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Satya Nadella
Microsoft (CEO)
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Asked about compute-glut risk: 'the biggest issue we are now having is not a compute glut, but it's a power' @18:26. Later, on shaping Azure's book: 'we're not demand constrained, we're supply constrained.' @45:53. Confirms Azure (39% growth, $93B run-rate as stated on tape) could have grown 41-42% with more compute: 'Absolutely. There's no question.'
“And in fact, that is my problem today, right? It's not a supply issue of chips. It's actually the fact that I don't have warm shelves to plug into.”
Nasdaq since this was said: ▲ +8.2% · 23,581 → 25,508 · as of 2026-07-20
Gerstner asks how confident he is the $400B RPO turns into revenue over the next couple of years. Nadella: 'we are spending the capital out clear with high certainty that we just need to clear backlog.' @46:47; calls the backlog diversified across 1P and 3P, excluding OpenAI's additional $250B Azure commitment which 'will have a longer duration.'
“Yeah, that $400 billion has a very short duration, as Amy explained. It's the two year duration on average. So that's definitely our intent.”
Gerstner notes Mag-7 job growth has been flat (Microsoft ~225,000, unchanged '24 to '25) amid Amazon layoffs 'this week', and dubs it 'the golden age of margin expansion.' Nadella: 'I'm a firm believer that the productivity curve does and will bend' @64:45, and says the 'unlearning and learning process... will take the next year or so. Then the head count growth will come with max leverage.' @68:37.
“I will say we will grow a head count. But the way I look at it is that head count we grow will grow with a lot more leverage than the head count we had pre-A.I.”
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