Automatic translation from one human language to another using computers, better known as machine translation (MT), is a long-standing goal of computer science. Accurate translation requires a great deal of knowledge about the usage and meaning of words, the structure of phrases, the meaning of sentences, and which real-life situations are plausible. For general-purpose translation, the amount of required knowledge is staggering, and it is not clear how to prioritize knowledge acquisition efforts. Recently, there has been a fair amount of research into extracting translation-relevant knowledge automatically from very large bilingual texts. For some language pairs, the size of these texts already reaches 250 million words. Over the past years, several statistical MT projects have appeared in North America, Europe, and Asia, and the literature is growing substantially. This talk will cover the basic algorithms developed in this field, plus some of the latest empirical results.