Webpack4 upgrade error

I upgraded webpack2 to version 4. I installed babel-loader, but after configuring exclude: / node_modules/, the package compression always reported an error. If it is not configured, there will be no problem. Excuse me, have you ever met?

Aug.27,2021

I just got a webpack4-demo today. No problem at all. You just said there was a problem and reported something wrong with the screenshot.

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