Congress temporarily raised the H-1B cap during the dot-com boom

High demand forces H-1B visas into a lottery system each year

Because demand far exceeds the annual cap—65,000 new visas plus 20,000 for US master's graduates—employers must enter a lottery for new H-1B slots. In recent years, several hundred thousand petitions have competed for just 85,000 openings.

The Immigration Act of 1990 created the modern H-1B visa

Signed by President George H.W. Bush, the 1990 Immigration Act split the broad H-1 category into specialized visas, establishing the current H-1B for "specialty occupations" requiring at least a bachelor's degree. The H-1A, for registered nurses, ended in 1997.

H-1B visas let US employers hire skilled foreign professionals in specialty occupations

The H-1B is the main US program for temporary high-skilled workers, covering roles in technology, engineering, medicine, and finance. Issued for up to six years, it often serves as a pathway to permanent residency.

Nearly 400,000 H-1B applications were approved in 2024

In 2024, nearly 400,000 H-1B petitions were approved, with about 65% of them renewals for existing workers. Roughly 70% of recipients were born in India, and nearly two-thirds of all H-1B jobs were in computer-related fields.

The first H-1 visa was created in 1952

Congress established the original H-1 visa in 1952 through the Immigration and Nationality Act of 1952 to let US employers temporarily hire foreign professionals of "distinguished merit and ability" when qualified American workers were unavailable—a precursor to today's H-1B program.

Studies show H-1B workers help address shortages in STEM fields

Research finds that unemployment rates in occupations employing large numbers of H-1B workers remained low between 2004 and 2023, even during the pandemic. Other studies suggest H-1Bs complement US workers in STEM fields and expand job opportunities.

Studies link H-1B workers to patents, innovation, and productivity growth in the US

Research shows that H-1B visa holders boost innovation: Firms that employ many H-1Bs file more patents. Economists estimate that foreign STEM workers helped explain 30% to 50% of nationwide productivity growth from 1990 to 2010, while immigrant inventors disproportionately generated high-value patents.

Study shows H-1B visas depress wages and reduce consumer tech costs

A paper from the National Bureau of Economic Research found that without H-1B workers, American computer scientists would earn 2.6% to 5.1% more and domestic employment could rise by 11%, but consumers would pay more for advanced technology, and output would decrease.

The Trump administration said the new H‑1B fee curbs abuse but still attracts top talent

In announcing a fee on new H‑1B petitions, the Trump administration claimed the visa was exploited to replace American workers and suppress wages. Officials argued that a steep fee would deter abuse while still allowing employers to bring in the "best of the best" temporary foreign talent.

Trump's H-1B fee hike could reshape US industries and global talent flows

Analysts warn the new H-1B fee could trigger labor shortages in tech, medicine, and universities; push firms to offshore more work; and drive skilled Indian workers and students toward other countries—weakening America's innovation edge.

H-1B approval rates have swung sharply between administrations

Denial rates for new H-1B petitions rose from 6% in 2015 to 24% under the Trump administration as officials tightened standards. Under Biden, approvals rebounded, with denials falling to just 2% by 2022—the lowest since 2009.

President Trump implemented a $100K fee on new H-1B visa applications

In September 2025, President Trump announced a $100K application fee for new H-1B petitions, framing it as a way to limit misuse of the program. His administration later clarified it was a one-time fee for new applicants, not an annual charge. (Some users may experience a paywall.)

Critics call H-1B the "outsourcing visa"

Large IT firms, especially in India, have used H-1Bs to place workers in US offices, train them on client systems, and then shift the work overseas at lower cost. This practice fuels criticism that the visa facilitates offshoring.

Explore the "winners and losers" of the Trump administration's H-1B visa fee

In this episode, experts discuss the rationale behind the new $100K fee, citing concerns about abuse of the H-1B program. Some economists warn that it could spur offshoring, reduce innovation, and create ripple effects on wages and talent supply.

Employers must apply for H-1B visas on behalf of foreign workers

To hire an H-1B worker, US employers first file with the Department of Labor, then petition the US Citizenship and Immigration Services. They must attest that they won't replace American workers, and that they will implement stricter rules for firms that rely heavily on H-1B visas.

The dot-com boom sent tech stocks soaring before a historic collapse

A look at the dot-com bubble, when investors poured money into unproven internet startups, driving the Nasdaq to dizzying heights before it crashed by more than 80% after 2000, showing how new technologies can detach markets from reality.

The dot-com bubble burst in 2000 when the Nasdaq dropped more than 76% in roughly 2 years

Between 1995 and 2000, the Nasdaq Composite index jumped from roughly 1,000 to 5,000 amid excitement over new internet companies. As venture capitalists dumped money into startups, those same companies struggled to turn a profit, leading to a bubble. The Nasdaq wouldn't reach its former high until 2015.

Only about 70 employers have paid Trump's $100K H-1B fee as of February 2026

Only about 70 employers have paid the $100K fee for certain H-1B hires since it was imposed by presidential proclamation in September 2025, a DOJ attorney said in court, as judges weigh whether the charge requires explicit congressional authorization.

The new H-1B fee will have a major negative effect on India

Because those born in India receive about 70% of H-1B visas, the $100K fee could sharply limit Indian IT firms' access to US markets and redirect skilled Indian workers to other countries.

Before 1965, US immigration law relied on nationality-based bans and quotas.

More than 650 companies went public in the US in 1996

As the dot-com bubble reached its peak, most dot-com companies went public with little proof of being profitable and were often overvalued. In 1999, the Nasdaq's price-to-earnings ratio (a tool used to determine a stock's value that divides its price by earnings) hit 90.2, signaling that many companies were operating at a net loss. Startups promised investors that more time and money would help scale their businesses and become profitable.

The dot-com bubble burst in the early 2000s

If you’ve heard of companies like Google and Yahoo, you’re already partially familiar with the dot-com bubble: a period from roughly 1995 to 2001, when internet companies were the hottest thing in venture capital. The “bubble” part of the term refers to the industry’s eventual implosion.

Many dot-com companies spent some investor money on expensive parties

Parties hosted by dot-com companies were known to be extravagant and expensive. Technology companies in the Bay Area hosted between 15 and 20 parties a week on average, which cost between $30K and $50K on average.

US IPO issuance—the total dollar amount of new stock sold to the public via IPOs—hit a record high in 2026.

The 'big bang' of the dot-com era: Netscape's stock price doubled on the day of its initial public offering

The company behind the browser that revolutionized search went public on August 9, 1995. Just before the IPO, the company increased its initial opening price from $14 to $28. On the day the company went public, shares traded as high as $71 before closing at $58.25. The company's market capitalization exceeded $2B. The eye-popping IPO is largely considered the beginning of the dot-com bubble.

Since its inception in 1938, Congress has raised the federal minimum wage 22 times

If you want all the details about when and why these rate increases happened check out this resource from the US Department of Labor.

From 2014-25, US private sector data center investments have increased more than 25-fold

The annualized rate of US data center construction has ballooned from $1.6B to $41.1B, creating a market for data centers whose infrastructure costs and land, power, and transmission capacity demands rival those of offices and industrial facilities.

The original 'four horsemen' of tech were Intel, Dell, Microsoft, and Cisco

These companies became known as the "four horsemen of tech" for the influence the companies had both on other businesses and investors in the late 1990s and early 2000s. The expansion of internet infrastructure throughout the 1990s and the dot-com bubble lifted these companies to incredible heights.

The share of the immigrant population in the US peaked at nearly 16% in January 2025

In January 2025, the US reached a historic high of 53.3 million immigrants—nearly 16% of the population. By June of that year, the number had fallen by more than a million, ending 50 years of continuous growth in the immigrant population.

Immigrants generated about $1.7T in economic activity in 2023 and paid roughly $652B in taxes.

NASA purchased about 60% of all integrated circuits from 1961 to 1965

The US government adopted the new technology to support the development of the Apollo Guidance Computer, which would help astronauts fly to the moon. This drove manufacturing up and costs down, setting the stage for the modern computing era.

Personal computers became more common in the late 1970s, making working from home more viable

As the internet and email became more popular in the 1990s, more infrastructure that would eventually support remote work was created. But the practice was still relatively uncommon until the COVID-19 pandemic, when white-collar workers first took to working from home en masse.

The debt ceiling is a legal cap on how much money the US government can borrow.

In 2023, venture capital firms invested $170B in over 15,000 US companies

That's a significant drop from 2022’s $242B, reflecting market uncertainty but continuing VC’s role in scaling transformative ideas. Rooted in early risk-sharing models, venture capital took off with firms like ARDC in 1946, later evolving into today’s influential players like Sequoia Capital and Andreessen Horowitz.

Dot-com companies paid $44M for Super Bowl ads in 2000

During the 2000 Super Bowl game, 17 dot-com companies paid $44M total for ads. Just the next year, only three dot-com companies ran ads in the game. The significant drop reflects just how hard the crash hit dot-com companies and how unsustainable the businesses were.

Visa overstays account for nearly 40% of illegal US entries

In fiscal year 2023, approximately 510,000 people overstayed their visas, while 860,000 crossed the border illegally, meaning overstays accounted for 37% of the total number of new unauthorized arrivals. This represents a shift from 2007 to 2018, when overstays outnumbered border crossings, to 2019, when illegal crossings surged again.

The 1965 Immigration and Nationality Act abolished national-origin quotas and transformed the demographics of America

Following decades of citizens pressing for reform, President Johnson signed legislation abolishing national-origin quotas, enabling increased immigration from Asia and Africa. The LBJ Presidential Library features photos, videos, audio clips, and text from the 1965 signing ceremony.

Congress regrets discriminatory laws targeting Asian immigrants

In 2011, Congress expressed regrets about discriminatory laws that targeted Asian immigrants, such as the 1875 Page Act. Click here to read one of the twin bills and learn more about the laws in question.

The US and Denmark are the only two countries known to abide by a predetermined borrowing limit.

See a chart showing how US tariff revenue has grown in recent years.

Student loans weren't always so prevalent—decades of rising tuition and the 1965 Higher Education Act contributed to their proliferation.

Congress meets and legislates in the US Capitol building

The United States Capitol reflects neoclassical ideals drawn from ancient Greece and Rome. First opened to Congress in 1800 and repeatedly expanded over time, it remains the symbolic and functional home of both The House and The Senate.

Since 2025, AI data center growth has created shortages and price hikes in graphics processing units and their supporting hardware, including high-speed memory.

The US federal government employs roughly 3 million people

Tracking began in 1939, when the federal workforce consisted of about 1 million people. The total peaked in 1990 at 3.4 million, and hit a recent low in 2014 at 2.7 million.

Term limits for Congress face a steep constitutional hurdle

Although polls show overwhelming support for congressional term limits, this would require a constitutional amendment. Since 1995, the Supreme Court has barred states from imposing their own limits, leaving only the difficult Article V amendment process as a path forward.

Many of the top companies in the US by market cap began as tech startups

Combined, the top seven companies by market cap in the US as of December 2024—Apple, Nvidia, Microsoft, Alphabet, Amazon, Meta, and Tesla—were worth more than $16T at the time.

Global investing in startups hit a record $297B in Q1 2026

The level of startup funding around the world broke all previous records in Q1 2026 by a significant margin: Only $118B was raised in the previous quarter, and Q1's haul outpaced every full year of global VC activity before 2019. The increase was partly due to the enormous funding rounds from AI companies such as OpenAI and Anthropic.

Track the changes in US immigration law throughout history

This interactive timeline tracks the development of US immigration law, overlaid with time-series data on percentages of the foreign-born population. Explore how each major policy development correlated with immigration levels, revealing the relationship between legislation and demographic change.

In 1999, Microsoft and Intel’s addition signaled the information tech era for the Dow

Microsoft and Intel became the first information technology firms added to the DJIA. Their inclusion marked a turning point—the digital revolution and tech began to drive the American economy.

Data center companies are worsening housing undersupply in some regional markets.