Harvard gets backup, Trump gets blocked, and AI chips face a great firewall

30th May 2025

A federal judge just dealt Trump’s administration a blow by halting its move to cut off Harvard’s international student pipeline. Meanwhile, China’s tech giants are bracing for life without Nvidia, testing local AI chips amid tightening U.S. export rules. In other corners of chaos, Trump’s trade tariffs got temporarily reinstated, and Goldman’s 1MDB fallout landed a former exec behind bars. All that plus a wave of venture funding, some eyebrow-raising M&A plays, and a packed earnings slate in today’s Read It and Eat.

• Major Headline

  
  

• Ex-Goldman Banker Sentenced to Two Years for 1MDB Scandal Role

  
  

• Former Goldman Sachs banker Tim Leissner has been sentenced to two years in prison for his role in the massive 1MDB scandal that looted over $4.5B from Malaysia’s sovereign wealth fund. Leissner, who pleaded guilty and cooperated with authorities, admitted to conspiring to launder money and violate anti-bribery laws. The judge called his actions “brazen and audacious.”  Financial Times 

  
  
  
  

• Federal Judge Blocks Trump’s Move to Ban Harvard from Enrolling International Students

  
  

• A federal judge in Boston has issued a preliminary injunction stopping the Trump administration from revoking Harvard University’s ability to enroll international students. The ruling—announced during Harvard’s commencement—protects the school’s sizable international population. Over 25% of Harvard students and nearly 60% of Kennedy School grads come from abroad. The decision is part of a broader standoff between the administration and elite universities, including investigations, funding freezes, and threats to tax-exempt status. Reuters

  
  

• China’s Tech Giants Begin Shift Away from Nvidia Amid Export Curbs

  
  

• Alibaba, Tencent, and Baidu are testing domestic AI chips as U.S. export controls tighten and Nvidia processors dwindle, reports the Financial Times. With rising demand for AI models and growing geopolitical risk, China's biggest tech players are accelerating efforts to localize their hardware stack. Executives say the move is vital to insulating China’s AI ambitions from U.S. supply chokeholds.  Financial Times

  
  

• Trump’s Tariffs Temporarily Reinstated by Appeals Court

  
  

• A federal appeals court has temporarily reinstated Trump’s sweeping new tariffs—just a day after a trade court blocked them. The tariffs, aimed at countries like China, Mexico, and Canada over issues like fentanyl trafficking, had been ruled unconstitutional for bypassing Congress. The administration says it expects to win on appeal or use other executive powers to enforce them. Financial Times 

  
  
  
  

• Minor Headline 

  
  

• ‘Flamin' Hot Cheetos’ creator loses lawsuit against PepsiCo — Reuters

• US proposes 60-day ceasefire for Gaza; hostage-prisoner swap part of plan — Reuters

• China to resume Japanese seafood imports after Fukushima pause — Reuters

• SEC dismisses Binance lawsuit —   Reuters

• UK police charge man over Liverpool car crash that injured dozens —  Reuters 

• Mistrial declared in Maradona medical negligence case — Reuters

• Argentina arrests 12 members of Tren de Aragua gang — Reuters 

• Hong Kong releases second batch of jailed pro-democracy activists — Reuters 

Gen Z Word of the Day :  Be so for real (BSFR)

Meaning: A call-out when someone says or does something unbelievable or unserious.

Example : “You think pineapple belongs on pizza? Be so for real.”