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August 27, 2026

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THE INDEPENDENT STUDENT NEWSPAPER OF THE UNIVERSITY OF PENNSYLVANIA • FOUNDED 1885

PHILADELPHIA, THURSDAY, AUGUST 27, 2026

VOL. CXLII

NO. 18

Jameson tells new class to ‘explore bravely’ at Convocation

What do students at Penn study?

The ceremony marked Penn President Larry Jameson’s final Convocation before he steps down in June 2027 ANANYA KARTHIK Senior Reporter

On the eve of the fall semester, Penn officially welcomed the Class of 2030 and incoming transfer students at its annual Convocation ceremony. Hosted at Franklin Field on Monday, the hourlong event brought together students, faculty, and administrators for a University tradition dating back to 1894. It also marked Penn President Larry Jameson’s final Convocation before he steps down in June 2027. University Chaplain the Rev. Charles Howard began the ceremony by reflecting on Penn’s move of Convocation from College Hall to Franklin Field. He compared the arrival of the incoming class to receiving a baton at the start of their collegiate journeys. “May they remember that college is not some race to be won, but be collected along the way, nor is life,” Howard said, adding that students should “not view their activities simply as things to add to their resumes, but as vehicles to pursue their interests, their creativity, and most importantly, friendships.” Dean of Admissions Whitney Soule encouraged the incoming class to embrace the limits they encounter at Penn as opportunities to explore new possibilities. “I think it’s the boundaries that inspire the expansion, because you will bump against the limits of what seems possible, and it’s your curiosity and your energy that’s going to push you past them,” she said. During his remarks, Jameson encouraged the Class of 2030 to take intellectual risks and remain open to unfamiliar perspectives throughout their time at Penn. “Explore bravely and experiment boldly,” Jameson said. “If the theory doesn’t pan out, learn what you can from it, and then try something else.” He also mentioned Classical Studies professor Emily Wilson’s translation of “The Odyssey,” which was recently adapted by Christopher Nolan into a blockbuster film. “Like Odysseus, in the face of setbacks and challenges, you will persevere,” Jameson said. “You will have fantastic adventures. You will see and do wonderful things, and it will be epic. So Class of 2030, your Penn odyssey begins now. Let’s get started.” Provost John Jackson Jr. echoed Jameson’s call to engage with different perspectives while taking advantage of Penn’s interdisciplinary opportunities. He urged students to “listen deeply, argue honestly,

A look at the undergraduate majors from the Class of 2026 JACK GUERIN Senior Reporter Page 6

Penn high school summer programs rake in millions The University offers online and on-campus summer programs across several undergraduate and graduate schools

See WELCOME, page 3

KATHRYN YE Senior Reporter

Each summer, thousands of high school students arrive on Penn’s campus to take part in a wide array of academic programs, hoping to bolster their college applications and resumes. Schools across Penn — including the School of Arts and Sciences, the Wharton School, and the University of Pennsylvania Carey Law School — offer courses taught by a mix of Penn faculty and visiting scholars, several of which offer college credit. The cost of attendance for these programs ranges from less than $400 to upwards of $23,000, though some grant scholarships.

Penn to gut DRL in $520 million renovation

Estimated revenue this past summer from the three programs offered by the School of Arts and Sciences — SAS High School Programs, SAS Pre-College Residential, and SAS Pre-College Online — was at least $8 million, according to The Daily Pennsylvanian’s analysis of the number of participants, attendance costs, and scholarship offerings. Penn Carey Law’s three-week program — featuring an introduction to the American legal system and principles of law — contributed nearly an additional $1 million.

Penn is moving ahead with plans to partially demolish David Rittenhouse Laboratory and replace it with a new Physical Sciences Building. The $520 million renovation is expected to begin in 2028 and wrap up in 2031. Penn first announced See DRL, page 6

COURTESY OF THE UNIVERSITY OF PENNSYLVANIA

A rendering of the new Physical Sciences Building.

NEWS Penn will begin enforcing mathematics course prerequisites for students this semester

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SEND STORY IDEAS TO NEWSTIP@THEDP.COM

See PROGRAMS, page 6

Karman Holdings, a space and defense system manufacturer, accounted for the bulk of Penn’s disclosed stock holdings EMMA DESMET Staff Reporter

Penn’s disclosed stock portfolio is heavily concentrated in a single space and defense contractor, according to the University’s secondquarter securities filing. As of June 30, Karman Holdings accounted for the bulk of Penn’s reported $104 million stock holdings — a position that included nearly 1.7 million shares valued at more than $82 million. Other disclosed investments spanned artificial intelligence, space exploration, mining, and battery technology. The figures are drawn from the University’s Aug. 10 Form 13F report — a mandatory quarterly disclosure of stock holdings submitted to the United States Securities and Exchange Commission by all institutional investment managers overseeing at least $100 million. Chief Investment Officer Peter Ammon declined to comment. The total value of Penn’s holdings fell during the most recent quarter, as the University reduced its shares in companies it was already investing in and purchased new shares. Karman Holdings made up by far the largest portion of Penn’s stock investments by value over the last three quarters, comprising around $143 million at the end of 2025 and $156 million in March. The American aerospace and defense technology company debuted on the New York Stock Exchange in February 2025, selling 23 million shares for $22 each in its first public offering. Karman Holdings NEWS Wharton will provide undergraduate students with access to Claude Enterprise plans

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develops and manufactures payload protection systems, propulsion components, and aerodynamic interstage structures for space launch vehicles and missile defense programs. While the number of shares in Karman Holdings was consistent between the last quarter of 2025 and the first quarter of 2026, Penn disclosed 300,000 fewer shares in its latest report. According to the data, Intuitive Machines — an American company specializing in infrastructure for space exploration — has appeared in every 13F filing submitted by Penn since the third fiscal quarter of 2023. The University held $3.9 million worth of shares in the company as of June. In the first quarter of 2026, Penn recorded holding 3.2 million shares in Intuitive Machines Inc. worth over $60 million. That figure plummeted to 180,000 shares in the second quarter of 2026, a 94% decrease. USA Rare Earth, which extracts rare-earth elements and manufactures magnets, has held the second-highest market value in Penn’s portfolio for the past two quarters, valued at $10.6 million in June. In January, the Trump administration announced a $1.6 billion investment in USA Rare Earth — which Secretary of Commerce Howard Lutnick described at the time as an opportunity for the United States to ensure its

ONLINE AT THEDP.COM

Penn publishes summary of feedback on open expression draft guidelines The memo noted widespread concerns over both the content of the draft policy and the transparency of the revision process JAMES WAN Senior Reporter

Penn’s proposed open expression guidelines have drawn sharp backlash from faculty and students, according to a memo published on Tuesday. The University released a formal summary of community feedback, which compiled 193 responses from an anonymous online survey and email, two listening sessions, and various governance meetings. The takeaways highlight widespread concerns over both the content of the draft policy and the transparency of the revision process. According to the Aug. 25 document, the Office of the Provost is “grateful for the time and thought that has gone into the feedback” and emphasizes common values of “engaging with ideas, seeking truth, producing knowledge, and expressing different viewpoints.” “The Penn community deserves Guidelines See DRAFT, page 3

See STOCKS, page 3

OPINION The Daily Pennsylvanian Editorial Board evaluates what has made Penn presidents successful

KENNY CHEN | SENIOR PHOTOGRAPHER

Jameson spoke at Convocation on Aug. 24.

Space, defense holdings dominate Penn’s stock portfolio

The construction project is expected to begin in 2028 and wrap up in 2031 RYAN RUCKER Staff Reporter

The SAS High School Programs are split into two pathways: the non-credit Summer Academies and the Pre-College Programs, which offer credit. The programs had a combined 1,050 participants this summer. The Summer Academies cover a range of topics — spanning biology and mathematics to social change and social justice — and last either two or three weeks. The Pre-College Programs, on the other

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SPORTS At the WTA Ennoble Care Open, women’s sports were the real champion

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August 27, 2026 by The Daily Pennsylvanian - Issuu