From the crypt: old Microsoft KB articles I’ve collected.

Limitations of the FAT32 File System in Windows XP (KB314463) Essentially 32GB max size if using Windows XP/2000 to create it, 8 2 –> 8 terabyte if you wanted to use a non-Microsoft utility to format the drive. Trivia: the original development name for FAT32 was BigFAT.

Fdisk Does Not Recognize Full Size [...]