Nadella warns companies need their own token capital in the AI economy

Microsoft CEO Satya Nadella is warning that a small number of AI systems could capture much of the economic value across industries, The Decoder reports. His proposed counterweight is “token capital”: proprietary AI capabilities built from a company’s own data and learning loops.

The argument reflects a core enterprise AI concern. If firms depend entirely on external general-purpose models, they may give up too much differentiation and bargaining power.

It also aligns with Microsoft’s platform strategy: Azure, Copilot, and model tooling all become more valuable if companies believe they need to build durable AI assets on top of their own data.