Microsoft CEO: In the future, every company must simultaneously build human capital and token capital Odaily Planet Daily News: Microsoft Chairman and CEO Satya Nadella released a long article on X titled "A frontier without an ecosystem is not stable". Nadella stated in the article 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 enterprises. More importantly, as Token capital grows, human capital will not depreciate as a result. On the contrary, it will only become more important. The subjective initiative of humans will be the core driving force behind the growth of token capital. Human beings are responsible for setting grand goals, connecting information across domains, building relationship networks, and identifying truly important patterns. Without human guidance, computing power just keeps spinning in place. Therefore, the real opportunity does not lie in choosing which model is the best, but in building a learning loop around the model that allows human capital and token capital to compound and grow together.