diff --git a/README.md b/README.md
index d8cceb2..9b1d57a 100644
--- a/README.md
+++ b/README.md
@@ -155,6 +155,8 @@ Each is off by default. The holding-news DM and the movers reply are switched on
   the last 3 days are not repeated. Each message has an **Unsubscribe** button: per ticker, or all
   holding news, with an **Undo** button afterwards. People must have messaged the bot (or a group it
   is in) once so it knows their user ID. `/holdingnews` in a DM runs the check now and always replies.
+  If the AI provider is at capacity, the daily check is retried every 30 minutes for up to 12 hours
+  (nothing is sent to anyone meanwhile).
 - **Reply to a movers bot** (switched on by listing the bots in `MOVERS_BOTS`; empty, the default, means off): when such a
   bot posts an end-of-day list ("≥ 5.0% at close (ASX):" followed by stocks with % changes) the bot
   explains each move with a forced search, once, without tagging the other bot, ignoring its image,
diff --git a/lib/config.py b/lib/config.py
index fdf6509..a2e7ff1 100644
--- a/lib/config.py
+++ b/lib/config.py
@@ -55,6 +55,8 @@
 SEARCH_TOKENS = 400  # cap on each search write-up (OpenRouter search runner)
 MAX_SEARCHES = 5  # search calls run per round
 MAX_TG_MESSAGE = 4000  # Telegram's limit is 4096
+HOLDING_NEWS_RETRY_EVERY = 30 * 60  # seconds between retries of a holding-news check the provider was too busy for
+HOLDING_NEWS_RETRY_FOR = 12 * 3600  # seconds after which it gives up
 
 
 class ConfigError(Exception):
diff --git a/lib/features/holding_news.py b/lib/features/holding_news.py
index 93a42c2..fe561e0 100644
--- a/lib/features/holding_news.py
+++ b/lib/features/holding_news.py
@@ -15,8 +15,10 @@
 from telegram.error import Forbidden
 from telegram.ext import ContextTypes
 
+from .. import config
 from ..ask import ask
 from ..context import Ctx
+from ..llm.base import is_busy
 from ..llm.gate import Route
 from ..mcp.results import table_records
 from ..prompts import HOLDING_NEWS_PROMPT
@@ -113,26 +115,28 @@ async def send_holding_news(ctx: Ctx, chat_id: int, news: str, codes: list[str])
             await asyncio.to_thread(ctx.store.remember_news_message, chat_id, sent.message_id, codes)
 
 
-async def run_holding_news(ctx: Ctx, only_username: str | None = None
-                           ) -> dict[str, tuple[str, list[str]] | None]:
+async def run_holding_news(ctx: Ctx, only_username: str | None = None, *, usernames: set[str] | None = None,
+                           busy: list[str] | None = None) -> dict[str, tuple[str, list[str]] | None]:
     """Check each recipient's holdings; DM anyone with major news.
-    Returns {username: (news text, codes it covers) or None}."""
+    `usernames` limits the scheduled run to those people; `busy` collects the ones the provider was
+    too busy to check. Returns {username: (news text, codes it covers) or None}."""
     server = ctx.registry.servers.get("sharesight")
     if not (server and server.session):
         log.warning("Holding news: Sharesight isn't connected, skipping")
         return {}
     people: dict[str, list[str]] = {}
     for portfolio, username in ctx.st.holding_news_recipients.items():
-        if only_username is None or username == only_username:
+        if ((only_username is None or username == only_username)
+                and (usernames is None or username in usernames)):
             people.setdefault(username, []).append(portfolio)
     results: dict[str, tuple[str, list[str]] | None] = {}
     for username, portfolio_names in people.items():
-        results.update(await _check_person(ctx, server, username, portfolio_names, only_username))
+        results.update(await _check_person(ctx, server, username, portfolio_names, only_username, busy))
     return results
 
 
 async def _check_person(ctx: Ctx, server, username: str, portfolio_names: list[str],
-                        only_username: str | None) -> dict:
+                        only_username: str | None, busy: list[str] | None = None) -> dict:
     muted = await asyncio.to_thread(ctx.store.muted_codes, username)
     if "*" in muted:
         log.info("Holding news: @%s has unsubscribed from all of it", username)
@@ -143,8 +147,14 @@ async def _check_person(ctx: Ctx, server, username: str, portfolio_names: list[s
         if not holdings:
             return {}
         news = await holding_news_text(ctx, username, holdings)
-    except Exception:
-        log.exception("Holding news check failed for @%s", username)
+    except Exception as e:
+        if is_busy(e):  # automated, so no chat message; one log line is enough
+            log.warning("Holding news check failed for @%s, the provider is busy: %s",
+                        username, " ".join(str(e).split()))
+            if busy is not None:
+                busy.append(username)
+        else:
+            log.exception("Holding news check failed for @%s", username)
         return {}
     result = (news, news_codes(news, holdings)) if news else None
     log.info("Holding news for @%s: %s", username, "found" if news else "nothing major")
@@ -179,13 +189,32 @@ async def daily_loop(ctx: Ctx) -> None:
         wait = seconds_until(ctx.st.holding_news_time, datetime.now(ctx.st.tz))
         log.info("Next holding news check in %.1f hours", wait / 3600)
         await asyncio.sleep(wait)
+        busy: list[str] = []
         try:
-            await run_holding_news(ctx)
+            await run_holding_news(ctx, busy=busy)
+            await retry_busy(ctx, busy)
         except Exception:
             log.exception("Holding news check failed")
         await asyncio.sleep(1)
 
 
+async def retry_busy(ctx: Ctx, usernames: list[str]) -> None:
+    """Check again, for just the people the provider was too busy for, every HOLDING_NEWS_RETRY_EVERY
+    seconds until it works or HOLDING_NEWS_RETRY_FOR has passed."""
+    waited = 0
+    while usernames and waited < config.HOLDING_NEWS_RETRY_FOR:
+        log.info("Holding news: trying again for %s in %d min", ", ".join(f"@{u}" for u in usernames),
+                 config.HOLDING_NEWS_RETRY_EVERY // 60)
+        await asyncio.sleep(config.HOLDING_NEWS_RETRY_EVERY)
+        waited += config.HOLDING_NEWS_RETRY_EVERY
+        busy: list[str] = []
+        await run_holding_news(ctx, usernames=set(usernames), busy=busy)
+        usernames = busy
+    if usernames:
+        log.warning("Holding news: gave up on %s after %d hours", ", ".join(f"@{u}" for u in usernames),
+                    config.HOLDING_NEWS_RETRY_FOR // 3600)
+
+
 def username_of(msg_or_user) -> str:
     return (getattr(msg_or_user, "username", None) or "").lower()
 
diff --git a/lib/llm/base.py b/lib/llm/base.py
index 0ad329d..15f72da 100644
--- a/lib/llm/base.py
+++ b/lib/llm/base.py
@@ -8,6 +8,17 @@
 
 from ..mcp.schema import ToolDef
 
+BUSY_STATUSES = (429, 503, 529)
+
+
+class Overloaded(RuntimeError):
+    """The provider is out of capacity right now (an error inside a failed response)."""
+
+
+def is_busy(e: BaseException) -> bool:
+    """Capacity or rate limiting: the person can simply try again in a few minutes."""
+    return isinstance(e, Overloaded) or getattr(e, "status_code", None) in BUSY_STATUSES
+
 
 @dataclass
 class Usage:
diff --git a/lib/llm/policy.py b/lib/llm/policy.py
index 19caf5a..c6968db 100644
--- a/lib/llm/policy.py
+++ b/lib/llm/policy.py
@@ -8,7 +8,7 @@
 from openai import APIStatusError
 
 from ..mcp.server import Registry
-from .base import Answer, Backend, Request
+from .base import Answer, Backend, Request, is_busy
 from .runner import run
 
 log = logging.getLogger("bot")
@@ -22,7 +22,8 @@ async def ask(backend: Backend, registry: Registry, req: Request, *, dedupe: boo
     try:
         return await run(backend, registry, req, dedupe=dedupe)
     except (APIStatusError, RuntimeError) as first:
-        retriable = isinstance(first, RuntimeError) or first.status_code in (400, 422)
+        retriable = (isinstance(first, RuntimeError) and not is_busy(first)) or (
+            isinstance(first, APIStatusError) and first.status_code in (400, 422))
         if req.must_search or not retriable or not (req.search or req.tools):
             raise
         log.warning("Retrying without tools: %s", first)
diff --git a/lib/llm/xai.py b/lib/llm/xai.py
index 27e05c2..7e5c6b9 100644
--- a/lib/llm/xai.py
+++ b/lib/llm/xai.py
@@ -7,7 +7,7 @@
 from openai import AsyncOpenAI, BadRequestError
 
 from ..config import Settings
-from .base import Backend, Call, Request, Step, Usage
+from .base import Backend, Call, Overloaded, Request, Step, Usage
 
 log = logging.getLogger("bot")
 
@@ -33,6 +33,18 @@ def _as_input(item) -> dict:
     return item.model_dump(exclude_none=True) if hasattr(item, "model_dump") else dict(item)
 
 
+def answer_text(resp) -> str:
+    """The response's last message. `output_text` joins every message, and with server-side search
+    the model can write a draft, search, then write the answer, all in one response."""
+    messages = [i for i in resp.output if i.type == "message"]
+    texts = ["".join(getattr(c, "text", "") or "" for c in m.content if c.type == "output_text")
+             for m in messages]
+    if len([t for t in texts if t.strip()]) > 1:
+        log.info("xAI response had %d messages; kept the last (items: %s)", len(texts),
+                 " ".join(i.type for i in resp.output))
+    return next((t for t in reversed(texts) if t.strip()), resp.output_text or "").strip()
+
+
 class XaiBackend(Backend):
     name = "xai"
     search_what = "the web and X (Twitter)"
@@ -74,7 +86,9 @@ async def _create(self, req: Request, kw: dict, **inputs):
         stream = await self.client.responses.create(**kw, **inputs)
         text, final = "", None
         async for event in stream:
-            if event.type == "response.output_text.delta":
+            if event.type == "response.output_item.added" and event.item.type == "message":
+                text = ""  # a new message replaces the draft before it
+            elif event.type == "response.output_text.delta":
                 text += event.delta
                 if req.on_text:
                     req.on_text(text)
@@ -83,7 +97,8 @@ async def _create(self, req: Request, kw: dict, **inputs):
         if final is None:
             raise RuntimeError("The stream ended without a final response")
         if final.status == "failed":
-            raise RuntimeError(f"xAI response failed: {final.error}")
+            msg = f"xAI response failed: {final.error}"
+            raise (Overloaded if getattr(final.error, "code", None) == "server_error" else RuntimeError)(msg)
         return final
 
     async def step(self, conv: dict, req: Request, *, tool_choice: str | None) -> Step:
@@ -112,7 +127,7 @@ async def step(self, conv: dict, req: Request, *, tool_choice: str | None) -> St
             cost=(getattr(u, "cost_in_usd_ticks", 0) or 0) / TICKS_PER_USD,
         )
         searches = sum(1 for i in resp.output if i.type.endswith("_search_call"))
-        return Step((resp.output_text or "").strip(), calls, usage, resp.status, searches)
+        return Step(answer_text(resp), calls, usage, resp.status, searches)
 
     def add_results(self, conv: dict, step: Step, results: list[str]) -> None:
         items = [{"type": "function_call_output", "call_id": c.id, "output": out}
diff --git a/lib/telegram/handlers.py b/lib/telegram/handlers.py
index fd6ba8a..ad131b6 100644
--- a/lib/telegram/handlers.py
+++ b/lib/telegram/handlers.py
@@ -17,6 +17,7 @@
 from ..context import Ctx
 from ..features import dm_buttons, holding_news, movers, periods, post
 from ..history import compact, format_rows
+from ..llm.base import is_busy
 from ..llm.gate import Route, is_portfolio_question, route
 from ..msgtext import describe, sender_name
 from ..prompts import MOVERS_EXPLAIN, PRESET_PROMPT, chat_prompt, down_note
@@ -29,7 +30,8 @@
 
 log = logging.getLogger("bot")
 PORTFOLIO_ADMINS_ONLY = "Portfolio data is for admins only."
-FOLLOW_UP_WORDS = 12  # a message this short right after the bot's reply may be a follow-up to it
+BUSY_REPLY = "The AI provider is at capacity right now. Please try again in a few minutes."
+FOLLOW_UP_WORDS = 12 # a message this short right after the bot's reply may be a follow-up to it
 FOLLOW_UP_SECONDS = 30 * 60
 FOLLOW_UP_CHARS = 400  # of the bot's reply that the tool gate also reads
 READ_IMAGE_WORDS = re.compile(r"\b(read|text|says?|chart|table|number|screenshot|ocr|zoom|detail|label)\b", re.I)
@@ -206,9 +208,13 @@ async def _answer(self, msg: Message, trig: Trigger) -> None:
         try:
             html_text = await self._generate(msg, trig, draft)
         except Exception as e:
-            log.exception("Reply failed")
-            html_text = ("Sorry, something went wrong:\n"
-                         f"<pre>{html.escape(f'{type(e).__name__}: {e}'[:1500])}</pre>")
+            if is_busy(e):
+                log.warning("Reply failed, the provider is busy: %s", " ".join(str(e).split()))
+                html_text = BUSY_REPLY
+            else:
+                log.exception("Reply failed")
+                html_text = ("Sorry, something went wrong:\n"
+                             f"<pre>{html.escape(f'{type(e).__name__}: {e}'[:1500])}</pre>")
         finally:
             if draft:
                 draft.stop()
diff --git a/tests/test_features.py b/tests/test_features.py
index afc607a..d7b5120 100644
--- a/tests/test_features.py
+++ b/tests/test_features.py
@@ -9,6 +9,7 @@
 from lib import config
 from lib.context import Ctx
 from lib.features import dm_buttons, holding_news, movers
+from lib.llm.base import Overloaded
 from lib.telegram import commands
 
 from .conftest import FakeBot, make_msg, update_for, user_msg
@@ -79,6 +80,32 @@ async def test_digest_says_nothing_when_nothing_and_respects_mutes(env, store):
     assert "AMD (NASDAQ)" in prompt and "NVDA (NASDAQ)" not in prompt  # muted code left out
 
 
+async def test_busy_provider_is_retried_for_just_that_person_then_delivered(env, store, monkeypatch, caplog):
+    monkeypatch.setattr(config, "HOLDING_NEWS_RETRY_EVERY", 0)
+    ctx = holding_ctx(env, store, [Overloaded("at capacity"), Overloaded("at capacity"), step("• NVDA: big news")])
+    busy: list[str] = []
+    assert await holding_news.run_holding_news(ctx, busy=busy) == {} and busy == ["bob_llama"]
+    assert ctx.bot.sent == []
+    await holding_news.retry_busy(ctx, busy)  # still busy once, then works
+    assert len(ctx.backend.seen) == 3 and "Holding news" in ctx.bot.sent[-1]["text"]
+    assert not any(r.exc_info for r in caplog.records)
+
+
+async def test_busy_provider_is_given_up_on_after_the_retry_window(env, store, monkeypatch, caplog):
+    monkeypatch.setattr(config, "HOLDING_NEWS_RETRY_EVERY", 4 * 3600)
+    monkeypatch.setattr(config, "HOLDING_NEWS_RETRY_FOR", 12 * 3600)
+    slept = []
+
+    async def no_sleep(seconds):
+        slept.append(seconds)
+
+    monkeypatch.setattr(holding_news.asyncio, "sleep", no_sleep)
+    ctx = holding_ctx(env, store, [Overloaded("at capacity")] * 4)
+    await holding_news.retry_busy(ctx, ["bob_llama"])
+    assert slept == [4 * 3600] * 3 and len(ctx.backend.seen) == 3 and ctx.bot.sent == []  # 12 h / 4 h
+    assert "gave up on @bob_llama after 12 hours" in caplog.text
+
+
 async def test_digest_skips_people_the_bot_cannot_reach(env, store):
     ctx = holding_ctx(env, store, [step("• NVDA: big news")])
     ctx.bot.fail_send[5] = Forbidden("bot was blocked")
diff --git a/tests/test_handlers.py b/tests/test_handlers.py
index 1b2c487..ba7f5a5 100644
--- a/tests/test_handlers.py
+++ b/tests/test_handlers.py
@@ -5,7 +5,7 @@
 from lib import config
 from lib.context import Ctx
 from lib.features import dm_buttons
-from lib.llm.base import Usage
+from lib.llm.base import Overloaded, Usage
 from lib.telegram.handlers import Handlers, format_answer, mentions
 from lib.telegram.handlers import photo_file_id as pick_photo
 
@@ -178,6 +178,16 @@ async def test_error_becomes_a_visible_message(env, store):
     assert "Sorry, something went wrong" in m.replies[0]["text"] and "provider exploded" in m.replies[0]["text"]
 
 
+async def test_busy_provider_gets_a_plain_reply_and_a_one_line_log(env, store, caplog):
+    err = Overloaded("xAI response failed: ResponseError(code='server_error',\n message='at capacity')")
+    ctx, backend, h = make_ctx(env, store, [err])
+    m = user_msg(ctx.bot, "@stockbot hello")
+    await run(h, m)
+    assert "at capacity right now" in m.replies[0]["text"] and "<pre>" not in m.replies[0]["text"]
+    line = next(r.getMessage() for r in caplog.records if "provider is busy" in r.getMessage())
+    assert "\n" not in line and not any(r.exc_info for r in caplog.records)
+
+
 async def test_movers_list_off_by_default_then_answered_once_without_tagging(env, store):
     text = "≥ 5.0% at close (ASX):\nNVDA +6.1%\nAMD +5.5%"
     for flag, expect in (({}, 0), ({"MOVERS_BOTS": "finbotibot"}, 1)):
diff --git a/tests/test_llm_backends.py b/tests/test_llm_backends.py
index 91a7623..79a25b2 100644
--- a/tests/test_llm_backends.py
+++ b/tests/test_llm_backends.py
@@ -5,7 +5,7 @@
 from openai import BadRequestError
 
 from lib import config
-from lib.llm.base import Usage
+from lib.llm.base import Overloaded, Usage
 from lib.llm.openrouter import OpenRouterBackend
 from lib.llm.xai import XaiBackend
 from lib.llm.zai import ZaiBackend
@@ -225,6 +225,41 @@ async def test_xai_cache_headers_and_flat_tools(env):
     assert kw["input"][0] == {"role": "system", "content": "SYS"} and kw["reasoning"] == {"effort": "low"}
 
 
+def xai_message(text):
+    from types import SimpleNamespace as N
+    return N(type="message", content=[N(type="output_text", text=text)])
+
+
+async def test_xai_keeps_only_the_last_message_when_it_drafts_before_searching():
+    from types import SimpleNamespace as N
+    st = config.load({"TELEGRAM_BOT_TOKEN": "1:x", "XAI_API_KEY": "k"})
+    items = [xai_message("draft"), N(type="web_search_call"), xai_message("answer")]
+    events = [N(type="response.output_item.added", item=items[0]),
+              N(type="response.output_text.delta", delta="draft"),
+              N(type="response.output_item.added", item=items[2]),
+              N(type="response.output_text.delta", delta="answer"),
+              xai_final(items, text="draftanswer")]
+    seen = []
+    b = XaiBackend(st, FakeXaiClient(events))
+    r = req(on_text=seen.append)
+    step = await b.step(b.start(r), r, tool_choice=None)
+    assert step.text == "answer" and step.searches == 1
+    assert seen == ["draft", "answer"]
+
+
+async def test_xai_failed_response_at_capacity_is_overloaded_other_failures_are_not():
+    from types import SimpleNamespace as N
+    st = config.load({"TELEGRAM_BOT_TOKEN": "1:x", "XAI_API_KEY": "k"})
+    for code, exc in (("server_error", Overloaded), ("invalid_prompt", RuntimeError)):
+        final = xai_final(status="failed")
+        final.response.error = N(code=code, message="m")
+        b = XaiBackend(st, FakeXaiClient([final]))
+        r = req()
+        with pytest.raises(exc) as e:
+            await b.step(b.start(r), r, tool_choice=None)
+        assert isinstance(e.value, Overloaded) == (exc is Overloaded)
+
+
 async def test_xai_cost_comes_from_usd_ticks(env):
     from types import SimpleNamespace as N
     st = config.load({"TELEGRAM_BOT_TOKEN": "1:x", "XAI_API_KEY": "k"})
diff --git a/tests/test_runner.py b/tests/test_runner.py
index 9e775b5..17b3d38 100644
--- a/tests/test_runner.py
+++ b/tests/test_runner.py
@@ -3,7 +3,7 @@
 from openai import APIStatusError, BadRequestError
 
 from lib import config
-from lib.llm.base import Usage
+from lib.llm.base import Overloaded, Usage
 from lib.llm.gate import route, wants_tools
 from lib.llm.policy import ask
 from lib.llm.runner import call_query, run, run_calls
@@ -198,6 +198,10 @@ async def test_no_retry_for_auth_credit_rate_limit_server_errors_or_must_search(
     with pytest.raises(RuntimeError, match="x"):
         await ask(b, registry(), req(must_search=True, search=True))
     assert len(b.seen) == 1
+    b = ScriptedBackend([Overloaded("at capacity"), step("never")])  # tools aren't the cause
+    with pytest.raises(Overloaded):
+        await ask(b, registry(mcp), with_tools(mcp))
+    assert len(b.seen) == 1
     b = ScriptedBackend([RuntimeError("x"), step("never")])  # nothing to take away: no retry
     with pytest.raises(RuntimeError):
         await ask(b, registry(), req())