Microsoft CEO Satya Nadella argues that AI is reshaping the fundamental nature of firms, not just technology stacks. Every enterprise must now balance human capital with 'token capital'—the encoded tacit knowledge in AI models—to maintain competitive advantage and sovereignty while building trustworthy AI supply chains that preserve proprietary expertise. Companies must treat AI as restructuring the firm itself, not as a technology department problem; CEOs need deep understanding of their token capital—the knowledge encoded in models—just as they understand human capital.