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SN Satya Nadella On The Twenty Minute VC (20VC): Venture Capital | Startup Funding | The Pitch

“I think the biggest change now I have is I used to always think that alignment will just fall out. I no longer believe that. So I think this alignment thing may be a harder, different problem.”

The Twenty Minute VC (20VC): Venture Capital | Startup Funding | The Pitch · Startups & Venture · October 2026

“I think the biggest change now I have is I used to always think that alignment will just fall out. I no longer believe that. So I think this alignment thing may be a harder, different problem.” — Satya Nadella, The Twenty Minute VC (20VC): Venture Capital | Startup Funding | The Pitch

Asked what he has changed his mind on in the last year, the Microsoft CEO says he was an early believer in scaling laws in 2018 and 2019. He now thinks alignment won't come for free from scale. Earlier in the interview he argued it has to be built in from the start rather than added later.

The Twenty Minute VC (20VC): Venture Capital | Startup Funding | The Pitch · 2026-10-26 Listen to the episode → More from Satya Nadella → More Startups & Venture quotes →

Transcript

The Twenty Minute VC (20VC): Venture Capital | Startup Funding | The Pitch Around 21:12 into the episode
Satya Nadella

…years even on, which is every morning I get up and I used to be able to run. Unfortunately, my knees have gone away. And so now at least I walk with incline. Even this morning, I was able to get a half hour in. And so that's what, in spite of any jet lag, wherever I am, I get hit the gym every day.

Harry Stebbings

I too have bad knees. It's my age as well. What have you changed your mind on in the last 12 months?

Satya Nadella

It might be because after all, I was one of the first. Obviously, when Dario and Ilya and Sam and Greg and Elon were all, I guess, one happy family, they were really the believers in scaling laws. And that's what I believed in back in 2018, 2019. And I think the biggest change now I have is I used to always think that alignment will just fall out. I no longer believe that. So I think this alignment thing may be a harder, different problem. And so, yeah, that's the one thing I've changed my mind on.

Harry Stebbings

What looks crazy today, but will be incredibly common and accepted in five years.

Satya Nadella

You know, it might be that thing that we just talked about, this evals, right? What is a firm? I think a firm would be an AI benchmark.

Harry Stebbings

Final one for you. There are many things to be excited about over the next 10 years. For you specifically, like for me, it's my mother's got MS. I'm so excited for the drug development that could be capable. What are you most excited for?

Speaker names from our own diarization · position estimated from where the line sits in the episode

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