Satya Nadella just posted something that validates the entire AI buildout thesis from the very top of the stack.
The model is commoditizing. The durable value is the learning loop a company builds on top of the model.
He splits it into two assets:
Human capital -- the knowledge, judgment, relationships, and pattern recognition of your people.
Token capital -- the AI capability the firm builds and owns.
He says the real opportunity is building a learning loop where human capital and token capital compound together.
If the model layer is commoditizing then the durable returns are not in the model makers. They are in the infrastructure that powers every company building its own loop. Compute. Memory. Interconnect. Power.
The full stack underneath the application layer.
The model wars will have winners and losers. The infrastructure underneath gets bought either way.
Bullish the AI buildout.
Every layer. If you want to understand them in detail, check out my Substack.
https://open.substack.com/pub/rensub/p/t...
Satya Nadella@satyanadella