What's Happening

US News

Trump Is Pulling the Rug Out From Under Research Universities

What’s going on: The Trump administration suspended dozens of federal grants to Princeton University yesterday, making it the fourth Ivy League school to lose funding since March. The affected grants come from agencies like the Energy Department, Defense Department, and NASA. Princeton’s president said, “the full rationale for this action is not yet clear,” but the university is one of 60 colleges that the Department of Education is investigating for violations relating to antisemitic harassment and discrimination. The administration has already suspended $400 million in funding for Columbia University, and is reviewing $9 billion in Harvard’s endowment. All three schools have said they do not tolerate antisemitism. The government also paused $175 million for President Donald Trump’s alma mater, the University of Pennsylvania, citing its policies on transgender athletes. UPenn says it follows standards set by the National Collegiate Athletic Association (NCAA).

What it means: The latest cuts signal the Trump administration is doubling down on what it sees as long-standing issues on college campuses. Now, many universities are on high alert, with faculty and staff warning the administration’s moves could affect progress in technology, science, and health — including critical research on cancer, Alzheimer’s, diabetes prevention, and maternal mortality. The Association of American Universities called the cuts “a dangerous and counterproductive precedent.” Affected schools have few options: They can comply with Trump’s demands (like Columbia did), risking backlash from faculty and students, or they can take legal action. Neither guarantees they’ll come out unscathed.

Related: It’s Trump’s “Liberation Day” — Here’s What You Can Expect (Time)

Health care

The Supreme Court Is About To Decide a Major Medicaid Case

What's going on: Today, the Supreme Court will hear oral arguments in a high-profile case that could determine whether Medicaid recipients have the right to choose their health care providers. The lawsuit stems from South Carolina’s attempt to block Medicaid patients from using Planned Parenthood — not just for abortion care (which is already heavily restricted in the state), but for birth control, cancer screenings, and STI testing. The case could spell disaster for Planned Parenthood — the biggest provider of abortion services in the US — because nearly half its patients rely on Medicaid, per the Planned Parenthood Action Fund. The Trump administration is backing South Carolina, continuing its broader push to cut off the non-profit organization’s funding.

What it means: The case isn’t just about Planned Parenthood — it’s about whether Medicaid patients can sue if they’re denied access to any care. But it could also reshape reproductive health access nationwide. If the court rules in favor of South Carolina, other states may follow suit. Plus, the ruling could open the door for states to cut Medicaid funding to other providers, including hospitals that offer gender-affirming care. In 2023, the Supreme Court ruled in favor of Medicaid patients in a similar case. While the outcome of this case is far from certain, it could prove to be a devastating setback for countless low-income patients.

Related: Millions Expected To Lose Access to Contraception Due to Trump’s Latest Cuts (NYT Gift Link)

Business

Newsmax Is Maxing Out on Wall Street

What's going on: Meme stock traders are getting the last laugh (again). After debuting on the New York Stock Exchange earlier this week, Newsmax saw its stock price jump from $14 to $233 per share by yesterday’s close, thanks to meme traders snapping up shares. That’s a 1,500% increase in just two days. The surge pushed the conservative media outlet’s total market valuation to $30 billion — about $5 billion more than what Fox News’s parent company is worth. Somewhere, GameStop is also feeling a little less special.

What it means: The interest in Newsmax signals that conservative companies see potential financial gain in joining the public market, Axios reports. The company has been steadily gaining ground since debuting on TV in 2014, now ranking as the fourth most-watched news channel in the US. Meanwhile, Newsmax’s high market valuation doesn’t mean it has that money on hand to reinvest. Experts warn the stock’s meteoric rise could also be short-lived if meme traders decide to cash out.

Related: Elon Musk’s AI Company Bought X and Wall Street Has Thoughts (WSJ Gift Link)