"There will be a lot fewer people employed doing existing work in not just insurance, but in all business." Phillip reports from the press pool at Semafor World Economy 2026, where 500 CEOs, a quarter of the US Senate, and 20 G20 finance ministers spent two days in Washington DC sketching out the next decade. Inside: why the AI race is really the electricity race (and why we may have already lost it to China), the $10 trillion and 250 gigawatts Meta says AGI will cost, Senator Mark Kelly on the new commercial space economy, Levi's 50% DTC milestone, Ralph Lauren's experience-economy flex, and why Balzac saw the "exterminator economy" coming 200 years ago. Plus: white smoke from Apple Park.