Odaily Planet Daily report: Microsoft Chairman and CEO Satya Nadella published a lengthy article on X titled "A Frontier Without an Ecosystem Is Not Stable."
Nadella stated in the article that, in the future, every company must build two forms of capital—human capital and token capital. Human capital includes employees’ knowledge, judgment, networks of relationships, creativity, and pattern recognition abilities; token capital, on the other hand, refers to the AI capabilities that a company owns and develops.
More importantly, as token capital grows, human capital does not depreciate—in fact, it becomes even more critical. Human agency is the core driver behind the growth of token capital. Humans are responsible for setting ambitious goals, connecting information across domains, building networks, and identifying truly significant patterns. Without human guidance, computational power merely spins in place. Therefore, the real opportunity lies not in choosing the best model, but in building a learning loop around the model that enables human capital and token capital to compound together.