As part of this interview, Satya Nadella gave Dylan Patel (founder of SemiAnalysis [https://semianalysis.com/]) and me an exclusive first-look at their brand-new Fairwater 2 datacenter. Microsoft is building multiple Fairwaters, each of which has hundreds of thousands of GB200s & GB300s. Between all these interconnected buildings, they’ll have over 2 GW of total capacity. Just to give a frame of reference, even a single one of these Fairwater buildings is more powerful than any other AI datacenter that currently exists. Satya then answered a bunch of questions about how Microsoft is preparing for AGI across all layers of the stack. Watch on YouTube [https://youtu.be/8-boBsWcr5A]; read the transcript [https://www.dwarkesh.com/p/satya-nadella-2]. Sponsors * Labelbox [https://labelbox.com/dwarkesh] produces high-quality data at massive scale, powering any capability you want your model to have. Whether you’re building a voice agent, a coding assistant, or a robotics model, Labelbox gets you the exact data you need, fast. Reach out at labelbox.com/dwarkesh [https://labelbox.com/dwarkesh] * CodeRabbit [https://coderabbit.ai/] automatically reviews and summarizes PRs so you can understand changes and catch bugs in half the time. This is helpful whether you’re coding solo, collaborating with agents, or leading a full team. To learn how CodeRabbit integrates directly into your workflow, go to coderabbit.ai [https://coderabbit.ai/] To sponsor a future episode, visit dwarkesh.com/advertise [https://www.dwarkesh.com/advertise]. Timestamps (00:00:00) - Fairwater 2 (00:03:20) - Business models for AGI (00:12:48) - Copilot (00:20:02) - Whose margins will expand most? (00:36:17) - MAI (00:47:47) - The hyperscale business (01:02:44) - In-house chip & OpenAI partnership (01:09:35) - The CAPEX explosion (01:15:07) - Will the world trust US companies to lead AI? Get full access to Dwarkesh Podcast at www.dwarkesh.com/subscribe [https://www.dwarkesh.com/subscribe?utm_medium=podcast&utm_campaign=CTA_4]