The exact renormalization group (ERG) for O(N) vector models at large N on flat Euclidean space admits an interpretation as the bulk dynamics of a holographically dual higher spin gauge theory on AdS_{d+1}. The generating functional of correlation functions of single trace operators is reproduced by the on-shell action of this bulk higher spin theory, which is most simply presented in a first-order (phase space) formalism. This structure arises because of an enormous non-local symmetry of free fixed point theories. In this talk, I will review the ERG construction and describe its extension to the RG flow of the wave functionals of arbitrary states of the O(N) vector model at the free fixed point. One finds that the ERG flow of the ground state and a specific class of excited states is implemented by the action of unitary operators which can be chosen to be local. Thus the ERG equations provide a continuum notion of a tensor network. We compare this tensor network with the entanglement renormalization networks, MERA, and cMERA. The ERG tensor network appears to share the general structure of cMERA but differs in important ways.
