TNB Tech Minute: Amazon to Pay New York Times at Least $20 Million a Year in AI Deal - Tech News Briefing
This transcript was prepared by a transcription service. This version may not be in its final form and may be updated.
Ariana Aspuru: Here's your morning TNB Tech Minute for Wednesday, July 30th. I'm Ariana Aspuru for the Wall Street Journal. A few exclusives for you this morning. Amazon will pay the New York Times between 20 and $25 million a year in an AI deal. That's according to people familiar with the matter. The companies announced their deal in May and said it gives Amazon access to content from the Times News, cooking products, and its sports property, the Athletic. Amazon can use this to train AI models and feature Times excerpts in its products, including Alexa. This is the first AI-related licensing pact for the Times and Amazon's first such agreement with the publisher. Also, the AI finance app Ramp says it has raised $500 million in its latest funding round in the Series E-2 funding round led by Iconiq Growth with participation from existing investors, including Founders Fund and D1 Capital Partners said it values the startup at $22.5 billion. The startup uses AI to automate corporate finance tasks and says it has about 40,000 businesses using it, including Fortune 100 companies. The company's platform is built on AI models from OpenAI, Anthropic, and others. Elsewhere, LG Energy Solutions has secured a $4.3 billion contract to supply Tesla with lithium iron phosphate batteries for three years. The company's US factories will produce LFP batteries for Tesla's energy storage systems amid growing demand. This deal comes as South Korea looks for a trade agreement with the US and LG Energy counters slowing EV demand. LG Energy didn't identify the client due to a confidentiality agreement. A person familiar with the contract said the customer was Tesla. Tesla didn't immediately respond to a request for comment. That's your TNB Tech Minute. Join us again this afternoon. Meta and Microsoft are set to release their earnings after the bell.
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