New Photo - Red carpet fashion in vertical at the Venice Film Festival

Red carpet fashion in vertical at the Venice Film Festival September 1, 2025 at 5:17 AM 1 / 15Italy Venice Film Festival Jay Kelly Red CarpetGeorge Clooney, left, and Amal Clooney pose for photographers at the red carpet for the film 'Jay Kelly' during the 82nd edition of the Venice Film Festival in...

- - Red carpet fashion in vertical at the Venice Film Festival

September 1, 2025 at 5:17 AM

1 / 15Italy Venice Film Festival Jay Kelly Red CarpetGeorge Clooney, left, and Amal Clooney pose for photographers at the red carpet for the film 'Jay Kelly' during the 82nd edition of the Venice Film Festival in Venice, Italy, on Thursday, Aug. 28, 2025. (Photo by Scott A Garfitt/Invision/AP)Scott A Garfitt/Invision/AP

AP mobile scroll: a selection of standout vertical images of celebrities on the red carpet at the Venice Film Festival.

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Red carpet fashion in vertical at the Venice Film Festival

Red carpet fashion in vertical at the Venice Film Festival September 1, 2025 at 5:17 AM 1 / 15Italy Venice Film Fe...
New Photo - Storm forces flotilla back to Barcelona port, delaying its journey to Gaza

Storm forces flotilla back to Barcelona port, delaying its journey to Gaza RENATA BRITO September 1, 2025 at 5:26 AM 1 / 3Spain Gaza FlotillaActivists wave on a boat taking part in a civilian flotilla bound for Gaza, aiming to break the Israeli blockade and deliver humanitarian aid, in Barcelona, Sp...

- - Storm forces flotilla back to Barcelona port, delaying its journey to Gaza

RENATA BRITO September 1, 2025 at 5:26 AM

1 / 3Spain Gaza FlotillaActivists wave on a boat taking part in a civilian flotilla bound for Gaza, aiming to break the Israeli blockade and deliver humanitarian aid, in Barcelona, Spain, Sunday, Aug. 31, 2025. (AP Photo/Emilio Morenatti)

BARCELONA, Spain (AP) — A flotilla headed to Gaza that had departed Barcelona under much fanfare was forced back to port after a storm hit parts of Spain overnight.

The Global Sumud Flotilla, consisting of around 20 boats with participants from 44 countries, chose to return and delay its departure to "prioritize safety," a statement said Monday.

Facing winds of over 56 kilometers per hour (35 miles per hour), some of the smaller boats taking part in the mission would have been at risk, it said.

The flotilla is the largest attempt yet to break the Israeli blockade of the Palestinian territory by sea.

It comes as Israel has stepped up its offensive on Gaza City, limiting the deliveries of food and basic supplies in the north of the Palestinian territory. Food experts warned earlier this month that the city was gripped by famine and that half a million people across the strip were facing catastrophic levels of hunger.

Thousands of pro-Palestinian supporters had gathered under a scorching sun on the docks of Barcelona's old port Sunday to cheer the mission as it took off.

Spain's national weather agency AEMET had issued warnings of rainfall and strong storms for the region of Catalonia, as well as other parts of Spain.

It was unclear when the maritime convoy would depart Barcelona again. Other boats are expected to join from across the Mediterranean in the coming days, including from Tunis and Sicily.

Among the participants on board are Swedish climate activist Greta Thunberg and former Mayor of Barcelona Ada Colau. The flotilla also received support from Academy Award-winning actress Susan Sarandon and Liam Cunningham, known for his role in the HBO series "Game of Thrones."

The Israeli military is likely to try and stop the boats from getting near Gaza, as they have done in the past.

The almost 23-month war has killed more than 63,000 people, with nearly 340 Palestinians dying of malnutrition, including 124 children, according to the Gaza Health Ministry.

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Storm forces flotilla back to Barcelona port, delaying its journey to Gaza

Storm forces flotilla back to Barcelona port, delaying its journey to Gaza RENATA BRITO September 1, 2025 at 5:26 ...
New Photo - How AI will shape 4 investment banking careers, from ECM to trading

How AI will shape 4 investment banking careers, from ECM to trading Reed AlexanderSeptember 1, 2025 at 4:24 AM Artificial intelligence will impact workflows in mergers, debt, equity, and trading in the next five years in specific ways, according to a new report.

- - How AI will shape 4 investment banking careers, from ECM to trading

Reed AlexanderSeptember 1, 2025 at 4:24 AM

Artificial intelligence will impact workflows in mergers, debt, equity, and trading in the next five years in specific ways, according to a new report.primeimages/Getty Images -

AI may be responsible for up to a third of investment banking tasks by 2030, a report found.

But the impact will vary across roles, from equity capital markets to trading and M&A.

Here's how AI could reshape 4 different investment banking career paths.

Everyone says artificial intelligence will change the way we work. But on Wall Street, where investment banking jobs range from high-touch dealmaking to split-second trading, what will that actually look like? And who's most at risk?

Each role in financial services will be impacted differently as AI spreads through the industry, a process that's well underway. JPMorgan and Citi have rolled out in-depth AI strategies; Goldman Sachs has made its AI chatbot sidekick available firmwide.

Business Insider spoke to Sumeet Chabria, a former Bank of America executive turned founder of consultancy ThoughtLinks, whose firm recently produced a report forecasting precisely which tasks in the investment banking world will be overtaken by AI, and what humans will be doing.

Sumeet Chabria, founder and CEO of ThoughtLinks.Courtesy of Sumeet Chabria/ThoughtLinks

He offered detailed case studies covering four specific areas: M&A, sales and trading, equity underwriting, and debt underwriting — for each one, breaking down the roles AI will likely to overtake, and where humans will remain indispensable.

Chabria's research predicts that AI could transform as much as 33% of IB workflows by 2030, meaning it will handle everything from data analysis and document drafting to simulating market scenarios. Here's a look at how the dynamic between people and the machines will play out for four specific Wall Street career tracks by 2030.

Mergers & AcquisitionsWhat bankers will be doing:

M&A bankers will review potential risks, provide important context, and take the lead on final due diligence — especially in complex areas like tax, reputation, and integration planning, where human judgment is essential. They'll continue shaping deal strategy, advising clients, and leading negotiations.

What AI will be doing: -

AI agents will work around the clock scanning public/private data, news, and CRM platforms to identify strategic targets.

AI will flag operational, market, and geopolitical risks, delivering summarized insights to deal teams.

Forecast change by 2030: 30%Equity UnderwritingWhat bankers will be doing:

Lead ECM bankers will still oversee bookbuilding in real time, step in to adjust investor allocations when needed, and handle negotiations with key investors. They will also remain in charge of taking deals live, how a company's story is told, and getting sign-off from company leadership. Even with advanced models, understanding investor mood and managing tricky company situations will require human judgment and experience.

What AI will be doing: -

During live deals, AI tools will track investor orders, test different ways to allocate shares, and adjust pricing on the fly. Before the launch, they will run simulations based on market trends and how investors are likely to respond.

Forecast change by 2030: 32%Debt UnderwritingWhat bankers will be doing:

DCM teams will keep evaluating the best time to issue debt based on the company's goals and their relationships with investors. While AI may draft documents, bankers — working together with legal counsel — must ensure they meet legal standards, align with rating agencies, and comply with regulations. Their judgment will be crucial in shaping language and guiding the market narrative.

What AI will be doing: -

Agents will monitor rate curves, peer issuance, and investor trends to recommend deal timing and structure.

Generative AI will draft offering documents, term sheets, and covenants using internal data and compliance inputs.

Forecast change by 2030: 34%Sales & TradingWhat bankers will be doing:

Traders will use AI recommendations to make trades on an even greater scale than they are doing now, intervening more heavily in disorderly conditions. They'll continue to manage inventory, client objectives, and risk appetite. Human oversight will be crucial in calibrating algorithmic boundaries, ensuring compliance, and preserving client trust in high-stakes environments.

What AI will be doing: -

AI systems will provide real-time execution recommendations based on liquidity, venue analysis, and timing.

In volatile markets, quote engines will adjust spreads dynamically within set risk bands.

Forecast change by 2030: 32%

How is AI really showing up in your day-to-day? Is it living up to the hype? Take our quick, anonymous survey and tell us how — or if — AI is changing your job.

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How AI will shape 4 investment banking careers, from ECM to trading

How AI will shape 4 investment banking careers, from ECM to trading Reed AlexanderSeptember 1, 2025 at 4:24 AM Art...
New Photo - 3 Stocks That Could Join the $3 Trillion Club Alongside Apple, Microsoft, and Nvidia

3 Stocks That Could Join the $3 Trillion Club Alongside Apple, Microsoft, and Nvidia Keith Speights, The Motley FoolSeptember 1, 2025 at 3:44 AM Key Points Google parent Alphabet has a relatively easy path to reaching a market cap of $3 trillion.

- - 3 Stocks That Could Join the $3 Trillion Club Alongside Apple, Microsoft, and Nvidia

Keith Speights, The Motley FoolSeptember 1, 2025 at 3:44 AM

Key Points -

Google parent Alphabet has a relatively easy path to reaching a market cap of $3 trillion.

It's a similar story for Amazon, which (like Alphabet) has a major AI tailwind at its back.

Meta Platforms' ticket to join the $3 trillion club could be paid partly by success in the AI glasses market.

10 stocks we like better than Meta Platforms ›

Two's a party, three's a crowd.

If that old saying is true, there's a crowd at the top of the stock market. Only three stocks currently sport market caps of $3 trillion or more: Nvidia (NASDAQ: NVDA), Microsoft (NASDAQ: MSFT), and Apple (NASDAQ: AAPL).

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But I think it could get more crowded at the top in the not-too-distant future. Here are three stocks I predict will join the $3 trillion club alongside Nvidia, Microsoft, and Apple.

A smiling person looking at a laptop with servers in the background.

Image source: Getty Images.

1. Alphabet

Google parent Alphabet (NASDAQ: GOOG) (NASDAQ: GOOGL) has the easiest path to reaching a market cap of $3 trillion. The tech company's shares only need to rise another 20% or so to hit that mark. I think there's a reasonable chance that could happen next year.

If and when Alphabet does join the $3 trillion club, its Google Cloud unit will almost certainly be a key reason why. Google Cloud remains the fastest-growing among the top three cloud service providers, with its revenue soaring 32% year over year in the second quarter of 2025. Alphabet is ramping up its capital expenditures in 2025 in response to the strong demand for its cloud products and services, driven largely by the rapid adoption of artificial intelligence (AI).

Speaking of AI, CEO Sundar Pichai said in Alphabet's Q2 update that the technology "is positively impacting every part of the business." Google Search is benefiting from the introduction of AI Overviews and AI Mode generative AI features. AI is helping advertisers boost conversion rates in their search campaigns. The AI-powered Veo text-to-video tool is making content creation easier for YouTube.

I suspect that Alphabet's market cap will be much higher than $3 trillion by the end of the decade. In addition to its core businesses, the company has other potential growth drivers. Waymo especially stands out, thanks to its leading position in the autonomous ride-hailing services (robotaxi) market.

2. Amazon

Amazon's (NASDAQ: AMZN) market cap is running neck-and-neck with Alphabet's. The e-commerce and cloud services giant doesn't face a tough climb to achieve a $3 trillion valuation.

As is the case with Alphabet, the AI tailwind propelling customers to the cloud is the most important factor for Amazon's growth. The company's Amazon Web Services (AWS) claims the highest market share among cloud platforms. Although AWS isn't growing as fast as some of its rivals, it doesn't have to for Amazon's revenue and profits to increase significantly.

Don't ignore Amazon's growth opportunity in e-commerce, though. Revenue and operating income for this business continue to grow by double-digit percentages. With most retail sales still generated in brick-and-mortar stores, Amazon should have plenty of room for growth.

Like Alphabet, Amazon has other big opportunities. Advertising has become an important source of revenue. The company plans to launch its Project Kuiper satellite internet service this year. Its Zoox subsidiary is a contender in the robotaxi market as well.

3. Meta Platforms

With a market cap hovering around $1.9 trillion, Meta Platforms (NASDAQ: META) has a greater challenge to join the $3 trillion club than Alphabet and Amazon do. However, I think it's only a matter of time before Meta takes its place beside its fellow members of the so-called "Magnificent Seven."

Meta makes most of its money from advertising on its Facebook, Instagram, Messenger, and WhatsApp platforms. AI should continue to help the company boost its profits by recommending more relevant ads to users, increasing user engagement, and making content easier to create.

I think smart glasses could be a huge growth driver for Meta over the next few years. Sales for the Ray-Ban Meta AI glasses are booming. The new Oakley Meta AI glasses appear to be a big hit. Meta CEO Mark Zuckerberg believes that glasses offer the ideal way to interact with AI. I agree -- and fully expect Meta will be one of the biggest winners in this rapidly emerging market.

Perhaps the most intriguing part of Meta's growth story is the company's significant investment in AI superintelligence. Should Meta succeed on this front, its market cap will almost certainly be much higher than $3 trillion in the future.

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Keith Speights has positions in Alphabet, Amazon, Apple, Meta Platforms, and Microsoft. The Motley Fool has positions in and recommends Alphabet, Amazon, Apple, Meta Platforms, Microsoft, and Nvidia. The Motley Fool recommends the following options: long January 2026 $395 calls on Microsoft and short January 2026 $405 calls on Microsoft. The Motley Fool has a disclosure policy.

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3 Stocks That Could Join the $3 Trillion Club Alongside Apple, Microsoft, and Nvidia

3 Stocks That Could Join the $3 Trillion Club Alongside Apple, Microsoft, and Nvidia Keith Speights, The Motley Fo...
New Photo - The 4% rule is now the 4.7% rule. That matters for your retirement.

The 4% rule is now the 4.7% rule. That matters for your retirement. Daniel de Visé, USA TODAYSeptember 1, 2025 at 4:02 AM Three decades ago, financial adviser Bill Bengen created a retirement principle called the 4% rule. It went viral. Now, the rule is getting an update.

- - The 4% rule is now the 4.7% rule. That matters for your retirement.

Daniel de Visé, USA TODAYSeptember 1, 2025 at 4:02 AM

Three decades ago, financial adviser Bill Bengen created a retirement principle called the 4% rule. It went viral.

Now, the rule is getting an update.

The 4% rule says you should plan to spend 4% of your savings in the first year of retirement, and spend the same amount, adjusted for inflation, every year after that.

It caught on because it's a simple formula to solve a complex problem: how to fund your retirement.

The 4% rule has drawn praise and pillory for years. Now, Bengen says it's time for a revision: The 4% rule has become the 4.7% rule.

The revision illustrates both the strength and weakness of the original 4% rule.

The rule endures as one of the best-known concepts in personal finance, brilliant in its simplicity.

"It's lasted a long time because it's memorable and it makes a very complex human problem feel a lot more manageable," said Rob Williams, managing director of financial planning at Charles Schwab.

But some retirement experts say the rule is a little too simple. It dates to an era when many savers put half their money in stocks, half in bonds, the allocation Bengen used to formulate his original rule.

Nowadays, financial advisers often recommend that retirement savers diversify across a much longer list of "asset classes," which might include several types of stocks and bonds, real estate, cash and cash-equivalents. And fewer investors park half their money in the bond market.

Illustration of a man putting money into several piggy banks for retirement.How the 4% rule became the 4.7% rule

The 4% rule began in 1994 as some math in a paper Bengen wrote for the Journal of Financial Planning. If retirees started out with that rate of spending, Bengen reasoned, their savings would last 30 years. (The actual figure was 4.15%. He rounded down.)

The rule took off, surprising even its author.

"It is surreal," Bengen said. "I can't believe that I'm still doing this, 30 years later."

Bengen has continued to refine the rule, along with his own investment habits. Thirty years ago, his research focused on an equal mix of U.S. government bonds and large-company stocks. Today, he works with a broader investment portfolio, including stocks for large, medium and small companies, international stocks, bonds and Treasury bills.

"I'm up to seven asset classes now," he said.

Bengen's calculations now assume a slightly less conservative mix of 55% stocks, 40% bonds and 5% cash.

The broader portfolio, coupled with strong stock performance in recent years, changed the math for Bengen's rule. For a new book, published in August, he posited the 4.7% rule.

"The primary reason for the change is that my research has gotten more sophisticated," he said.

Bengen practices what he preaches, more or less. When he retired in 2013, he followed an version of his own rule, spending 4.5% of his savings in the first year.

"And that turned out to be too conservative," he said. "Because the stock market has done so well, I've been able to adjust upwards."

He's now spending 4.9% a year.

Retirees play golf amidst coronavirus-related event cancellations at Fenney Recreation Center in The Villages, Florida.Is the 4% rule still valid?

The 4% rule remains ubiquitous in financial planning. It is also the subject of endless critiques, in articles that question whether the rule still works or suggest it might no longer apply to most of us.

"The 4% was a general rule of thumb, but the reality is, people really have to look at the true price of what it costs to be them in retirement, or the them they want to be," said Caleb Silver, editor-in-chief of the financial journalism site Investopedia.

Williams, of Schwab, said the 4% rule remains "a good place to start." But a modern retirement plan, he said, is a living document. Retirees and their advisers can update spending targets every year, based on life changes, investment returns, inflation and other factors.

"Most folks that I talk to, their spending patterns over the 20 to 30 years they are retired are not static. They are dynamic," said Douglas Ornstein, a director with TIAA Wealth Management.

One reason for the enduring popularity of the 4% rule is that it speaks to a paramount fear of Americans approaching retirement: outliving your money. A recent survey, from Allianz Life, suggests we fear running out of money more than death itself.

"As humans, when we have complicated challenges, like how much do we spend in retirement, that's a scary question," Williams said.

Shuffleboard players gathered near the River Walk Center in downtown Fort Pierce on Monday, Dec. 19, 2022, for a two-day tournament hosted by the Florida Shuffleboard Association. The retirees used a little over half of the courts with a view of the Indian River Lagoon during the tournament Monday morning, competing against players from as far away as Fort Myers.Many retirees follow the 4% rule. Some get it wrong.

Many retirees follow Bengen's rule to the letter.

"I know some people do take it literally, because I get emails from people all over, every day," Bengen said.

Not everyone gets the rule right. Some retirees mistakenly think the aim is to spend exactly 4% of your savings every year, Bengen said.

Here's how the original rule actually works:

If you retire with $500,000 in savings, you spend $20,000 in the first year to supplement Social Security and any other income. If the inflation rate is 3%, you spend $20,600 in year two. And so on.

Herein lies another problem with the 4% rule: It seems to work better for the well-heeled.

The typical American in the 55-to-65 age range has about $185,000 in household retirement savings, according to the 2022 Survey of Consumer Finances.

Apply the 4% rule to $185,000 and you get $7,400 a year: Not much money.

"There are a lot of families out there who have no retirement savings at all," said Amy Arnott, portfolio strategist at Morningstar.

Bengen's rule is conservative. He formulated it to cover retirees in every economic scenario, with a spending rate that ensured savings would last through retirement.

The rule is based "on research that was trying to find the worst case among all retirees for the last 100 years," Bengen said. "I think some retirees, a lot of retirees, should probably spend more."

This article originally appeared on USA TODAY: The 4% rule is now the 4.7% rule. Here's why that matters.

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The 4% rule is now the 4.7% rule. That matters for your retirement.

The 4% rule is now the 4.7% rule. That matters for your retirement. Daniel de Visé, USA TODAYSeptember 1, 2025 at ...
New Photo - Bitcoin is getting boring. That could open more doors for the crypto asset on Wall Street.

Bitcoin is getting boring. That could open more doors for the crypto asset on Wall Street. David HollerithSeptember 1, 2025 at 4:12 AM Bitcoin's (BTCUSD) range of wild price swings has come down this year.

- - Bitcoin is getting boring. That could open more doors for the crypto asset on Wall Street.

David HollerithSeptember 1, 2025 at 4:12 AM

Bitcoin's (BTC-USD) range of wild price swings has come down this year. The key reason? It may have to do with companies rapidly stockpiling the asset, according to JPMorgan strategists.

The largest cryptocurrency's three- and six-month rolling volatility, meaning the speed and extent of its price changes over those time periods, has fallen to a historically low level. This trend has continued even as bitcoin's price set new record highs in May, July, and August.

Bitcoin fell to $108,000 as of Friday afternoon, but jumped to over $109,000 on Monday. It's up over over 17% year to date.

"Corporate treasuries now hold over 6% of bitcoin's total supply and act as a form of private sector quantitative easing for crypto markets," JPMorgan global market strategist Nikolaos Panigirtzoglou wrote in a client note on Thursday.

"We believe a factor behind the collapse in bitcoin volatility has been the acceleration of bitcoin purchases by corporate treasuries," Panigirtzoglou added.

Over the roughly 16 years that bitcoin has been around, its market price has seen wild swings, often at magnitudes far greater than more widely held assets like bonds, gold, and many stocks and its still widely perceived as more volatile than those assets.

However, the range of its swings has been narrowing and a key factor has been the launch of new bitcoin-related financial products like futures contracts and exchange-traded funds that have brought in more investor groups.

This year, the biggest new wave has been public and private corporations seeking to put the crypto asset on their balance sheet in a play pioneered years ago by Michael Saylor's Strategy (MSTR) (formerly MicroStrategy).

Juggernaut? Strategy executive chairman Michael Saylor speaks during Bitcoin Conference 2023 in Miami Beach on May 19, 2023. (Reuters/Marco Bello) (REUTERS / Reuters)

Since the Tysons Corner, Va.-based enterprise software company started purchasing the digital asset in 2020, it has become a bitcoin juggernaut. And founder Saylor has made a name for himself as the evangelist of bitcoin adoption for corporates.

Read more: Can you buy crypto with a credit card? See the pros and cons.

For example, from the president's own namesake, Trump Media & Technology Group (DJT), to video game retailer GameStop (GME), a Japanese hotel operator called Metaplanet (MTPLF), and others, these companies have picked up tens of billions of dollars' worth of bitcoin since the beginning of January, according to data aggregator Bitcoin Treasuries.

In July alone, public companies snapped up "nearly two-thirds" of total bitcoin purchases among the biggest buyers: exchange-traded products, governments, and public and private companies, according to a recent Bitcoin Treasuries report.

Such a development may have wide implications for how much bitcoin other kinds of investors could own, according to JPMorgan's Panigirtzoglou.

By lowering bitcoin's volatility, these new buyers could make bitcoin "more attractive from a valuation point of view," Panigirtzoglou said, adding that as its volatility drops, bitcoin could become a more competitive alternative to gold. While volatility doesn't equal outright investment risk, it represents a key component.

Wall Street bullish on bitcoin: The bull in New York City. (Spencer Platt/Getty Images) (Spencer Platt via Getty Images)

Between Washington, D.C., and Wall Street, the crypto world has already seen some major wins this year.

Earlier in August, crypto rallied after Trump signed an executive order that directs federal agencies to remove regulatory barriers blocking access to alternative assets and crypto from being offered in 401(K) other defined-contribution retirement plans.

Weeks before, Trump signed a bill that will allow US banks to issue their own dollar-pegged stablecoin. A week before big bank executives, including Citigroup's Jane Fraser and JPMorgan Chase's Jamie Dimon, have said they are exploring that business.

And in late May, Federal Housing Finance Agency Director William Pulte ordered Fannie Mae and Freddie Mac to come up with a way for the government-sponsored mortgage companies to count crypto holdings as assets on mortgage applications.

Read more: How would Trump's strategic bitcoin reserve work?

While Michael Saylor's Strategy pioneered the gambit of rapidly acquiring crypto assets by issuing a mix of debt and equity years ago, more companies have joined the party this year.

That's due in part to a combination of less burdensome accounting rules and more favorable treatment of crypto by the Trump administration and the simple fact that Saylor's Strategy play has proven successful. Strategy's stock trades at a significant premium to the underlying bitcoin it holds.

Though the length of time that such a phenomenon can last remains a hotly debated topic, approximately 180 other companies have imitated the play.

Of that group, roughly a quarter had stocks trading below the value of the bitcoin they held as of August 22, according to Capriole Investments.

And it's not just bitcoin either.

Corporate treasuries have been loading up on cryptocurrencies such as ether and others in addition to bitcoin. And for those smaller tokens, the reaction so far hasn't been boring.

Trump's namesake media group announced plans to roll out another crypto treasury company just this past week through a partnership with crypto exchange Crypto.com.

Called Trump Media Group CRO Strategy, this company will hold Crypto.com's lesser-known trading platform and blockchain token Cronos (CRO-USD). The token's market capitalization has almost doubled to $9 billion since the Tuesday announcement.

Also known by critics as "money printing," quantitative easing is a less conventional monetary policy tool that the US Federal Reserve used to support the economy during two of the country's most recent financial emergencies, the COVID-19 pandemic and the 2008 financial crisis.

The measure is known to have significant repercussions, such as fueling riskier behavior that can lead to asset bubbles and even future inflation.

StockStory aims to help individual investors beat the market.

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Bitcoin is getting boring. That could open more doors for the crypto asset on Wall Street.

Bitcoin is getting boring. That could open more doors for the crypto asset on Wall Street. David HollerithSeptembe...
New Photo - A downturn in international travel to the U.S. may last beyond summer, experts warn

A downturn in international travel to the U.S. may last beyond summer, experts warn RIO YAMATSeptember 1, 2025 at 4:16 AM People walk through Harry Reid International Airport, Friday, Aug. 29, 2025, in Las Vegas.

- - A downturn in international travel to the U.S. may last beyond summer, experts warn

RIO YAMATSeptember 1, 2025 at 4:16 AM

People walk through Harry Reid International Airport, Friday, Aug. 29, 2025, in Las Vegas. (AP Photo/John Locher)

LAS VEGAS (AP) — For a few hopeful weeks this summer, a bright billboard on the major highway linking Toronto to New York greeted Canadian drivers with a simple message: "Buffalo Loves Canada."

The marketing campaign, which included a $500 gift card giveaway, was meant to show Buffalo's northern neighbors they were welcome, wanted and missed.

At first, it seemed like it might work, said Patrick Kaler, CEO of the local tourism organization Visit Buffalo Niagara. More than 1,000 people entered the giveaway. But by the end of July, it was clear the city's reliable summer wave of Canadian visitors would not arrive this year.

Buffalo's struggle reflects a broader downturn in international tourism to the U.S. that travel analysts warn could persist well into the future. From northern border towns to major hot spots like Las Vegas and Los Angeles, popular travel destinations reported hosting fewer foreign visitors this summer.

Experts and some local officials attribute the trend that first emerged in February to President Donald Trump's return to the White House. They say his tariffs, immigration crackdown and repeated jabs about the U.S. acquiring Canada and Greenland alienated travelers from other parts of the world.

"To see the traffic drop off so significantly, especially because of rhetoric that can be changed, is so disheartening," Kaler said.

Forecasts show US losing foreign travelers

The World Travel & Tourism Council projected ahead of Memorial Day that the U.S. would be the only country among the 184 it studied where foreign visitor spending would fall in 2025. The finding was "a clear indicator that the global appeal of the U.S. is slipping," the global industry association said.

"The world's biggest travel and tourism economy is heading in the wrong direction," Julia Simpson, the council's president and CEO, said. "While other nations are rolling out the welcome mat, the U.S. government is putting up the 'closed' sign."

Travel research firm Tourism Economics, meanwhile, predicted this month that the U.S. would see 8.2% fewer international arrivals in 2025, an improvement from its earlier forecast of a 9.4% decline but well below the numbers of foreign visitors to the country before the COVID-19 pandemic.

"The sentiment drag has proven to be severe," the firm said, noting that airline bookings indicate "the sharp inbound travel slowdown" of May, June and July would likely persist in the months ahead.

Deborah Friedland, managing director at the financial services firm Eisner Advisory Group, said he U.S. travel industry faced multiple headwinds — rising travel costs, political uncertainty and ongoing geopolitical tensions.

Since returning to office, Trump has doubled down on some of the hard-line policies that defined his first term, reviving a travel ban targeting mainly African and Middle Eastern countries, tightening rules around visa approvals and ramping up mass immigration raids. At the same time, the push for tariffs on foreign goods that quickly became a defining feature of his second term gave some citizens elsewhere a sense they were unwanted.

"Perception is reality," Friedland said.

International arrivals down from Western Europe, Asia and Africa

Organizers of an international swing dancing said an impression of America's hostility to foreigners led them to postpone the event, which had been scheduled to take place this month in the Harlem area of New York City.

About three months into Trump's second term, international competitors began pulling out of the world finals of the International Lindy Hop Championships, saying they felt unwelcome, event co-producer Tena Morales said. About half of attendees each year come from outside the U.S., primarily from Canada and France, she said.

Contest organizers are considering whether to host the annual competition in another country until Trump's presidency ends, Morales said.

"The climate is still the same and what we're hearing is still the same, that (dancers) don't want to come here," she said.

The nation's capital, where the Trump administration in recent weeks deployed National Guard members and took over management of Union Station, also has noticed an impact.

Local tourism officials have projected a 5.1% dip in international visitors for the year. Marketing organization Destination DC said last week it planned to "counter negative rhetoric" about the city with a campaign that would feature residents and highlight the "more personal side" of Washington.

U.S. government data confirms an overall drop-off in international arrivals during the first seven months of the year. The number of overseas visitors, a category that doesn't include travelers from Mexico or Canada, declined by more than 3 million, or 1.6%, compared to the same period a year earlier, according to preliminary figures from the National Travel and Tourism Office.

As a tourist generator, Western Europe was down 2.3%, with visitors from Denmark dropping by 19%, from Germany by 10%, and from France by 6.6%. A similar pattern surfaced in Asia, where the U.S. data showed double-digit decreases in arrivals from Hong Kong, Indonesia and the Philippines. Fewer residents of countries throughout Africa also had traveled to the U.S. as of July.

However, visitors from some countries, among them Argentina, Brazil, Italy and Japan, have arrived in greater numbers.

Filling a void left by Canadian tourists

Neither did all U.S. destinations report sluggish summers for tourism.

On eastern Wisconsin's Door Peninsula, which straddles Lake Michigan and Green Bay, a steady stream of loyal Midwest visitors helped deliver a strong summer for local businesses, according to Jon Jarosh, a spokesperson for Destination Door County.

Many business owners reported a noticeable uptick in foot traffic after a quieter start to the season, Jarosh said, and sidewalks were bustling and restaurants were packed by midsummer.

Executives from the major U.S. airlines said last month that American passengers booking premium airfares helped fill their international flights and that demand for domestic flights was picking up after a weaker than expected showing in the first half of 2025.

The Federal Aviation Administration said it was gearing up for what is expected to be the busiest Labor Day weekend in 15 years. Bookings for U.S. airlines were up about 2% compared to 2024 for the long holiday weekend that started Thursday, aviation analytics firm Cirium said.

As the summer winds down, though, the absence of foreign visitors in Buffalo was still visible, according to Kaler, the head of Visit Buffalo Niagara.

Canada sent over 20.2 million visitors to the U.S. last year, more than any other country, U.S. government data showed. But this year, residents of Canada have been among the most reluctant to visit.

In a major U-turn, more U.S. residents drove into Canada in June and July than Canadians making the reverse trip, according to Canada's national statistical agency. Statistics Canada said it was the first time that happened in nearly two decades with the exception of two months during the pandemic.

In July alone, the number of Canadian residents returning from the U.S. by car was down 37% from the year before, and return trips by plane fell 26%, the agency said.

As a result, Visit Buffalo Niagara shifted its marketing efforts this summer to cities like Boston, Philadelphia and Chicago. Amateur children's sporting events also helped fill the void left by Canadian tourists.

"We will always welcome Canadians back when the time is right," Kaler said. "I don't want Canadians to feel like we see them as just dollar signs or a transaction at our cash registers. They mean more to us that that."

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A downturn in international travel to the U.S. may last beyond summer, experts warn

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