没有生态系统的前沿是不稳定的

I’ve been thinking a lot about the future of the firm in an AI-driven economy.

我一直在深入思考在AI驱动的经济中企业的未来。

This transition is different than any previous platform shift. In the past, we used digital systems to enhance human capital. This is the first time we can create a real cognitive loop between people and digital systems. That is a mind-bender, because it changes how we even conceptualize work inside an enterprise.

这次转型与以往任何一次平台转变都不同。过去，我们使用数字系统来增强人力资本。这是我们第一次能够在人与数字系统之间创建一个真正的认知循环。这令人颠覆认知，因为它改变了我们在企业内部 conceptualize 工作的方式。

What is at stake is not some digital tool or system and its use, but how organizations continue to learn, build IP, differentiate, and thrive in a world where AI models can continuously absorb the expertise of humans and organizations and commoditize it.

面临风险的不仅仅是某种数字工具或系统及其使用方式，而是组织如何在一个AI模型能够不断吸收人类和组织的专长并将其商品化的世界中，继续学习、构建IP、实现差异化并蓬勃发展。

Every company is going to have to build what I think of as human capital and token capital. Human capital comprises the knowledge, judgment, relationships, ingenuity, and pattern recognition of its people, while token capital is the firm’s AI capability it builds and owns.

每家公司都将不得不构建我所认为的人力资本和Token资本。人力资本包括其员工的知识、判断力、人际关系、创造力和模式识别能力，而Token资本则是公司构建并拥有的AI能力。

Importantly, human capital does not become less valuable as token capital grows. It only becomes more valuable! I believe human agency will be the driver of token capital growth. Humans will set ambitious goals, connect dots across domains, build relationships, and recognize patterns that matter most. Without human direction, you have compute running in circles.

重要的是，随着Token资本的增长，人力资本并不会变得不那么有价值。它只会变得更有价值！我相信人类的能动性将是Token资本增长的驱动力。人类将设定宏伟的目标，跨领域建立联系，构建人际关系，并识别最重要的模式。没有人类的指引，算力只会空转。

This means the real opportunity is not in picking the best model but instead in building a learning loop on top of models where human capital and token capital compound. You can offload a task, or even a job, but you can never offload your learning. The future of the firm is the ability to compound that learning across people and AI...