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During the countdown to the market close, Romaine Bostick highlighted the recent surge in private debt defaults, noting that Fitch Ratings reported a record 6% default rate among 1,300 US private debt borrowers in the second quarter. Randy Schwimmer, Vice Chairman and Chief Investment Strategist at Churchill Asset Management, acknowledged the challenging environment reflected in the rising defaults but expressed optimism about improving conditions in the second half of the year. He speaks with Romaine Bostick on "The Close."

The Trump administration is advancing a plan to allocate $200 billion annually toward medical research, emphasizing support for individual scientists and private research facilities rather than traditional university-based research. John Flavin, CEO of Portal Innovations, a Chicago-based firm that funds early-stage life sciences companies, discussed the implications of this shift. He speaks with Romaine Bostick on "The Close."

Comprehensive cross-platform coverage of the U.S. market close on Bloomberg Television, Bloomberg Radio, and YouTube with Romaine Bostick, Carol Massar and Tim Stenovec.

Palantir Technologies (NASDAQ:PLTR) reported Q2 revenue of $1.94 billion, up 93%, as its U.S. business generated $1.57 billion.

Vertex Pharmaceuticals (NASDAQ:VRTX) reported Q2 revenue of $3.33 billion, up 12%, as its CF and newer treatments generated growth.

Hugging Face CEO Clément Delangue says a hack by OpenAI could have been "way worse" if not for the company's defensive measures. He calls this a "wake up call" for the industry and says the incident has been reported to lawmakers and authorities. He speaks to Bloomberg's Ed Ludlow on "Balance of Power."

Torsten Slok, chief economist at Apollo, said that while AI and the Fed may be issues more at the forefront of the economic conversation, risk from the Iran war and its subsequent impact on fuel stores remains an important factor in the background. Slok also commented the possibility that the Fed may have fewer meetings, saying that market will still try to price the Fed regardless of the schedule.

Holly Framsted, head of global product strategy and development at Capital Group, joins Scarlet Fu and Eric Balchunas on "Bloomberg ETF IQ." They discussed ETF and mutual funds flows as well as allocation shifts within model portfolios.

Clement Delangue, CEO of AI company Hugging Face, sat down with Bloomberg's Ed Ludlow to discuss OpenAI models' hack on Hugging Face last month and the future of AI regulation. Talking about the hack, Delangue, said that while companies want AI agents to think outside the box, they don't want AI to 'think outside the sandbox' and stay in the closed testing environment. Delangue also discussed government involvement in AI regulation and said that there is a risk that too much government intervention would result in a 'concentration of power' and said that is one of the biggest risks in the AI space.

"They're going to give some of that back to the public, and they better cut the retail price," President Donald Trump says when asked about the profits of ExxonMobil and Chevron during remarks with reporters at the White House.