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L2 Weekly Stock Market News Analysis

September 21st, 2025

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Level 2 Exclusive Report

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Trump’s $100K H-1B Fee: Outsourcing Under Pressure, AI Set to Benefit

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The Policy Shift

President Trump has proposed raising the annual cost of each H-1B visa to $100,000. By comparison, current fees for new H-1B petitions typically total in the low thousands. The change would not affect existing H-1B holders but would effectively halt new visa use for most employers.

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Why It Matters

The H-1B program has been a key labor channel for the U.S. technology and consulting sectors. In 2025, salary data showed an average H-1B wage of ~$167,500 and a median of ~$118,000, underscoring that these visas are concentrated in highly skilled technical roles often difficult to fill with domestic labor alone.

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The Numbers: Who Relies on H-1Bs

• 2025 approvals (one year): Amazon (10,044), Microsoft (5,189), Meta (5,123), Apple (4,202), Google (4,181).
• 2016–2025 cumulative approvals: Tata Consultancy (81,674), Infosys (63,029), Cognizant (55,930), Microsoft (52,199), Google (44,936), Amazon (43,375), Deloitte (41,513).

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This shows outsourcing firms depend on H-1Bs even more heavily than Big Tech.

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Market Impact

Losers

• Indian IT Outsourcing: Infosys (INFY), Cognizant (CTSH), Tata Consultancy (TCS.NS), Wipro (WIT), HCLTech (HCLTECH.NS), Tech Mahindra (TECHM.NS). These firms rely heavily on the H-1B program to staff U.S. projects, leaving their models most exposed.
• Global Consultancies: Accenture (ACN), Capgemini (CAP.PA), Deloitte. Higher visa costs would erode project margins and slow U.S. staffing pipelines.

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Winners

• Automation Software: ServiceNow (NOW), UiPath (PATH), ADP (ADP). These platforms automate HR, payroll, and IT workflows that overlap with roles historically staffed through H-1B visas, reducing reliance on manual labor.
• Cloud & AI Platforms: Microsoft (MSFT), Amazon (AMZN), Oracle (ORCL). Embedding automation into enterprise systems, reducing dependence on foreign visa labor.

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TLDR:

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• Fed cut rates by a quarter point to 4.0–4.25%. Powell said the job market is softening and hinted at two more cuts this year. Traders see a high chance of cuts in both October and December.
• Stocks hit new records: The S&P 500 closed at 6,666, exactly 10× the 2009 low. The Nasdaq led gains on AI strength, while small caps spiked before easing back. Big Tech (“Mag7”) once again outperformed the rest of the market.
• Gold set another record high, climbing for the fifth week in a row. Investors are piling in as a safety move, worried that rate cuts and tariffs could push prices higher again. Silver and gold miners also rose.
• Uranium stocks soared after U.S. Energy Secretary Chris Wright called for building a uranium reserve to cut reliance on Russia. Cameco (CCJ), Centrus (LEU), and Uranium Energy (UEC) all jumped, with the sector up 100% since April. Our Level 2 members have been benefitting from our premium alerts around this with our latest trade making 55% in 25 days.

Fed Cuts, But The Path Is Split

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The Fed lowered rates by 25 bps to 4.0–4.25% and signaled two more cuts could follow this year. Powell acknowledged the job market is no longer “very solid,” with payroll growth averaging just 71k over the past year and several months revised into net losses. Tariff-driven inflation is still a concern, but risks are shifting toward rising unemployment.
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The dot plot (below) shows just how divided policymakers are: some see the Fed stopping after this cut, while others project multiple reductions through 2026. Longer term, most expect rates to settle near 3%, well above the near-zero levels of the 2010s.
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Market Impact

• Utilities (XLU): Benefit from cheaper borrowing costs and stable dividends.
• Gold & Silver (GLD, SLV, WPM, KGC): Hit new records as investors hedge against a weaker dollar.
• Healthcare (UNH, HUM, CNC): Gains as defensive havens during rate cuts.

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Rate Cuts Don’t Always Spark Bull Markets

History shows markets often stumble right after cuts. In the first 1–2 years, returns are usually weaker because cuts signal slowing growth. Over 3–4 years, markets recover, but the short run is volatile. For now, small caps, biotech, and REITs are rallying — classic “cut plays” — but caution is warranted.

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Market Impact

• Small Caps (IWM): Pop early when rates drop.
• Biotech (XBI): Benefit from cheaper financing.
• REITs (VNQ): Gain from lower debt costs, but still tied to growth trends.

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All-Time Highs = Higher Risk

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Stocks, gold, and crypto all hit record highs this week. Momentum can stretch further, but buying at peaks is risky. One red flag: retail investors poured more into stocks last week than in any week since December — a sign they’re being trained to see weaker policy as a guaranteed bull market. Gold’s rally partially stems from the Fed cut: when rates fall, dollars pay less interest, so savers shift into metals, weakening the dollar and boosting gold.
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The chart below shows just how rare this moment is: all four major U.S. indexes (S&P 500, Dow, Nasdaq 100, Russell 2000) closing at record highs on the same day has only happened a handful of times in 40 years — most often before major volatility or market pullbacks. 2025 just joined that list, underscoring how unusual and fragile this setup is.

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Nuclear Momentum Builds

Nuclear is quickly becoming the next hot trade as power demand from AI and electrification strains the grid. The U.S. Energy Secretary said this week the U.S. will boost its uranium reserves to cut reliance on Russian supplies and secure fuel for both large and modular reactors. That means more government support and more capital flowing into the sector.
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Momentum is visible: uranium miners like Cameco (CCJ) and Uranium Energy Corp (UEC) jumped 9–10% after the announcement, while Centrus Energy (LEU) surged — a name we highlighted in our Level 2 trades, closing this week for a 55% gain in less than a month.
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With markets at record highs, investors are chasing the next area of strength — and nuclear fits the bill. Supply security, energy independence, and the AI-driven power buildout all converge here. This wave has room to run, making nuclear one of the clearest momentum plays into year-end.

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Market Impact

• Uranium Miners: Cameco (CCJ), Uranium Energy (UEC), Energy Fuels (UUUU) — benefit from rising U.S. stockpiles.
• Enrichment & Tech: Centrus (LEU), Oklo (OKLO) — key suppliers for new reactor fuel.
• Utilities: Constellation (CEG) — largest U.S. nuclear operator, levered to rising confidence in the sector.

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AI Beyond the Mag 7: The Real Builders

Everyone knows about Nvidia (NVDA) and Microsoft (MSFT), but here’s the part most people miss: AI runs on giant data centers, and building those is a whole economy in itself.

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Think of a data center as a factory for computing. Each one costs about $39 million per megawatt to build, and most of that money doesn’t go to chips — it goes to the “boring” but essential parts that keep the machines running:

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• Servers (the brains): Dell (DELL), HP Enterprise (HPE), Super Micro (SMCI).
• Networking (the nerves): Arista (ANET), Cisco (CSCO).
• Power backup (the generators): Caterpillar (CAT), Cummins (CMI).
• Cooling: Vertiv (VRT), Johnson Controls (JCI).
• Electrical systems (the wiring): Eaton (ETN), Schneider Electric.
• Builders (the construction crews): Jacobs (J), Holder.

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Here’s the “wow factor”: the air conditioning alone can cost hundreds of thousands per megawatt, because if those servers overheat, the whole system fails. Generators and wiring eat up millions more. In other words, the AI trade isn’t just about chips — it’s about keeping the lights on and the servers cool.
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Takeaway: With NVDA and ORCL at all-time highs, the smarter angle may be the “picks and shovels” — the companies building and maintaining the data centers themselves. This is the less obvious, but just as critical, backbone of the AI boom.

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Last Week's Stock Market Performance

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• Macro drivers: The Fed’s first rate cut of 2025, upbeat corporate earnings, and signs of progress in U.S.–China relations pushed indexes to fresh records.
• Sectors: Clean energy (+11.7%), metals & mining (+5.6%), and software (+4.9%) led the way, while homebuilders (–4.3%), MLPs (–1.8%), and agriculture (–1.3%) lagged.
• Notable movers: Palantir (PLTR) +7.7% on the week; Oklo (OKLO) +59% as nuclear momentum accelerates.
• Weekly performance: S&P 500 +0.8%; Dow +1.0% (above 46,300 for the first time); Nasdaq +1.5%.

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Upcoming Events This Week

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The Fed takes center stage again as Chair Powell and other officials deliver follow-up speeches after last week’s rate cut. Markets will parse every word for hints on how many more cuts could come this year. Key U.S. data — PCE inflation, personal spending, durable goods orders, housing sales, and final Q2 GDP — will give more clarity on whether the economy is cooling or just shifting gears.

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Company News

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LevelFields AI Stock Alerts Last Week

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Gorilla Technology (GRRR) +17.9% on $1.4B AI Data Center Deal

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Gorilla surged nearly 18% this week after signing a $1.4 billion contract with Freyr Singapore to build out Southeast Asia’s AI data center backbone. The deal cements Gorilla’s role in regional digital infrastructure and provides a multiyear revenue pipeline, giving fresh momentum to the stock.

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Palantir Secures Major UK Deal, Trump Signals Strong Backing

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Palantir just signed a landmark partnership with the UK Ministry of Defence, pledging up to £1.5 billion in investment and making London its European defense HQ. The agreement will create 350 new jobs and expand the use of AI systems already tested on the battlefield in Ukraine to speed up planning, targeting, and military decision-making. It positions the UK as a NATO hub for defense tech and cements Palantir’s role as a top supplier of AI-enabled military systems.
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At the same time, Palantir’s ties to Washington are deepening. Under Trump’s second term, Palantir has emerged as one of the biggest winners of federal contract reshuffling, picking up over $113 million in new deals this year alone while traditional firms like Accenture and Booz Allen lost ground. Trump has repeatedly praised Palantir in public — even joking at an AI summit last month, “We buy a lot of things from Palantir. Are we paying our bills? I think so.” His administration has directed Palantir into core projects across immigration, defense, and government efficiency, with the Maven Smart System contract alone worth nearly $800 million through 2029.
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With its Gotham software already embedded in the Army, Navy, Special Operations Command, ICE, and intelligence agencies, Palantir is no longer just a contractor — it’s becoming the default operating system of U.S. defense and government data. Trump’s strong support, combined with Europe’s push to modernize defense tech, underscores why Palantir is now seen as one of the few indispensable AI firms for Western governments.

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Intel Lands $5B Nvidia Investment, Shares Soar

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Nvidia invested $5 billion in Intel and agreed to co-develop chips for PCs and data centers. Intel will use Nvidia’s graphics in upcoming PC chips and supply processors for Nvidia’s data center clusters — a partnership that could unlock a $50 billion annual market.
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The deal comes as Intel works to regain ground in AI and chipmaking, while the U.S. government’s 10% stake in Intel is already up more than 55% on paper. Shares surged 23% in their biggest one-day jump since 1987, while Nvidia rose 3.5% and AMD briefly dipped before rebounding.
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We alerted L2 members ahead of this move, booking +120% on options and +31.5% on equity, showing the type of opportunities Level 2 members gain access to.

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This is not financial advice. All information represent opinions only for informational purposes. Given the vast number of stocks we cover in these reports, assume staff covering stocks have positions in stocks discussed.
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Have feedback or a request for specific data? Drop us a note at support@levelfields.ai