Like most things there’s broader context:

1. The US is still the top desired place to move by a large margin

2. There a variety of evidence to suggest that this also splits by tier of talent. For the best of the best the desire to move to the US remains strong. What has clearly attenuated is the lower tiers, with the crackdown on H1Bs and other areas there’s clearly fewer lower tier talent folks flooding in. That’s impacting tech masters degree mill type folks. but ultimately not a terrible thing as that system has been broken for a while.