Dwarkesh Patel and Dylan Patel (SemiAnalysis) got an exclusive tour of Microsoft’s Fairwater 2 datacenter with Satya Nadella. Each Fairwater building has hundreds of thousands of GB200s & GB300s, with over 2 GW of total capacity across the interconnected sites — a single building already outscales any other AI datacenter that exists today.
The interview covers how Microsoft is preparing for AGI across the full stack: business models, the CAPEX explosion turning Microsoft into a capital-intensive industrial company, in-house chip development, the OpenAI partnership structure, and whether the world will trust US companies to lead AI. Worth the full watch.