How do I record transcript in Microsoft teams without the other guests seeing it?

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Join the meeting in speaker mode on your laptop, and use your cellphone to record a voice memo.
Then send the audio file to any AI that converts audio to text.

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Major privacy risk though

But also check with your company policy because recording meetings especially client meetings could get you into trouble down the line. Not to be the Narc but I know my firm has strict rules about this for our consultants.

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I’m assuming my guy here wants to work smart not hard, summarizing meeting with AI and showing he got the takeaways. Otherwise what’s the point of having to hide it? As others have pointed out you can’t do it non-dodgy

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