The React Compiler silently skips memoization of a derived value when hook calls appear between the value's definition and a hook that consumes it. This produces correct but unnecessarily unstable references, which can break patterns that depend on referential stability (e.g., useConditionalEffect in drag-and-drop).
The compiler reports no errors or warnings. The file compiles cleanly and passes react-compiler-tracker --check-files. The only signal is a runtime behavioral regression.