Nvidia Corp. (NASDAQ:NVDA) CEO Jensen Huang has reportedly assured employees that the company will continue sponsoring H-1B visas, despite President Donald Trump‘s recent executive order to impose a $100,000 fee on new applications.
Huang Backs Trump On ‘Legal Immigration’
Despite the hefty fee, Nvidia has pledged to cover all associated expenses, as reported by Business Insider on Tuesday, citing an internal memo.
See the price action of NVDA here.
Huang has been supportive of Trump’s plan, even as other business leaders and economists warn the policy could cripple America’s ability to attract top global talent. Last month, he noted that the new visa fee “probably sets the bar a little too high,” but added that tech giants are well-placed to bear the fee compared to the cash-strapped start-ups.
“As one of many immigrants at Nvidia, I know that the opportunities we’ve found in America have profoundly shaped our lives,” Huang wrote in the memo, according to Business Insider.
“And the miracle of NVIDIA — built by all of you, and by brilliant colleagues around the world — would not be possible without immigration.”
He also said that “legal immigration remains essential to ensuring the U.S. continues to lead in technology and ideas.”
Nvidia declined to comment.
Trump Faces Lawsuit For H1-B Crackdown, China Counters
The fee sparked a major lawsuit from unions, employers, and universities last week, who argued that the move unlawfully undermines a program central to America’s tech and research sectors.
China has countered the U.S. by recently launching a new visa program, the K-visa, in a bid to attract foreign professionals without the need for local employer sponsorship.
Benzinga’s Edge Rankings place Nvidia in the 98th percentile for growth and the 86th percentile for momentum, reflecting its strong performance in both areas. Check the detailed report here.
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