The declining labour share of income in advanced economies is an important topic for policymakers. This column studies how different types of capital interact with labour using firm-level data from Korea. It shows that equipment capital and labour are complements, but software (a part of intangible capital) and labour are substitutes. As software improves, labour shares within firms decrease, and production shifts toward software-intensive firms, which tend to have higher markups and lower labour shares. These findings have important implications for the ongoing debates about technological change, market power, and income distribution, especially in the era of generative artificial intelligence.