This is going to be an interesting take but I think it is plausible that we'll see a quiet growth in American tech companies having even bigger offshore campuses instead. Google Zurich or Google London could grow, Google does hardware in Taiwan and Apple and Intel do hardware in Israel, and pretty much all the big tech companies have the biggest chunk in Hyperbad.

The withdrawal of the H1B means companies can't compete on offering them to attract talent, but that talent still wants to work somewhere and companies can instead complete on the perks they offer at those offshore places.

Things will get interesting if Europe can become the place that US tech companies offer visa support for people to move to though.

It's already happening. Every major tech company is investing in engineering presence outside of the US.

My employer sent out a company-wide email late last year outlining an aggressive growth strategy in two new tech hubs in Ireland and India, and encouraging employees to apply for open roles in those locations.

And with these new structures, new penalties for their existence will follow.

Properly executed, those offshore structures will have to incur losses to exist, or will no longer exist.