diff --git a/packages/shared/src/threadLinks.test.ts b/packages/shared/src/threadLinks.test.ts
index 00f4f26c8303a..1fcd14f1d5e30 100644
--- a/packages/shared/src/threadLinks.test.ts
+++ b/packages/shared/src/threadLinks.test.ts
@@ -261,4 +261,29 @@ describe("hosted thread links", () => {
       ref("there", "t:1"),
     ]);
   });
+
+  it("leaves a hosted link that is part of another link as written", () => {
+    const hosted = "https://app.t3.codes/threads/there/t1";
+    const relabeled = "[There](t3-thread://v2/there/t1)";
+    const title = titlesIn({ there: { t1: "There" } });
+    for (const [markdown, expected] of [
+      [`https://example.com/?next=${hosted}`],
+      [`[Example](https://example.com/?next=${hosted})`],
+      [`[ ${hosted} ](https://example.com)`],
+      [`[${hosted}](<https://example.com/a b> "Title")`],
+      [`[a](https://example.com/x_(y)) ${hosted}`, `[a](https://example.com/x_(y)) ${relabeled}`],
+      [`(${hosted}) **${hosted}**`, `(${relabeled}) **${relabeled}**`],
+      [`[[[ [old](${hosted})`, `[[[ ${relabeled}`],
+      [`\\\\[old](${hosted})`, `\\\\${relabeled}`],
+      [`\\\\\\\\[old](${hosted})`, `\\\\\\\\${relabeled}`],
+      [`\\[old](${hosted})`, `\\[old](${relabeled})`],
+      [`\\[ ${hosted} ](https://example.com)`, `\\[ ${relabeled} ](https://example.com)`],
+      ["\\[old](t3-thread://v2/there/t1) \\<t3-thread://v2/there/t1>"],
+    ] as const) {
+      expect(relabelThreadLinks(markdown, local, title)).toBe(expected ?? markdown);
+      expect(threadLinkRefs(markdown, local)).toEqual(
+        expected === undefined ? [] : [ref("there", "t1")],
+      );
+    }
+  });
 });
diff --git a/packages/shared/src/threadLinks.ts b/packages/shared/src/threadLinks.ts
index a7e38de5003ce..b82fad021eb7e 100644
--- a/packages/shared/src/threadLinks.ts
+++ b/packages/shared/src/threadLinks.ts
@@ -10,10 +10,23 @@ const V2_PREFIX = `${THREAD_LINK_PROTOCOL}://v2/`;
 const HOSTED_PREFIX = `${DEFAULT_HOSTED_APP_URL}/threads/`;
 const HOSTED_SEGMENT = "[A-Za-z0-9_%-]+";
 const HOSTED_LINK = `${HOSTED_PREFIX.replace(/[.*+?^${}()|[\]\\/]/g, "\\$&")}${HOSTED_SEGMENT}/${HOSTED_SEGMENT}`;
-// Code comes first in the alternation so a link written inside a code span or fence is skipped.
-// A labeled link's destination may be angle-bracketed, as CommonMark allows: [label](<href>).
+const THREAD_HREF = String.raw`t3-thread:\/\/v[12]\/`;
+// A label stops at any bracket, so a run of unclosed brackets is scanned once, not once per bracket.
+const LABEL = String.raw`[^[\]\n]*`;
+// Earlier alternatives claim text so later ones cannot match inside it: an escaped character opens
+// nothing, code is literal, and a link to anywhere else keeps a thread URL in its label or href.
 const THREAD_LINK_OUTSIDE_CODE = new RegExp(
-  String.raw`(?<fence>(\`{3,}|~{3,})[\s\S]*?(?:\2|$))|(?<span>(\`+)[^\n]*?\4)|\[(?<label>[^\]\n]*)\]\((?:<(?<angleHref>t3-thread:\/\/v[12]\/[^\s<>]+|${HOSTED_LINK})>|(?<href>t3-thread:\/\/v[12]\/[^\s>)]+|${HOSTED_LINK}))\)|<(?<autolink>t3-thread:\/\/v[12]\/[^\s<>]+|${HOSTED_LINK})>|(?<bare>${HOSTED_LINK})(?![\w%/?#-])`,
+  [
+    String.raw`\\[!-/:-@[-\`{-~]`,
+    String.raw`(?<fence>(\`{3,}|~{3,})[\s\S]*?(?:\2|$))`,
+    String.raw`(?<span>(\`+)[^\n]*?\4)`,
+    // A labeled link's destination may be angle-bracketed, as CommonMark allows: [label](<href>).
+    String.raw`\[(?<label>${LABEL})\]\((?:<(?<angleHref>${THREAD_HREF}[^\s<>]+|${HOSTED_LINK})>|(?<href>${THREAD_HREF}[^\s>)]+|${HOSTED_LINK}))\)`,
+    String.raw`\[${LABEL}\]\((?:<[^<>\n]*>|[^\s()]*(?:\([^\s()]*\)[^\s()]*)*)(?:[ \t]+(?:"[^"\n]*"|'[^'\n]*'))?\)`,
+    String.raw`<(?<autolink>${THREAD_HREF}[^\s<>]+|${HOSTED_LINK})>`,
+    // After a URL character the hosted link is part of a longer URL, such as a redirect target.
+    String.raw`(?<![A-Za-z0-9%/?#=&@+-])(?<bare>${HOSTED_LINK})(?![\w%/?#-])`,
+  ].join("|"),
   "g",
 );