I thought at first that some of the words in the piece were distorted as a joke about undefined behavior, but as I look at the source, I think something is just broken with the custom fonts.
If signed overflow were defined, then 12 * i + 8 would have to have correct overflow behaviour for 32-bit values and so this trick couldn't be done.
I feel like this misses the difference between "undefined" and "implementation defined". Despite the example given, those of us (like me) who complain about compilers removing safety checks rarely claim that signed 32-bit ints must have guaranteed behavior on overflow. Overflowing might be easiest, if that's what the hardware does naturally, but it doesn't have to be defined to do this.
In our minds, it would be just fine for the compiler to generate an "add" instruction and let the registers fall where they may. What we object to is the compiler's reasoning that since "undefined behavior can be presumed not to occur, I'll just delete this spurious NULL check that the programmer accidentally put here".
Granted, there are cases where a compiler can take proper advantage of such optimizations, but it's emphatically not the case that the only alternative to the current "nasal daemon" approach is disabling all loop optimizations. Simply changing "undefined" to "implementation defined" would satisfy a majority of the objections.