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React Compiler broken since 15.3.1 #79385

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@mondaychen

Description

@mondaychen

Link to the code that reproduces this issue

https://github.com/mondaychen/next-react-compiler-reproducer

To Reproduce

  1. checkout https://github.com/mondaychen/next-react-compiler-reproducer and npm i
  2. npm run dev
  3. visit http://localhost:3000/ with React DevTools open
  4. See no component with "Memo" tag in React DevTools. Also the component is not optimized when you click the button

Image

Current vs. Expected behavior

Current behavior see above

Expected behavior (Next.js v15.3.0 works)

You can try it with the other branch https://github.com/mondaychen/next-react-compiler-reproducer/tree/15.3.0

Image

When you click the button, the random number does not change

Image

Provide environment information

Operating System:
  Platform: darwin
  Arch: arm64
  Version: Darwin Kernel Version 24.3.0: Thu Jan  2 20:24:23 PST 2025; root:xnu-11215.81.4~3/RELEASE_ARM64_T6020
  Available memory (MB): 16384
  Available CPU cores: 12
Binaries:
  Node: 22.11.0
  npm: 10.9.0
  Yarn: N/A
  pnpm: 9.13.2
Relevant Packages:
  next: 15.3.1 // There is a newer version (15.3.2) available, upgrade recommended! 
  eslint-config-next: 15.3.2
  react: 19.1.0
  react-dom: 19.1.0
  typescript: 5.8.3
Next.js Config:
  output: N/A
 ⚠ There is a newer version (15.3.2) available, upgrade recommended! 
   Please try the latest canary version (`npm install next@canary`) to confirm the issue still exists before creating a new issue.
   Read more - https://nextjs.org/docs/messages/opening-an-issue

Which area(s) are affected? (Select all that apply)

React

Which stage(s) are affected? (Select all that apply)

next dev (local)

Additional context

I've tried with 15.3.2, it has the same issue with 15.3.1

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