Microsoft CEO Satya Nadella's new interivew： Explains how the next AI moat will not be the model you use， but the learning loop only your company can run.

He is really asking what happens to the firm when intelligence becomes something you can rent.

For a century， companies protected value through people， processes， data， routines， customer memory， and the tacit knowledge buried in daily operations.

Foundation models threaten to flatten that advantage because the same general intelligence can be used by everyone.

Nadella's answer is that firms need their own "hill climbing machine，" a private loop where models learn from company-specific tasks， traces， evaluations， and outcomes.