US President Donald Trump lauded tech billionaires for their contributions to the United States on Thursday, just hours after one recipient's company, Microsoft Corp (ASX: MSFT), was accused by Vice President JD Vance of abusing the visa system to bring in foreign workers. Notably, five of the six tech leaders honored are immigrants.
Ahead of the ceremony recognizing Microsoft CEO Satya Nadella, Vice President JD Vance announced at a press conference that Microsoft would be suspended from a program that allows companies to apply for green cards for foreign tech workers holding H-1B visas. The crackdown on Microsoft highlights the tension between the businesses driving US economic growth and the Trump administration's immigration policies. Trump's team insists the government can identify exceptional immigrants who might lead groundbreaking companies, while arguing that hiring mediocre foreign workers harms American workers. "The message to Microsoft is this: you're a great American company, but you have to hire great American workers," Vance said at the press conference. He accused Microsoft of abusing the visa system, saying, "You can't lay off American workers and replace them with foreign contract labor." Vance stated that Microsoft laid off 6,000 American employees last year while obtaining 6,300 H-1B visas and nearly 3,000 green cards. The Redmond, Washington-based company, which employs 223,000 people globally, said in a statement that most of its H-1B visa applications in the last fiscal year were to "extend the visa status of existing Microsoft employees or change their status." However, when presenting the National Medal of Technology and Innovation to the Microsoft CEO, Trump took a more appreciative tone and did not mention the company's foreign labor practices. "For more than three decades, Satya Nadella has been a key figure in Microsoft's transformation. He has driven the company's reinvention and empowered businesses, students, and consumers worldwide through some of the most powerful software ever created," Trump said.
When asked about the seemingly contradictory stance, Vance said, "We will continue to support Microsoft and maintain a good relationship with Microsoft." Five of the six tech leaders receiving presidential medals for science and technology were born outside the United States. Trump awarded the National Medal of Science to SpaceX CEO Elon Musk, Google co-founder Sergey Brin, NVIDIA CEO Jensen Huang, and Advanced Micro Devices (AMD) CEO Lisa Su. All were born overseas: Musk in South Africa, Brin in Russia, and Huang and Su in Taiwan, China. In addition to Nadella, Trump awarded the National Medal of Technology and Innovation to Dell Technologies CEO Michael Dell, who had funded the government's special investment accounts for children, known as "Trump Accounts." Dell was born in Texas, while Nadella immigrated from India. Nadella later thanked Trump on social media. "It is a profound honor to be recognized alongside so many of America's innovation giants. I look forward to continuing to work together to advance technology and drive American prosperity," he posted.
Trump Calls Awardees 'National Treasures'
Trump called the group of billionaires "national treasures" and compared them to his uncle, John Trump, an electrical engineer and former MIT professor who received the National Medal of Science in 1983. "Today is a significant day for the science and technology community, the most important day. You will be remembered in history as great figures," Trump said. The recognition event was part of a summit celebrating a new "golden age" of scientific development. Trump has repeatedly praised these entrepreneurs for accelerating the development of artificial intelligence technology, which he calls "superintelligence." Trump is increasingly relying on AI technology to help achieve his economic agenda and maintain US leadership in the field. At the same time, he opposes calls for stricter regulation, fearing it would stifle technological development. Trump also joked to guests at the event, "Today our audience has a particularly high IQ, which is rare to see."
The National Medal of Science was established in 1959, and past recipients were primarily academics and researchers, not corporate leaders. The ceremony honoring business leaders coincided with this week's Nobel Prize award events. Last week, Huang and Musk also appeared at the White House with other tech leaders to sign a voluntary agreement on AI development, following concerns about national and technological security raised by recently released AI models. With less than a month until the November midterm elections, Trump is also trying to emphasize to voters how investment in AI data centers and related computer equipment has driven stock markets to record highs and further increased the net worth of wealthier Americans. But this message does not always resonate with voters. Polls show that voters from both parties are concerned about AI developing too quickly, and high prices for gasoline and groceries have weakened many Americans' confidence in the economic outlook. Vance also said that several universities, including Stanford and MIT, should be investigated for alleged visa fraud. Huang and Brin both hold Stanford degrees, while Su holds multiple MIT degrees. The White House affirmed the contributions of Thursday's awardees. White House spokesperson Liz Huston said, "These awardees are helping to ensure that America continues to lead global innovation."