Heard if you are on h1b you should be safe the rest of the year. Execs were briefed on the tough situation with hiring and how many of the previous h1bs laid off had to return to their home countries. But I would still encourage you to find other work.
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Are you out of your mind? Do you know the decision process?
They don't even bother considering if you are on H1b or not. And I know for H1b holders returning to their home country is not so desirable, but it is not even on their radar, and they wouldn't bother blinking a moment wasting time or attention over this. Aren't there enough lessons for this? One person working with me on H1b was laid off last week!
And if you are a system engineer, you must have been a horrible system engineer. Any half-way acceptable system engineer would know better to mitigate systematic risk than wishful thinking. Your only saving grace is, knowing to look for other work. You have to if you are on H1b given this kind of employment reliability!
source?