Box CEO: AI agents will be the biggest users of software in the future
Speakers
Deirdre Bosa — Host
— CNBC anchor, tech reporter
Summary
- Box (BOX) shares surged over 8% following earnings, marking its best day in nearly a year, signaling a potential shift in sentiment for the battered SaaS sector.
- CEO Aaron Levie argues that the "indiscriminate selling" of software stocks is ending, replaced by a nuanced market looking for companies that enable AI agents rather than being replaced by them.
- Levie presents a core thesis that AI agents will be the "biggest users of software," specifically requiring a secure file system (Box) to access unstructured enterprise data for context.
- The discussion highlights geopolitical risks in AI, specifically Anthropic's recent "supply chain risk" designation by the Pentagon, which Levie suggests reinforces the need for platform neutrality rather than vendor lock-in.
Trade Ideas
"Agents actually need a file system to be able to do their work... Box is building a platform that helps agents actually leverage the unstructured data." The market previously feared AI would replace SaaS seats. Levie counters that AI agents are actually power-users of software that require a structured data layer to function. If Box becomes the "file system for agents," volume and utility increase significantly, justifying a re-rating from a legacy storage play to an AI infrastructure play. LONG. The stock is breaking out on earnings, and the narrative has shifted from "SaaS victim" to "AI enabler." AI agents might eventually bypass intermediate layers like Box to interact directly with raw storage or proprietary model ecosystems.
Deirdre Bosa
Anchor/Reporter, CNBC Tech Check
"Investors are weighing whether the sector sell off has seen a bottom... It was like indiscriminate selling to now a little more nuanced." The "SaaS-pocalypse" narrative is fracturing. If investors are moving from selling everything to picking winners, the sector ETF (IGV) may have found a floor. As capital rotates out of pure hardware/Capex trades and hunts for value, beaten-down software names with AI stories are the logical destination. WATCH. Look for a sustained reversal in the software sector ETF as a signal that the rotation is confirmed. High interest rates continue to compress valuations for high-growth software names within the ETF.
Aaron Levie
CEO of Box
Deirdre Bosa notes Anthropic "just got blacklisted essentially by the Pentagon." Levie adds that enterprises need an "approved strategic... model." If Anthropic (a major competitor backed by Amazon) is facing "supply chain risk" designations from the US Department of Defense, government and defense-adjacent AI spend will funnel rapidly toward the remaining "approved" giants: Microsoft (OpenAI) and Google (Gemini). This regulatory moat strengthens the incumbents. LONG. Regulatory headwinds for competitors are tailwinds for the established, government-cleared AI providers. Antitrust actions against Microsoft or Google could hamper their ability to secure further government contracts.
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This CNBC video, published March 04, 2026, features Aaron Levie, Deirdre Bosa discussing BOX, IGV, MSFT, GOOGL. 3 trade ideas extracted by AI with direction and confidence scoring.
Speakers: Aaron Levie, Deirdre Bosa · Tickers: BOX, IGV, MSFT, GOOGL