Box

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• bullish assessment Aaron Levie

  The trend that you just described is actually probably a net tailwind for us. So the more places, the more places that data is going and people are generating content and you have all these different places to store things, actually, the greater the challenge it is for an enterprise. So if you, if you think about you're a bank and, and there's, you know, files going into

• neutral assessment Aaron Levie

  And then we, you know, really just acknowledge that for our play, we had to be an enterprise software platform, and build up this idea of having a cloud content management platform end to end for the full lifecycle of your business.

• neutral fact_claim Aaron Levie

  we basically did this like over a three month period pivoted the company and said, we're going to go out to the enterprise market. And that was that was sort of that kind of no hedging decision. And then we basically became an enterprise software company. So that was back in early part of 2007, late 2006, pivoted the company.

• bullish assessment Aaron Levie

  we compared that path, which was like, oh God, like Google, Yahoo, Facebook, Apple. It's a race to the bottom... So we kind of saw that trend in 2006, 2007. We then looked at the enterprise market and we were like, oh my God, for some reason, we stumbled into this market that we never knew existed, which is enterprise spending millions of dollars just to manage their documents.

• bullish fact_claim Aaron Levie

  we were the first company of the new era, you know, sort of six years later, right around kind of the Facebook, YouTube sort of web 2.0 period. And we said, okay, let's let you store files in the cloud. And we're going to do a really big idea. We're actually going to give you a gigabyte of storage for free.

• neutral fact_claim Aaron Levie

  they're at least 100 times more dense than than the hard drives we bought when we started the company.

• bullish assessment Aaron Levie

  we've obviously been proven right on the cloud over peer to peer, specifically for our use case.

• neutral fact_claim Aaron Levie

  when we started box, we actually were also building a side product called Whirl, and Whirl was going to do peer to peer file sharing. So if you had a, if you had a corporate network, and everybody installed Whirl, you would basically be able to virtualize normally what would be in a server, because everybody would be just sharing files.

• bullish assessment Aaron Levie

  the third thing in particular in enterprise software, um, there's this one idiosyncrasy where your customers actually want to literally know like, how are your financials doing? Are you going to be able to manage my data for the long run? And so there's almost a kind of credibility brand transparency element to being public that ends up being uniquely helpful in enterprise software. That's not really the case in, in consumer like Airbnb or DoorDash doesn't really matter if these companies are pu

• bullish assessment Aaron Levie

  at a certain revenue scale, let's say a hundred million in recurring revenue, 200 million recurring revenue, you, you have enough predictability, uh, predictability in the business model where, um, you can, you know, operate at scale as a public company, I think with a high degree of forward looking, you know, kind of visibility and predictability and so that's good because that's sort of like job number one of going public is, is really make sure that you've got the business model locked in. Nu

• bullish assessment Unattributed

  not pointing any fingers at box's market cap but i think aaron levy kept that company in the news and in people's minds for years when it was in the wilderness and to your point about having a manifestation or a place you're going they've actually done relatively well in the current gen ai era and they've read how the growth and they've made it through the trough of despair but would that have happened without someone like a like a keith like like an aaron out there kind of beating the drum i do

• bullish assessment Unattributed

  one of my favorite companies, Box, because I've talked to the CEO, Aaron a bunch of times and he's just charming, has been talking ad nauseum for the last couple of quarters, maybe years at this point about helping people who have their data stored inside of Box, which is a traditional enterprise... They have a bunch of data in the cloud for their customers. And so they're building tools that I think are kind of aligned to what you're describing because they already have the data. So why not hel

• neutral fact_claim Jason Calacanis

  Aaron Levy said it could be 50% for customer support.

• neutral fact_claim Aaron Levie

  um no but i'm not trying to ruin your questions only

• bullish fact_claim Aaron Levie

  what one scenario we gave it like our earning script from from one quarter and we said um uh you know if you were warren buffett um how would you improve this earning script and um it's like a random use case like nobody in the entire world would ever have you know asked that question of an earning script but all of a sudden it starts to amp up the cash flow message and the share repurchase message and the capital allocation message and so now you know when you're preparing to go in front of a w

• bullish assessment Aaron Levie

  most of the the work that went into to box ai was you know these are like 1am sessions um you know with the the the team or cto on like okay can we how do we solve this and and how do we figure this thing out we hired a we hired an intern at at midnight on a saturday um and and just you know some some kid at stanford that was just like online and ready to rock right away

• bullish endorsement Unattributed

  when you have a good demo like this your mind starts to just come up with ideas yeah i was immediately like who in the organization has to approve this and uh i wonder if i connect this to my email and i can source 100 leads from the database who haven't been contacted

• neutral fact_claim Unattributed

  we are again we're at the just the starting point of how does that actually get architected

• mixed prediction Unattributed

  we're probably like five years away from from you know society actually understanding how that would all come together and having the technology actually integrated in this kind of capacity

• bullish fact_claim Unattributed

  so now you can imagine you know you're a sales rep and you're looking at you know a product marketing you know pdf and you really quickly want some ideas in front of a customer of like so what are some use cases for this new technology you know box ai would be this assistant for you to go and quickly you know answer that question

• bullish fact_claim Unattributed

  that also then dramatically reduces kind of hallucinations um that that you might see because it's not attempting to make anything up um it really is we're really kind of forcing it to stay um you know within the document

• bullish prediction Unattributed

  that's we think that's going to be the breakthrough

• neutral fact_claim Unattributed

  the point is not to train a model on your enterprise data... it's to separate the underlying access controls that people have to information from the ai model which you use as a reasoning engine for that data

• bullish assessment Unattributed

  we're seeing that most cios most ceos are recognizing that ai is a real platform shift... we're seeing you know universal optimism about how to leverage this technology... across our 110 thousand plus customers... there's a lot of excitement

• bullish fact_claim Unattributed

  every interaction you have with box ai is explicitly your you have to decide to use it... there's no training of the ai model there's no logging of the information that you gave the model so it can train later all of that is done in this very stateless ephemeral way... we have a very very high standard for security compliance data privacy

• bullish assessment Aaron Levie

  we had we've been doing seven or eight years of work in ai um and uh that the challenge was every single use case a customer had you know i i want to understand my contracts i want to understand my film scripts i want to understand my you know blueprint files every conversation we had was a different ai model that you had to narrowly you know kind of train and implement for that one use case and so it never really scaled because it would be like you know be like if we were building on the web an

• neutral prediction Aaron Levy

  I asked him what percentage of work of your teams, your companies, your firms will be done by AI by the end of this year, 2023. ... all three of them came up with the same number, 30%.

• bullish prediction David Friedberg

  here's how it would work with the New York Times and chat GPT or Grok and Disney, whoever you authenticate with your Disney plus at chat GPT or vice versa. And then it unlocks these features.

• bullish fact_claim Unattributed

  It has reached the absolute top of the iOS app store here in the United States, besting even ChatGPT, besting even Google Gemini, which means that OpenAI has yet another hit on its hand. If you don't know what Sora is, it's a new social app from OpenAI using the Sora 2 model that allows you to create social-ish videos of yourself using AI. And it has a cameo feature, Jason, that lets you put yourself into the action. I'm a little surprised for an invite-only product that it reached the number on

• bearish criticism David Friedberg

  I think it's a bad trade. I think when they go public, they might have a hard time sustaining this price. It could go to a trillion based on people being enthusiastic or irrationally exuberant. If you remember those two words from another era, irrational exuberance. We are in the irrational exuberance era right now with private companies like OpenAI. It's nothing personal to them or Sam. It's just the demand is too high for these shares. If I was an employee, I would sell every share I have. I l

• bullish assessment Unattributed

  which people are taking to indicate that they're big believers in the company.

• bullish assessment Unattributed

  Not a demand issue, a supply issue. Employees in the company didn't put up as many shares as they could have in this tender offer,

• neutral fact_claim Unattributed

  This is a secondary offering, folks, so it's employees selling their shares. But what was interesting, Jason, is that there was a total of $10.3 billion in authorized sales, but only $6.6 billion traded hands.

• neutral fact_claim Unattributed

  it is now the most valuable private company in the world. OK, just squeaking back SpaceX, which we talked about a minute ago, and the tender offer was worth about $6.6 billion in total.

• bearish criticism David Friedberg

  Maybe Midjourney should have done Vibes. Maybe they should have hired 10 more developers to do Sora, right? And make an app and a social network. So they're probably not taking advantage of the moment enough and not putting that work, putting that to work.

• bearish criticism Jason Calacanis

  Midjourney was built by a bunch of rich people. And it was early, and they have a ton of revenue, and it looks like their annual revenue is 500 million, so they're making 12 million per employee. Obviously, that's not sustainable or real. It might be for them for some period of time.

• neutral prediction Jason Calacanis

  I think the entire future of Reddit is to go there and get an LLM search box and then underneath it have, you know, make it look like Google with the search box or perplexity or anybody, Brave Search, DuckDuckGo, DuckDuckGo, have it be a search engine and underneath it have all of the top communities. And then it should be studying you and doing your for you page and serving you up stuff. And they really should just assume that the era of free search engine traffic is going to be deprecated slow

• bearish fact_claim Unattributed

  So here's a recent chart of Reddit's financial performance as a stock, Jason. Clearly it's taken quite a lot of blows. It was around 240 earlier in the week and now it is down to $208 per share. So yes, a lot of downward pressure there, perhaps from the Google SEO situation.

• bearish assessment Jason Calacanis

  People were saying that the stock is down because of this, like 5% or 10% because Reddit typically appears in the lower rankings. So this is, could be a big part of this future story, which is the impact of SEO and scraping and content creators and how do they get traffic to their website? How do they get traffic to their website?

• bearish fact_claim David Friedberg

  that they no longer had the ability to pass on the tag, you know, like search results equal 100. And that tag is how people who were doing SEO and how people were doing scraping and any kind of, you know, understanding how Google ranks things, they would load that page one time. Now you have to hit next, next, next, next. You got a low 10 pages, you know, and so you can no longer hit their API and get a hundred pages. That's significant. So a bunch of websites like Reddit, I think Reddit, you ca

• bullish assessment David Friedberg

  So getting continued growth and having more users sign up for free and then funneling the free users into the paid product. And then, of course, I'm sure these browsers will have advertising built into them. The other thing that's interesting is these browsers are a backdoor for training data. If Reddit and Hacker News and Tech Meme do not allow an LLM to scrape their content, right, or to otherwise produce it, well, I'm running a tool on my computer and I'm scraping the website. I'm opening the

• neutral assessment Unattributed

  So the cost of capital for AI companies is very cheap right now. So it probably does not matter if they've raised hundreds of millions of dollars, if they lose an extra $1 or $2 million a month at this point in time.

• bullish prediction Unattributed

  And in that setup, if they lose a lot of money on inference costs in the interim, do they really care? Because they're going to sell the company anyways.

• neutral prediction Unattributed

  I thought it was relatively bold of perplexity with a company that, you know, presumably loses money to take on more costs. So I was trying to sort out the why here. I'm curious if they're trying to angle for an acquisition, because as you said, if every major LLM company wants to own a browser, why not go buy one from a company that has already proven its ability to attract millions of people to its browser and maybe grow your overall market share?

• mixed assessment Unattributed

  And then I use Claude as my LLM for Comet. So, you know, when you start thinking about this, like it's, I have a Claude Pro account, obviously. And so you have to be able to service your customers. Then you have competitors coming. OpenAI, chances on Polymarket of OpenAI launching a browser... So we'll be sitting here by the end of the year. And I think every LLM will have a browser to do this.

• bullish endorsement Unattributed

  I don't think it's as good as, it's not as feature rich as Comet is.

• mixed assessment Unattributed

  I think they probably did this right. They knew it was, when you use the Comet browser or any of these AI browsers, I think your utilization of AI goes way up. It's just front and center in the browser. So you're probably costing them more money and they probably were concerned. ... Anyway, that was probably their concern is can they handle the amount of traffic coming in and can they handle it profitably? ... That's probably why they took a little bit of time to launch this.

• bullish assessment Unattributed

  i do think that yeah i mean if you actually look at salesforce they they're growing at 10 to 10 to 12 percent so why why is salesforce that has all this amazing data you know it's a database company right ultimately crm company and they're they're only you know they're they're down 40 for the year um and i think you know it really is that investors are chasing after growth fundamentally and you have that with you know uh samsung and sk hynix and and micron you have um you know i think vcs chasin

• neutral fact_claim Unattributed

  they're trading at a 3.4 x trailing price sales multiple

• bullish fact_claim Unattributed

  i think about a company that as we all know box with aaron levy they have tons of customer data they're expanding into workflows they seem to be accelerating their revenue a little bit

• neutral fact_claim Aaron Levy

  Well, we just did a convert, so we're probably 600 or 700 million.

1. 2028-02-05 here's how it would work with the New York Times and chat GPT or Grok and Disney, whoever you authenticate with your Disney plus at chat GPT or vice versa. And then it unlocks these features. · Prediction · confirmed

VentureSignalScore 79/100 for box, composed from 1 of 4 components (index v0 cross-signal), discounted ×0.79 for 30% signal coverage