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   DealBook: A.I. power
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             September 27, 2025
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          Good morning. Andrew here. Amid all the talk about an artificial intelligence boom, there are some big questions about where we are going to come up with all the energy that will be needed to power it. Evan Gorelick takes a close look at the options — and at the implications for the energy complex and the climate.
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          We’re also focused on the new rules around H1-B visas and what it means for Silicon Valley. DealBook’s Sarah Kessler speaks with Deedy Das, a partner at the venture capital firm Menlo Ventures and a former H1-B visa holder. (Was this newsletter forwarded to you?
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             A construction site for a data center in Lithia Springs, Ga.
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             Dustin Chambers for The New York Times
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          Powering A.I.
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             <p style="font:13px/18px arial,sans-serif;letter-spacing:.2px;color:#000;font:600 13px/18px arial,sans-serif;margin-bottom:3px">
              By
              <a class="css-nanfcg" style="-webkit-text-decoration:underline;text-decoration:underline;-webkit-text-decoration:none;text-decoration:none;border-bottom:1px solid #ccc;color:inherit">
               Evan Gorelick
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        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          It’s been a big week for A.I. data centers. That means it’s also been a big week for coal and natural gas.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Nvidia this week announced a
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          $100 billion investment
         </a>
         <span>
          to support OpenAI’s enormous build-out of data centers that use its chips. The next day, OpenAI said it had signed deals with SoftBank and Oracle
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          to build five new data centers
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          as part of the Stargate Project, a $500 billion plan for A.I. infrastructure. (The three companies
         </span>
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          unveiled it at the White House
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         <span>
          back in January.)
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        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The announcements are the latest in a global push to speed the construction of A.I. data centers. OpenAI, Amazon, Google, Meta and Microsoft are together spending more than $325 billion on them by the end of the year. To stay on the bleeding edge, the companies want the latest processors, cooling systems, facilities — all running 24/7 on mind-bending quanta of electricity.
         </span>
        </p>
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         <span>
          In the U.S., more than half of that power is coming from fossil fuels.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          President Trump, who called green energy a “scam” at the U.N. General Assembly this week, has enthusiastically endorsed natural gas, coal and oil. He has also subsidized them. As part of his
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          official A.I. plan
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         <span>
          , he pledged to scrap “radical climate dogma and bureaucratic red tape” and fast-track fossil fuel projects instead.
         </span>
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          But there are reasons beyond politics that help explain why smog-spewing fossil fuels have become the go-to power source for futuristic data centers. The pairing is almost unavoidable — at least for now.
         </span>
        </p>
        <h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
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          Renewables
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        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Sprawling solar farms, windmills and hydroelectric dams are the best energy options for the planet, and usually the cheapest. Their economic upside has made them, collectively, the fastest-growing power source for data centers worldwide.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          But renewables often can’t shoulder the load alone, despite being a major part of the A.I. power plan. That’s because servers hum and whir around the clock — not just when the sun is up or the wind is blowing. They demand a constant, stable flow of electricity. If power falters, even for a few seconds, companies lose thousands of dollars, sometimes more.
         </span>
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        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          There’s a fix:
         </span>
         <span>
          Companies can pair solar and wind farms with massive batteries that store power and then release it in a steady stream. But storing energy that way is
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          relatively pricey
         </a>
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          and may still fall short of providing the nonstop energy that data centers need. “Batteries are a great way to shift daytime electricity to evening electricity — but not a great way to shift July electricity to January electricity,” said Matthew Bunn, a professor at Harvard who studies energy policy. So even the greenest facilities rely on fossil fuels or the local grid for backup, he told DealBook.
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            </span>
           </td>
          </tr>
          <tr>
           <td style="padding-bottom:15px;border-bottom:1px solid #dcdcdc">
           </td>
          </tr>
          <tr>
           <td height="20">
           </td>
          </tr>
         </tbody>
        </table>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Another challenge:
         </span>
         <span>
          The biggest data center campuses will consume multiple gigawatts of power. (As part of this week’s deal, OpenAI agreed to use Nvidia chips in at least 10 gigawatts’ worth of data centers.) To continuously produce just a single gigawatt, a renewable-energy plant would need around 12.5 million solar panels — enough to cover nearly 5,000 football fields. Wind turbines would need even more room. Many data centers near cities and towns don’t have that kind of space.
         </span>
        </p>
        <h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          Nuclear
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          That’s where nuclear plants come in. They have smaller footprints, generate steady power and, like renewables, emit no carbon.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          But they’re expensive. That’s why the nuclear industry has been in a decades-long rut. It boomed back in the 1970s, when the global energy crisis quadrupled oil prices. But Americans’ enthusiasm for nuclear energy soured after a series of headline-grabbing accidents, like the 1979 partial meltdown at Three Mile Island.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Around the same time, our electricity needs started to decline — which tends to happen in mature economies. Oil prices came down, so we stopped building nuclear reactors.
         </span>
        </p>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
         <tbody>
          <tr>
           <td height="10">
           </td>
          </tr>
          <tr>
           <td style="border-top:1px solid #dcdcdc;padding-top:15px">
           </td>
          </tr>
          <tr aria-hidden="true">
           <td>
            <div style="width:100%;text-align:center;line-height:0">
             <img alt="Ad" border="0" src="https://inboxflows.com/_/image/https%253A%252F%252Fliveintent.newyorktimesinfo.com%252Fimp%253Fs%253D1053700%2526li%253DDK%2526m%253Ddfbfebeec3e396a6cb1a8b032a80246c%2526p%253DDK_20250927%2526stpe%253Ddefault/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZsaXZlaW50ZW50LiIsInRpbWUiOjE3NTg5NzQ1MTguNjg4NjgzM30:1v2Tck:acE7wWHUAfnvSFtCjeVFpddTBOhOtluzrh_8QvNSR7o" style="max-width:96px;margin-bottom:7px"/>
            </div>
            <span style="text-align:center">
             <table border="0" cellpadding="0" cellspacing="0" style="margin:0 auto">
              <tbody>
               <tr>
                <td style="line-height:0;font-size:0">
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                <td style="line-height:0;font-size:0">
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            </span>
           </td>
          </tr>
          <tr>
           <td style="padding-bottom:15px;border-bottom:1px solid #dcdcdc">
           </td>
          </tr>
          <tr>
           <td height="20">
           </td>
          </tr>
         </tbody>
        </table>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The industry has been groping for a good sales pitch ever since. With A.I., it finally has one: Energy demand is soaring, and nuclear companies can help fill the gap.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          A slight snag:
         </span>
         <span>
          They’ll need another seven or eight years to do it, best-case scenario, said Jacopo Buongiorno, a nuclear science professor at M.I.T. That’s how long it takes to build new nuclear plants.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          So, it’s a gamble:
         </span>
         <span>
          Tech companies investing in nuclear power (Microsoft, Google and Amazon, among others)
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          are betting billions
         </a>
         <span>
          that A.I. demand will continue to rise a decade from now, when those nuclear facilities open for business. But it’s
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          not clear their bets will pan out
         </a>
         <span>
          .
         </span>
        </p>
        <h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          Fossil Fuels
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The U.S. has vast natural gas reserves in underground reservoirs and offshore deposits, so it’s cheap and available. And the infrastructure to harness it can be ready fast: “A year or two, and you have a gas plant,” Buongiorno said.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          If data centers continue expanding at their going rate,
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          their energy needs
         </a>
         <span>
          will far surpass the current supply by 2030. So tech companies that need to bridge that widening gap are reaching for fossil fuels. Natural gas is already the top power source for U.S. data centers,
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          according to the International Energy Agency
         </a>
         <span>
          , and it’s on track to dominate through at least 2030.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The only other energy source that can be deployed in one to two years — aligning with the construction timeline for most data centers — is solar, which has its own drawbacks.
         </span>
        </p>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
         <tbody>
          <tr>
           <td style="text-align:center">
            <img alt="" class="css-xsf469" height="520" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2025%252F09%252F26%252Fbusiness%252F26DB-AI-Power-2%252F26DB-AI-Power-2-jumbo.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3NTg5NzQ1MTguNjg4OTk1fQ:1v2Tck:Vq6mroel8ZN8oSGdDjaN2ayQ0XggaOWrCBjEZGK3Rws" style="display:inline-block;width:83%;max-width:500px;height:auto;padding-top:10px;padding-bottom:0;line-height:0" width="500"/>
           </td>
          </tr>
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           <td style="text-align:center;width:100%;padding-top:3px;padding-bottom:20px;line-height:12px">
            <span class="css-1wuwhda" style="width:83%;max-width:500px;display:inline-block;text-align:right">
             <span style="margin:0;font:11px/11px georgia,serif;color:#888;letter-spacing:.01em;padding-left:0">
              The New York Times
             </span>
            </span>
           </td>
          </tr>
         </tbody>
        </table>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Trump’s policies are only making natural gas more attractive. The administration was already subsidizing fossil fuels, and now it’s eliminating regulations and green-energy tax credits to bolster them further. President Trump says the new policies will help American companies develop A.I. tools unencumbered by pesky rules and oversight. Climate advocates say he’s stacking the deck for the fossil lobby.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          His plan may work. It may also accelerate climate change by pumping heat-trapping gases into an atmosphere already at its highest-recorded temperature ever. For now, though, tech companies are seeing an opportunity to invest.
         </span>
        </p>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
         <tbody>
          <tr>
           <td height="30">
           </td>
          </tr>
          <td style="padding:0;font-size:0;border-top:8px solid #000">
           <h3 style="color:#000;font:700 17px/25px arial,sans-serif;margin:5px 0 30px 0;letter-spacing:.2px">
            <span>
             IN CASE YOU MISSED IT
            </span>
           </h3>
          </td>
         </tbody>
        </table>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Inflation held firm last month, the Fed’s preferred measure showed.
         </span>
         <span>
          Yesterday’s Personal Consumption Expenditures report showed core inflation
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          rose 2.9 percent
         </a>
         <span>
          on an annualized basis, matching Wall Street forecasts, but still well above the central bank’s 2 percent target. That said, traders are still penciling in two more rate cuts even as Fed policymakers
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          debate future moves
         </a>
         <span>
          .
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Intel held investment talks with Apple.
         </span>
         <span>
          Intel’s shares soared on Wednesday after news broke that the company had
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          held discussions with Apple
         </a>
         <span>
          about a possible investment. The talks, which took place before and after the Trump administration took a stake in Intel, raised questions about whether companies were considering Intel investments to please the White House.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Nvidia pledged to invest $100 billion in OpenAI.
         </span>
         <span>
          The chipmaker at the center of the artificial intelligence boom
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          agreed to supply the ChatGPT developer
         </a>
         <span>
          with millions of its most advanced processors and said it would take an undisclosed equity stake. The deal — along with
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          a separate announcement
         </a>
         <span>
          that OpenAI will team with SoftBank and Oracle to build five new U.S. data centers — underscores the astonishing costs of the A.I. business, which is raising
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          hard questions
         </a>
         <span>
          about whether these gigantic investments will pay off.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Jimmy Kimmel returned to late-night TV.
         </span>
         <span>
          Kimmel was emotional and defiant in his first episode back after Disney suspended his show over comments he made about the killing of Charlie Kirk. The episode
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          averaged 6.2 million viewers
         </a>
         <span>
          , almost four times its average audience, though Nexstar and Sinclair, which together own about 20 percent of ABC’s affiliates, pre-empted the show. President Trump suggested that he might take further action against ABC.
         </span>
        </p>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
         <tbody>
          <tr>
           <td height="10">
           </td>
          </tr>
          <tr>
           <td height="8" style="background-color:#000;font-size:0;line-height:0" width="100%">
           </td>
          </tr>
          <tr>
           <td height="20">
           </td>
          </tr>
         </tbody>
        </table>
        <h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          How the new H1-B fee is hitting in Silicon Valley
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The White House’s announcement that it would charge a new $100,000 fee to applicants for the popular H1-B visa set off alarm bells across corporate America.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          But they rang particularly loudly in Silicon Valley: About two-thirds of such visas, which are distributed via a lottery, go to
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          workers in computer-related occupations
         </a>
         <span>
          .
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          “The first thing that happened was panic,” said Deedy Das, a partner at the venture capital firm Menlo Ventures, which has more than 250 start-ups in its portfolio.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          DealBook’s Sarah Kessler talked with Das, who is a former H1-B visa holder, about how the change is being received at the smallest and largest companies in tech. The interview has been edited and condensed.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          What have you heard from start-ups about the new fee?
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          When you are an immigrant start-up founder, one route you can take is to sponsor your own H1-B visa through your start-up.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          That is probably the group most affected by a $100,000 fee, because you are paying out of your pocket. The company just got incorporated. You don’t have any cash. You don’t have funding.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The second most affected group are smaller start-ups. In computer science, about
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          60 percent
         </a>
         <span>
          of students who get Ph.D.s and
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          45 percent
         </a>
         <span>
          who get master’s degrees are international. So chances are, if I say, I want to hire anyone who is good enough, most of them are going to be on an H1-B. For those companies, $100,000 is meaningful.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          What about larger start-ups?
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Most of the later stage start-ups are at a point where they’re like, OK, we’re just paying the $100,000 fee.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          It’s not ideal. But even if you have a thousand employees, you’re probably not hiring more than 100 people on H1-B next year. You’re probably hiring like 10. Maybe I just spend a million dollars in a one-time fee and continue doing what I was doing.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Will they just set up remote offices in other countries?
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          I don’t think start-ups will overnight decide, hey, we need an office somewhere else. There are tons of issues with offices in Europe, tons of issues with offices in India and China, all of these other places. It takes a lot of work.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          I was talking to an start-up founder who liked that there’d be less competition for the lottery.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          I think it is a reasonable incentive to say, if you want to hire internationally, pay more. Do I think 100K is the right amount? I mean, no, maybe start with 20K.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The IT consultancies who typically abuse these programs might resort to another kind of visa, but leaving that aside, I think they will struggle because they disproportionately use visas to pay lower wages.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Do you think the $100k fee makes starting a company in the U.S. less appealing?
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Absolutely.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          It’s hard to describe just how much better America is for entrepreneurship than the rest of the world: Everything from ease of doing business, access to capital and funding, access to talent and the social acceptance of failure. About
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          half of the Fortune 500 has an immigrant founder
         </a>
         <span>
          .
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          But the top, top talent — a lot of people even I know — are reconsidering coming to America. They’re like, why would I want to be in an environment where overnight I might have to fly back because an executive order is signed?
         </span>
        </p>
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          China announced its
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          In a speech at the United Nations General Assembly the day before, President Trump celebrated the U.S. withdrawal from the Paris climate accord and praised “
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