Fifth Wall CEO Brendan Wallace: the data center land grab and the most stable asset on earth you still can't buy

Felix Rieseberg leads engineering for Claude Cowork and Claude Code Desktop at Anthropic. Before that he led desktop and web infrastructure at Notion and built software at Stripe, Slack, and Microsoft. In this episode of Summation, Felix and Auren discuss:The next AI step function: going from solving a problem to owning a responsibilityWhy AI will win many Nobel prizes before it wins a single PulitzerBringing AI into the physical world, from a $30 coffee-machine display to a Wi-Fi garage openerWhy "here's what your team can learn from the Navy SEALs" is bad management adviceYou can find Auren Hoffman on X at @auren and Felix Rieseberg on X at @felixrieseberg

Brendan Wallace is the Founder, CEO & CIO of Fifth Wall, the largest investment firm focused on technology for the built environment, with ~$3B in capital, the firm is driving the growth of nearly 170 companies, backing category-defining PropTech leaders such as Opendoor, Procore, Blend, Hippo, and Bilt Rewards. It's supported by ~115 of the world's largest real estate owner-operators including CBRE, Hilton, Hines, Marriott, Public Storage, Related, and Starwood. Before Fifth Wall, Brendan was at Goldman Sachs and Blackstone, and he co-founded Identified (sold to Workday) and Cabify. In this episode of Summation, Brendan and Auren discuss:How remote work protected mediocrity for yearsThe data center land grab: powered land, 2037 grid connections, and bring-your-own-solarHow land is the most stable asset on earth and there's still no way to buy an index of itWhy "capital-intensive businesses are bad for venture" is no longer trueYou can find Auren Hoffman on X at @auren and Brendan Wallace on X at @BrendanFWallace

Jim Rebesco is the co-founder and CEO of Striveworks, an AI ops company deployed across the US Army, Navy, and combatant commands. In April, Striveworks announced a $70M enterprise agreement with the Pentagon, giving nearly a million defense personnel access to its platform. Jim was previously a partner at Virtu Financial, a pioneering high-frequency trading firm.In this episode of Summation, Jim and Auren discuss:why the real question in AI warfare is who pushes the buttonthe case that autonomy favors big nation states, not insurgentswhy it costs $200,000 to procure anything in the Pentagonwhat high-frequency trading and war have in commonYou can find Auren Hoffman on X at @auren and Jim Rebesco on LinkedIn

Carson Block is the founder of Muddy Waters Research, one of the defining activist short-selling firms of the last decade and a half. Since 2010, Muddy Waters has published forensic research exposing accounting fraud at publicly traded companies across China, Europe, and the US and has been right enough times that 11 companies have been delisted as a result.In this episode of Summation, Carson and Auren discuss:why outright fraud is only 20-25% of Muddy Waters'  focusthe Wirecard sagawhy high-trust countries like Germany are a paradise for criminalshow the thing that killed Enron is still completely legalYou can find Auren Hoffman on X at @auren and Carson Block on LinkedIn and on X @muddywatersre

Anders Jones is the CEO and co-founder of Facet, a fintech company built to bring high-quality, flat-fee financial advice to an underserved market: the mass affluent. Facet has raised over $250M and manages more than $7B. Anders has seen the real finances of tens of thousands of households.In this episode of Summation, Anders and Auren discuss:why the percentage-of-assets fee is the greatest heist in financethe retention data showing people stick 3x longer when you help them act, not just advisethe horizontal wealth transfer to spouses that nobody is planning forwhy most companies should never raise venture capitalYou can find Auren Hoffman on X at @auren and Anders Jones on LinkedIn 

Charles Duhigg is a Pulitzer Prize-winning journalist and staff writer at The New Yorker. He is the author of The Power of Habit, Smarter Faster Better, and Supercommunicators. His work focuses on the science of habits, productivity, decision-making, and human connection.In this episode of Summation, Charles and Auren discuss:why producing the words is only 10% of an author's job, and the 90% AI can't dowhat GLP-1s actually do to the brain the serendipity tax: why you pay for five dead-end dinners to get the one that changes your lifethe three skills that separate supercommunicators from everyone elseYou can find Auren Hoffman on X at @auren and Charles Duhigg on X at @cduhigg

Chris Farmer is the founder and CEO of SignalFire, an early stage venture firm managing over $3 billion. In this episode of Summation, Chris and Auren discuss:why the time to return 1x has stretched to 9+ years and funds are lasting 20 yearsthe engineering hiring boom hiding behind the layoff headlinesthe five functions of a VC firm and the one place data helps the leastwhy almost all conventional career advice is now badYou can find Auren Hoffman on X at @auren and Chris Farmer on X at @chriswfarmer

This episode is a rebroadcast of Auren's appearance on the GTMnow podcast ---------------------------------------------------Auren Hoffman (Flex Capital) joins the GTMnow podcast to share some of the most contrarian takes in tech today, from why AI moats are gone, to why your next VC meeting will be with a bot, to why AI is secretly going to trigger a baby boom.In this episode:Why Auren runs 500+ AI agents to source deals, and what that means for founders raising capitalThe "agent-to-agent" meeting prediction: by end of 2026, first VC conversations will be fully automatedWhy every software moat has been "blown up" and what Salesforce, LinkedIn & DocuSign need to do to surviveThe OpenAI x The Hustle acquisition breakdown: why it's the smartest (and cheapest) distribution play in AIWhy missing a great deal is 10x more painful than making a bad one, Auren's honest VC mistake frameworkThe baby boom thesis: why AI, IVF, self-driving cars & cheaper energy could reverse the fertility declineWhy companies won't sign yearly SaaS contracts anymore, and what that means for every B2B founderAuren Hoffman is the founder of NQB8, Flex Capital, SafeGraph, and LiveRamp. He's an early backer of Replit, Perplexity, Rippling, Vercel, Coinbase, Chime, and AppLovin.Max’s socials: https://x.com/hackitmaxhttps://www.linkedin.com/in/maxaltschuler/Auren’s socials:https://x.com/aurenhttps://www.linkedin.com/in/auren/https://auren.substack.com/GTMnow: https://gtmnow.com

Jake Stauch is the co-founder and CEO of Serval, the AI-native enterprise service management platform. Serval was founded in 2024 and has already raised over $125M across rounds led by Redpoint and Sequoia at a $1B+ valuation. Before Serval, Jake spent five years on the product team at Verkada and earlier founded NeuroPlus, a brain-sensing hardware company that made video games for kids with ADHD.In this episode of Summation, Jake and Auren discuss:Why Anthropic has added more ARR in the past few months than ServiceNow has in the past 20 yearsThe "forward deployed engineer" hire and why he recruits future founders instead of solutions engineersWhy talent density is the only remaining moat in the age of AIThe Silicon Valley collusion around not poaching each other's employeesYou can find Auren Hoffman on X at @auren and Jake Stauch on X at @jakeserval

Dmitry Shevelenko is Chief Business Officer at Perplexity. He previously co-founded Tortoise, a robotics and commerce automation startup and held business development roles at Uber, LinkedIn, and Meta. He also serves on the board of Lazard. In this episode of Summation, Dmitry and Auren discuss:Why CEOs and executives are Perplexity Computer’s biggest power users and what that says about who wins the AI eraScaling Perplexity past $500M ARR with only 34% headcount growthThe $34.5B Chrome bid and the TikTok bid before itWhy AI's biggest constraint right now is adoption and not capabilityYou can find Auren Hoffman on X at @auren and Dmitry Shevelenko on X at @dmitry140