—— H-1B Spouses Can Keep Working in the U.S.; Ivy League Tuition Approaches $90K; Nvidia’s AI Rally Sparks Bubble Fears; U.S. Mortgage Rates Hit 6-Week Low; Pending Home Sales Unexpectedly Rise; Banks Plan Private Credit Secondary Market; Adani Meets Blackstone and BlackRock
1. H-1B Spouses Can Keep Working in the U.S.
Today, U.S. District Judge Tanya Sue Chutkan ruled to uphold an Obama-era policy allowing spouses of H-1B visa holders to work in the United States under the H-4 visa. Statistics show that 70% of H-1B workers’ spouses hold STEM degrees—highly sought after by tech firms.
Tech companies including Apple, Amazon, Google, and Microsoft have argued that allowing spouses to work in the U.S. would attract more global talent.
If the work permits for more than 90,000 H-4 visa holders were revoked, the U.S. GDP could take a hit and critical talent might relocate elsewhere.
The group Save Jobs USA opposed the H-4 visa rule and sought to reverse the Obama-era policy in court.
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2. Ivy League Tuition Approaches $90K
目前，美国常春藤（Ivy League）盟校的四年全包学费已经超过了$32万美元。
Today, the total four-year cost of attending an Ivy League university exceeds $320,000.
At Brown University, the annual cost—including tuition, room, board, and fees—now exceeds $85,000, far above the median household income. Many students require financial aid, loans, or part-time jobs to make it feasible.
In the coming weeks, the class of 2023 will receive college admissions results. But even wealthy families are shocked by the rapid rise in Ivy League prices.
Beth Akers, director at the American Enterprise Institute, said that at this rate, an Ivy League degree may soon not justify the price.
While elite school graduates may earn more, outcomes also depend on major. Fortunately, employers still value prestigious degrees.
According to asset manager Commonfund, inflation drove university operating costs up 5.2% in 2022—the largest increase since 2001.
At top U.S. universities, over 50% of students receive some form of financial aid—families earning under $125,000 may see a net cost decrease. At Brown, families earning less than $60,000 pay no tuition or fees.
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3. Nvidia’s AI Rally Sparks Bubble Fears
The AI boom ignited by ChatGPT has made Nvidia Corp.—a major chip supplier for AI chatbots—a top beneficiary.
Since hitting a two-year low last October, Nvidia’s stock has doubled, adding $372 billion in market value.
As of last Thursday, the stock had climbed for nine consecutive trading days, reaching overbought levels on technical indicators. Over the following three sessions, shares began to retreat.
Dan Eye, CIO at Fort Pitt Capital Group, said Nvidia stock is showing signs of a bubble.
Nvidia’s forward P/E ratio has surged to 56—three times that of the Philadelphia Semiconductor Index and far above its 10-year average of 30.
Nvidia’s P/E ratio is 150% higher than the Nasdaq-100’s, reflecting a steep valuation premium.
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4. U.S. Mortgage Rates Hit 6-Week Low
According to the Mortgage Bankers Association (MBA), the average 30-year fixed mortgage rate fell to 6.45% last week, its lowest in six weeks. Purchase applications rose for the fourth straight week.
The MBA purchase index increased by 2% to 172.7, while the refinance index hit its highest level since last September.
Although rates are lower, they remain 2 percentage points above last year. Following recent bank turmoil, volatile Treasury yields have steadied in recent days.
MBA’s survey covers 75% of U.S. residential mortgage applications nationwide.
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5. Pending Home Sales Unexpectedly Rise
In February, the National Association of Realtors (NAR) reported that its pending home sales index rose 0.8% to 83.2—its highest since last August and defying economists’ expectations of a 3% decline.
The data suggests the housing market is stabilizing after a rocky year. Mortgage rates have continued to drop, and if the banking crisis suppresses Treasury yields, rates could fall further.
NAR Chief Economist Lawrence Yun believes the housing market’s downturn may be nearing its end.
Except for the West, all U.S. regions saw gains in February, with the Northeast leading at 6.5%.
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6. Banks Plan Private Credit Secondary Market
Sources say JPMorgan, Goldman Sachs, and Barclays are in talks with private credit funds to create a secondary market for private loans, responding to rising interest from clients and investors. JPMorgan plans to use its own capital to make markets.
Private credit allows lenders to bypass banks and directly finance borrowers. The $1.4 trillion market is dominated by giants like Apollo and Blackstone.
Supporters argue that a secondary market would improve portfolio management and provide a way to recycle capital into new deals. Critics warn that if a recession hits, a trading market could amplify loan price volatility.
Private credit loans are typically held to maturity and carry floating interest, shielding them from market swings—but a secondary market may change that.
Banks aim to generate new fee income by facilitating private credit trading.
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7. Adani Meets Blackstone and BlackRock
Sources say senior executives from Adani Group met with asset managers BlackRock, Blackstone, and PIMCO during a global investor roadshow.
The group aims to privately place $1 billion in two tranches of debt via these asset managers. The roadshow includes stops in New York, Boston, San Francisco, and Los Angeles.
Adani plans to begin fundraising in April and issue the first tranche—possibly $450 million with 10–20 year maturity and ~8% interest—by September.
Facing short-seller scrutiny, Adani is opting for more conservative private placements.
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This content is sourced from Financial Times, Bloomberg, and The Real Deal, among other financial news outlets.