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House flippers are about to get an AI assist on their next renovation project. Kai is an AI-powered tool that can visually identify what’s needed to fix up a house and put it on the market. The system converts photos and videos of house projects into SKU-level material specifications and cost estimates, making it fast and easy for an institutional home renovator to create an actionable renovation plan and order all the materials needed to get the job done. Kai has just launched a partnership with home improvement retailer Home Depot to link its building material and product selection tools directly with Home Depot’s 3.5 million item inventory list. Home renovators will be able to use Kai to scan a project, identify the materials needed, and immediately order them from Home Depot. [Image: Kai] Kai’s cofounder and CEO Or Agassi calls it an “AI-native renovation intelligence platform” that can effectively reverse engineer a scope of work on anything from a kitchen remodel to a down-to-the-studs gut renovation. With a guided photography process, Kai analyzes images of a house to determine what materials are needed to complete a given project. A photo showing a cracked door, for example, would lead the tool to offer up a few options for replacement, with their prices and availability at Home Depot stores in the area. An image of an old furnace can lead the tool to recommend a more efficient model that can increase the resale value of the home. [Image: Kai] It’s an evolution of RenoWalk, an in-house tool Home Depot had used for more than a decade, which allowed business customers to streamline property management and renovation projects by integrating with Home Depot’s inventory and ordering systems. The company decided to sunset that tool, and now Kai is taking its place, using data from the tens of thousands of renovation projects completed using the old system. Kai declined to disclose terms of the Home Depot deal. Kai’s first users are large institutional housing investors and operators, including both public and private companies. Citing nondisclosure agreements, Kai declined to reveal the names of these companies. Some of these companies own more than 100,000 houses across the U.S. They also bring their own wealth of renovation data, which Kai uses to train client-specific AI models. “If you send us a scope of work of how you like to renovate, we will know how to create a playbook based on that,” Agassi says. The system also adjusts for different types of renovation projects and budget levels. “Whether you’re looking to optimize for selling to the market, selling off market, renting the property out, we know how to understand the renovation condition and tell you what needed to be done to hit this target renovation,” Agassi says. [Image: Kai] Agassi says the system has the potential to drastically reduce project timelines and budgets, and help get more affordable housing on the market. “There’s a shortage of five million single family rentals out there. And it’s only getting worse because new inventory is unable to catch up,” Agassia says. “We are trying to solve for the biggest issue in housing.” Agassi has been looking at the housing challenges in the U.S. for more than a decade. Previously he and Kai cofounder Tov Arneson created Stoa, a now-closed proptech company that helped connect fix-and-flip housing investors with institutional investors and housing operators looking for more inventory. The company was seeing solid growth since its launch in 2017 but a hike in interest rates in 2023 hit the company hard and it shut down. Agassi says that even though the company failed, the idea behind Stoa stuck with him. Kai is an evolution of that concept. “We are fulfilling what used to be our dream at Stoa, which is a system that you get into a property, take some photos, and it tells you what you need to do in order to do an optimized renovation,” says Agassi. “The technology was never there, and now it is.” Agassi says Kai expects to be serving tens of thousands of customers by the end of the year, and plans on expanding the tool for use by mom-and-pop landlords, DIYers, and contractors next year. “We start with the largest operators, but the goal is to go all the way down to the consumer sitting in the comfort of their own homes, taking some photos, and we tell them exactly what’s needed to be done in order to renovate for the optimal outcome,” Agassi says.
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E-Commerce
President Donald Trump’s meeting Thursday with China’s top leader Xi Jinping produced a raft of decisions to help dial back trade tensions, but no agreement on TikTok’s ownership.“China will work with the U.S. to properly resolve issues related to TikTok,” China’s Commerce Ministry said after the meeting.It gave no details on any progress toward ending uncertainty about the fate of the popular video-sharing platform in the U.S.The Trump administration had been signaling that it may have finally reached a deal with Beijing to keep TikTok running in the U.S.Treasury Secretary Scott Bessent had said on CBS’s “Face the Nation” on Sunday that the two leaders will “consummate that transaction on Thursday in Korea.”Wide bipartisan majorities in Congress passed and President Joe Biden signed a law that would ban TikTok in the U.S. if it did not find a new owner to replace China’s ByteDance. The platform went dark briefly on a January deadline but on his first day in office, Trump signed an executive order to keep it running while his administration tries to reach an agreement for the sale of the company.Three more executive orders followed, as Trump, without a clear legal basis, extended deadlines for a TikTok deal. The second was in April, when White House officials believed they were nearing a deal to spin off TikTok into a new company with U.S. ownership. That fell apart when China backed out after Trump announced sharply higher tariffs on Chinese products. Deadlines in June and September passed, with Trump saying he would allow TikTok to continue operating in the United States in a way that meets national security concerns.Trump’s order was meant to enable an American-led group of investors to buy the app from China’s ByteDance, though the deal also requires China’s approval.However, TikTok deal is “not really a big thing for Xi Jinping,” said Bonnie Glaser, managing director of the German Marshall Fund’s Indo-Pacific program, during a media briefing Tuesday. “(China is) happy to let (Trump) declare that they have finally kept a deal. Whether or not that deal will protect the data of Americans is a big question going forward.”“A big question mark for the United States, of course, is whether this is consistent with U.S. law since there was a law passed by Congress,” Glaser said.About 43% of U.S. adults under the age of 30 say they regularly get news from TikTok, higher than any other social media app, including YouTube, Facebook and Instagram, according to a Pew Research Center report published in September.A recent Pew Research Center survey found that about one-third of Americans said they supported a TikTok ban, down from 50% in March 2023. Roughly one-third said they would oppose a ban, and a similar percentage said they weren’t sure.Among those who said they supported banning the social media platform, about 8 in 10 cited concerns over users’ data security being at risk as a major factor in their decision, according to the report.The security debate centers on the TikTok recommendation algorithm which has steered millions of users into an endless stream of video shorts. China has said the algorithm must remain under Chinese control by law. But a U.S. regulation that Congress passed with bipartisan support said any divestment of TikTok would require the platform to cut ties with ByteDance.American officials have warned the algorithm a complex system of rules and calculations that platforms use to deliver personalized content is vulnerable to manipulation by Chinese authorities, but no evidence has been presented by U.S. officials proving that China has attempted to do so. Associated Press Writer Fu Ting contributed to this story from Washington. Barbara Ortutay, AP Technology Writer
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E-Commerce
The Trump administration has agreed to resume student loan forgiveness for an estimated 2.5 million borrowers who are enrolled in certain federal repayment plans following a lawsuit from the American Federation of Teachers.Under the agreement reached Friday between the teachers union and the administration, the Education Department will process loan forgiveness for those eligible in certain repayment plans that offer lower monthly payments based on a borrower’s earnings. The government had stopped providing forgiveness under those plans based on its interpretation of a different court decision.The agreement will also protect borrowers from being hit with high tax bills on debt due to be forgiven this year.“We took on the Trump administration when it refused to follow the law and denied borrowers the relief they were owed,” AFT President Randi Weingarten said in a statement. “Our agreement means that those borrowers stuck in limbo can either get immediate relief or finally see a light at the end of the tunnel.”The Education Department said the Trump administration is reviewing forgiveness programs to identify ones that were not affected by court rulings that blocked much of the Biden administration’s efforts to cancel student debt.“The Administration looks forward to continuing its work to simplify the student loan repayment process through implementation of the President’s One Big Beautiful Bill Act,” the department said in a statement. Several forgiveness programs are included According to the deal, the Trump administration must cancel student debt for eligible borrowers enrolled in the following plans: income-driven repayment (IDR) plans, income-contingent repayment plans, Pay As You Earn (PAYE), and Public Service Loan Forgiveness (PSLF) plans.If borrowers have made payments beyond what was needed for forgiveness, those payments will be reimbursed. The Education Department must also continue to process IDR and PSLF “buyback” applications. Balances forgiven before Dec. 31 will not be treated as taxable income, as they will in 2026 due to a recent change in tax law.The administration must also file progress reports every six months with the court to show the pace of application processing and loan forgiveness, according to the AFT. How many borrowers are waiting for forgiveness? An estimated 2.5 million borrowers in IDR plans will be affected by the agreement, and another 70,000 are waiting for forgiveness through the PSLF program.Even with the agreement in place, mass layoffs at the Education Department could factor into processing times for forgiveness, said Megan Walter, senior policy analyst at the National Association of Student Financial Aid Administrators.If borrowers continue to make payments while their application is pending forgiveness, that will be refunded to them if they are successful, Walter said. “But keep really good records,” she said. What are the PSLF and buyback forgiveness programs? Public Service Loan Forgiveness, which has been in place since 2007, forgives federal student loans for borrowers who have worked at non-profit organizations or in public service after 120 payments, or 10 years. The Biden administration also created an option for borrowers to “buy back” months of payments they missed during forbearance or deferment in 2023, to allow more people to qualify for that forgiveness.To determine if you qualify for a buy-back under the PSLF program, consult this page at the Education Department. The Associated Press receives support from Charles Schwab Foundation for educational and explanatory reporting to improve financial literacy. The independent foundation is separate from Charles Schwab and Co. Inc. The AP is solely responsible for its journalism. Cora Lewis, Associated Press
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E-Commerce
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