"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..."

"Where is the value going to be created in AI? That's a great one. So I think there are two   places where I can say with some confidence.  One is the hyperscalers that do well,   because the fundament..."

"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..."

"That's why even that balanced approach to the  fleet, at least, is very important to me. It's   not about building compute. It's about building  compute that can actually help me not only train   the ..."

"more demand. That's what happened with cloud. Here’s an interesting thing: We used to think   “oh my God, we've sold all the servers in the  client-server era”. Except once we started   putting server..."

"It is going to be a real challenge because  the real issue is change management or process   change. Here's an interesting thing: one of  the analogies I use is, just imagine how a   multinational cor..."

"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. ..."

"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..."

"But we also then said, "Let's go to the first  principles and build our own quantum computer   that is betting on the topological qubit."  And that's what this breakthrough is about.  Amazing. The mil..."

"So even today, that's effectively what  we're doing with the combination of   HPC and AI. I hope to replace some of  the HPC pieces with quantum computers.  Can you tell me a little bit about how  you..."

"That's the hard part, quite frankly, for CEOs and  management teams. Which is kind of fascinating.   It's as much about good judgment as it is about  good culture. Sometimes we've gotten it right;   s..."

"in your gaming world models. I'd love if  you can tell me a little bit about that.  We're going to call it Muse. It's going to be the  model of this world action, or human action model.  This is very ..."

"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..."

"say, how do you bring these things together?  Ultimately, not as tech for tech's sake,   but solving some of the fundamental things that  we, as humans, want in our life, and more, we want   them in o..."

"it infrastructure, we’re talking about all  the compute infrastructure, well how does   the legal infrastructure evolve to  deal with this? This entire world is   constructed with things like humans o..."

"Right. But if you have this picture where you  can have 10% economic growth, I think it really   depends on getting something like AGI working,  because tens of trillions of dollars of value,   that s..."

"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..."

"permission for that is not going to be there. When you get the agents that can really just do   weeks worth of tasks for you, what  is the minimum assurance you want   before you can let it run a rand..."

"One of the best demos that I've seen is a doctor  getting ready for a tumor board workflow. She's   going into a tumor board meeting, and the first  thing she uses Copilot for is to create an agenda  ..."

"depending on how you count. If really  that can just get collapsed by AI,   is the next step up in your next decade 10X-ing  the market cap of Microsoft again? Because you're   talking about trillions..."

"both economic return, but also a sense of purpose  and a sense of mission that they can accomplish by   using us as a platform. That's the contract. So I think yes, companies have to create a   cultur..."

"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..."

"worried that all cognitive labor will go away? I'm sure you've heard these examples before, but   the idea that horses can still be good for certain  things, there are certain terrains you can't take ..."

"what is that Herbert Simon thing? We are all  bounded rationality. So if the bounded rationality   of humans can actually be dealt with because there  is a cognitive amplifier outside, that's great.  ..."