$C98$ADBE’s PERM green card program has been suspended. On the surface, it’s an immigration compliance issue; in reality, it’s a pebble tossed into the tech-stock sentiment pool—the ripples aren’t big, but their direction is subtle. The market right now feels like a party where someone’s just been reminded, “Don’t get too wild”: on one side, Wall Street is saying, “Don’t get cold feet—there’s still room to rally into year-end”; on the other, Michael Burry is continuing to ramp up his short positions, while the specter of an AI bubble flickers in the corner. The Adobe situation isn’t especially alarming (it’s not an earnings disaster, after all), but institutional sentiment is quietly shifting: the tech narrative of “policy tailwinds + cheap overseas talent” is starting to face a little more scrutiny. And retail investors? The FOMO hasn’t faded, but they’ve gone from “charge in with their eyes closed” to “charge in while checking the rearview mirror.” Think of it like a race car that’s always relied on an “H-1B co-pilot” for navigation, suddenly being told by the referee to swap drivers—the car is still moving, but the pit-stop strategy needs a rewrite. This isn’t a market-top signal so much as a “sentiment gear change”: shifting from mindless acceleration to tapping the brakes and watching. BTC is holding sideways at $82,790, suggesting risk appetite hasn’t collapsed; money is just getting pickier. Adobe’s trouble is a crack in the “talent arbitrage” logic underpinning tech stocks. It’s a small crack, but enough to make more sensitive capital take a half-step back. Who do you think will be the next tech giant tripped up by a “small compliance pebble”?