P.M. Edition for May 27. China, Russia and North Korea claim the missile-defense project is driving a dangerous new arms race. WSJ reporter Thomas Grove says an impenetrable shield—though difficult to accomplish—would upend the paradigm of mutually assured destruction. And the GOP tax bill includes a much higher levy on schools’ endowment income. WSJ reporter Juliet Chung discusses how universities are rethinking their investment strategies. Plus, Salesforce strikes a roughly $8 billion deal to buy the data-management software firm Informatica to enhance its AI capabilities. Pierre Bienaimé hosts.
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