0 Comments
0 Shares
95 Views
Directory
Directory
-
Please log in to like, share and comment!
-
WWW.MARKTECHPOST.COMMeet LOTUS 1.0.0: An Advanced Open Source Query Engine with a DataFrame API and Semantic OperatorsModern data programming involves working with large-scale datasets, both structured and unstructured, to derive actionable insights. Traditional data processing tools often struggle with the demands of advanced analytics, particularly when tasks extend beyond simple queries to include semantic understanding, ranking, and clustering. While systems like Pandas or SQL-based tools handle relational data well, they face challenges in integrating AI-driven, context-aware processing. Tasks such as summarizing Arxiv papers or fact-checking claims against extensive databases require sophisticated reasoning capabilities. Moreover, these systems often lack the abstractions needed to streamline workflows, leaving developers to create complex pipelines manually. This leads to inefficiencies, high computational costs, and a steep learning curve for users without a strong AI programming background.Stanford and Berkeley researchers have introduced LOTUS 1.0.0: an advanced version of LOTUS (LLMs Over Tables of Unstructured and Structured Data), an open-source query engine designed to address these challenges. LOTUS simplifies programming with a Pandas-like interface, making it accessible to users familiar with standard data manipulation libraries. More importantly, now the research team introduces a set of semantic operatorsdeclarative programming constructs such as filters, joins, and aggregationsthat use natural language expressions to define transformations. These operators enable users to express complex queries intuitively while the systems backend optimizes execution plans, significantly improving performance and efficiency.Technical Insights and BenefitsLOTUS is built around the innovative use of semantic operators, which extend the relational model with AI-driven reasoning capabilities. Key examples include:Semantic Filters: Allow users to filter rows based on natural language conditions, such as identifying articles that claim advancements in AI.Semantic Joins: Facilitate the combination of datasets using context-aware matching criteria.Semantic Aggregations: Enable summarization tasks that condense large datasets into actionable insights.These operators leverage large language models (LLMs) and lightweight proxy models to ensure both accuracy and efficiency. LOTUS incorporates optimization techniques, such as model cascades and semantic indexing, to reduce computational costs while maintaining high-quality results. For instance, semantic filters achieve precision and recall targets with probabilistic guarantees, balancing computational efficiency with output reliability.The system supports both structured and unstructured data, making it versatile for applications involving tabular datasets, free-form text, and even images. By abstracting the complexities of algorithmic choices and context limitations, LOTUS provides a user-friendly yet powerful framework for building AI-enhanced pipelines.Results and Real-World ApplicationsLOTUS has proven its effectiveness across various use cases:Fact-Checking: On the FEVER dataset, a LOTUS pipeline written in under 50 lines of code achieved 91% accuracy, surpassing state-of-the-art baselines like FacTool by 10 percentage points. Additionally, LOTUS reduced execution time by up to 28 times.Extreme Multi-Label Classification: For biomedical text classification on the BioDEX dataset, LOTUS semantic join operator reproduced state-of-the-art results with significantly lower execution time compared to naive approaches.Search and Ranking: LOTUS semantic top-k operator demonstrated superior ranking capabilities on datasets like SciFact and CIFAR-bench, achieving higher quality while offering faster execution than traditional ranking methods.Image Processing: LOTUS has extended support to image datasets, enabling tasks like generating themed memes by processing semantic attributes of images.These results highlight LOTUS ability to combine expressiveness with performance, simplifying development while delivering impactful results.ConclusionThe latest version of LOTUS offers a fresh approach to data programming by combining natural language-based queries with AI-driven optimizations. By enabling developers to construct complex pipelines in just a few lines of code, LOTUS makes advanced analytics more accessible while enhancing productivity and efficiency. As an open-source project, LOTUS encourages community collaboration, ensuring ongoing enhancements and broader applicability. For users seeking to maximize the potential of their data, LOTUS provides a practical and efficient solution.Check out the Paper and GitHub Page. All credit for this research goes to the researchers of this project. Also,dont forget to follow us onTwitter and join ourTelegram Channel andLinkedIn Group. Dont Forget to join our60k+ ML SubReddit. Asif RazzaqAsif Razzaq is the CEO of Marktechpost Media Inc.. As a visionary entrepreneur and engineer, Asif is committed to harnessing the potential of Artificial Intelligence for social good. His most recent endeavor is the launch of an Artificial Intelligence Media Platform, Marktechpost, which stands out for its in-depth coverage of machine learning and deep learning news that is both technically sound and easily understandable by a wide audience. The platform boasts of over 2 million monthly views, illustrating its popularity among audiences. [Download] Evaluation of Large Language Model Vulnerabilities Report (Promoted)0 Comments 0 Shares 82 Views
-
WWW.IGN.COMMarvel's What If...? Season 3 Premiere ReviewNote: this is a spoiler-free advance review of Marvels What If? Season 3, Episode 1, which premieres on Disney+ on Sunday, December 22.The second season of Marvels What If? was truly a mixed bag, suffering from an overemphasis on Hayley Atwells Agent Carter and a season finale payoff that felt underwhelming at best. Fortunately, Season 3 starts off by giving us exactly whats needed - a strong palate cleanser. Its hard to go wrong with the giant mecha vs. kaiju formula.Dubbed "What If... the Hulk Fought the Mech Avengers?", the premiere takes place in a world where Hulks attempt to cure himself of his gamma affliction has major unintended consequences for humanity. Borrowing liberally from franchises like Godzilla, Pacific Rim, and Voltron, this episode ups the scope of the series considerably and allows for some truly titanic battles between radioactive super-monsters and Avengers piloting giant robo-suits. The series has always been devoted to showing us situations and plot twists that could never happen in the regular MCU. Sometimes it succeeds more than others, but this is one case where it definitely makes the most of the alternate timeline premise.PlayGranted, like most What If? episodes, the limited runtime becomes a bit constraining. The plot is nothing if not straightforward and predictable, and viewers will be able to easily call the major plot beats well in advance. But to its credit, this episode does find a solid emotional throughline to anchor all the larger-than-life spectacle. This scenario hinges on the friendship between Anthony Mackies Sam Wilson and Mark Ruffalos Bruce Banner, hearkening back to Sams role in Captain America: The Winter Soldier as a counselor to wounded warriors. Their bond helps give the episode some emotional heft, and actually left me wishing something similar existed in Earth-616. The MCU lost something with the transition to a smarter, more well-adjusted Hulk in Endgame.Another strength of this episode is in how it makes use of the larger Avengers roster. Rather than focus on the classic Phase 1 and 2-era Avengers, the premiere instead emphasizes more recent, post-Endgame MCU players. It gives us a valuable chance to see how characters like Simu Lius Shang-Chi, Teyonah Parris Monica Rambeau, and even Oscar Isaacs Moon Knight interact. Because, well, its not as if the live-action movies have been in any hurry to get us to that point. It all makes for a much more novel viewing experience. And with most of the live-action actors reprising their roles here, the team banter has that necessary air of authenticity. Isaac in particular is a lot of fun here, making it all the more unfortunate the series hasnt really focused on Moon Knight up till now. Visually, this is probably the most memorable What If? episode since the Season 2 premiere, the neo-noir-themed What If Nebula Joined the Nova Corps? The sheer scale of the action and the varied designs of the Mech Avengers ensure theres rarely a dull moment. The action is smooth and does a fine job of channeling the various anime shows and movies that have clearly inspired this episode. Theres even a delightful opening segment that pays homage to classic 80s anime, one that I only wish lasted longer than it does.0 Comments 0 Shares 86 Views
-
WWW.THEGUARDIAN.COMOpenAI whistleblower who died was being considered as witness against companySuchir Balaji, a former OpenAI engineer and whistleblower who helped train the artificial intelligence systems behind ChatGPT and later said he believed those practices violated copyright law, has died, according to his parents and San Francisco officials. He was 26.Balaji worked at OpenAI for nearly four years before quitting in August. He had been well-regarded by colleagues at the San Francisco company, where a co-founder this week called him one of OpenAIs strongest contributors who was essential to developing some of its products.We are devastated to learn of this incredibly sad news and our hearts go out to Suchirs loved ones during this difficult time, said a statement from OpenAI.Balaji was found dead in his San Francisco apartment on 26 November in what police said appeared to be a suicide. No evidence of foul play was found during the initial investigation. The citys chief medical examiners office confirmed the manner of death to be suicide.His parents, Poornima Ramarao and Balaji Ramamurthy, said they are still seeking answers, describing their son as a happy, smart and brave young man who loved to hike and recently had returned from a trip with friends.Balaji grew up in the San Francisco Bay Area and first arrived at the fledgling AI research lab for a 2018 summer internship while studying computer science at the University of California, Berkeley. He returned a few years later to work at OpenAI, where one of his first projects, called WebGPT, helped pave the way for ChatGPT.Suchirs contributions to this project were essential, and it wouldnt have succeeded without him, said OpenAI co-founder John Schulman in a social media post memorializing Balaji. Schulman, who recruited Balaji to his team, said what had made him such an exceptional engineer and scientist was his attention to detail and ability to notice subtle bugs or logical errors.He had a knack for finding simple solutions and writing elegant code that worked, Schulman wrote. Hed think through the details of things carefully and rigorously.Balaji later shifted to organizing the huge datasets of online writings and other media used to train GPT-4, the fourth generation of OpenAIs flagship large language model and a basis for the companys famous chatbot. It was that work that eventually caused Balaji to question the technology he helped build, especially after newspapers, novelists and others began suing OpenAI and other AI companies for copyright infringement.He first raised his concerns with the New York Times, which reported them in an October profile of Balaji.He later told the Associated Press he would try to testify in the strongest copyright infringement cases and considered a lawsuit brought by the New York Times last year to be the most serious. Times lawyers named him in an 18 November court filing as someone who might have unique and relevant documents supporting allegations of OpenAIs willful copyright infringement.His records were also sought by lawyers in a separate case brought by book authors including the comedian Sarah Silverman, according to a court filing.It doesnt feel right to be training on peoples data and then competing with them in the marketplace, Balaji told the AP in late October. I dont think you should be able to do that. I dont think you are able to do that legally.He told the AP that he had grown gradually more disillusioned with OpenAI, especially after the internal turmoil that led its board of directors to fire and then rehire the CEO, Sam Altman, last year. Balaji said he was broadly concerned about how its commercial products were rolling out, including their propensity for spouting false information known as hallucinations.But of the bag of issues he was concerned about, he said, he was focusing on copyright as the one it was actually possible to do something about.He acknowledged that it was an unpopular opinion within the AI research community, which is accustomed to pulling data from the internet, but said they will have to change and its a matter of time.He had not been deposed and its unclear to what extent his revelations will be admitted as evidence in any legal cases after his death. He also published a personal blog post with his opinions about the topic.Schulman, who resigned from OpenAI in August, said he and Balaji coincidentally left on the same day and celebrated with fellow colleagues that night with dinner and drinks at a San Francisco bar. Another of Balajis mentors, co-founder and chief scientist Ilya Sutskever, had left OpenAI several months earlier, which Balaji saw as another impetus to leave.Schulman said Balaji had told him earlier this year of his plans to leave OpenAI and that Balaji didnt think that better-than-human AI known as artificial general intelligence was right around the corner, like the rest of the company seemed to believe. The younger engineer expressed interest in getting a doctorate and exploring some more off-the-beaten-path ideas about how to build intelligence, Schulman said.Balajis family said a memorial is being planned for later this month at the India Community Center in Milpitas, California, not far from his hometown of Cupertino. In the US, you can call or text the National Suicide Prevention Lifeline at 988, chat on 988lifeline.org, or text HOME to 741741 to connect with a crisis counselor. In the UK and Ireland, Samaritans can be contacted on freephone 116 123, or email jo@samaritans.org or jo@samaritans.ie. In Australia, the crisis support service Lifeline is 13 11 14. Other international helplines can be found at befrienders.orgThe Associated Press and OpenAI have a licensing and technology agreement allowing OpenAI access to part of the APs text archives.0 Comments 0 Shares 77 Views
-
WWW.NINTENDOLIFE.COMPoll: Box Art Brawl - Duel: Breath Of Fire IIImage: Nintendo LifeAhoy folks, and welcome back to another edition of Box Art Brawl!Last time, we looked at the Wii classic Okami in light of the recent sequel announcement from The Game Awards (woohoo!). Honestly, it wasn't a particularly close battle: Japan, with its beautiful use of colour and composition, won the day with 74% of the vote, leaving North America/Europe with the remaining 26%.This week, we're going back even further to the days of the SNES with the delightful Breath of Fire II. Originally released in 1994 by Capcom, it's since been launched on the GBA, the Virtual Console on Wii, Wii U, and 3DS, and of course, Nintendo Switch Online.It's another duel this week with North America and Europe joining forces against Japan. So enough waffling, let's get to it. Dragon its heels behind the competitionAll the SNES games, ranked by youBe sure to cast your votes in the poll below; but first, let's check out the box art designs themselves.Europe / North AmericaImage: Capcom / LaunchboxWe love the use of colour with both regional variants here, and the Western design leans heavily into the use of shadow with its cast of characters; it's cool. That said, the change in art style results in a loss of some of the personality from the original Japanese design. It's not a bad look, by any means, but we imagine its success this week will very much depend on your personal taste.JapanImage: Capcom / LaunchboxThe colours here are a bit cooler than the Western variant, overall, but there's a good mix in there too. The deep red of the dragon, the flashes of yellow and green in the characters' outfits; it's nice! It does suffer from something that movie posters do a lot these days in that it just shoves a bunch of characters onto the piece with no rhyme or reason, but we have to admit that it does work reasonably well here.Which region got the best Breath of Fire II box art? (9 votes)North America / Europe44%Japan56%Thanks for voting! We'll see you next time for another round of Box Art Brawl.Related GamesSee AlsoShare:00 Nintendo Lifes resident horror fanatic, when hes not knee-deep in Resident Evil and Silent Hill lore, Ollie likes to dive into a good horror book while nursing a lovely cup of tea. He also enjoys long walks and listens to everything from TOOL to Chuck Berry. Hold on there, you need to login to post a comment...Related ArticlesFeature: Nintendo Switch Year In Review 2024 - Our Most Played GamesBut what are yours?0 Comments 0 Shares 74 Views
-
WWW.FORBES.COMUFC Drops 6 Fighters From Its Roster In Final 2024 SweepDana White (Photo by Amy Kaplan/Icon Sportswire via Getty Images)Icon Sportswire via Getty ImagesThe UFC might have just had its last roster deduction of 2024. Since December 4, the promotion has been removing fighters from its roster for one reason or another.Most recently, the UFC cut ties with Jared Gooden and Abu Azaitar.In the final month of the year, the UFC has also removed Gabriel Benitez, Jack Shore, Stipe Miocic, and Damon Jackson from its roster.Shore, Miocic and Jackson were removed because they retired. Benitez, 36, has lost two fights in a row and three of his last four.LAS VEGAS, NV - MAY 15: Team Velasquez fighter Gabriel Benitez poses for a portrait on media day ... [+] during filming of The Ultimate Fighter Latin America on May 15, 2014 in Las Vegas, Nevada. (Photo by Jeff Bottari/Zuffa LLC/Zuffa LLC via Getty Images)Zuffa LLC via Getty ImagesHes also missed weight twice in his UFC career, both times happening in the last four years. Benitez had very little chance to make a mark in the UFC, and all things considered, it makes sense for the promotion to move on from him.Benitez hasnt fought since he dropped a split decision to Maheshate Hayisaer in April.Miocic and Jacksons last fights were at UFC 309. They were both finished by UFC legends. Jim Miller submitted Jackson in the first round in a bounce-back performance after he was pummeled by Bobby Green at UFC 300 in April.MORE FOR YOULAS VEGAS, NEVADA - JANUARY 14: Damon Jackson prepare sto fight Dan Ige in a featherweight fight ... [+] during the UFC Fight Night event at UFC APEX on January 14, 2023 in Las Vegas, Nevada. (Photo by Chris Unger/Zuffa LLC via Getty Images)Zuffa LLC via Getty ImagesJacksons career ended with losses in four of his last five fights. Miller has been like the executioner for aging fighters in his weight region. Prior to Benitezs loss to Hayisaer, he was also submitted by Miller.NEW YORK, NEW YORK - NOVEMBER 16: Stipe Miocic of the United States of America looks on after his ... [+] loss to Jon Jones of the United States of America in the UFC heavyweight championship fight during the UFC 309 event at Madison Square Garden on November 16, 2024 in New York City. (Photo by Jeff Bottari/Zuffa LLC)Zuffa LLCMiocic was destroyed by Jon Jones in the main event of UFC 309. Predictably, he called it a career after the fight.Shores retirement was a surprise to most. Hes only 29, and despite having hit a two-fight losing streak, his professional record was still a sparkling 17-3. As recently as 2022, Shore was considered one of the top rising featherweights in the promotion.EDMONTON, ALBERTA - NOVEMBER 01: Jack Shore of Wales poses on the scale during the UFC Fight Night ... [+] ceremonial weigh-in at Rogers Place on November 01, 2024 in Edmonton, Alberta. (Photo by Jeff Bottari/Zuffa LLC)Zuffa LLCShore cited a diminished love and motivation for competing as his reason for retiring. He plans to focus all of his attention on coaching.Gooden and Azaitars situations were different from Miocic, Shore, and Jackson. They havent announced their retirements. Gooden, 31, lost his last fight against Chidi Njokuani and missed weight by 1.5 pounds.ST. LOUIS, MISSOURI - MAY 08: Jared Gooden poses for a portrait during a UFC photo session on May ... [+] 8, 2024 in St. Louis, Missouri. (Photo by Mike Roach/Zuffa LLC via Getty Images)Zuffa LLC via Getty ImagesGooden has missed weight three times with the UFC, including twice in the past two years.Azaitars inactivity, losses, and age likely played a role in his removal from the UFC roster. After battling his way to the UFC in 2018, Azaitar won his promotional debut via unanimous decision over Vitor Miranda.ABU DHABI, UNITED ARAB EMIRATES - OCTOBER 20: Abu Azaitar of Germany poses on the scale during the ... [+] UFC 294 ceremonial weigh-in at Etihad Arena on October 20, 2023 in Abu Dhabi, United Arab Emirates. (Photo by Chris Unger/Zuffa LLC via Getty Images)Zuffa LLC via Getty ImagesThe German by way of Morocco was inactive from July 2018 until 2020 when he had fights scheduled against Alessio Di Chirico and Joaquin Buckley. However, Azaitar withdrew from both fights.Azaitar also tested positive for tamoxifen and/or tamoxifen metabolite 3-hydroxy-4-methoxy-tamoxifen as the result of urine samples collected on August 25, 2020, September 4, 2020, September 9, 2020, and September 17, 2020. The positive tests led to a seven-month suspension, which allowed him to fight in March 2021, where he was defeated by Marc-Andre Barriault via third-round TKO.Azaitar didnt fight again until October 2023 when he lost a unanimous decision to Sedriques Dumas. Azaitar was scheduled to return in June against Denis Tiuliulin, but he withdrew from the fight.At 38, Azaitar could be at the end of his career as a mixed martial artist.The UFC has consistently made room for new talent on its roster, and throughout the upcoming year, we will sometimes see fighters fighting for their spot on the rosterespecially if they are at the end of their contracts.0 Comments 0 Shares 66 Views
-
WWW.WSJ.COMArts Calendar: Happenings for the Week of December 22Reasons to celebrate this holiday season include the vampiric Nosferatu, Bob Dylan biopic A Complete Unknown, the second season of Squid Game, a Broadway comedy with a lovable cast, and more.0 Comments 0 Shares 68 Views
-
WWW.BUSINESSINSIDER.COMHow to help your Amazon delivery driver get a tip of up to $25,000 this holiday seasonAmazon drivers can earn up to an extra $25,000 for the holidays if you thank them for a delivery.The company has brought back its"Thank my driver" feature after first launching it in 2022.Amazon covered a limited amount of $5 thank-yous at no cost to customers.Amazon brought back its promotion that'll allow you to thank your delivery driver this holiday season.If you're pleased with your ride, you can participate by typing "Thank my Driver" into the search bar of your Amazon app or asking Alexa to "thank my driver." You'll have to thank them within 14 days of your last delivery.It's already got a lot of traction in 2024.The "Thank My Driver" promotion began on December 4 this year, and Amazon tipped drivers $5 for the first 2 million thank-yous from US customers.Amazon hit the 2-million limit within six days. However, there are still ways to help your delivery person earn extra cash.Similar to 2023, the company is offering "additional awards" for drivers who receive praise for their deliveries, according to a press release from Amazon.Here's what Amazon is offering: "$100 each for the 1,000 most-thanked drivers each day through the rest of December; $10,000 for the seven top-thanked drivers each week until the end of December."Meanwhile, the seven most-thanked Amazon drivers from December 4 to December 31 will receive $25,000 plus an extra $25,000 to be donated to the charity of their choice. Amazon will give your driver a big tip if they get enough appreciation. Steven Tweedie/Business Insider "Treat your customers like family, and they will do the same to you," driver Andrew Shearouse, one of the 2023 recipients of the $25,000 tip, said.Only US-based drivers are eligible, and they must be an Amazon Flex partner, drive for a delivery service partner, or be a hub delivery associate. A delivery driver can only be thanked once per delivery. Amazon package deliveries from the Post Office and companies like UPS aren't eligible for the extra rewards.Those looking for other ways to thank their delivery people can check TikTok, where creators are posting about the care packages they leave on their doorstep especially during the busy holiday delivery season.During the holiday season, Amazon drivers' shifts can be as long as 10 hours and a serious workout. There are some Amazon drivers who earn $18 an hour compared to full-time UPS drivers who earn an average total compensation package of $145,000 per year, according to UPS.In September, Amazon announced that it will spend $2.1 billion to give its delivery drivers a pay raise. Although the exact rate depends on location, the boost may bump drivers' pay to a national average of $22 an hour.0 Comments 0 Shares 69 Views
-
WWW.BUSINESSINSIDER.COM5 people who make over $100,000 share how they've spent their moneyFive people who earn more than $100,000 annually shared how they're spending their money.They're trying to balance spending on big purchases with saving for future goals.Some have spent money on a new car or travel, while others have invested in a home or startup.For some, earning a six-figure income can facilitate a big splurge. For others, it's an opportunity to establish additional income streams or financial security.Abid Salahi earns about $140,000 a year from his software engineering job. The 26-year-old, based in Vancouver, said his biggest purchase over the past year was a new car that cost roughly $37,000. Additionally, Salahi said he upgraded his home workspace.Despite his earnings, one thing has been out of his reach: owning a home. The houses in his area that check his boxes cost more than $500,000. To afford a down payment, Salahi said he's saving and being more judicious about how much he spends dining out and at the grocery store.Reaching a six-figure salary can be a challenge for some employees. The average annual salary for US-based$82,000 as of November, the latest data available, per a New York Fed survey. Some workers who earn more than six figures have usedBusiness Insider asked five people who've made more than $100,000 annually what they've spent their money on in recent years. BI has verified their six-figure earnings.Balancing spending now and saving for the futureEarning a six-figure income has also created new opportunities for John, who's on track to earn roughly $250,000 this year by balancing a full-time and part-time remote IT role.The millennial, who's based in California, said one of his biggest expenses over the past year was his sister's medical bills, which were about $30,000, he said.When he spends money on himself, he focuses on fun and health. He hired a personal trainer, who charges about $130 weekly for a one-hour session. Last year, he spent about $9,000 on a three-week honeymoon in Asia.While he's trying to take advantage of his money in the present, John said he's also prioritized saving for the future."I follow a concept of 'pay yourself first' where I put money into retirement and savings first, and then the rest is disposable," said John. His identity is known to BI, but he asked to use a pseudonym due to fears of professional repercussions.Looking forward, John said he's saving money for the children he hopes to have one day, a bigger car, and a home.Corritta Lewis is also balancing spending now while saving for the future. Last year, Lewis earned roughly $280,000 from her consulting job and a travel blog she runs as a side hustle. The 35-year-old, who's based in Orlando, said she and her wife spend most of their disposable income on travel."We've been digital nomads for four years, so most of our money was used to travel the world and have amazing experiences," she said.Despite her travel expenses, Lewis said she doesn't live a luxurious lifestyle and is focused on long-term saving. She aims to work"Right now, we are prioritizing savings and investments," she said.Investing in themselves and real estateMargaret Pattillo took home around $128,000 last year from her digital marketing and PR business. The 27-year-old, who's based in Florida, said she's on track to earn more than $160,000 this year.Pattillo"I don't place much value in material items and I'm lucky that I get to travel for work frequently," she said. "I'd say my biggest goal is to build up as many cash-flowing assets as I can in the next 10 years."Christopher Stroup has put his earnings toward a different type of investment: a new business.Stroup earned roughly $130,000 last year working as a financial advisor. The 33-year-old, who's based in California, said his income has helped him improve his relationships with friends and family by giving him the budget to go out to eat and on trips. He said his goal is to travel to Europe at least once a year.Over the past year, Stroup said the biggest thing he's spent his money on is the financial planning business he launched in September. He said his startup costs have included marketing expenses and hiring a team."If it works out well, achieving my financial goals on my desired timeline has a much higher probability of happening," he said, adding that two of his main goals are owning a home and starting a family.Are you making over $100,000 a year? Are you willing to share your story and the impact this income has had on your life? If so, contact this reporter at jzinkula@businessinsider.com.0 Comments 0 Shares 69 Views
-
WWW.BUSINESSINSIDER.COMThe big winner of the Airbnboom: luxury rentalsWhen Mike Kelly set up his first few Airbnbs in Fort Wayne, Indiana, in 2023, he figured it would be a successful move. It was meant to be an investment project for him and his daughter to work on together. But as more people moved away from bustling and expensive urban centers and landed in the Midwest, their hopes were quickly shattered.The Fort Wayne housing market boomed. High demand for homes, coupled with the city's low housing stock, has kept costs relatively high a Redfin analysis of housing data found home prices were up 9.2% in October compared with last year. The hot housing market has translated into higher property taxes, which is throwing off the short-term-rental business model. "The houses we purchased to turn into Airbnbs have been assessed so much higher than what we put into them that we almost can't afford to keep them," Kelly said. "The return on equity wouldn't be as high."Owners of short-term rentals across the country have faced a similar reality, sharing stories of declining revenues over the past few years as the market was flooded with new rentals. AirDNA, an analytics firm that tracks the short-term-rental market, found that revenue per rental decreased by nearly 2% in 2022 and by more than 8% in 2023 due to an overabundance of units available for rent. AirDNA forecast that revenues would move back into the green in 2024 as the market corrected. But as short-term-rental owners felt signs of an "Airbnbust," some realized they needed to pivot.On one end of the market, however, it's a different picture. While overall demand for short-term rentals rose just 1.8% in 2023, according to AirDNA's data, demand for stays priced at $1,000 or more increased by nearly 8%. For stays over $1,500, demand jumped 12.5%. In fact, demand for rentals costing over $1,000 a night has increased by 73% since 2019. While cheaper rentals are slowing down, luxury, niche, and themed stays are filling their place. Wealthy vacationers are increasingly going after luxe properties such as a secluded Malibu beach mansion or a modern cabin beset by pristine woods like something off Cabin Porn. Meanwhile, Airbnb alternatives are jumping into the market to cater to the growing demand. A lust for luxury is propelling the short-term-rental market to new heights.Over the past few years, more travelers have pushed back against the Airbnb model, complaining of outrageous cleaning fees, extensive cleanup requirements, and outright scams. As a result, some travelers have opted to stay in good old-fashioned hotels thanks to their consistent service.These complaints, however, tend to focus on rentals on the low end of the market the $200-a-night stay you might book to visit a family member or get out of town for a weekend. The luxury end of the rental market fills a different role. These spots boast plenty of hotellike amenities such as contactless check-in, high-speed internet, bathroom toiletries, and coffee makers. Because of the high price point, luxury rentals also tend to standardize their cleaning services. Unlike a hotel room, though, a house or apartment comes with a lot more room to host guests, plus amenities such as a kitchen or private pool. When split between multiple guests for a night or weekend, some of the eye-popping price tags end up being surprisingly affordable.Among high-income travelers, who made up an increasingly large share of vacationers this year, hotels are on the way out. Deloitte's 2024 summer-travel report found a 17-point drop in people who earn over $200,000 opting to stay at full-service hotels compared with the summer before. While middle-income travelers moved toward budget accommodations like bed and breakfasts and RV rentals, high earners shifted toward private-home rentals.One brand capitalizing on the growing demand is Wander. Launched in 2022, Wander owns all of its 200 properties, each beautifully designed with stunning landscaping. Its founder and CEO, John Andrew Entwistle, had the idea of making a vacation rental feel like a luxury hospitality brand after a disastrous ordeal renting a cabin in Colorado. "The whole experience felt broken, the type of thing all of us has had at a vacation rental one time or another: The place didn't look like the photos. The beds were uncomfortable. The list goes on and on," he said.He wanted a rental home with heart and soul, where the building was designed around the landscape and high-speed internet flowed across the house. Wander rentals are often in remote spots to give guests a sense of privacy and quiet. The cleaning service is standardized so guests don't have to worry about cleaning up after themselves, and customers can check in on their own through their smartphones. Every unit, which costs an average of $900 a night, also features sleek workstations for digital nomads.Other travel brands have found similar success in the luxury market. There's Mint House, a cross between a hotel and short-term rental that has 12 properties across 10 major US cities. Visitor experiences are personalized for instance, guests can request that the refrigerator be stocked with their favorite groceries before they arrive and there's 24/7 customer care. The apartments, which can be studios or have multiple bedrooms, are priced similarly to hotels and feature bespoke furniture and decor, along with all the necessities of modern accommodations. To explain the brand's success, Christian Lee, the CEO of Mint House, pointed to the company's ability to provide consistent experiences. "Unlike other short-term listings that lack security and guest care and often require a guest to perform chores at checkout, all of our properties are professionally managed to ensure the utmost safety, security, and cleanliness," he said.The luxuriousness only goes up from there. Rental Escapes, a full-service luxury-villa-rental company founded in 2012, offers over 5,000 villas in more than 70 destinations worldwide. They start at $500 a night though most go for tens of thousands. Amase Stays, a collection of $10 million rental estates founded this year, creates bespoke experiences for its top-of-the-line properties, with dedicated concierges who can arrange everything from private chefs and spa services to customized excursions.Chris Lema, a business coach and product strategist, is a Wander superfan. "These are places that are architecturally beautiful, and the land that they sit on feels like a national park," he said. He likes that the company provides attainable luxury he's stayed in 13 different Wander locations and hopes to "collect them all," he said. He has even started planning trips around Wander rentals."I thought this is where Airbnb was going to go with its business model," he said. "If you go to Airbnb's website now, they have these different categories like 'amazing views' or 'lakefront.' But none of these rentals push forward on the issue of experience. There's the Luxe category but it's not the same thing."In Airbnb's Luxe category, homes might cost anywhere between $200 and hundreds of thousands of dollars a night. When the category launched in 2019, an Airbnb press release said the homes would have to pass a slate of design and experience criteria, including higher standards for cleanliness and amenities like towels and toiletries. Unlike at other Airbnb properties, a company representative has to walk through Luxe properties to verify them. Despite that, Lema hasn't been impressed."They seem to rank Luxe based on the niceness of the residence," Lema said, "but that isn't really the point of what that kind of experience should be."An Airbnb spokesperson said, "We're proud to be the only travel platform that offers stays for nearly any desired travel experience." They added: "We're also proud of the growth of our Luxe category supply and look forward to expanding the offering."So far, Wander's model is working out. It launched with only three locations, and two years later, it has 200 houses and an average occupancy rate of 80%, Entwistle said. By the beginning of 2025, Entwistle hopes to launch locations in Mexico and Canada.Back in Fort Wayne, Kelly ended up pivoting his Airbnb business to cater to this demand for luxury. "We focus on four-bedroom-plus homes where groups can gather for weddings or reunions," he said. Houses with pools and hot tubs are especially desirable, he's found. Kelly has also amassed a thriving collection of themed Airbnbs. He designed one house to look like the childhood home of the fictional character Fawn Liebowitz from the cult classic film "Animal House." He's working on another rental themed around Indiana University sports teams."At the end of the day, the 'luxury' houses are more affordable than staying in multiple hotel rooms," he said. Plus, offering something unique, like a theme, helps homes stand out from the crowd. With the new focus, Kelly's Airbnbs are rarely empty, he said.Travelers are increasingly wising up to the fact that time and where, how, and with whom you spend it is the greatest luxury.Part of the shifting demand stems from people viewing luxury rentals as a destination unto themselves if the place you're staying is cool enough, you don't need to get out much. Others are drawn to them as a means to get away from the hubbub. "In today's globalized world, travel destinations have become more and more homogenous and tourist-burdened," Spencer Bailey, the editor of the new book "Design: The Leading Hotels of the World," said. "People are seeking out distinctive experiences away from the crowds and searching for a certain sense of intimacy, craft, and care." It's not just about top-rate service, intricate design, or even a Michelin-starred restaurant. "It's about being in nature, engaging in local culture, and creating discrete, felt experiences that encourage quietness and slowness, not an Instagram moment," Bailey says.A private rental is often more secluded, meaning travelers can prioritize spending more time alone with their loved ones. "Travelers are increasingly wising up to the fact that time and where, how, and with whom you spend it is the greatest luxury," he said. Michelle Steinhardt, the founder of the luxury travel blog The Trav Nav, wrote about her recent stay at a secluded beachfront property rental in Punta Mita, Mexico: "Even though we were only a few minutes from the local town, our party felt like everyone else was miles away."Increasingly, getting away from home isn't enough. We also want to get away from other people. For those who can afford it or have enough friends luxury-travel companies are more than happy to accommodate.Michelle Mastro covers lifestyle, travel, architecture, and culture.0 Comments 0 Shares 65 Views