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A frontier without an ecosystem is not stable
Satya Nadella (Microsoft) theorizes "the future of the firm" in an AI-driven economy: every company will need to build, alongside its human capital (judgment, relationships, pattern recognition), a "token capital" — its proprietary AI capability. The real value lies not in choosing the best model but in a learning loop (private evals, RL environments, base de connaissances) that encodes institutional knowledge and compounds over time. An argument for a "frontier ecosystem," not merely a "frontier model," so that value diffuses rather than being captured by a handful of models.
#future of the firm#human capital#token capital
Satya Nadella