Yes, I have same issue too.
- [ ] org-indent-mode display the 3rd level asterisk as bold
- [ ] I can't =[C-c C-f]=
And confirmed it is caused by commit ed06b159c | * Small fix to emphasis
fontification.

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On Mon, Nov 27, 2017 at 12:11 PM, Kyle Meyer <kyle@kyleam.com> wrote:

> "Samuel W. Flint" <swflint@flintfam.org> writes:
>
> >>>>>> Samuel W Flint writes:
> >
> >>>>>> Kyle Meyer writes:
> >     KM> "Samuel W. Flint" <swflint@flintfam.org> writes:
> >     >>> Any idea what might be causing this?  I checked
> >     >>> org-bullets-mode, but that doesn't seem to be it.
> >
> >     KM> No, sorry.  Hopefully others might have a hunch.  I'd suggest
> >     KM> that you first verify that you don't see the issue when you use
> >     KM> Org without your configuration.  Assuming the problem depends on
> >     KM> your config, you could then do a bisect-like debugging of your
> >     KM> config to try to pinpoint the problematic part.
> >
> >     SF> Well, hopefully it doesn't come to that (too damn large a
> >     SF> config).
> >
> > And it didn't quite!  Turns out that setting org-hide-emphasis-markers
> > to a non-nil value was the problem.
>
> Nice, glad you found it.  I can reproduce the issue with 'emacs -Q' when
> I set org-hide-emphasis-markers to a non-nil value.
>
> Bisecting the repo, I think ed06b159c (Small fix to emphasis
> fontification, 2017-11-18) is to blame.  That patch resulted from the
> discussion at <http://lists.gnu.org/r/emacs-orgmode/2017-11/msg00202.html>
> .
>
> --
> Kyle
>
>