BREAKING
Nadella Floats 'Token Capital'
Two Kinds of Capital
Human capital
●
Knowledge & judgment
●
Resides in people
●
Accrues via experience
Token capital
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Weights & workflows
●
Owned by the firm
●
Accrues via usage loops
Building Hill-Climbing Machines
1
Private evals
↓
2
Private RL data
↓
3
Self-improving loop
↓
4
Company veteran AI
Fear: Models Could 'Eat Everything'
0
new MAI models
0
B
2026 AI capex
0
Build year
Framing, Not Yet a Product
AI NEWS BLITZ
Microsoft's CEO has coined a new strategy concept for the AI era called token capital.