"Ray Ozzie, Microsoft chief software architect, announced "Windows Azure" during the PDC keynote Monday. Windows Azure is a hosted suite of services, including virtualized computing, scalable storage, and an automated service management system. Ozzie said that these tools were built to host Microsoft services like MSN, Xbox Live, and Office Online. In theory, if Azure is robust enough for these services, it will also work well for Microsoft partners and customers. The first Community Tech Preview will be available later in the day."
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Microsoft has head in the clouds with new Windows Azure OS