Pablo Martinez Monsivais / AP

U.S. Citizenship and Immigration Services has received at least 85,000 applications for H-1B visas, meeting the cap for 2018 in the first four days of the lottery.

Congress allocates 65,000 visas for high-skilled immigration workers — with an additional 20,000 for workers with advanced degrees — that are in high demand in the tech industry. This is the fifth consecutive year in which the visa cap was reached in a few days. Last year, USCIS received 236,000 applications .

Why it matters: Demand is still very high for these visas even as the the Trump administration took a few steps this week to try to cut down on fraud and abuse of the program and encourage employers to hire Americans first.

Go deeper

"Hamilton" is a streaming hit for Disney+

Data: Google Trends; Chart: Andrew Witherspoon/Axios

The debut of "Hamilton" on Disney+ last Friday sent downloads of the app soaring over the weekend.

Why it matters: With theaters closed until 2021, "Hamilton" is the biggest litmus test for whether Broadway will ever be able to successfully transition some of its iconic hits.

Wall Street is no longer betting on Trump

Illustration: Sarah Grillo/Axios

Betting markets have turned decisively toward an expected victory for Joe Biden in November — and asset managers at major investment banks are preparing for not only a Biden win, but potentially a Democratic sweep of the Senate and House too.

Why it matters: Wall Street had its chips on a Trump win until recently — even in the midst of the coronavirus-induced recession and Biden's rise in the polls.

With new security law, China outlaws global activism

Illustration: Eniola Odetunde/Axios

The draconian security law that Beijing forced upon Hong Kong last week contains an article making it illegal for anyone in the world to promote democratic reform for Hong Kong.

Why it matters: China has long sought to crush organized dissent abroad through quiet threats and coercion. Now it has codified that practice into law — potentially forcing people and companies around the world to choose between speaking freely and ever stepping foot in Hong Kong again.