H-1B status grants highly-educated foreign nationals the right to work in specialized occupations in the United States. Recent policy proposals include altering the method for allocating H-1B status, raising payments associated with entry into the country, and changing the limit on new issuances available. To help inform policy, this paper uses the universe of cap-bound H-1Bs awarded in fiscal year 2024 to examine how wages vary across different groups. Workers on F-1 student status accounted for 45% of new issuances, while another 43% went to individuals living abroad without any contemporary US immigration status. This former group earned 10% higher wages than the latter, or 6% more after accounting for observable differences between groups. Indian-born workers without current status seeking new employment at H-1B dependent firms earn the lowest wages. Policies favoring one of these groups over another -- whether intended or not -- will affect the average wage paid to H-1B recipients.