diff --git a/lib/runtime/RefreshUtils.js b/lib/runtime/RefreshUtils.js
index 98807575..69a3f9a7 100644
--- a/lib/runtime/RefreshUtils.js
+++ b/lib/runtime/RefreshUtils.js
@@ -62,6 +62,21 @@ function getReactRefreshBoundarySignature(moduleExports) {
   return signature;
 }
 
+/**
+ * Creates a data object to be retained across refreshes.
+ * This object should not transtively reference previous exports,
+ * which can form infinite chain of objects across refreshes, which can pressure RAM.
+ *
+ * @param {*} moduleExports A Webpack module exports object.
+ * @returns {*} A React refresh boundary signature array.
+ */
+function getWebpackHotData(moduleExports) {
+  return {
+    signature: getReactRefreshBoundarySignature(moduleExports),
+    isReactRefreshBoundary: isReactRefreshBoundary(moduleExports)
+  };
+}
+
 /**
  * Creates a helper that performs a delayed React refresh.
  * @returns {function(function(): void): void} A debounced React refresh function.
@@ -167,14 +182,11 @@ function registerExportsForReactRefresh(moduleExports, moduleId) {
  * Compares previous and next module objects to check for mutated boundaries.
  *
  * This implementation is based on the one in [Metro](https://github.com/facebook/metro/blob/907d6af22ac6ebe58572be418e9253a90665ecbd/packages/metro/src/lib/polyfills/require.js#L776-L792).
- * @param {*} prevExports The current Webpack module exports object.
- * @param {*} nextExports The next Webpack module exports object.
+ * @param {*} prevSignature The signature of the current Webpack module exports object.
+ * @param {*} nextSignature The signature of the next Webpack module exports object.
  * @returns {boolean} Whether the React refresh boundary should be invalidated.
  */
-function shouldInvalidateReactRefreshBoundary(prevExports, nextExports) {
-  var prevSignature = getReactRefreshBoundarySignature(prevExports);
-  var nextSignature = getReactRefreshBoundarySignature(nextExports);
-
+function shouldInvalidateReactRefreshBoundary(prevSignature, nextSignature) {
   if (prevSignature.length !== nextSignature.length) {
     return true;
   }
@@ -194,9 +206,9 @@ function executeRuntime(moduleExports, moduleId, webpackHot, refreshOverlay, isT
 
   if (webpackHot) {
     var isHotUpdate = !!webpackHot.data;
-    var prevExports;
+    var prevData;
     if (isHotUpdate) {
-      prevExports = webpackHot.data.prevExports;
+      prevData = webpackHot.data.prevData;
     }
 
     if (isReactRefreshBoundary(moduleExports)) {
@@ -209,7 +221,7 @@ function executeRuntime(moduleExports, moduleId, webpackHot, refreshOverlay, isT
          */
         function hotDisposeCallback(data) {
           // We have to mutate the data object to get data registered and cached
-          data.prevExports = moduleExports;
+          data.prevData = getWebpackHotData(moduleExports);
         }
       );
       webpackHot.accept(
@@ -235,8 +247,8 @@ function executeRuntime(moduleExports, moduleId, webpackHot, refreshOverlay, isT
 
       if (isHotUpdate) {
         if (
-          isReactRefreshBoundary(prevExports) &&
-          shouldInvalidateReactRefreshBoundary(prevExports, moduleExports)
+          prevData && prevData.isReactRefreshBoundary &&
+          shouldInvalidateReactRefreshBoundary(prevData.signature, getReactRefreshBoundarySignature(moduleExports))
         ) {
           webpackHot.invalidate();
         } else {
@@ -254,7 +266,7 @@ function executeRuntime(moduleExports, moduleId, webpackHot, refreshOverlay, isT
         }
       }
     } else {
-      if (isHotUpdate && typeof prevExports !== 'undefined') {
+      if (isHotUpdate && typeof prevData !== 'undefined') {
         webpackHot.invalidate();
       }
     }
@@ -266,6 +278,5 @@ module.exports = Object.freeze({
   executeRuntime: executeRuntime,
   getModuleExports: getModuleExports,
   isReactRefreshBoundary: isReactRefreshBoundary,
-  shouldInvalidateReactRefreshBoundary: shouldInvalidateReactRefreshBoundary,
   registerExportsForReactRefresh: registerExportsForReactRefresh,
 });