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The U.S. recorded net negative migration of between 10,000 and 295,000 people in 2025—the first time in at least 50 years that more people moved out than moved in. Up to 405,000 left voluntarily, driven by political volatility, immigration crackdowns, and rising costs. Meanwhile, inbound migration fell from 2.7 million in 2024 to 1.3 million last summer.
Why it matters
Tech executives who immigrated to America—including Nvidia founder Jensen Huang (born in Taiwan) and AMD CEO Lisa Su (immigrated from Taiwan at age 3)—have built some of the world's most valuable companies. Their success suggests that despite current challenges, the U.S. remains a place where immigrants and ambitious entrepreneurs can scale ideas into major enterprises. Rubrik and Glean co-founder Arvind Jain, who moved from India, argues that entrepreneurship is still celebrated in America and that funding for new ideas remains accessible.
What to watch
Silicon Valley's concentration of AI companies may be the key draw. One tech CEO noted that 30 of the Fortune 50 AI companies are in the Bay Area, creating a self-reinforcing cycle where talent, investors, and innovation cluster together. Jain observed a notable dip in international students choosing American universities, suggesting the outflow could affect the pipeline of future talent.
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