Im here in the keynote at the PDC and Ray Ozzie has just announced the new cloud platform which is called Microsoft Azure

It is basically made up of three levels

1. Windows Azure which provides the key operating system features for the cloud. The key parts of this are compute capabilities, file and blob storage and management
2. A higher level services layer which supports key capabilities such as Live, .NET Services, Sharepoint and SQL Services 
3. A set of finished services which use these technologies such as Windows Live, Exchange Online and CRM.

Below is a diagram which shows this in more detail. Later on I will provide more information about each of the services as they are introduced in the general sessions.