.*_ga_E21CV80ZCZ*MTczMDIyMjUxNS40OTYuMS4xNzMwMjIzMTEyLjI3LjAuMA..">Meta's third-quarter earnings report</a>.</li><li>The Fed is likely to disappoint markets with <a target="_blank" class="" href="https://www.businessinsider.com/fed-cut-rates-inflation-powell-blackrock-ceo-larry-fink-2024-10">just one more rate cut this year</a>, according to BlackRock's Larry Fink.</li></ul>In commodities, bonds, and crypto:<ul><li><a target="_blank" href="https://markets.businessinsider.com/commodities/oil-price">West Texas Intermediate</a> crude oil dipped 0.22% to $67.23 a barrel. <a target="_blank" href="https://markets.businessinsider.com/commodities/oil-price">Brent crude</a>, the international benchmark, held steady at $70.74 a barrel.</li><li><a target="_blank" href="https://markets.businessinsider.com/commodities/gold-price">Gold</a> rose 1.13% to $2,772.63 an ounce.</li><li>The 10-year Treasury yield traded mostly event at 4.274%.</li><li><a target="_blank" href="https://markets.businessinsider.com/currencies/btc-usd">Bitcoin</a> popped 5.84% to $73,279.</li></ul>

Stock market today: Nasdaq closes at a record ahead of key tech earnings

<ul class="summary-list"><li>The US is trying to cut itself off from China's green tech like solar, EVs, and batteries.</li><li>The moves could hit China's economy and risks slowing down the green transition.</li></ul>There will be a long list of grievances when China's top climate envoy, Liu Zhenmin, <a target="_blank" href="https://www.bloomberg.com/news/articles/2024-04-30/china-climate-chief-to-visit-us-with-aim-to-bolster-key-ties?srnd=green">visits the US this month</a> for his first formal talks with US officials.The meeting comes as the US and China jockey for power in the green-energy transition. The Biden administration is trying to cut itself off from Chinese goods that are key to solving the climate crisis — such <a target="_blank" href="https://www.businessinsider.com/us-fights-back-china-cheap-solar-panels-2024-4">as solar panels</a>, electric vehicles, batteries, <a target="_blank" href="https://www.businessinsider.com/us-is-firing-back-again-in-china-chip-semiconductor-wars-2024-3">and semiconductors</a>. The US wants to protect its factories against competition from cheaper products, which, in turn, could hit China's economy and risk slowing down the green transition. China is also under pressure to stop building new coal plants, the dirtiest form of power production, because the expansion undercuts the country's promise that its greenhouse-gas emissions will start dropping after 2030."The recent moves by the US to connect the climate issue with trade measures, industrial competition, and national security is something I'm sure the Chinese will raise because they have a lot of concerns on this policy direction," Li Shuo, the director of China Climate Hub at the Asia Society Policy Institute, told Business Insider.Li said China's view was that the US prioritized economic competition at the expense of mitigating the climate emergency. The world needs affordable green technology for the energy transition, and China's record levels of investment have driven down the costs, he added.A recent example <a target="_blank" href="https://www.businessinsider.com/how-chinese-automaker-byd-rose-to-challenge-tesla-2024-4">is the remarkable rise of BYD</a>, a Chinese automaker that briefly eclipsed Tesla this year as the world's largest seller of EVs.However, the US views China as a threat to both national security and the climate. The country's boom in green-tech manufacturing was largely powered by dirty energy, with coal still accounting for about 60% of China's electricity, <a target="_blank" href="https://www.spglobal.com/commodityinsights/en/market-insights/latest-news/energy-transition/013124-coal-still-accounted-for-nearly-60-of-chinas-electricity-supply-in-2023-cec">an S&amp;P Global analysis</a> found. And even though China is adding renewable energy to its grid faster than any other country, it's also building new coal-fired power plants at a rapid clip.Coal is a major source of tension between the US and China, Li said. China has no policy to signal a coal slowdown, undermining its climate promises.The issue could be inflamed following a deal this week among seven of the world's wealthiest countries to stop burning coal for power by 2035. During a G7 meeting in Italy, Japan, another major coal user, <a target="_blank" href="https://www.g7italy.it/wp-content/uploads/G7-Climate-Energy-Environment-Ministerial-Communique_Final.pdf">endorsed the timeline for the first time</a> and was joined by the US, Canada, and several European nations.For its part, the US in late April finalized stricter emissions limits on power plants, which are expected to speed up the shift away from coal. About 16% of US electricity comes from coal, a steep drop over the past decade largely due to the fracking boom that made gas a cheaper source of power.But neither the US nor China is in a position to compromise, Li said.China defends its coal expansion as a matter of energy security. Last year, sky-high temperatures and drought in regions reliant on hydropower forced rolling blackouts and factory closures.Biden-administration officials, including the climate envoy John Podesta and Treasury Secretary Janet Yellen, in recent months have said the US is evaluating new strategies to counter China's dominance over green technology. Former President Donald Trump <a target="_blank" href="https://www.businessinsider.com/donald-trump-impose-tariffs-china-if-elected-2024-2">said he would impose tariffs</a> of more than 60% on China if he won the election in November.Given the tension, there likely won't be any major breakthroughs during this month's talks, Li said. But the fact that the world's two largest polluters are meeting in person shows that the climate still carries special weight. Few Chinese senior officials travel to the US.

China's top climate envoy is coming to the US this month as tensions over green tech run high

<ul class="summary-list"><li>Donald Trump's policies may impact legal immigrants in tech, sparking fears of a worker shortage.</li><li>In his last term, Trump paused some work visa programs used by tech firms to hire skilled talent.</li></ul>Many in the tech industry are concerned that President Donald Trump will make it harder to hire immigrants, sapping an important source of technical talent for the sector."If the backlash against immigrants impacts the flow of really talented people into the country, that's probably not good for us overall," said Michael Greeley, a general partner at Flare Capital Partners, a healthcare technology investor.Trump's election win could lead to <a target="_blank" class="" href="https://www.businessinsider.com/trump-harris-immigration-jobs-arizona-economy-mass-deportation-employment-wages-2024-10">mass deportations of </a><a target="_blank" class="" href="https://www.businessinsider.com/trump-deportation-immigration-plan-impact-recession-risk-inflation-stagflation-labor-2024-6">undocumented immigrants.</a> Trump's campaign has also promised to complete the southern border wall and revive the "<a target="_blank" href="https://time.com/7022828/trump-travel-ban-refugees-gaza/">famous</a> travel ban," which restricted people from countries that were predominately Muslim to enter the US. This order <a target="_blank" class="" href="https://www.theguardian.com/us-news/2017/jan/30/donald-trump-travel-ban-tech-workers-muslim-immigration">left many tech workers</a> stranded outside of the US in 2017.What's less understood is how the president-elect will shape a legal immigration system that pipes high-skilled workers from outside the US into coveted tech jobs.It's hard to estimate the number of legal immigrants working in the tech sector due to the variety of visa types available to them. The H-1B visa program is the nation's largest temporary work visa program, with over 600,000 workers across 50,000 employers. According to <a target="_blank" class="" href="https://www.uscis.gov/sites/default/files/document/reports/OLA_Signed_H-1B_Characteristics_Congressional_Report_FY2023.pdf">USCIS data</a>, the majority of petitions approved in the previous fiscal year, 65%, went to workers in computer-related roles.The new year should bring clarity on H-1Bs, said Hiba Mona Anver, a Silicon Valley-based immigration attorney who works with tech startups. In the meantime, she and other attorneys say they're getting on the phone with clients."I wouldn't go as far as to say that I'm sensing anxiety per se," Anver said, but there is "a sense of the need to prepare.""Trump doesn't have a great track record of supporting the visas that are critical to startup founders and early employees who want to build companies in the US," said Jenny Fielding, cofounder and managing partner of Everywhere Ventures, which invests globally.In his first term, Trump fashioned himself as the <a target="_blank" class="" href="https://www.uscis.gov/archive/buy-american-and-hire-american-putting-american-workers-first">"Buy American, Hire American"</a> president. He signed an executive order to suspend some temporary work visas like the H-1B for skilled workers, a move that <a target="_blank" class="" href="https://www.businessinsider.com/silicon-valley-to-feel-impact-trumps-h-1b-visa-order-2020-6">hit tech hardest</a>. His administration saw an increase of <a target="_blank" class="" href="https://www.businessinsider.com/more-h-1b-visa-applications-rejected-under-trump-2019-2">denial rates</a> for visa applications and more requests for evidence seeking further proof of workers' eligibility."From 2016 to 2020, the average denial rate for H1-B visas was over 17%, compared to just 3.2% under President Biden," said Palo Alto-based immigration attorney Sophie Alcorn.Under stricter immigration laws, the tech industry could snap back to a pandemic-era worker shortage, especially for companies at the frontier. Experts told Business Insider the sector <a target="_blank" class="" href="https://www.businessinsider.com/tech-workers-real-winners-ai-talent-war-pay-2024-7">is already understaffed</a>, and recruiting for artificial intelligence skills is particularly tough as <a target="_blank" class="" href="https://www.businessinsider.com/inside-the-ai-hiring-frenzy-big-tech-talent-war-2024-3">every company scrambles to hire workers</a> capable of leading them into the future.Anna Rathbun, chief investment officer of CBIZ, a Cleveland-based financial advisory, previously told Business Insider, "You shouldn't ban exports on chips and then completely export the talented labor. That makes no sense."Aaron Levie, the chief executive of Box and one of Silicon Valley's senior statesmen, offered hope that Elon Musk, at Trump's side, could bring a fresh approach to the issue."Our high skilled immigration system is frozen in time and not responsive to the market," Levie <a target="_blank" class="" href="https://x.com/levie/status/1854733432410325002">posted</a> on social media site X. "We have far more demand for the top talent to work for and start companies here than we let in. It's a bipartisan issue that politicians don't touch. Someone like Elon finally could do it."Musk, a strong supporter of Trump and who <a target="_blank" class="" href="https://www.businessinsider.com/elon-musk-could-help-deregulate-tech-amid-a-trump-victory-2024-11">could be considered for a role</a> in the administration, replied, "I agree."The AI skills gap is so severe that tech firms are <a target="_blank" class="" href="https://www.businessinsider.com/tech-companies-raid-top-university-campuses-rare-artificial-intelligence-talent-2023-4">scouring university programs</a>, enticing students with six-figure salaries and resources far beyond what academia can offer.In podcast interviews over the years, Trump has also discussed the importance of attracting the best and brightest. He even suggested during an appearance on the tech-favorite podcast "All-In" in June that non-US students who graduate from US colleges <a target="_blank" href="https://www.reuters.com/world/us/trump-says-foreign-college-graduates-should-automatically-get-green-cards-2024-06-20/">should get green cards</a>.There could be reasons for optimism for the tech industry given newer figures in Trump's orbit, Alcorn noted. Vice President-elect JD Vance has a <a target="_blank" href="https://www.businessinsider.com/jd-vance-venture-capital-opioid-nonprofit-tech-record-ohio-senate-2021-8">venture capital background</a>, and Musk is an immigrant himself <a target="_blank" href="https://www.cnn.com/2024/10/28/us/elon-musk-immigration-washington-post-cec/index.html">who has said</a> he was on an H1-B visa previously.<div type="image" title="Elon Musk and Donald Trump shake hands" height="683" width="911" msid="115143545" hostid="261" sizebytes="27914"></div>Chris Farmer, founder of SignalFire, an early-stage investor, said tech elites like Vance and Musk will "have his ear" on setting a new standard for high-skilled immigration, though for how long is uncertain.The Trump campaign did not immediately respond to a request for comment from Business Insider.One visa holder told Business Insider she expects H-1Bs will become more difficult to obtain under Trump.Shin Yi Chong, who received her H1-B visa in 2019, was recently laid off from her tech job as a product manager. After living in the US for roughly a decade, she said she now has weeks to find a new job or face deportation."Just seeing historical data from what happened when Trump was in office the last time," she said, "I don't foresee it changing in a positive direction."Shubhangi Goel and Riddhi Kanetkar contributed reporting.

Silicon Valley is on edge as Trump's immigration policy sparks fears of a high-tech talent shortage

Kamala Harris had <a target="_blank" class="" href="https://www.businessinsider.com/tech-investors-raise-money-for-kamala-harris-over-zoom-2024-8">friends in high-tech places,</a> but it wasn't nearly enough to secure the presidency.Silicon Valley's progressive leaders, like <a target="_blank" href="https://www.businessinsider.com/silicon-valley-billionaires-investors-kamala-harris-mark-cuban-reid-hoffman-2024-8">Reid Hoffman, Laurene Powell, and Vinod Khosla,</a> raised millions for the Harris campaign, hoping for a Democrat in the White House for the next term. In the aftermath of <a target="_blank" class="" href="https://www.businessinsider.com/donald-trump-wins-presidential-election-race-2024-11">Donald Trump's clear win,</a> some of tech's denizens stewed on what will happen next for their industry. Even in their sadness following Wednesday's results, traces of cautious optimism started to appear.In conversations with over a dozen VCs and founders, there was a sense that the <a target="_blank" class="" href="https://www.businessinsider.com/openness-in-ai-is-necessary-ftc-lina-khan-2024-7">regulatory climate</a> might soften, potentially easing antitrust scrutiny and allowing a wave of mergers and acquisitions to proceed unfettered. The election result, coupled with the <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/trump-trade-us-presidential-election-dollar-treasuries-stocks-crypto-djt-2024-11">stock market's exuberant response,</a> could light up the exit market like the Fourth of July, signaling private companies to finally go public. While many Silicon Valley VCs and founders aren't huge Trump fans, their industry thrives when startups are getting acquired or going public quickly. The Biden administration clamped down heavily on tech M&amp;A, so Trump's win could be a financial boon for the sector. There's also hope and early signs of VC fund investors being more open to putting fresh money into the asset class.The outcome could be good for startups who have been sitting on the sidelines for the past few years hoping to go public (and their investors), said Jordan Nof, a managing partner of Tusk Venture Partners, an early-stage investor.Stephen Hays, the founder and managing partner of What if Ventures, said money is already moving again. He received two emails from investors on Wednesday morning about committing more capital to deals <a target="_blank" class="" href="https://www.businessinsider.com/stephen-hays-mental-health-vc-what-if-ventures-addiction-2024-7">his syndicate</a> can access. Both said they had waited for the election to pass to start writing bigger checks.Trump's <a target="_blank" class="" href="https://www.businessinsider.com/election-results-trump-harris-presidential-election-2024-11">return to the White House</a> will ripple through the technology sector in unpredictable and potentially transformative ways, though tech policy was largely an afterthought this election cycle. In his campaign, Trump played on people's anxieties about the economy to win over swing voters, while Harris cast herself as the candidate who would reach across the aisle on housing and immigration.In the short term, the election outcome is good for business, said a Bay Area-based investor. Trump is allied with some well-known tech people like Elon Musk, there's likely to be more permissive M&amp;A, and the price of bitcoin is at record highs. But there is longer-term uncertainty and questions remaining about whether Trump will shake the foundations of the US's economy and society, he added. <h2 id="747090b3-65d2-4542-aee5-ef26eab9cdcf">Big Tech returns to the table</h2>As president, Trump <a target="_blank" class="" href="https://www.businessinsider.com/donald-trump-presidency-affect-big-tech-2024-11">could roll back</a> some of the antitrust policies that his opponent would have continued. The Biden administration was a much tougher antitrust enforcer, putting many technology mergers and acquisitions on hold. That trickled down to little tech in the form of fewer deals closed.Federal Trade Commission Chair Lina Khan's status could be in jeopardy once Trump takes over in January. She has been one of the main drivers of tougher antitrust enforcement in tech deals. On Wednesday, Lulu Cheng Meservey, the communications whisperer to tech firms like Y Combinator, <a target="_blank" class="" href="https://x.com/lulumeservey/status/1854169233917100089">tweeted</a> a photo of Khan with LinkedIn's #OpenToWork badge."I believe we'll see the markets open back up for M&amp;A, a more business-first approach," said Brandon Brooks, a partner at the tech investment firm Overlooked Ventures. He added that having a former venture capitalist in the White House — Trump's heir apparent, <a target="_blank" class="" href="https://www.businessinsider.com/jd-vance-silicon-valley-tech-leaders-rally-around-harris-trump-2024-8">JD Vance</a> — could bring "a more private market focus" to the presidency.Investors such as SignalFire founder Chris Farmer and Mason Angel of Industrious Ventures said a more relaxed approach to antitrust enforcement could <a target="_blank" class="" href="https://www.businessinsider.com/more-startups-get-bought-up-by-private-equity-vc-2024-8">unlock billion-dollar exits</a> for a limited set of founders and venture capitalists who have a vested interest in acquisitions picking back up. That's how they return profits to investors.Louis Lehlot, a partner at Foley &amp; Lardner, expects a respite from the antitrust crackdown to "enable Big Tech buyers to return the table." He said, "They have been frozen out for nearly four years, essentially warned not to even try to acquire new companies, and in some cases, to prepare for their looming defenestration."The question of how a second Trump term affects the stock market also has far-reaching consequences for tech. Fewer dollars are flowing into the venture capital funds that keep tech firms flush with cash. Limited partners such as pensions and endowments that fund venture firms have been choosier over months of higher interest rates and a shortage of private company exits to the public market.<a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/trump-victory-stock-market-today-dow-tsla-djt-bitcoin-yields-2024-11?_gl=1*1z0y7qj*_ga*MTQ0NjYxMDEzMC4xNzIyMzAwMzYy*_ga_E21CV80ZCZ*MTczMDkwNTI4Ny4yMjEuMS4xNzMwOTEwMTk4LjYuMC4w">Markets rallied</a> on Wednesday as Trump's victory ended one of the most contentious presidential elections in modern history. It's unclear how long the "<a target="_blank" href="https://markets.businessinsider.com/news/stocks/trump-trade-us-presidential-election-dollar-treasuries-stocks-crypto-djt-2024-11?_gl=1*rc7o27*_ga*MTQ0NjYxMDEzMC4xNzIyMzAwMzYy*_ga_E21CV80ZCZ*MTczMDkwNTI4Ny4yMjEuMS4xNzMwOTEwMzc3LjE2LjAuMA..">Trump trade</a>" boom will last and whether conditions for venture firms seeking investment will improve anytime soon."I think the concerns around tariffs and the rising cost of capital make our asset class less attractive if people can earn better rates of return elsewhere," said Michael Greeley, a general partner at Flare Capital Partners.<h2 id="e24a95d8-c99b-496b-802b-cb9a8404aa33">Crypto wins, uncertainty for climate</h2>This election marked the first with artificial intelligence in play, and as president, Trump will have to contend with how to regulate it. Though he hasn't released a detailed policy agenda, <a target="_blank" class="" href="https://www.businessinsider.com/trump-harris-presidency-impact-ai-artificial-intelligence-2024-10">analysts expect</a> Trump will ease up-regulation. His campaign pledged to repeal a Biden-era executive order that set guardrails on the technology and that some conservatives in tech argued went too far.Trump is also seen as bullish for crypto.The blockchain sector, including many VCs who invest in the sector, <a target="_blank" rel="noopener noreferrer" class="c-link c-link--focus-visible" href="https://time.com/7173421/what-donald-trump-election-win-means-for-crypto/">poured $100 million</a> into elections this year. Trump <a target="_blank" rel="noopener noreferrer" class="c-link c-link--focus-visible" href="https://www.coindesk.com/policy/2024/11/06/trumps-triumph-is-also-cryptos-gensler-regulatory-clouds-likely-to-vanish/">positioned himself</a> as the pro-crypto candidate, promising to make the US <a target="_blank" rel="noopener noreferrer" class="c-link c-link--focus-visible" href="https://apnews.com/article/donald-trump-bitcoin-cryptocurrency-stockpile-6f1314f5e99bbf47cc3ee6fc6178588d">"the crypto capital of the world,"</a> and pledging he would fire Biden-appointed SEC chairman Gary Gensler, who has cracked down on the crypto regulation. Trump has also publicly said he <a target="_blank" rel="noopener noreferrer" class="c-link c-link--focus-visible" href="https://www.cnbc.com/2024/11/06/trump-claims-presidential-win-here-is-what-he-promised-the-crypto-industry-ahead-of-the-election.html">would</a> "keep all the bitcoin the US government currently holds or acquires into the future." Bitcoin surged to a record high of $75,000 after Trump's victory was confirmed.Investors in climate tech were more apprehensive about what a second Trump term means for clean energy. Trump's on-again, off-again support for nuclear energy could result in new legislation to "expand alternative energy sources, particularly by accelerating the deployment of advanced nuclear micro-reactors," said Brian Garrett, managing director at Crosscut Ventures.Meta, <a target="_blank" class="" href="https://www.nytimes.com/2024/10/16/business/energy-environment/amazon-google-microsoft-nuclear-energy.html">Google, </a>Microsoft and <a target="_blank" class="" href="https://www.businessinsider.com/amazon-nuclear-power-strategy-ai-2024-10">Amazon</a> are all exploring using nuclear energy to power their data centers. Garrett shared tech investor Jenny Fielding's concerns that the new administration could repeal the Inflation Reduction Act, a bill that fueled investment in the clean-tech sector by green-lighting $369 billion in subsidies to public and private actors. He said Trump could retract the unspent funds crucial to upgrading energy infrastructure in the country."While regulations were always more progressive in places like Europe, if the climate [regulation] under Biden and the Inflation Reduction Act are rolled back, this could be a significant setback for climate tech companies operating (hoping to sell) in the US," said Fielding, a managing partner at Everywhere Ventures, which invests globally.In other pockets of the Valley, investors rolled up their sleeves for a new day of dealmaking. "People are keeping to themselves and just getting on with their business," said Conrad Burke, a managing partner of MetaVC Partners.Leslie Feinzaig, a venture capitalist who <a target="_blank" class="" href="https://www.businessinsider.com/tech-investors-raise-money-for-kamala-harris-over-zoom-2024-8#the-group-vcs-for-kamala-which-published-an-open-letter-in-support-of-harris-a-week-ago-held-a-virtual-fundraising-party-with-about-600-guests-2">became one of tech's bundlers for Harris,</a> sent an email to members of the VCs for Kamala group on Wednesday morning. "It hurts, of course, but it's a hurt we are familiar with," she wrote. "I've been here enough times that I know what I'm supposed to do: Get back up, learn the lesson, and get back to work."

Silicon Valley is officially grieving over Trump but quietly gleeful over a coming tech deal resurgence

<ul class="summary-list"><li>Vice President Kamala Harris looks set to clinch the Democratic presidential nomination.</li><li>Harris is the former attorney-general of California and has a long history with the tech industry.</li></ul><a target="_blank" rel="" class="" href="https://www.businessinsider.com/kamala-harris-wants-to-unite-democratic-party-defeat-trump-biden-2024-7">Kamala Harris</a> looks set to win the Democratic presidential nomination after Joe Biden <a target="_blank" rel="" class="" href="https://www.businessinsider.com/joe-biden-dropping-out-presidential-race-2024-7">withdrew from the 2024 race</a> on Sunday.The Vice President is off to a flying start, raising a record<a target="_blank" class="editor-rtfLink" href="https://www.businessinsider.com/kamala-harris-raises-81-million-in-24-hours-breaks-record-2024-7"> $81 million</a> and <a target="_blank" class="editor-rtfLink" href="https://www.businessinsider.com/kamala-harris-secured-enough-delegates-to-win-democratic-presidential-nomination-2024-7">securing enough delegates</a> to win the nomination within 24 hours of Biden dropping his reelection bid.Harris is the former California attorney-general before becoming a senator in 2017 and has a long association with the tech sector.Born in Oakland, she has roots and high-profile friends in the Bay Area. She reportedly attended former Facebook president and investor <a target="_blank" class="" href="https://www.businessinsider.com/sean-parker-life-career-napster-facebook-billionaire-pictures-2020-3">Sean Parker</a>'s wedding in 2013 and her brother-in-law,<a target="_blank" class="" href="https://www.businessinsider.com/tony-west-life-career-uber-maya-harris-kamala-harris-2020-11"> Tony West</a>, is the chief legal officer for Uber.While some prominent figures in Silicon Valley have called on techies to rally behind Trump and <a target="_blank" class="" href="https://www.businessinsider.com/peter-thiel-jd-vance-veep-trump-election-kingmaker-2024-7">JD Vance, his former venture capitalist running mate,</a> others have been quick to voice their support for Harris."The tech community must come together to defeat Donald Trump and save our democracy by uniting behind Vice President @KamalaHarris as the Democratic nominee for President," Silicon Valley "super angel" investor Ron Conway <a target="_blank" class="" href="https://x.com/RonConway/status/1815466335612399778">said on X.</a>"I have known Kamala for decades, and she's been a fighter, a leader, and an advocate for the tech ecosystem."Here's where Harris stands on AI, Big Tech, and crypto.<h2 id="1aa6de01-0467-48b1-a62d-893a7d98f469">Big Tech allies</h2>Harris has a reputation as a <a target="_blank" class="" href="https://www.businessinsider.com/what-are-kamala-harris-policy-stances-issues-2024-7">pro-business politician.</a>She has close relationships with several influential Valley figures, including<a target="_blank" class="" href="https://www.businessinsider.com/sheryl-sandberg-endorses-kamala-harris-for-president-2024-7"> </a><a target="_blank" class="" href="https://x.com/teddyschleifer/status/1815557071548362973">Laurene Powell Jobs</a>, who's worth more than $11 billion. Steve Jobs' widow could play a role in Harris' campaign, <a target="_blank" class="" href="https://www.nytimes.com/2024/07/22/us/politics/kamala-harris-donors-women.html">The New York Times reported</a>.<div type="image" title="Laurene Powell Jobs dressed in a grey suit and talking on a stage, waves her hand forward to make a point" height="1424" width="1898" msid="111962240" hostid="261" sizebytes="192444"></div>Harris has already been endorsed as a presidential candidate by LinkedIn cofounder <a target="_blank" rel="noreferrer noopener nofollow" href="https://x.com/reidhoffman/status/1815103690912723274">Reid Hoffman</a> and former Meta exec <a target="_blank" class="" href="https://www.businessinsider.com/sheryl-sandberg-endorses-kamala-harris-for-president-2024-7">Sheryl Sandberg,</a> who called her "the strongest candidate to lead our country forward." Netflix executive chairman Reed Hastings also congratulated Harris in an <a target="_blank" class="" href="https://x.com/reedhastings/status/1815603833927815360">X post</a> on Tuesday, adding: "Now it is time to win."Box CEO Aaron Levie <a target="_blank" class="" href="https://affiliate.insider.com?h=1f5d2a28fd4bd28be0e49396a3865751b3c2087f3498a1b922fc1c8c2dc59788&amp;postID=669f688ec87a0f57098fcc56&amp;postSlug=kamala-harris-tech-issues-ai-big-tech-crypto-silicon-valley-2024-7&amp;site=bi&amp;u=https%3A%2F%2Fwww.theinformation.com%2Farticles%2Ftechs-mostly-positive-views-on-kamala-harris">also told The Information</a> he expected Harris to "turn around" some of the Biden administration's missed opportunities to rally the tech industry behind the Democrats.Harris has also shown she's willing to take on influential tech CEOs. During her time as attorney-general, she tackled issues such as the distribution of explicit content on social media platforms, <a target="_blank" class="" href="https://www.politico.com/magazine/story/2019/02/01/kamala-harris-porn-california-attorney-general-facebook-twitter-silicon-valley-224534/">particularly "revenge porn."</a><h2 id="5796a6e8-8241-4e54-a84d-9be6717b7a3e">Fresh start for crypto?</h2>Harris has yet to express a clear stance on crypto — but some in the Bay Area hope she could be a fresh start for the industry.The Biden administration has increased its scrutiny over the sector following the collapse of FTX in 2022. Meanwhile, with support from pro-crypto running mate JD Vance, Trump announced he plans to be the first <a target="_blank" class="editor-rtfLink" href="https://www.independent.co.uk/tech/trump-bitcoin-crypto-president-jd-vance-b2582235.html">"crypto president."</a>Nigel Green, CEO of financial company deVere Group, told Business Insider Harris's views "reflect a cautious approach" to the sector. "This regulatory clarity could bring greater legitimacy to the industry, potentially attracting more institutional investors and mainstream adoption."Green said he expected Harris to become more pro-crypto to compete effectively with Donald Trump, but in the meantime "crypto investors are likely to still favor Trump at this point."<h2 id="f911e785-d54a-4bf9-b01b-88d01b17a23f">AI safety with innovation</h2>Harris has played an active role in the Biden administration's approach to AI.As Veep, she's been warned of the potential risks AI poses and has hosted meetings with leaders at the forefront of advanced AI development.Harris <a target="_blank" class="editor-rtfLink" href="https://www.whitehouse.gov/briefing-room/speeches-remarks/2023/11/01/remarks-by-vice-president-harris-on-the-future-of-artificial-intelligence-london-united-kingdom/">previously said</a> she rejects the "false choice that suggests we can either protect the public, or advance innovation."Despite this, some VCs, such as <a target="_blank" class="editor-rtfLink" href="https://cryptoslate.com/andreessen-horowitz-founders-break-rank-to-endorse-trump-due-to-his-support-for-bitcoin-ai/">Marc Andreessen had expressed concern that the Biden administration</a> would over-regulate AI.In 2023, Biden signed an executive order on "Safe, Secure, and Trustworthy Development and Use of Artificial Intelligence," which set safety standards for AI researchers to follow. However, critics said the order provided little teeth for federal agencies, and Trump has vowed to overturn it.

Here's where Kamala Harris stands on tech issues including AI, Big Tech, and crypto 

<ul class="summary-list"><li><a target="_blank" class="" href="https://www.businessinsider.com/threads-app">Threads</a> has added a green dot that shows when you're online.</li><li>Meta, which owns Threads, says it's aimed at helping real-time conversations.</li></ul>Threads has added a new and exciting feature. Is it <a target="_blank" class="" href="https://www.theverge.com/2024/10/9/24266096/instagram-threads-moderation-account-post-deleted-limited">improved moderation</a>? Nope, guess again. Ah, the ability to pin the "Following" feed by default? No, and <a target="_blank" class="" href="https://www.threads.net/@guillecummings/post/DAd1uY7vaw9?xmt=AQGz9ymzKzEog6sxKg8rwBU8Zw3LqpydXLpZ26tlZH2hVw">stop asking</a>: That will never happen. DMs? Maybe, <a target="_blank" class="" href="https://www.businessinsider.com/meta-exec-advises-creators-threads-content-amidst-engagement-bait-controversy-2024-10">but not anytime soon</a>.Instead, it's a green dot that signals when you're online.You look confused. In all honesty, so am I.This doesn't seem like a much-needed feature that is going to fix a big problem for users. Threads, compared to <a target="_blank" class="" href="https://www.businessinsider.com/elon-musk-xai-hiring-spree-ai-tutors-2024-10">X</a> or Bluesky, is notoriously not real-time. Posts show up in Threads' "For You" feed several hours, sometimes days after they were posted. It's not unusual for my feed to show a post from 30 minutes ago followed by a post from 16 hours ago. I've gotten used to the idea that the author of a post I see in my feed is still lingering online, ready to respond to my replies.I suppose that's the point. <a target="_blank" class="" href="https://www.businessinsider.com/instagram-leads-most-used-app-among-us-teens-survey-2024-10">Instagram</a> head Adam Mosseri, in announcing the feature, said it's "a way to help you find others to engage with in real-time." Perhaps I might be more inclined to respond to someone if I see they're also online. Honestly, I don't think that matters to me when I'm responding to someone.On Threads, the general response to this seems to be lukewarm befuddlement. Some people have raised the fact that this can have an unintended negative effect for enabling harassment or stalking.The green dot is turned on by default, but you can turn it off completely, or enable it to be seen only by mutual followers. When the feature launched Wednesday, a big button appeared at the top of the app directing people to adjust their settings. (In your profile, click the three lines above your avatar, then Privacy and Online status.)But again ... why?Sometimes, there are features that are very popular with users who don't use platforms in the same way that I do. Maybe it's useful for people in other countries, sports fans, teenagers, or celebrities. I asked Meta for more information on what this feature is all about — what am I missing?"Participating in real-time discussions is important to the experience on Threads," Alec Booker, a spokesperson for Meta, told me. "Activity status can help foster these discussions by showing that a post's author is active and ready to continue the conversation." Booker pointed to an example of <a target="_blank" class="" href="https://www.threads.net/@abbeybonadies/post/DBJxaEvxdm-">someone on Threads</a> expressing enthusiasm for the feature to help with discussing reality TV live, as it airs.Live tweeting TV shows, sports events, award shows, and other big events were a staple activity on Old Twitter (2010-2021, RIP). With <a target="_blank" class="" href="https://www.businessinsider.com/elon-musk-killed-twitter-irrelevant-meta-threads-debt-mark-zuckerberg-2023-7">X in some stage of a possible death spiral</a>, this doesn't seem to be as much the case. Threads, I'm sure, would be very happy to welcome<a target="_blank" class="" href="https://www.businessinsider.com/phil-jackson-live-tweet-championship-game-flirts-with-girlfriend-2013-4"> liveposting basketball fans or other sports fans</a>, who also happen to be lucrative for advertising.But do you need a green dot to indicate you're talking about the Mets game or whatever is on Bravo at that moment? People have managed to have these live conversations on Twitter for years without an online indicator — the platform just prioritized fresh content and people followed along with hashtags.If I could posit one last theory, which I am <a target="_blank" class="" href="https://www.threads.net/@mergesort/post/DBK7ClduigC?xmt=AQGz9ymzKzEog6sxKg8rwBU8Zw3LqpydXLpZ26tlZH2hVw">half-stealing from a former Twitter engineer</a>: This was simply … an easy feature to launch. Instagram already has a version of an online indicator. It probably wasn't all that hard to recreate it for Threads.Sometimes at Big Tech companies, there is internal pressure to ship products and launch new features simply for the sake of justifying your existence to the boss. (I have no idea if this happened here!)For now? Heck it, I'm leaving my little green dot on. I actually like the way Threads is really focused on replies and conversations (even if <a target="_blank" class="" href="https://www.businessinsider.com/threads-meta-engagement-rage-bait-viral-katie-notopoulos-i-tried-2024-9">I've abused this with engagement bait</a> in the past). I don't imagine the green dot will change the way I engage with people, but I like to lean into the creepiness.

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