This paper advances a theoretical argument about the role capital plays in structuring CHI research. We introduce the concept of technological capture to theorize the mechanism by which this happens. Using this concept, we decompose the effect on CHI into four broad forms: technological capture creates market-creating, market-expanding, market-aligned, and externality-reducing CHI research. We place different CHI subcommunities into these forms -- arguing that many of their values are inherited from capital underlying the field. Rather than a disciplinary- or conference-oriented conceptualization of the field, this work theorizes CHI as tightly-coupled with capital via technological capture. The paper concludes by discussing some implications for CHI.

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