Satya Nadella has argued that companies should stop focusing on choosing the best AI models and instead build “learning loops” that combine human expertise and AI systems. In a new essay, the Microsoft CEO describes this as the fusion of “human capital” and “token capital,” warning against inequality risks similar to globalisation.
Satya Nadella is sounding an alarm about how companies are thinking about AI, and it isn't about which model to pick. In a sweeping essay on the future of the firm, the Microsoft CEO argues that the real prize is something deeper - a self-reinforcing loop between human expertise and AI capability that each company builds and owns.
"The real opportunity is not in picking the best model but instead in building a learning loop on top of models where human capital and token capital compound," Nadella writes.
Two kinds of capital
Nadella introduces a new framework for the AI era. Every company, he argues, must build two things in parallel: human capital, "the knowledge, judgment, relationships, ingenuity, and pattern recognition of its people." The second thing is token capital, meaning the AI capability a firm builds and owns.
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