Box CEO Aaron Levie: 90% of enterprise tokens will go to work no human initiated within five years

Training Data (Sequoia) · rss · 2026-09-15

Sequoia's Training Data podcast hosts Box cofounder and CEO Aaron Levie on reinventing a public company for the AI age.

Case for the application layer: value isn't only in the model but in the bridge from raw capability to real workflows in banks, law firms, and pharma. Box's agent harness is tuned so tightly to its own file system, permissions, and search that it beats handing the raw API to Claude or ChatGPT on both accuracy and latency.
Business model: token subsidies from labs can't last; enterprises want a model-agnostic company routing their tokens, not the one selling them.
Diffusion gap: coding diffused fast, but the rest of knowledge work won't — there's no "give us your GitHub" for a sales rep.
Prediction: within five years, 90% of enterprise tokens will go to work no human user ever initiated.

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