Shares of IT firms fell marginally on December 24 as the Donald Trump administration  said it was replacing its longstanding lottery system for H-1B work visas with a new approach that prioritises skilled, higher-paid foreign workers.

Under the new framework, visas will no longer be allocated purely through random selection, said US Department of Homeland Security. Instead, applications will be weighted in a way that increases the likelihood of approval for foreign professionals offered higher wages and roles requiring more advanced skills.

A press release announcing the new rule says it is “in line with other key changes the administration has made, such as the Presidential Proclamation that requires employers to pay an additional $100,000 per visa as a condition of eligibility.”

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