As President Donald Trump’s H-1B visa fee plan rattles corporate America, Baird has data that can give clues on which technology and services sector companies could be hit the hardest. Trump said late Friday he would place a $100,000 tax on the visa program, which is known to help companies get highly skilled workers from places like India and China. The White House clarified that it would be applicable only to new visas and is not an annual charge. Still, the change sent companies and governments around the world scrambling to assess implications over the weekend. Given that, Baird provided clients with a list of companies within the consulting and professional services industry and their average application approvals between 2015 and 2024. The chart below shows the companies with the most approvals. To be sure, Baird noted that fewer usually end up working in the U.S. than are greenlighted. India-based consulting firm Infosys led the way at just over 3,750 on average. This comes amid a rough year for the stock, with shares tumbling around 22%. While the average analyst polled by LSEG has a hold on the stock, the typical price target suggests shares can rebound by more than 17% over the next year. INFY YTD mountain Infosys in 2025 Cognizant Technology Solutions followed, with more than 2,450 in the average year. Baird analyst David Koning said the company was the most impacted of its coverage group. However, Koning noted that applications have been dropping from mid-2010 levels and that the actual number of workers coming on this visa type is likely closer to 1,000. Koning said Cognizant could see an impact of 25 basis points to margins and 1.5% to earnings per share. Cognizant shares have dropped more than 11% in 2025. The average analyst has a hold rating and a price target that implies a 27% rally, per LSEG. Koning isn’t alone. Goldman Sachs’ James Schneider also listed Cognizant as facing this highest risk in his coverage in a Sunday note to clients. Professional services firm Accenture should see a modest impact from the policy, according to Koning. The firm has seen just under 1,200 approvals in the average year, though Koning pointed out that the numbers have slid significantly in recent years. Koning estimated a financial hit of less than 5 basis points on margins and around 0.25% for earnings per share. Accenture shares have plunged more than 31% since 2025 began. Yet the typical analyst surveyed by LSEG has a buy rating and price target reflecting upside of more than 28%. ( Learn the best 2026 strategies from inside the NYSE with Josh Brown and others at CNBC PRO Live. Tickets and info here . )
