"Satya, thank you so much  for coming on the podcast.  In a second, we're going to get to the two  breakthroughs that Microsoft has just made,   and congratulations, same day in Nature: the  Majorana z..."

"of course, we missed what turned out to  be the biggest business model on the web,   because we all assumed the web is all about being  distributed, who would have thought that search   would be the b..."

"I have so many follow-up questions. We have to  get to quantum in just a second, but on the idea   that maybe the models get commoditized: maybe  somebody could have made a similar argument a   couple..."

"Oh, and by the way, I want my storage and  compute also close to all of these things,   because it's not just AI accelerators that are  stateless. My training data itself needs storage,   and then I w..."

"not going to be completely rate mismatched. I wonder if there's a contradiction in these   two different viewpoints, because one of the  things you've done wonderfully is make these   early bets. You ..."

"Speaking of prices coming down, you recently  tweeted after the DeepSeek model came out about   Jevons’ Paradox. I'm curious if you can flesh that  out. Jevons’ Paradox occurs when the demand for   so..."

"I think it's quite reasonable for somebody to  hear people like me in San Francisco and think   “they're kind of silly; they don't know what it's  actually like to deploy things in the real world”.  A..."

"send it around. People will go edit it,  and I'll have a forecast." So, the entire   forecasting business process changed because  the work artifact and the workflow changed.  That is what needs to ha..."

"Can I ask you just briefly about that  analogy? One of the things Lean did   is physically transform what a factory floor  looks like. It revealed bottlenecks that people   didn't realize until you're..."

"You're one of the few people in the world who  can say that you have access to 200,000… you   have this swarm of intelligence around you in  the form of Microsoft the company and all its   employees. ..."

"quantum computer that works. We took the path  of saying, the one way for having a less noisy   or more reliable qubit is to bet on a physical  property that by definition is more reliable and   that'..."

"feasible. Without something like this, you  will still be able to achieve milestones,   but you'll never be able to build a utility-scale  computer. That's why we're excited about it.  Amazing. And by..."

"build this." Now that we have this one gate, can I  put the thing into an integrated circuit and then   actually put these integrated circuits into a real  computer? That is where the next logical ste..."

"Can you tell me a little bit about how  you make these research decisions which,   in 20 years time, 30 years time, will  actually pay dividends, especially at   a company of Microsoft's scale? Obviou..."

"That's the job of CEOs and management teams:  not to just be excited about any one thing,   but to be able to actually execute on a complete  thing. And that's easier said than done.  When you mention..."

"made. Did you have any premonition about this? I wouldn't say that we invested in gaming to   build models. We invested, quite frankly, because-  here's an interesting thing about our history:   We bu..."

"them in our economy, driving our productivity.  And so if we can somehow get that right,   then I think we will have really made progress. When you write your next book, you've got to have   some expl..."

"problem will be in the courts. No society is going  to allow for some human to say, "AI did that."  Yes. Well, there's a lot of societies in the  world, and I wonder if any one of them might   not hav..."

"it seems quite plausible, even within your  tenure that we figure that out. Are you   thinking about superhuman intelligence? Like,  the biggest thing you do in your career is this? You bring up anoth..."

"to any of these things being deployed. On the alignment side, two years ago,   you guys released Sydney Bing. Just to be clear, I  think given the level of capabilities at the time,   it was a charmin..."

"when we usually allocate compute, let's allocate  compute for what is that alignment challenge?  And then more importantly, what is the runtime  environment in which you are really going   to be able ..."

"It's an interesting one. The way I think  about the first phase, at least, would be:   Can the LLM help me do my knowledge work using  all of these tools or canvases more effectively?  One of the best..."

"Here's an interesting thing: If someone came to me  in the late '80s and said, "You're going to have   a million documents on your desk," I would say,  "What the heck is that?" I would have literally ..."

"So there's going to be a lot of value. You can't  stay still. You can't just say the old thing of,   "Oh, I schematized some narrow business  process, and I have a UI in the browser,   and that's my t..."

"The sixth CEO that you’re talking about, who’ll  get to use the research you’re starting now,   what are you doing to retain the  future Satya Nadellas so that they're   in a position to become future..."

"Speaking of- you just mentioned that  you're two months away from your 50th   anniversary of Microsoft’s founding. If you  look at the top 10 companies by market cap,   or top 5, basically, everybody ..."

"One thing I'm not sure about, hearing  your answers on different questions,   is whether you think AGI is a thing. Will there  be a thing which automates all cognitive labor,   like anything anybody c..."

"second thing, there will be a third thing.  Why are we thinking that somehow, when we   have dealt with tools that have changed what  cognitive labor is in history, why are we   worried that all cogni..."