Microsoft CEO Satya Nadella published a widely shared essay on June 14 titled "A frontier without an ecosystem is not stable," which drew more than 28 million views. BusinessToday reports that Nadella introduced the concept of "Loopcraft" — the idea that companies should focus on building self-reinforcing loops between human expertise and AI capability rather than simply choosing the most powerful AI model on the market. He describes two new forms of capital that matter in the AI era: human capital (expertise, judgment, and relationships) and token capital (owned AI capability). Nadella warned against a future where value flows only to a handful of frontier model providers, arguing instead for broadly distributed ecosystems. The essay is seen as both a strategic vision for Microsoft's cloud and AI business and a pitch to enterprise customers to invest in proprietary AI workflows rather than depending entirely on any single model provider.