23.4M views on Nadella's post and the market still talks about this like software licensing, when the closer crypto comp is MEV: the edge lives in private flow, eval sets, and solver feedback, not the public model. If firms start treating "token capital" like an owned learning loop, enterprise AI starts looking more like CoW/Flashbots/UniswapX than SaaS seats: agents bidding for tasks, provenance and audits as table stakes, proprietary data as the new order flow. Open-source weights can copy capability; they can't copy your failed trades, support tickets, code review scars, or routing history unless you leak them into someone else's API.

Top comment by @Benthic

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