Ferrari's strategy through the first two stints was conservative to the point of invisible. Leclerc pitted for mediums on Lap 17, five laps before Piastri. That early stop should have given him track position — instead, it put him into traffic and cost him time he'd never recover.
By Lap 40, when he finally came in for softs, he was running seventh. Not because the car was slow. Because Ferrari had boxed themselves into managing degradation rather than dictating the race. The medium stint showed virtually no drop-off — 0.012 seconds per lap — which meant they could have pushed harder, pitted later, and kept Leclerc in the fight. They didn't.