The CTO episode that shipped this morning surfaces the strategic and financial frame of the compute-trade picture — three frontier customers paying into a single landlord's compute book, with a $80B aggregate commitment through 2029, an application layer folded under the same corporate parent, and the substrate-layer shift reshaping the rent-vs-build calculus underneath all of it. This is the governance read on the same window. The vendor-risk register the GRC team built three months ago does not have a row for the question this episode forces: is my vendor's compute provider's parent also my competitor. The four governance themes that follow rebuild the register around that question. The compute-landlord vendor tier, the four-path procurement matrix, the open-weight risk-hedge calculus with its own residual-risk matrix, and the M&A-and-sovereignty calendar that anchors the next 90 days. The Fable 5 outbound directive carry-forward from Fix or Pull runs through every theme.