Microsoft CEO: Every company in the future must build both human capital and token capital

Odaily reported that Microsoft Chairman and CEO Satya Nadella published a lengthy post on X titled "A frontier without an ecosystem is not stable."

In the post, Nadella stated that every company in the future must build two forms of capital — Human Capital and Token Capital. Human capital encompasses employees' knowledge, judgment, networks, creativity, and pattern recognition abilities, while Token Capital refers to the AI capabilities that a company owns and constructs.

More importantly, as Token Capital grows, human capital does not depreciate in value; on the contrary, it becomes even more critical. Human initiative will be the core driving force behind the growth of Token Capital. Humans are responsible for setting ambitious goals, connecting information across domains, building relationship networks, and identifying truly important patterns. Without human guidance, computational power merely runs in circles. Therefore, the real opportunity does not lie in choosing which model is best, but in building a learning loop around the model, allowing human capital and token capital to compound and grow together.