Harvard reported a $113 million operating deficit for FY2025 even as its endowment rose to $56.9 billion, a result university officials attributed to slowed revenue growth and rising expenses. Harvard’s financial report warned of risks from declining federal research support, potential endowment taxes and litigation. Meanwhile, the University of California system celebrated a record Nobel haul but warned that frozen grants and proposed federal funding cuts threaten the research ecosystem that underpins major scientific breakthroughs. Both developments underscore a tension between institutional wealth, research output, and vulnerability to federal policy shifts.