Microsoft CEO Satya Nadella argued in a post on X that the real AI advantage is not selecting the best frontier model but building a proprietary "learning loop" around it, as Anthropic and OpenAI filed confidentially for their IPOs within a week of each other, carrying private valuations of roughly $965 billion and $852 billion. Nadella distinguished between "human capital" (knowledge, judgment, relationships) and "token capital" (AI capability a firm owns), stating, "Human capital does not become less valuable as token capital grows. It only becomes more valuable," and warning that without human direction, "you have compute running in circles." He described a learning loop that captures interactions, corrections, and outcomes to sharpen AI at a specific business, creating proprietary IP. Nadella also drew a line to globalization, writing, "The last thing any of us wants is a world where every company across every sector is ceding value to a few models that eat everything they see," adding, "If all the value is accrued by only a few models, the political economy will simply not tole."