Dwarkesh Patel

Satya and Scott Guthrie, Microsoft's EVP of Cloud and AI, give us a tour of their brand new Fairwater 2 data center, the current most powerful in the world.

You've got all this bandwidth between different sites in a region and between the two regions.

So is this like a big bet on scaling in the future that you anticipate in the future there's going to be some huge model that needs to require two whole different regions to train?

How big is the design space once we've decided to use the GB200 and NVLink?

How many other decisions are there to be made?

I guess we don't have to get wrapped up in the definition here.

But maybe one way to think about it is maybe it takes five years, 10 years, 20 years.

At some point, eventually, a machine is producing Satya tokens, right?

And the Microsoft board thinks that Satya tokens are worth a lot.

How much are you wasting of economic value by interviewing Satya?

You cannot afford the API cost of Satya tokens.

But so, you know, whatever you want to call it, are the Satya tokens a tool or an agent or whatever?

Right now, if you have models that cost on the order of dollars or cents per million tokens, there's just an enormous room for

expansion, a margin expansion there where a million tokens of Satya are worth a lot.

And where does that margin go?

And what level of that margin is Microsoft involved in, is the question I have.

I guess there's a question of the market will expand.

parts of the revenue that touch Microsoft expand.

So Copilot is an example where if you look early this year, I think, I guess, according to Dylan's numbers, the Copilot revenue, GitHub Copilot revenue was like 500 million or something like that.

And then there were like no close competitors, whereas