USCIS has confirmed that the H-1B cap has been reached for both Bachelor's and Master's filings. This is of course not unexpected and we will be providing updates as they become available, including information on how many applications were filed this year and the expected timeline for notification of accepted petitions.
As a reminder, the agency will reject and return filing fees for all unselected cap-subject petitions (with the exception of fees for cases rejected as prohibited multiple filings).
UPDATE: On April 11, 2018, USCIS announced that it has completed the random lottery selection process and that 190,098 cases were received this fiscal year.