Crypto News: Trump versus Harvard

Good morning. Donald Trump wants $1 billion from Harvard. Palantir's results help push stocks higher. And why avocado prices are dropping just in time for Super Bowl guacamole. Listen to the day's top stories.

— Marcus Wright

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Donald Trump said he's seeking $1 billion in "damages" from Harvard University. It's not clear under what authority Trump is seeking the cash, and what damage he's referring to exactly. In fact, his latest threat came after the New York Times reported his administration had backed off demands for $200 million to satisfy accusations of wrongdoing by the Ivy League institution. Harvard sued the government twice and won a court victory in September when a federal judge ruled that the US illegally halted research funding.

Palantir shares jumped in premarket trading after it forecast 2026 revenues that topped analyst expectations. The results provided a wider boost for tech shares, which are leading US futures higher this morning. The data analytics firm has attracted criticism for its role in assisting Trump's deportation of immigrants. Palantir has long supplied services to US Immigration and Customs Enforcement, enabling officials to build dossiers on individuals. CEO and co-founder Alexander Karp described the results as "a cosmic reward" for the company's supporters.

Republican opposition to Trump's deal with Democrats to end the partial government shutdown began to crumble late Monday, clearing the way to a vote later today. The accord would fund most agencies through September, and the Department of Homeland Security through Feb. 13, while both parties negotiate changes to enforcement policies. Already signs of movement are emerging, with Kristi Noem saying that "every officer" in the field in Minneapolis will wear a body camera.

Minnesota Loses Bid to Force US to Preserve Pretti Evidence

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Former President Bill Clinton and his wife Hillary will appear before a congressional committee investigating disgraced financier Jeffrey Epstein. A full House vote had been planned this week to hold the Clintons in criminal contempt if they continued to defy subpoenas in its Epstein inquiry. Testimony by a former president to a congressional body is almost unheard of, so this should be quite a moment.

Workers at a construction site for the Gateway tunnel on Oct. 3. Photographer: Michael Nagle/Bloomberg

The public commission building the $16 billion Gateway rail tunnel between New York and New Jersey sued the Trump administration over a federal funding freeze that threatens the project. Officials say they'll stop construction on Friday unless funding is restored, which would represent the latest major setback in a long campaign to ease congestion along the Northeast Corridor.

Japan's election results: Join us on Feb. 8 from 5:45 a.m. ET for our live coverage of Japan's election. Will PM Sanae Takaichi secure a majority in the lower house? What will the impact on markets be? Join us here.

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Deep Dive: Texas Election Surprise

Taylor Rehmet. Source: KXAS/AP

Big shifts among Latino voters fueled a Texas Democrat's upset victory in a state senate district that's been dominated by Republicans for more than three decades.

In one precinct of the city's heavily Latino Northside neighborhood, 81% of voters picked Taylor Rehmet. That compares with the 51% who voted for Trump in 2024.
Rehmet's victory may be an omen of the headwinds facing Republicans in November's midterm elections. He defeated Republican Leigh Wambsganss in a district Trump won by 17 percentage points over Kamala Harris.
Trump has said the "only thing" he worries about is losing control of Congress in November. He has built an unprecedented $483 million war chest to try to prevent that from happening.
Watch Rehmet discussing the grassroots approach that led to his win on Bloomberg TV's Balance of Power.

Bloomberg Invest: Join the world's most influential investors and financial leaders in New York on March 3-4. This flagship event examines how AI disruption, geopolitical uncertainty, shifting central bank policy and the convergence of public and private markets are reshaping global finance. Learn more here.

The Big Take

Michael Shvo.
Photographer: Loren Elliott/Bloomberg

Michael Shvo and BVK were always an odd couple—one a splashy Manhattan developer and the other a frugal German agency overseeing the retirement assets of 2.8 million people. Now the relationship is under strain, with BVK warning of potential losses and lawmakers in Bavaria asking questions about their deals.

Big Take Podcast

What's in the Latest Epstein Files Release

Opinion

Photographer: Yui Mok/PA Images

Data centers consume a lot of energy, but often the resulting heat is wasted, Lara Williams writes. Instead it could be used in various ways, such as warming homes, heating public swimming pools, and supporting fish and lobster farms.

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Avocado costs are dropping just in time for Super Bowl guacamole. Prices were down more than 19% in December, with the US on track to import record amounts from Mexico in the lead-up to the game.

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