After a couple of rounds of aggressive acceleration, I was happily cruising along at 40 when the back end started to fishtail and the bike started to weave from one side of the lane to the other in an almost uncontrollable manner. After a few seconds of butt-puckering terror, I was able to get it safely stopped on the shoulder. Looked down, and the back tire was flat as a plank.
After a one mile walk-of-shame, I got it home and pulled the wheel off. The combination of under-inflation and hard acceleration had caused the tire and tube to slip around the rim, severing the valve stem completely from the tube:

So, whether you're running with tubed or tubeless tires, please don't make the same dumbass mistake that I did. Checking your tire pressure regularly is one of the easiest and cheapest ways to add to your safety cushion.