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> Bringing this back to startups, which hubs seem likely to benefit most from this policy direction?

China (Beijing, Hangzhou, Shanghai, Greater Bay Area), India (Bangalore, Hyderabad, NCR, Mumbai), and South Korea (Seoul) - which represent the bulk of international student admissions in the US - especially at Ivy tier and T10 STEM programs, where the majority of grad and professional students tend to have studied in their home country for undergrad.

Those same students who would have done an PhD in CS at Stanford or an MBA at HBS will now do an MSCS or an MBA at their domestic equivalent, or most likely go straight into the workforce or start their own company with the equivalent amount of capital.

> places like London, Hong Kong, Singapore, and Vancouver could take up some of the tech-trajectory students

Canadian, Singaporean, and British universities that aren't Oxbridge haven't done so hot with the top tier cream of the crop for undergrad.

If you are good enough to get into an undergrad program at a Tsinghua, IIT Delhi, or SNU tier program you tend to attend those instead of studying abroad because you can command a European salary with Asian CoL, and can anyhow study at a top tier program for graduate school.

Furthermore, top universities in China, India, and South Korea have been attracting Chinese, Indian, and Korean faculty from abroad with tenure track deals and/or significant subsidizes, seed grants, and labs for several years now.

It's also extremely difficult to immigrate to Singapore or the UK as a student AND THEN gain residency (the US was significantly easier until today, but is now on par with both those countries).

The cream of the crop of Chinese, Indian, and South Korean graduates already largely stopped immigrating to the US by the 2020s due to EU-level domestic salaries, more financing options for creating a company, and onerous visa programs.

That said, Singapore will remain a target destination for incorporation because of it's Bilateral Investment Treaties with China, India, and the US thus making it easier to access global capital, but the bulk of operations will continue to occur in China and India.



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