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Prospects for ‌the company's artificial intelligence business, which includes xAI and social media platform X, were uncertain given unclear economics and competition from OpenAI and Anthropic, the research firm said. Grok is not one of the leading AI labs today; the chatbot was developed ⁠by xAI. The future promise of SpaceX's AI ​segment relies on untested technology such as orbital data centers. Starlink, the satellite ​broadband business, also faces technological hurdles, many of which may be outside the company's control.

Cliffwater LLC's flagship private credit fund capped redemptions at 5% in the second quarter after investors looked to pull about 17% of shares. The Cliffwater Corporate Lending Fund informed shareholders they'd get about one-third of their requested money back. Cliffwater Chief Executive Officer Stephen Nesbitt said the repurchase program is designed to provide shareholders with periodic liquidity that aligns with the fund's long-term investment strategy and its underlying assets.

after a downwardly ‌revised 105,000 gain in April, the ADP national employment report showed on Wednesday. Economists polled by Reuters had forecast private employment increasing by 117,000 jobs after a previously reported 109,000 advance in April.

as businesses preemptively placed orders and rebuilt inventories in anticipation of shortages and higher prices because of the war ​with Iran. The Institute for Supply Management said on Wednesday its non-manufacturing purchasing managers index ‌increased to 54.5 last month from 53.6 in April. Economists polled by Reuters had forecast the services PMI rising to 53.8.