Microsoft's Nadella Frames AI-Era Edge as 'Token Capital'

Microsoft CEO Satya Nadella has introduced a framework that describes a company's competitiveness in an AI-driven economy through two assets, "human capital" and "token capital," arguing that human expertise becomes more valuable as AI spreads. The idea, laid out in the "Possible" podcast with Reid Hoffman recorded just after Microsoft Build 2026 and in a follow-up long-form post, is further developed in an interview with Stratechery.