Today I dug into the one corner of the economy that’s supposed to keep its head when everyone else is drunk on hype: the insurance industry. Three of the biggest carriers in the country—AIG, Great American, and W.R. Berkley—are now begging regulators not to force them to cover A.I.-related losses, according to the Financial Times. These are the people who price hurricanes, wildfires, and war zones… and they look at A.I. and say, “No thanks.” That tells you something about where we really are in the cycle.

I also walked through the Trump administration’s latest maneuver, which looks a lot like carrying water for Big Tech in Brussels: trading lower steel tariffs for weaker European tech rules. (The Europeans said “no thank you.”) Meanwhile, we’re still waiting on the rumored executive order that would bulldoze state A.I. laws—the only guardrails we have in this country.

On the infrastructure front, reporting out of Mumbai shows how A.I. demand is forcing cities back toward coal just to keep data centers running. And if that wasn’t dystopian enough, I close with a bleak little nugget from Business Insider advising Gen Z to “focus on tasks, not job titles” in the A.I. economy. Translation: don’t expect a career—expect a series of gigs glued together by hope.

It’s a full Monday’s worth of contradictions: the fragile hype economy, the political favoritism behind it, and the physical reality—pollution, burnout, precarity—that always shows up eventually.