Chapter 1: What is the main topic discussed in this episode?
Here's your morning TNB Tech Minute for Tuesday, January 20th. I'm Julie Chang for The Wall Street Journal. We are exclusively reporting OpenAI and ServiceNow have signed a three-year deal to integrate the ChatGPT Maker's AI models into ServiceNow's business software.
The deal depends on customers using OpenAI's models within ServiceNow and also includes a revenue commitment from ServiceNow to OpenAI. More specific terms weren't disclosed. ServiceNow, which provides software for IT, customer service, and other business operations, will gain leading AI capabilities without building them itself.
For example, ServiceNow will use OpenAI's speech-focused model to develop AI voice agents for customer service. The deal comes as ServiceNow's revenue grew 22% in the third quarter amid rising AI demand.
Chapter 2: What is the significance of the OpenAI and ServiceNow partnership?
Baidu's AI Assistant has surpassed 200 million monthly active users, according to people familiar with the matter. The company's AI-powered Ernie Assistant is integrated into its flagship Baidu search engine app and on personal computers. Ernie is linked to widely used apps such as JD.com, Meituan, and Trip.com, which allows the agent to help book flight tickets, order food delivery, and more.
Baidu was the first major Chinese tech company to launch a GPT-like chatbot dubbed ErnieBot in 2023, but has since faced stiff competition in China in the AI field.
And Texas rare earth magnet maker Novion Magnetics has secured $215 million in new funding, primarily from One Investment Management. This capital injection, roughly doubling its prior venture capital funding, supports the U.S. push for domestic sources of the critical electronics component.
The U.S.-China trade war has led to Chinese export controls on rare earths, which are used in missile defense systems, data centers, electric vehicles, and more. According to data provider PitchBook, last year, venture capitalists invested $630 million in U.S. critical mineral startups, the highest level recorded. And that's your TMB Tech Minute. We'll be back this afternoon with more.