Is it too early to figure out how to invest in this yet? Or is the winner, the likes of Meta and so forth, are they staring us in the face?

Well, I think, you know, I can't really provide investment advice on this front, but I think you can certainly sort of extrapolate out, you know, maybe we get to a point where there's a few hundred million users of these kinds of personal agents and what type of economic activity will a user or consumer, you know, kind of give to their agent and how will that activity be executed? One of the biggest flips is in a world of agentic task execution, the both opportunity and risk is that the preference of the end user starts to become less important than what the agent is just able to execute.

I might have a preference traditionally of where I would want to buy something or where to transact.

But if an agent can find a better price or a better opportunity for me, maybe I end up going with whatever that agent goes and decides or recommends.

So that has the opportunity to provide a little bit of a market shift In some of the dynamics based on, you know, who's an incumbent now versus maybe who's an incumbent later.

But unfortunately, that doesn't exactly tell you what to invest in because you have also a huge opportunity for the incumbents to respond very effectively.

There's a kind of increasingly famous line in Silicon Valley that says build something that agents want.

I mean, how do all of these kind of reimagine themselves for this era? Yeah.

And I just I could see maybe for some startups or people who are a little more sophisticated, I just don't understand how they're going to replace those workflows with something haphazard.

Yeah, correct.

And I think from my purview and many peers' purviews, I mean, we've lived in a world of things like open source, as an example.

There's been open source CRM and ERP systems for decades, and most companies don't run their entire sort of businesses on those because they don't want to take the risk of having to manage those systems themselves.

They would rather rely on a vendor that's seen that problem set 10,000 times or 100,000 times, and they've built an ecosystem, and they have a set of partners that help you with that.

So I do think though that when you have 100 times more software getting built, I think that it's actually a positive boon because what will happen is the software vendors that have access to customers and that are currently managing data or workflows, they're gonna increasingly build more functionality for their customers.

So I think it's gonna cause any existing vendor that you have within your technology stack to both have to earn their current dollars, but ultimately deliver more and more value for you.

And it just, a lot of these industry players, and perhaps you would know better than us, some of these smaller software companies that might not be so vital, where they live, maybe they live in the private world, I don't know, but maybe that's where, you know, more of the pain is felt.

And if you think it's going to be true for years to come that we remain in a supply-constrained environment for this technology.

Yeah, this is a tectonic shift in how we are going to work in the future because effectively what you have is near unlimited intelligence at your disposal for any task that you want inside an organization.

Now, there's a big caveat, which is that intelligence really has to be applied in a particular area or task.

It can't be a sort of widespread intelligence, maybe in the way that the sci-fi people would have predicted five or ten years ago.

It's really about task management.

specific automation so- in our organization- you know when we work with customers with a hundred and twenty thousand customers and what they do is they store their most important data in the box platform.

That data might be contracts or invoices or research documents or FDA drug trial in clinical trial information and inside of all that information are critical insights.

Where's the price points? You know, what does the competition look like? Does it matter if this is all being powered by TPUs or GPUs or what have you? You know, what do you think?

Can you take us through what you learned from yesterday's developer conference and what exactly you are going to do at Box or other of your peers and competitors to work around the monetization game of what's generative AI now, but to your point, will be agentic AI in the future?

Yeah, maybe if I could take that in reverse order, I'll just start with the monetization.

So for companies like Box, and I would include maybe companies like ServiceNow or Workday or Salesforce in this category.

So software companies, existing SaaS platforms, they have workflows, they have data already in the platform.

AI agents really offer a new monetization vector for our technology.

So traditionally, we sell seats of software into an organization based on the number of users that are using the platform.

AI agents now allow us to go and solve all new use cases and workflows, which really have a kind of unbounded upside because they're no longer limited by the number of employees inside the company.

So how exactly does securing data and data management factor into that cybersecurity agentic AI conversation?