diff --git a/CHANGELOG.md b/CHANGELOG.md
index 3ac94fef2..ae7d0872c 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -351,6 +351,7 @@ and adheres to [Semantic Versioning](https://semver.org/spec/v2.0.0.html).
 - `codegraph sync` and the file watcher now move a React Router route to its page when the router file loads that page lazily into a value of its own, like `const Docs = lazy(() => import('./pages/Docs'))` rendered by `<Route path="/docs" element={<Docs />} />`, and the page's file is added after the router was indexed, comes back after being deleted, or gets or changes its default export in a later edit. Before, the route kept pointing at the `Docs` declaration, or at the page's old component, until the router file itself changed or the project was re-indexed, unless the page's component happened to share the declaration's name. The same now holds for a `lazy: () => import('./pages/Docs')` route whose page switches its default export to another component. Re-index React projects after upgrading to correct routes an earlier version left behind.
 - `codegraph sync` and the file watcher now link a component to the JSX that renders it, like `<Team />`, when the component is added in a file with no JSX of its own, as in `export default function Team() { return null; }`. Before, the link waited for an unrelated change to a file with JSX, or for a re-index, so the new component looked unused.
 - In JavaScript and TypeScript, a default import now links to what the module's `export default` statement exports, wherever the statement sits in the file. Before, a module that declares its default, like `export default function Vans() {…}` or `export default class Store {…}`, had its default import linked to the first function it exports instead: in a React Router data-router app, where a page exports its `loader` or `action` above the page component, `import Vans, { loader as vansLoader } from './pages/Vans'` made the route `/vans` and every use of `Vans` lead to the loader. A component file that also exports a styled or memoized component no longer hands its default import to that component, and an anonymous default, like `export default function () {…}` or `export default () => …`, is no longer linked to a function exported beside it or nested inside it. A module loaded with `require('./x').default` is read the same way. Re-index JavaScript and TypeScript projects after upgrading.
+- In JavaScript and TypeScript, a line like `export default App` written inside a template literal, as code generators and build plugins write the modules they produce, no longer counts as the module's own default export. Before, when that text named a function the file declares, a default import of the module linked to that function instead of the one the real `export default` statement names, and an unnamed `export default () => …` in such text could leave the default import linked to nothing. Re-index JavaScript and TypeScript projects after upgrading. Thanks @inth3shadows for the report and @johnhldiver-beep for the first fix. (#2968)
 - In React and Vue, a tag for a component the file imports from a package, like `<Button>` from antd, `<Typography>` from `@mui/material/Typography`, `<Link>` from react-router-dom or `<Card>` from ant-design-vue, no longer links to a component, function or class in your repository that only shares its name. Before, the tag linked to whatever the repository had by that name, so `codegraph_explore`, callers and impact followed renders that never happen: in SigNoz, antd's `<Button>` tags showed up as callers of a styled link on its 404 page, and in Material UI dashboards like mantis and berry, `<Typography>` and `<Button>` tags showed up as callers of the theme's style overrides. A package here is one that a `package.json` above the file lists and that no file in the repository answers to. A tag imported through a path alias like `components/Modal`, from a workspace package of the repository, or under a name no `package.json` lists still links as before. Re-index React and Vue projects after upgrading.
 - In React with TypeScript, a component that renders a generic component and passes it type arguments, like outline's `<PaginatedList<Document> items={…} />` or excalidraw's `<DropdownMenuItemContentRadio<"contain" | "overlap"> …>`, now links to the component it renders. Before, a tag followed by type arguments was skipped, so the generic component looked unused by the screens that render it, and `codegraph_explore`'s call paths, callers and impact stopped short of it. Re-index React projects after upgrading.
 - In React, a component that a file declares itself as a value is now what that file's JSX renders, whatever else in the repository shares its name. A lazily loaded page, like `const RegisterPage = Loadable(lazy(() => import('./pages/Register')))`, a `dynamic(() => import(…))` component or one loaded only in development (`IS_DEV ? lazy(…) : null`), links to the component its module exports, including the one its loader picks and one an `export default observer(Login)` wraps; a wrapped component like `const Settings = observer(function Settings() {…})`, `React.memo(Rows, areEqual)` or `forwardRef(ComboboxInner) as {…}` links to the function it wraps; and an alias like `const DialogPortal = DialogPrimitive.Portal` links to its own declaration. Before, `<RegisterPage />` was linked to any lone component of that name elsewhere, often in another app of the same repository, so `codegraph_explore`, callers and impact followed it into the wrong app while the page it really renders had no caller. React Router layouts declared this way follow the same rule, and a TSX type named like a value the file declares now stays in that file. Re-index React projects after upgrading.
diff --git a/__tests__/default-export-declaration.test.ts b/__tests__/default-export-declaration.test.ts
index 1518a8d26..02d3034f6 100644
--- a/__tests__/default-export-declaration.test.ts
+++ b/__tests__/default-export-declaration.test.ts
@@ -205,6 +205,90 @@ export default class AnimatedColor {
   const { default: Color } = require("./AnimatedColor")
   return [new AnimatedColor("red"), new Color("blue")]
 }
+`,
+  // An `export default` line written in a template literal is text, not the
+  // module's statement (#2968). A code generator's template names the file's
+  // own `App`, above the real default — the issue's own example first.
+  'src/gen/issue.ts': `export function App() { return 1; }
+export function Main() { return 2; }
+export const template = \`
+export default App
+\`;
+export default Main;
+`,
+  // Returned by a function, behind a template nested in an interpolation.
+  'src/gen/render.ts': `export function App() { return 1 }
+export function Main() { return 2 }
+export function render() {
+  return \`intro \${\`nested\`}
+export default App
+\`
+}
+export default Main
+`,
+  // Passed at module scope, where no declaration encloses it, and a class field.
+  'src/gen/write.ts': `import { writeFileSync } from "fs"
+export function App() { return 1 }
+export function Main() { return 2 }
+writeFileSync("out.ts", \`
+export default App
+\`)
+export class Emitter {
+  sample = \`
+export default App
+\`
+}
+export default Main
+`,
+  // A template's anonymous default made the expression default below it
+  // anonymous too, which keeps every guess away.
+  'src/gen/model.ts': `export class Model {
+  save() {
+    return 1
+  }
+}
+export const usage = \`
+export default class extends Model {}
+\`
+export default observable(Model)
+function observable<T>(target: T): T {
+  return target
+}
+`,
+  // No template text: a regex and a string that hold a backtick, and a
+  // division after a parenthesis.
+  'src/gen/plain.ts': `export function App() { return 1 }
+export function Main() { return 2 }
+const tick = /[\`]/g
+const half = (App() + Main()) / 2 + "\`"
+export default Main
+`,
+  // A regex right after `if (…)` reads as a division, so its backtick opens a
+  // literal the scan never closes: then the scan vouches for nothing, and the
+  // statement still counts.
+  'src/gen/unbalanced.ts': `export function App() { return 1 }
+export function Main() { return 2 }
+export function check(s: string, ok: boolean) {
+  if (ok) /\`/.test(s)
+  return s
+}
+export default Main
+`,
+  'src/gen/use.ts': `import Issue from "./issue"
+import Render from "./render"
+import Write from "./write"
+import Persisted from "./model"
+import Plain from "./plain"
+import Unbalanced from "./unbalanced"
+
+export function generate() {
+  Issue()
+  Render()
+  Write()
+  new Persisted()
+  Plain()
+  Unbalanced()
+}
 `,
   'src/use.tsx': `import handler from "./api/vans"
 import Store from "./store"
@@ -333,3 +417,36 @@ describe('a default import of a module that exports something above its default'
     expect(consumed()).toContain('src/service.ts:run');
   });
 });
+
+describe('an `export default` line inside a template literal', () => {
+  /** `file:name` of every node `generate` calls or instantiates. */
+  function generated(): string[] {
+    const generate = cg.getNodesInFile('src/gen/use.ts').find((n) => n.name === 'generate')!;
+    return cg
+      .getOutgoingEdges(generate.id)
+      .filter((e) => e.kind === 'calls' || e.kind === 'instantiates')
+      .map((e) => cg.getNode(e.target)!)
+      .map((n) => `${n.filePath}:${n.name}`)
+      .sort();
+  }
+
+  it('is text, so the real statement below it names the default', () => {
+    const targets = generated();
+    for (const file of ['issue', 'render', 'write']) {
+      expect(targets).toContain(`src/gen/${file}.ts:Main`);
+      expect(targets).not.toContain(`src/gen/${file}.ts:App`);
+    }
+  });
+
+  it('does not make an expression default anonymous', () => {
+    expect(generated()).toContain('src/gen/model.ts:Model');
+  });
+
+  it('leaves regexes, strings and division alone, and a scan it cannot finish', () => {
+    const targets = generated();
+    expect(targets).toContain('src/gen/plain.ts:Main');
+    expect(targets).toContain('src/gen/unbalanced.ts:Main');
+    expect(targets).not.toContain('src/gen/plain.ts:App');
+    expect(targets).not.toContain('src/gen/unbalanced.ts:App');
+  });
+});
diff --git a/__tests__/strip-comments.test.ts b/__tests__/strip-comments.test.ts
index ef2ec057d..f8900c968 100644
--- a/__tests__/strip-comments.test.ts
+++ b/__tests__/strip-comments.test.ts
@@ -1,5 +1,5 @@
 import { describe, it, expect } from 'vitest';
-import { stripCommentsForRegex } from '../src/resolution/strip-comments';
+import { stripCommentsForRegex, templateLiteralTextAt } from '../src/resolution/strip-comments';
 
 describe('stripCommentsForRegex', () => {
   it('python: strips line comments', () => {
@@ -132,3 +132,38 @@ real = 1
     expect(out.length).toBe(src.length);
   });
 });
+
+describe('templateLiteralTextAt', () => {
+  /** Whether the first `marker` in `src` is template text; null when the scan gives up. */
+  function inText(src: string, marker: string): boolean | null {
+    const at = templateLiteralTextAt(src);
+    return at === null ? null : at(src.indexOf(marker));
+  }
+
+  it('tells a template text from the code around it and in its interpolations', () => {
+    const src = 'const a = `TEXT ${CODE} MORE`;\nAFTER';
+    expect(inText(src, 'TEXT')).toBe(true);
+    expect(inText(src, 'CODE')).toBe(false);
+    expect(inText(src, 'MORE')).toBe(true);
+    expect(inText(src, 'AFTER')).toBe(false);
+  });
+
+  it('follows a template nested in an interpolation', () => {
+    expect(inText('const a = `x ${`inner`} y\nTAIL\n`;', 'TAIL')).toBe(true);
+  });
+
+  it('skips a regex that holds a backtick or a brace', () => {
+    expect(inText('const re = /[`]/g;\nAFTER', 'AFTER')).toBe(false);
+    expect(inText('const s = `h-${t.replace(/[}`]/g, "")} TAIL`;\nAFTER', 'TAIL')).toBe(true);
+    expect(inText('const s = `h-${t.replace(/[}`]/g, "")} TAIL`;\nAFTER', 'AFTER')).toBe(false);
+  });
+
+  it('skips comments and strings that hold a backtick, and divides after a value', () => {
+    const src = '// a ` b\nconst s = "`" + \'`\';\n/* ` */\nconst h = (a + b) / 2 + "`";\nAFTER';
+    expect(inText(src, 'AFTER')).toBe(false);
+  });
+
+  it('gives up when a template never closes', () => {
+    expect(inText('if (ok) /`/.test(s)\nAFTER', 'AFTER')).toBeNull();
+  });
+});
diff --git a/src/resolution/import-resolver.ts b/src/resolution/import-resolver.ts
index e8743d0df..6e8546832 100644
--- a/src/resolution/import-resolver.ts
+++ b/src/resolution/import-resolver.ts
@@ -12,7 +12,7 @@ import { UnresolvedRef, ResolvedRef, ResolutionContext, ImportMapping, ReExport
 import { applyAliases, aliasAndBaseUrlCandidates } from './path-aliases';
 import { extractLocalExportAliases } from './alias-binding';
 import { resolveWorkspaceImport, workspaceImportTargets, type WorkspaceImportTargets } from './workspace-packages';
-import { stripCommentsForRegex } from './strip-comments';
+import { stripCommentsForRegex, templateLiteralTextAt } from './strip-comments';
 import { makeLineAt } from './synth-utils';
 import { dartDirectiveFile } from './dart-libraries';
 import { ambientModuleDeclares, findAmbientModuleExport, findAmbientModuleFile, inBlock, isInModuleBlock, namespaceBlocks, type NamespaceBlock } from './ambient-modules';
@@ -207,8 +207,12 @@ function readDefaultExport(code: string, at: number): { name: string; nameAt: nu
  * template whose `${…}` holds another template, or a regex with a backtick,
  * sets a masker out of step, and it blanked the real statement after it
  * (outline's 2,900-line styled-components `Styles.ts`). A statement must
- * name a node of the file instead — one a template only writes as text
- * names none — and of several statements, one that does wins.
+ * name a node of the file instead, and of several statements, one that does
+ * wins. A line of a template's text is no statement either, though it can
+ * name one: a code generator's `export default App` names the file's own
+ * `App` (#2968). So a head inside template text is skipped, when a scan that
+ * follows `${…}` nesting and regex literals closes every template; one that
+ * doesn't vouches for nothing, and every head counts.
  */
 function statedDefaultExport(filePath: string, idx: FileExportIndex, context: ResolutionContext): StatedDefault {
   if (idx.statedDefault !== undefined) return idx.statedDefault;
@@ -217,8 +221,10 @@ function statedDefaultExport(filePath: string, idx: FileExportIndex, context: Re
   if (source && /\bexport\s+default\b/.test(source)) {
     const code = stripCommentsForRegex(source, 'typescript');
     const lineAt = makeLineAt(code, 1);
+    const inTemplateText = templateLiteralTextAt(source);
     EXPORT_DEFAULT_HEAD.lastIndex = 0;
     for (let m = EXPORT_DEFAULT_HEAD.exec(code); m !== null; m = EXPORT_DEFAULT_HEAD.exec(code)) {
+      if (inTemplateText?.(m.index)) continue;
       const value = readDefaultExport(code, m.index + m[0].length);
       if (value === 'anonymous') {
         stated ??= 'anonymous';
diff --git a/src/resolution/strip-comments.ts b/src/resolution/strip-comments.ts
index 104a034de..6e2e7015c 100644
--- a/src/resolution/strip-comments.ts
+++ b/src/resolution/strip-comments.ts
@@ -82,6 +82,93 @@ export function blankStringContents(text: string, regexLiterals?: number[]): str
   return out.join('');
 }
 
+/** A keyword after which a `/` opens a regex literal, at the end of the text before it. */
+const REGEX_AFTER_KEYWORD = /(?:^|[^\w$])(?:return|throw|case|yield|await|else|do|typeof|void|delete|new|in|of|instanceof)$/;
+
+/**
+ * Whether the `/` at `at` opens a regex literal: it does where an expression
+ * starts, and divides after a value — a `)`, `]`, string, name or number.
+ */
+function slashOpensRegex(src: string, at: number): boolean {
+  let j = at - 1;
+  while (j >= 0 && (src[j] === ' ' || src[j] === '\t' || src[j] === '\n' || src[j] === '\r')) j--;
+  if (j < 0) return true;
+  const before = src[j]!;
+  if (before === ')' || before === ']' || before === '"' || before === "'" || before === '`') return false;
+  if (/[\w$]/.test(before)) return REGEX_AFTER_KEYWORD.test(src.slice(Math.max(0, j - 10), j + 1));
+  return true;
+}
+
+/**
+ * Where JS/TS template-literal text lies in `src`: a test of whether offset
+ * `at` falls in a template's literal text — not its `${…}` code — or null when
+ * a template never closes, so the scan vouches for nothing. Offsets match
+ * {@link stripCommentsForRegex}'s output, which keeps them.
+ *
+ * Unlike {@link blankStringContents} it follows `${…}` nesting (a template in
+ * an interpolation, a brace in a regex there) and skips comments, strings and
+ * regex literals, which may hold a backtick (`/[`]/`).
+ */
+export function templateLiteralTextAt(src: string): ((at: number) => boolean) | null {
+  /** Template text spans, `[start, end)` pairs in order. */
+  const spans: number[] = [];
+  /** Innermost last: an open template's current text start, or an open `${…}`'s unclosed braces. */
+  const open: Array<{ text: number } | { braces: number }> = [];
+  const n = src.length;
+  for (let i = 0; i < n; i++) {
+    const c = src[i];
+    const top = open[open.length - 1];
+    if (top && 'text' in top) {
+      if (c === '\\') i++;
+      else if (c === '`') {
+        spans.push(top.text, i);
+        open.pop();
+      } else if (c === '$' && src[i + 1] === '{') {
+        spans.push(top.text, i);
+        open.push({ braces: 0 });
+        i++;
+      }
+      continue;
+    }
+    if (c === '`') open.push({ text: i + 1 });
+    else if (c === '"' || c === "'") {
+      for (i++; i < n && src[i] !== c && src[i] !== '\n'; i++) if (src[i] === '\\') i++;
+    } else if (c === '/' && src[i + 1] === '/') {
+      while (i < n && src[i] !== '\n') i++;
+    } else if (c === '/' && src[i + 1] === '*') {
+      const close = src.indexOf('*/', i + 2);
+      i = close < 0 ? n : close + 1;
+    } else if (c === '/' && slashOpensRegex(src, i)) {
+      let inClass = false;
+      for (let j = i + 1; j < n && src[j] !== '\n'; j++) {
+        if (src[j] === '\\') j++;
+        else if (src[j] === '[') inClass = true;
+        else if (src[j] === ']') inClass = false;
+        else if (src[j] === '/' && !inClass) {
+          i = j;
+          break;
+        }
+      }
+    } else if (top && c === '{') top.braces++;
+    else if (top && c === '}' && top.braces-- === 0) {
+      open.pop();
+      (open[open.length - 1] as { text: number }).text = i + 1;
+    }
+  }
+  if (open.length > 0) return null;
+  return (at) => {
+    // The first span ending after `at`, then whether it starts at or before it.
+    let lo = 0;
+    let hi = spans.length / 2;
+    while (lo < hi) {
+      const mid = (lo + hi) >> 1;
+      if (spans[2 * mid + 1]! <= at) lo = mid + 1;
+      else hi = mid;
+    }
+    return lo < spans.length / 2 && spans[2 * lo]! <= at;
+  };
+}
+
 export type CommentLang =
   | 'python'
   | 'javascript'