Microsoft CEO: In the Future, Every Company Must Build Both Human Capital and Token Capital

Odaily Odaily reports 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 in the future, every company must simultaneously build two kinds of capital — Human Capital and Token Capital. Human capital encompasses employees' knowledge, judgment, networks, creativity, and pattern recognition abilities. Token capital, meanwhile, represents the AI capabilities owned and built by an enterprise.

More importantly, as Token capital grows, human capital does not depreciate; on the contrary, it only becomes more important. Human agency will be the core driving force for 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, compute power just spins its wheels. Therefore, the real opportunity lies not in choosing which model is best, but in building a learning loop around the model where Human Capital and Token Capital can compound together.