aaron levy

Cognition's coding agents will serve both new AI-first software development companies and traditional system integrators, creating a positive-sum dynamic where both old and new players grow.

Regulatory moats and switching costs protect massive incumbents like JP Morgan; AI-first competitors may build half-trillion-dollar businesses but won't kill the incumbent banks.

Box's platform manages 120K enterprise customers' unstructured data (contracts, research, marketing assets), which becomes the critical fuel for LLMs and agents to automate knowledge workflows, creating a massive expansion of Box's addressable market.

Levy sees Cognition (maker of Devin) as a horizontal infrastructure play that will supply AI coding agents to both new agent-first system integrators and traditional ones, creating a positive-sum dynamic where both old and new players grow.

Box sits at the center of enterprise unstructured data (contracts, research, marketing assets) and is building the platform layer that lets AI agents read, process, and automate workflows across 120K customers; Levy argues the company has been waiting 21 years for LLMs to unlock the value of this data.

Levy confirms Anthropic's Dario Amodei was right that scaling laws (more compute + more data + better post-training) continue to drive exponential model improvement across at least five US frontier labs, with no wall in sight.

Kimi K3 has closed the gap to US frontier models to roughly 1-3 months, scoring as the third-best composite model worldwide and even topping subjective front-end design benchmarks, signaling China's open-weight ecosystem is no longer years behind.