Satya Nadella: A frontier without an ecosystem is unstable

Satya Nadella：没有生态的前沿不稳定

Nadella argues enterprises need both human capital (knowledge, judgment, relationships) and token capital (in-house AI capability). He warns that if a few models capture all value, it repeats the hollowing-out of globalization. The fix: every firm builds its own learning loop—swap base models without losing expert knowledge, and use private evaluation plus RL on real internal trajectories.

Why it matters: Nadella himself laying out an enterprise AI strategy with two concrete concepts — token capital and private learning loops — is real signal, not fluff. Held at 78 rather than 85 because we only have the tweet and summary; the full argument isn't spelled out yet.