Microsoft Chief Executive Satya Nadella said companies must own the AI learning systems built from their own expertise, or risk handing their value to a few dominant models.
Nadella Defines Token Capital
Nadella made the case in a post on the future of the firm in an AI-driven economy. He called the moment unlike earlier platform shifts. For the first time, he wrote, a company can build a cognitive loop between its people and its machines.
He split corporate value into two forms. Human capital covers a workforce's knowledge, judgment, relationships and pattern recognition, while token capital is the AI capability a company builds and owns.
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Microsoft CEO Warns On Concentration
The real prize is not picking the best model but building a learning loop, Nadella said, warning that a few models could otherwise commoditize whole industries, as outsourcing once hollowed out manufacturing. "You can offload a task, or even a job, but you can never offload your learning," he wrote. He called for "a frontier ecosystem, not just a frontier model."
The post echoes a recent essay in which Nadella urged the technology industry to treat AI as a scaffold for human potential, not a substitute. He has also urged firms to govern AI agents like their own employees.
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