Tech Turmoil: H-1B Visa Fee Increase and AI Innovation in the Spotlight

OWITH.ai - Only What's Important to Hear around AI and Tech

Good morning from OWITH.ai: the podcast that gives you only what's important to hear in AI and tech world.Former Stripe employees Louis Amira and David Noel-Romas have raised $19.2 million for their new startup, Circuit & Chisel, to develop the ATXP protocol. This protocol aims to enable agentic payments, allowing AI bots to interact with each other and access various sources more easily. The goal is to create a protocol similar to HTTP for agents, enabling a wide range of AI applications, including microtransactions. The funding for Circuit & Chisel came from Primary Venture Partners, Parafi, Coinbase Ventures, and Stripe itself. The ATXP protocol could potentially revolutionize how AI agents operate on the web, allowing for autonomous transactions for services like accessing paywalled content or scraping information from private profiles. While the technical details are complex, the founders believe that the success of ATXP could lead to a proliferation of new AI agents akin to the rise of iOS apps after the launch of the iPhone. The company plans to focus on developing its own agents once the foundation with ATXP is established. Ultimately, Amira envisions a future where AI agents can complete tasks and transactions seamlessly across various platforms, ushering in a new era of web functionality.President Trump's announcement of a $100,000 fee for each H-1B visa has sparked concern and confusion in the tech industry, which heavily relies on skilled foreign workers. While big tech companies like Microsoft, Amazon, and Alphabet advised their H-1B workers to cancel travel plans and return to the U.S., there has been criticism from venture capital investors and tech insiders about the impact of the fee. Some, like Netflix co-founder Reed Hastings, see it as a positive move to ensure the visas are used for high-value jobs. However, leaders of big tech companies, who employ thousands of H-1B workers, have been notably silent on the issue. Meanwhile, speculation is growing about Jony Ive's involvement in OpenAI's upcoming AI-native hardware products, and rumors of Elon Musk's XAI raising significant amounts of capital continue to circulate. Overall, the tech industry is facing uncertainty and potential division over the new visa fees and their impact on foreign workers.President Trump's plan to charge $100,000 for new H-1B visas has caused dismay among CEOs who rely on foreign talent. The Murdochs and Michael Dell are named in talks regarding a deal to acquire the U.S. operations of TikTok. Tech and consulting giants will be heavily impacted by the visa fee increase, with Amazon alone facing a potential cost of over $1 billion. Many leaders argue that attracting top talent from around the world is crucial for innovation in America, and that the H-1B program needs reform rather than increased fees. Goodwill CEO Steve Preston is preparing for an increase in unemployment due to AI, and Trump and Musk were seen together at a memorial service after a public falling out. The markets were mixed but calm, with the S&P 500 hitting a new all-time high. The U.K. is considering dropping talent visa fees to zero while the U.S. proposes higher H-1B visa fees. The Fed's 'dual' mandate includes a third part that economists want to remain undiscussed, and Gen Z faces challenges in finding entry-level jobs due to AI automation. A London teenager orchestrated an extortion scheme against U.S. companies that netted $115 million.

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