Box CEO: AI Agents Aren't Going Away, We Need More Memory, Tokens Are Here To Stay

Amit Kukreja•Aug 9, 2026

Summary

Amit argues that we are currently in the most dynamic period for software, driven by the interdependence of infrastructure, AI models, and the software stack. Amit states that AI agents will become the primary users of software, potentially using it at 100x the scale of human users. This shift creates a massive value proposition for companies that provide the guardrails and data access for these agents. Amit highlights Box as a critical file system for AI, specifically for unstructured enterprise data like contracts and research files.

Amit also addresses the narrative that SaaS is dead, noting that companies like Atlassian and Salesforce are actually seeing increased engagement because agents require structured environments to operate effectively. Amit points out that the last mile of AI work still requires human judgment, suggesting a future where productivity gains lead to more work being done rather than job elimination, citing Jevons Paradox. Amit emphasizes that as token costs decrease, the demand for software and automation will likely exceed efficiency gains.

Box (BOX): Amit describes Box as a leader in intelligent content management and the file system for AI. Amit highlights the company's role in providing the necessary infrastructure for AI agents to access and store unstructured enterprise data securely. Amit notes that Box is seeing accelerated growth as a result of AI integration.

Atlassian (TEAM): Amit discusses how Atlassian serves as a counter-narrative to the idea that AI replaces engineers. Amit notes that companies using agents the most are growing the fastest on Atlassian's platform, as more code generation requires more management infrastructure. Amit states that agents need the same guardrails that humans do, increasing the value of Atlassian's systems.

Salesforce (CRM): Amit argues against the idea that Salesforce is dead, noting that AI agents increase the value of CRM records. Amit highlights that agentic workflows allow for more frequent interaction with Salesforce data than human users typically perform. Amit points out that the platform's massive revenue and deep data integration make it a core component of the AI agent ecosystem.

Mentioned Stocks

CRM

Sentiment: BUYAction: RECOMMENDED

Reasoning: Amit disputes the idea that Salesforce is losing relevance, arguing that AI agents make CRM records more valuable. Amit notes that agents interact with Salesforce data at a higher frequency than humans, which supports the platform's long-term utility and revenue potential.

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BOX

Sentiment: BUYAction: RECOMMENDED

Reasoning: Amit views Box as the essential file system for AI agents dealing with unstructured enterprise data. Amit argues that as agents become the primary users of software, the need for Box's secure storage and workflow capabilities will lead to accelerated growth.

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TEAM

Sentiment: BUYAction: RECOMMENDED

Reasoning: Amit challenges the bearish sentiment surrounding Atlassian, stating that the platform is actually benefiting from AI. Amit points out that higher agent usage correlates with faster growth on the platform because agents require the infrastructure Atlassian provides to manage code and tasks.

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