Onward, a Fundrise Production

What happens if artificial intelligence becomes as capable as—or more capable than—human beings? Most conversations about AI stop at whether artificial general intelligence will arrive. In this episode of Onward, Ben Miller and Kanika Bahl accept that premise and ask the more difficult question: What happens after? Kanika is the founder and CEO of the AI Access Initiative and a former founding member of Anthropic’s Long-Term Benefit Trust, an independent governance body created to help ensure that Anthropic develops AI for the long-term benefit of humanity. She previously led Evidence Action, where her work helped deliver health and economic interventions to hundreds of millions of people living in poverty. Drawing on her experience at the intersection of AI, global development, and large-scale systems change, Kanika explains why transformative AI may arrive sooner than many people expect—and why creating powerful technology is only the beginning. The more difficult challenge will be ensuring that its benefits actually reach people. Ben and Kanika explore how AI could improve healthcare, education, agriculture, and economic opportunity around the world. They also confront the deeper fears underneath the AI debate: What happens when machines can perform much of today’s work? How will people find purpose, status, and identity? Who will own the wealth AI creates? And how can society distribute its gains without relying solely on universal basic income? The conversation ultimately offers a cautiously optimistic vision. AI could create extraordinary abundance, but only if governments, companies, nonprofits, philanthropists, and individuals begin preparing now for the social changes it may bring. In this episode Why AI’s rapid progress is grounded in scaling laws, investment, and measurable capability gains Why Kanika believes transformative AI within the next five to fifteen years is a reasonable possibility The risk that billions of people in lower-income countries could be left behind How AI could deliver localized weather forecasts to hundreds of millions of smallholder farmers The potential for AI-supported diagnosis to address doctor shortages and high misdiagnosis rates Evidence that AI tutoring could produce significant learning gains in lower-income countries Why technological breakthroughs do not create impact unless effective distribution systems exist How society might find purpose and identity in a world with less paid work Why caring, service, exploration, building, and learning could become more central to human life The limitations of universal basic income as the default response to job displacement Ben’s case for “universal basic ownership” and giving people a stake in the wealth AI creates Why better labor-market data and iterative policymaking will be essential How organizations can prepare for both short and long AI timelines Why accepting change—and learning through experimentation—may produce better outcomes than resisting it — For a deeper dive into these insights and more, be sure to listen to the full episode of the Onward podcast. Have questions or feedback about this episode? Drop us a note at [email protected]. Onward is hosted by Ben Miller, co-founder and CEO of Fundrise. Podcast production by The Podcast Consultant. Music by Seaplane Armada. About Fundrise With over 2 million users, Fundrise is America's largest direct-to-investor alternative asset investment platform. Since 2012, our mission has been to build a better financial system by empowering the individual. We make it easier and more efficient than ever for anyone to invest in institutional-quality private alternative assets — all at the touch of a button. Please see fundrise.com/oc for more information on all of the Fundrise-sponsored investment funds and products, including each fund’s offering document(s). Want to see the specific assets that make up and power Fundrise portfolios? Check out our active and past projects at www.fundrise.com/assets.

Days after ChatGPT launched, Intercom called it an “iPhone moment" and bet a $300 million ARR business that AI was the future of customer service. On this episode of Onward, Ben talks with Paul Adams, Chief Product Officer of Fin (formerly Intercom), about the pivot to AI customer service: why the decision was easier than you might think, why the culture change was brutal, and how the bet ended up strengthening the legacy business instead of killing it. Since Fundrise runs its own investor relations program on Fin, the episode doubles as a customer interview. They get into AI's effect on knowledge work, the risk of letting an agent write to a database, Claude Code as "magic," and why Paul calls himself a "delusional optimist" about what comes next. — For a deeper dive into these insights and more, be sure to listen to the full episode of the Onward podcast. Have questions or feedback about this episode? Drop us a note at [email protected]. Onward is hosted by Ben Miller, Co-Founder and CEO of Fundrise. Podcast production by The Podcast Consultant. Music by Seaplane Armada. About Fundrise: With over 2 million users, Fundrise is America's largest direct-to-investor alternative asset investment platform. Since 2012, our mission has been to build a better financial system by empowering the individual. We make it easier and more efficient than ever for anyone to invest in institutional-quality private alternative assets — all at the touch of a button. Please see fundrise.com/oc for more information on all of the Fundrise-sponsored investment funds and products, including each fund's offering document(s). Want to see the specific assets that make up and power Fundrise portfolios? Check out our active and past projects at www.fundrise.com/assets. More Info & Disclaimers There are no guarantees investment holdings of the Fundrise Innovation Fund (the "Fund") will be successful. Investing in the Fund is speculative and involves substantial risks. You should purchase shares of the Fund only if you can afford a complete loss of your investment. Nothing in this material should be construed as tax advice, an offer, recommendation, or solicitation to buy or sell any security. Past performance does not guarantee future results. Current and future holdings are subject to risk, and returns of one portfolio company are not indicative of an investment in the Fund. For Fund performance and the most recent schedule of investments, visit GetVCX.com. The Fund's annual and semi-annual reports (Form N-CSR), quarterly portfolio holdings (Form N-PORT), and other periodic reports filed with the Securities and Exchange Commission are available on EDGAR at sec.gov and at GetVCX.com. The Innovation Fund is publicly registered under the Investment Company Act of 1940 as a non-diversified, closed-end management investment company. The Fund's portfolio will be concentrated in securities issued by technology companies and other investments that provide economic exposure to technology companies and as such, it may be subject to more risks than if it were broadly diversified across additional sectors and industries of the economy. Certain technology companies may face special risks that their products or services may not prove to be commercially successful. Technology companies are also strongly affected by worldwide scientific or technological developments, and as a result, their products may rapidly become obsolete. The Fund's investments in companies involved in, or exposed to, artificial intelligence-related businesses may be negatively impacted because of, among other things, limited product lines, markets, financial resources and/or personnel; intense competition and potentially rapid product obsolescence these companies may face; loss or impairment of intellectual property rights; and the inability to successfully develop products or services even after spending significant amount of resources. The Fund's investment in private company securities, whether made directly or indirectly (e.g., through derivatives or private pooled investment vehicles) are generally illiquid. Because private company securities are thinly traded, such securities may display especially volatile or erratic price movements, sometimes in response to relatively small changes in investor supply or demand or other market conditions.

On the newest episode of Onward, Ben sits down with Celine Halioua, founder and CEO of Loyal — the biotech building the first drug ever to be FDA-approved for lifespan extension.

Raza Habib, Member of Technical Staff at Anthropic (creators of Claude and Claude Code) unpacks what “Artificial General Intelligence” even means, why the pace of AI progress still looks steep, and what that implies for jobs, companies, and public policy. Raza shares how his own “AGI probability” evolved from PhD-era skepticism to today’s conviction that we’re on a transformative trajectory. — For a deeper dive into these insights and more, be sure to listen to the full episode of the Onward podcast. Have questions or feedback about this episode? Drop us a note at [email protected]. Onward is hosted by Ben Miller, co-founder and CEO of Fundrise. Podcast production by The Podcast Consultant. Music by Seaplane Armada. About Fundrise With over 2 million users, Fundrise is America's largest direct-to-investor alternative asset investment platform. Since 2012, our mission has been to build a better financial system by empowering the individual. We make it easier and more efficient than ever for anyone to invest in institutional-quality private alternative assets — all at the touch of a button. Please see fundrise.com/oc for more information on all of the Fundrise-sponsored investment funds and products, including each fund’s offering document(s). Want to see the specific assets that make up and power Fundrise portfolios? Check out our active and past projects at www.fundrise.com/assets.

IPO Roadshow: VCX is the public ticker for private tech The number of public companies has been cut in half over the past 25 years. The best private companies are staying private longer than ever. As a result, ordinary investors have been locked out of the biggest wealth-creation opportunities of this generation. With AI threatening to drive wealth inequality to new levels, Ben calls this a fairness problem as much as a financial one. His answer: take the Fundrise Innovation Fund public under the ticker VCX, creating the first publicly traded venture capital fund and a new category Ben calls the PVC (Public Venture Capital fund). In this episode, Ben and co-host Cardiff Garcia (Economic Innovation Group, New Bazaar podcast) examine the history of financial innovations, what VCX is, and what it means for the everyday American investor who's been locked out of private markets. For a deeper dive into these insights and more, listen to the full episode of the Onward podcast. You can learn more about VCX at https://www.getvcx.com. Questions or feedback? Drop us a note at [email protected]. Onward is hosted by Ben Miller, co-founder and CEO of Fundrise, with co-host Cardiff Garcia. About Fundrise With over 2 million users, Fundrise is America's largest direct-to-investor alternative asset investment platform. Since 2012, our mission has been to build a better financial system by empowering the individual. We make it easier and more efficient than ever for anyone to invest in institutional-quality private alternative assets — all at the touch of a button. More Info & Disclaimers Investing in the Innovation Fund (the “Fund”) is speculative and involves substantial risks. You should purchase shares of the Fund only if you can afford a complete loss of your investment. Past performance does not guarantee future results. Current and future holdings are subject to risk. Returns of one company are not indicative of an investment in the Fund. To obtain Fund performance, visit getvcx.com. The Fund's most recent schedule of investments is available at getvcx.com. Investors should consider the Fund’s investment objectives, risks, charges, and expenses before investing. This information is included in the Fund Prospectus and can be accessed by calling (202) 804-0023. Read the prospectus carefully before investing. The Innovation Fund is publicly registered under the Investment Company Act of 1940 as a non-diversified, closed-end management investment company. The Fund’s portfolio will be concentrated in securities issued by technology companies and other investments that provide economic exposure to technology companies and as such, it may be subject to more risks than if it were broadly diversified across additional sectors and industries of the economy. Certain technology companies may face special risks that their products or services may not prove to be commercially successful. Technology companies are also strongly affected by worldwide scientific or technological developments, and as a result, their products may rapidly become obsolete. The Fund’s investments in companies involved in, or exposed to, artificial intelligence-related businesses may be negatively impacted because of, among other things, limited product lines, markets, financial resources and/or personnel; intense competition and potentially rapid product obsolescence these companies may face; loss or impairment of intellectual property rights; and the inability to successfully develop products or services even after spending significant amount of resources. The Fund’s investment in private company securities, whether made directly or indirectly (e.g., through derivatives or private pooled investment vehicles) are generally illiquid. Because private company securities are thinly traded, such securities may display especially volatile or erratic price movements, sometimes in response to relatively small changes in investor supply or demand or other market conditions. Nothing in the advertising material should be construed as tax advice, an offer, recommendation, or solicitation to buy or sell any security. All investing includes risk, including the possible loss of money you invest, and past performance does not guarantee future performance. Carefully consider the investment objectives, risks, charges and expenses of the Fundrise Innovation Fund, LLC before investing.