Microsoft Foundry observability adds Trace Replay and new trace visualizations in public preview, giving agent developers a faster way to debug multi-step runs. The replay view rewinds a captured trace step by step, showing the model, tool, and inter-agent calls in the order they happened along with inputs, outputs, latency, and token usage. Updated visualizations group nested spans by agent and tool so engineers can spot the step that introduced an error or a latency spike without scrolling through raw OpenTelemetry data. Traces flow into Azure Monitor Application Insights, so teams keep one observability backend for production AI workloads and the rest of their Azure services. Setup uses the existing Foundry tracing configuration.