Nadella dropped a post last weekend about "token capital" that every CTO I know forwarded within a day. His argument: every company needs to build AI capability it owns, not rent models via API. The learning loop around the model is where the IP lives. He's right about the direction. I think he skipped the part that kills most implementations. I've spent the last year and a half watching the same failure mode at mid-market software companies. Team gets budget for AI. Picks a model....