diff --git a/compiler/packages/babel-plugin-react-compiler/src/HIR/CollectHoistablePropertyLoads.ts b/compiler/packages/babel-plugin-react-compiler/src/HIR/CollectHoistablePropertyLoads.ts
index f249466431..d38a5f4f0a 100644
--- a/compiler/packages/babel-plugin-react-compiler/src/HIR/CollectHoistablePropertyLoads.ts
+++ b/compiler/packages/babel-plugin-react-compiler/src/HIR/CollectHoistablePropertyLoads.ts
@@ -33,6 +33,7 @@ import {
   ScopeId,
   TInstruction,
 } from './HIR';
+import {printManualMemoDependency} from './PrintHIR';
 
 const DEBUG_PRINT = false;
 
@@ -454,6 +455,25 @@ function collectNonNullsInBlocks(
             assumedNonNullObjects.add(entry);
           }
         }
+      } else if (
+        fn.env.config.enablePreserveExistingMemoizationGuarantees &&
+        instr.value.kind === 'StartMemoize' &&
+        instr.value.deps != null
+      ) {
+        for (const dep of instr.value.deps) {
+          if (dep.root.kind === 'NamedLocal') {
+            const depNode = context.registry.getOrCreateProperty({
+              identifier: dep.root.value.identifier,
+              path: dep.path.slice(0, -1),
+              reactive: dep.root.value.reactive,
+            });
+            if (
+              isImmutableAtInstr(depNode.fullPath.identifier, instr.id, context)
+            ) {
+              assumedNonNullObjects.add(depNode);
+            }
+          }
+        }
       }
     }
 
diff --git a/compiler/packages/babel-plugin-react-compiler/src/__tests__/fixtures/compiler/preserve-memo-deps-conditional-property-chain-less-precise-deps.expect.md b/compiler/packages/babel-plugin-react-compiler/src/__tests__/fixtures/compiler/preserve-memo-deps-conditional-property-chain-less-precise-deps.expect.md
new file mode 100644
index 0000000000..84c611dec3
--- /dev/null
+++ b/compiler/packages/babel-plugin-react-compiler/src/__tests__/fixtures/compiler/preserve-memo-deps-conditional-property-chain-less-precise-deps.expect.md
@@ -0,0 +1,122 @@
+
+## Input
+
+```javascript
+// @enablePreserveExistingMemoizationGuarantees @validatePreserveExistingMemoizationGuarantees @enableOptionalDependencies @enableTreatFunctionDepsAsConditional:false
+
+import {useMemo} from 'react';
+import {identity, ValidateMemoization} from 'shared-runtime';
+
+function Component({x}) {
+  const object = useMemo(() => {
+    return identity({
+      callback: () => {
+        return identity(x.y.z); // accesses more levels of properties than the manual memo
+      },
+    });
+    // x.y as a manual dep only tells us that x is non-nullable, not that x.y is non-nullable
+    // we can only take a dep on x.y, not x.y.z
+  }, [x.y]);
+  const result = useMemo(() => {
+    return [object.callback()];
+  }, [object]);
+  return <ValidateMemoization inputs={[x.y]} output={result} />;
+}
+
+const input1 = {x: {y: {z: 42}}};
+const input1b = {x: {y: {z: 42}}};
+const input2 = {x: {y: {z: 3.14}}};
+export const FIXTURE_ENTRYPOINT = {
+  fn: Component,
+  params: [input1],
+  sequentialRenders: [
+    input1,
+    input1,
+    input1b, // should reset even though .z didn't change
+    input1,
+    input2,
+  ],
+};
+
+```
+
+## Code
+
+```javascript
+import { c as _c } from "react/compiler-runtime"; // @enablePreserveExistingMemoizationGuarantees @validatePreserveExistingMemoizationGuarantees @enableOptionalDependencies @enableTreatFunctionDepsAsConditional:false
+
+import { useMemo } from "react";
+import { identity, ValidateMemoization } from "shared-runtime";
+
+function Component(t0) {
+  const $ = _c(11);
+  const { x } = t0;
+  let t1;
+  if ($[0] !== x.y) {
+    t1 = identity({ callback: () => identity(x.y.z) });
+    $[0] = x.y;
+    $[1] = t1;
+  } else {
+    t1 = $[1];
+  }
+  const object = t1;
+  let t2;
+  if ($[2] !== object) {
+    t2 = object.callback();
+    $[2] = object;
+    $[3] = t2;
+  } else {
+    t2 = $[3];
+  }
+  let t3;
+  if ($[4] !== t2) {
+    t3 = [t2];
+    $[4] = t2;
+    $[5] = t3;
+  } else {
+    t3 = $[5];
+  }
+  const result = t3;
+  let t4;
+  if ($[6] !== x.y) {
+    t4 = [x.y];
+    $[6] = x.y;
+    $[7] = t4;
+  } else {
+    t4 = $[7];
+  }
+  let t5;
+  if ($[8] !== result || $[9] !== t4) {
+    t5 = <ValidateMemoization inputs={t4} output={result} />;
+    $[8] = result;
+    $[9] = t4;
+    $[10] = t5;
+  } else {
+    t5 = $[10];
+  }
+  return t5;
+}
+
+const input1 = { x: { y: { z: 42 } } };
+const input1b = { x: { y: { z: 42 } } };
+const input2 = { x: { y: { z: 3.14 } } };
+export const FIXTURE_ENTRYPOINT = {
+  fn: Component,
+  params: [input1],
+  sequentialRenders: [
+    input1,
+    input1,
+    input1b, // should reset even though .z didn't change
+    input1,
+    input2,
+  ],
+};
+
+```
+      
+### Eval output
+(kind: ok) <div>{"inputs":[{"z":42}],"output":[42]}</div>
+<div>{"inputs":[{"z":42}],"output":[42]}</div>
+<div>{"inputs":[{"z":42}],"output":[42]}</div>
+<div>{"inputs":[{"z":42}],"output":[42]}</div>
+<div>{"inputs":[{"z":3.14}],"output":[3.14]}</div>
\ No newline at end of file
diff --git a/compiler/packages/babel-plugin-react-compiler/src/__tests__/fixtures/compiler/preserve-memo-deps-conditional-property-chain-less-precise-deps.js b/compiler/packages/babel-plugin-react-compiler/src/__tests__/fixtures/compiler/preserve-memo-deps-conditional-property-chain-less-precise-deps.js
new file mode 100644
index 0000000000..373fdc53fa
--- /dev/null
+++ b/compiler/packages/babel-plugin-react-compiler/src/__tests__/fixtures/compiler/preserve-memo-deps-conditional-property-chain-less-precise-deps.js
@@ -0,0 +1,35 @@
+// @enablePreserveExistingMemoizationGuarantees @validatePreserveExistingMemoizationGuarantees @enableOptionalDependencies @enableTreatFunctionDepsAsConditional:false
+
+import {useMemo} from 'react';
+import {identity, ValidateMemoization} from 'shared-runtime';
+
+function Component({x}) {
+  const object = useMemo(() => {
+    return identity({
+      callback: () => {
+        return identity(x.y.z); // accesses more levels of properties than the manual memo
+      },
+    });
+    // x.y as a manual dep only tells us that x is non-nullable, not that x.y is non-nullable
+    // we can only take a dep on x.y, not x.y.z
+  }, [x.y]);
+  const result = useMemo(() => {
+    return [object.callback()];
+  }, [object]);
+  return <ValidateMemoization inputs={[x.y]} output={result} />;
+}
+
+const input1 = {x: {y: {z: 42}}};
+const input1b = {x: {y: {z: 42}}};
+const input2 = {x: {y: {z: 3.14}}};
+export const FIXTURE_ENTRYPOINT = {
+  fn: Component,
+  params: [input1],
+  sequentialRenders: [
+    input1,
+    input1,
+    input1b, // should reset even though .z didn't change
+    input1,
+    input2,
+  ],
+};
diff --git a/compiler/packages/babel-plugin-react-compiler/src/__tests__/fixtures/compiler/preserve-memo-deps-conditional-property-chain.expect.md b/compiler/packages/babel-plugin-react-compiler/src/__tests__/fixtures/compiler/preserve-memo-deps-conditional-property-chain.expect.md
new file mode 100644
index 0000000000..82c11f7783
--- /dev/null
+++ b/compiler/packages/babel-plugin-react-compiler/src/__tests__/fixtures/compiler/preserve-memo-deps-conditional-property-chain.expect.md
@@ -0,0 +1,117 @@
+
+## Input
+
+```javascript
+// @enablePreserveExistingMemoizationGuarantees @validatePreserveExistingMemoizationGuarantees @enableOptionalDependencies @enableTreatFunctionDepsAsConditional:false
+
+import {useMemo} from 'react';
+import {identity, ValidateMemoization} from 'shared-runtime';
+
+function Component({x}) {
+  const object = useMemo(() => {
+    return identity({
+      callback: () => {
+        return identity(x.y.z);
+      },
+    });
+  }, [x.y.z]);
+  const result = useMemo(() => {
+    return [object.callback()];
+  }, [object]);
+  return <ValidateMemoization inputs={[x.y.z]} output={result} />;
+}
+
+export const FIXTURE_ENTRYPOINT = {
+  fn: Component,
+  params: [{x: {y: {z: 42}}}],
+  sequentialRenders: [
+    {x: {y: {z: 42}}},
+    {x: {y: {z: 42}}},
+    {x: {y: {z: 3.14}}},
+    {x: {y: {z: 42}}},
+    {x: {y: {z: 3.14}}},
+    {x: {y: {z: 42}}},
+  ],
+};
+
+```
+
+## Code
+
+```javascript
+import { c as _c } from "react/compiler-runtime"; // @enablePreserveExistingMemoizationGuarantees @validatePreserveExistingMemoizationGuarantees @enableOptionalDependencies @enableTreatFunctionDepsAsConditional:false
+
+import { useMemo } from "react";
+import { identity, ValidateMemoization } from "shared-runtime";
+
+function Component(t0) {
+  const $ = _c(11);
+  const { x } = t0;
+  let t1;
+  if ($[0] !== x.y.z) {
+    t1 = identity({ callback: () => identity(x.y.z) });
+    $[0] = x.y.z;
+    $[1] = t1;
+  } else {
+    t1 = $[1];
+  }
+  const object = t1;
+  let t2;
+  if ($[2] !== object) {
+    t2 = object.callback();
+    $[2] = object;
+    $[3] = t2;
+  } else {
+    t2 = $[3];
+  }
+  let t3;
+  if ($[4] !== t2) {
+    t3 = [t2];
+    $[4] = t2;
+    $[5] = t3;
+  } else {
+    t3 = $[5];
+  }
+  const result = t3;
+  let t4;
+  if ($[6] !== x.y.z) {
+    t4 = [x.y.z];
+    $[6] = x.y.z;
+    $[7] = t4;
+  } else {
+    t4 = $[7];
+  }
+  let t5;
+  if ($[8] !== result || $[9] !== t4) {
+    t5 = <ValidateMemoization inputs={t4} output={result} />;
+    $[8] = result;
+    $[9] = t4;
+    $[10] = t5;
+  } else {
+    t5 = $[10];
+  }
+  return t5;
+}
+
+export const FIXTURE_ENTRYPOINT = {
+  fn: Component,
+  params: [{ x: { y: { z: 42 } } }],
+  sequentialRenders: [
+    { x: { y: { z: 42 } } },
+    { x: { y: { z: 42 } } },
+    { x: { y: { z: 3.14 } } },
+    { x: { y: { z: 42 } } },
+    { x: { y: { z: 3.14 } } },
+    { x: { y: { z: 42 } } },
+  ],
+};
+
+```
+      
+### Eval output
+(kind: ok) <div>{"inputs":[42],"output":[42]}</div>
+<div>{"inputs":[42],"output":[42]}</div>
+<div>{"inputs":[3.14],"output":[3.14]}</div>
+<div>{"inputs":[42],"output":[42]}</div>
+<div>{"inputs":[3.14],"output":[3.14]}</div>
+<div>{"inputs":[42],"output":[42]}</div>
\ No newline at end of file
diff --git a/compiler/packages/babel-plugin-react-compiler/src/__tests__/fixtures/compiler/preserve-memo-deps-conditional-property-chain.js b/compiler/packages/babel-plugin-react-compiler/src/__tests__/fixtures/compiler/preserve-memo-deps-conditional-property-chain.js
new file mode 100644
index 0000000000..6b55e68bb0
--- /dev/null
+++ b/compiler/packages/babel-plugin-react-compiler/src/__tests__/fixtures/compiler/preserve-memo-deps-conditional-property-chain.js
@@ -0,0 +1,31 @@
+// @enablePreserveExistingMemoizationGuarantees @validatePreserveExistingMemoizationGuarantees @enableOptionalDependencies @enableTreatFunctionDepsAsConditional:false
+
+import {useMemo} from 'react';
+import {identity, ValidateMemoization} from 'shared-runtime';
+
+function Component({x}) {
+  const object = useMemo(() => {
+    return identity({
+      callback: () => {
+        return identity(x.y.z);
+      },
+    });
+  }, [x.y.z]);
+  const result = useMemo(() => {
+    return [object.callback()];
+  }, [object]);
+  return <ValidateMemoization inputs={[x.y.z]} output={result} />;
+}
+
+export const FIXTURE_ENTRYPOINT = {
+  fn: Component,
+  params: [{x: {y: {z: 42}}}],
+  sequentialRenders: [
+    {x: {y: {z: 42}}},
+    {x: {y: {z: 42}}},
+    {x: {y: {z: 3.14}}},
+    {x: {y: {z: 42}}},
+    {x: {y: {z: 3.14}}},
+    {x: {y: {z: 42}}},
+  ],
+};