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Record the verdict so it isn't relitigated: USBLC6 is ST-rated for Ethernet, PHY-side placement is standard practice, floating VBUS is deliberate (3.3V-biased lines would clip against a tied rail), and the split PHY_*/ETH_* nets force zero-stub flow-through routing - the better ESD topology. Earlier stub/DNP suggestion withdrawn. Co-Authored-By: Claude Fable 5 <noreply@anthropic.com>