Investors lost $40 billion last week when Intel Corp. admitted a technical flaw has delayed a new generation of computer chips. The company's stock crashed 18 percent even though the company is a leading user of the visa worker pipelines that advocates say provide CEOs with "the best and brightest" foreign graduates. But those pipelines should be shut down because they sideline American professionals, suppress meritocracy, and damage the U.S. technology sector, says Kevin Lynn, director of U.S. Tech Workers . Intel's crash "seems to follow the trend of other companies that become dependent on visa workers," he said. "Can we point directly and say [reliance on visa workers] is the cause? No, but it is indicative." On June 22, President Trump temporarily shut down a few of those pipelines , amid furious opposition from universities and corporate lobbyists. In response, Fortune 500 companies are pressuring administration officials to reopen the flows of " top tier talent " in January, despite massive unemployment in the U.S. economy. Intel's stock crashed July 24, shortly after CEO Bob Swan said, "We have identified a defect mode in our 7nm [seven nanometers] process that resulted in yield [production quality] degradation." "We've root-caused the issue and… Read full this story
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