A written record of everything spoken in a meeting, attributed to individual speakers and timestamped. Transcripts are the foundational artifact that every other meeting-copilot feature is built on: recaps, action-item extraction, search, sentiment analysis, and Q&A over past meetings all run against the transcript rather than the raw audio. Transcript quality depends on speech-recognition accuracy, diarization quality, and the meeting environment (clear audio, single speakers, minimal cross-talk). A transcript with 95% word-accuracy and clean speaker labels is far more useful than one with 99% word-accuracy but mis-attributed speakers — the second creates plausible-but-wrong quotes that consumers can't easily detect. Transcripts are also the highest-PII artifact a copilot produces, which makes their storage, retention, and access controls a primary security concern.