Microsoft Fabric is a new offering in data storage and management from Microsoft, integrating features such as a data lake, multiple compute setups, advanced data governance, and a wide application surface area. Key components include OneLake, which serves as the central data lake; versatile compute options including T-SQL, Spark, KQL, and Analysis Services; a unified security model for data management and governance; broad application scope across workloads such as data engineering, analysis, and science; and a flexible pricing model.