```html Microsoft CEO: In the future, every company must simultaneously build both human capital and token capital

Odaily Planet Daily News: Microsoft Chairman and CEO Satya Nadella published a long article on X titled "A frontier without an ecosystem is not stable."

In the article, Nadella stated that in the future, every company must simultaneously build two types of capital: Human Capital and Token Capital. Human capital includes employees' knowledge, judgment, interpersonal networks, creativity, and pattern recognition abilities. Token capital, on the other hand, refers to the AI capabilities owned and built by the company.

More importantly, as token capital grows, human capital will not depreciate; on the contrary, it will only become more important. Human initiative will be the core driving force behind the growth of token capital. Humans are responsible for setting ambitious goals, connecting information across fields, building relational networks, and identifying truly important patterns. Without human guidance, computing power merely goes in circles. Therefore, the real opportunity lies not in choosing which model is the best, but in building a learning loop around the model, allowing human capital and token capital to compound and grow together.