2008 H1B CAP Reached on 4/2/2007
The USCIS released the following info on 4/3/2007:
As of late Monday afternoon (April 2), USCIS had received approximately 150,000 cap-subject H-1B petitions. USCIS must perform initial data entry for all filings received on April 2 and April 3 prior to conducting the random selection process. In light of the high volume of filings, USCIS will not be able to conduct the random selection for several weeks.
It is unclear how many of these 150,000 applications are filed for advanced degree holders (U.S. earned Master's or above). They are entitled to an additional 20,000 quota.