diff --git a/packages/svelte/src/compiler/phases/3-transform/client/visitors/RenderTag.js b/packages/svelte/src/compiler/phases/3-transform/client/visitors/RenderTag.js
index 5255693fe3..528f867e01 100644
--- a/packages/svelte/src/compiler/phases/3-transform/client/visitors/RenderTag.js
+++ b/packages/svelte/src/compiler/phases/3-transform/client/visitors/RenderTag.js
@@ -3,7 +3,6 @@
 /** @import { ComponentContext } from '../types' */
 import { unwrap_optional } from '../../../../utils/ast.js';
 import * as b from '#compiler/builders';
-import { create_derived } from '../utils.js';
 import { build_expression, Memoizer } from './shared/utils.js';
 
 /**
@@ -36,9 +35,7 @@ export function RenderTag(node, context) {
 	memoizer.apply();
 
 	/** @type {Statement[]} */
-	const statements = memoizer.sync.map((memo) =>
-		b.var(memo.id, create_derived(context.state, b.thunk(memo.expression)))
-	);
+	const statements = memoizer.deriveds();
 
 	let snippet_function = build_expression(
 		context,
@@ -67,17 +64,16 @@ export function RenderTag(node, context) {
 		);
 	}
 
-	if (memoizer.async.length > 0) {
+	const async_values = memoizer.async_values();
+
+	if (async_values) {
 		context.state.init.push(
 			b.stmt(
 				b.call(
 					'$.async',
 					context.state.node,
-					b.array(memoizer.async.map((memo) => b.thunk(memo.expression, true))),
-					b.arrow(
-						[context.state.node, ...memoizer.async.map((memo) => memo.id)],
-						b.block(statements)
-					)
+					async_values,
+					b.arrow([context.state.node, ...memoizer.async_ids()], b.block(statements))
 				)
 			)
 		);
diff --git a/packages/svelte/src/compiler/phases/3-transform/client/visitors/SlotElement.js b/packages/svelte/src/compiler/phases/3-transform/client/visitors/SlotElement.js
index 70de454c0e..fce445c626 100644
--- a/packages/svelte/src/compiler/phases/3-transform/client/visitors/SlotElement.js
+++ b/packages/svelte/src/compiler/phases/3-transform/client/visitors/SlotElement.js
@@ -2,7 +2,6 @@
 /** @import { AST } from '#compiler' */
 /** @import { ComponentContext } from '../types' */
 import * as b from '#compiler/builders';
-import { create_derived } from '../utils.js';
 import { build_attribute_value } from './shared/element.js';
 import { Memoizer } from './shared/utils.js';
 
@@ -60,9 +59,7 @@ export function SlotElement(node, context) {
 	context.state.init.push(...lets);
 
 	/** @type {Statement[]} */
-	const statements = memoizer.sync.map((memo) =>
-		b.var(memo.id, create_derived(context.state, b.thunk(memo.expression)))
-	);
+	const statements = memoizer.deriveds();
 
 	const props_expression =
 		spreads.length === 0 ? b.object(props) : b.call('$.spread_props', b.object(props), ...spreads);
@@ -76,17 +73,16 @@ export function SlotElement(node, context) {
 		b.stmt(b.call('$.slot', context.state.node, b.id('$$props'), name, props_expression, fallback))
 	);
 
-	if (memoizer.async.length > 0) {
+	const async_values = memoizer.async_values();
+
+	if (async_values) {
 		context.state.init.push(
 			b.stmt(
 				b.call(
 					'$.async',
 					context.state.node,
-					b.array(memoizer.async.map((memo) => b.thunk(memo.expression, true))),
-					b.arrow(
-						[context.state.node, ...memoizer.async.map((memo) => memo.id)],
-						b.block(statements)
-					)
+					async_values,
+					b.arrow([context.state.node, ...memoizer.async_ids()], b.block(statements))
 				)
 			)
 		);
diff --git a/packages/svelte/src/compiler/phases/3-transform/client/visitors/shared/component.js b/packages/svelte/src/compiler/phases/3-transform/client/visitors/shared/component.js
index 77535cf16e..582b57a7ad 100644
--- a/packages/svelte/src/compiler/phases/3-transform/client/visitors/shared/component.js
+++ b/packages/svelte/src/compiler/phases/3-transform/client/visitors/shared/component.js
@@ -8,7 +8,6 @@ import { build_bind_this, Memoizer, validate_binding } from '../shared/utils.js'
 import { build_attribute_value } from '../shared/element.js';
 import { build_event_handler } from './events.js';
 import { determine_slot } from '../../../../../utils/slot.js';
-import { create_derived } from '../../utils.js';
 
 /**
  * @param {AST.Component | AST.SvelteComponent | AST.SvelteSelf} node
@@ -447,12 +446,7 @@ export function build_component(node, component_name, context) {
 		};
 	}
 
-	const statements = [
-		...snippet_declarations,
-		...memoizer.sync.map((memo) =>
-			b.let(memo.id, create_derived(context.state, b.thunk(memo.expression)))
-		)
-	];
+	const statements = [...snippet_declarations, ...memoizer.deriveds()];
 
 	if (is_component_dynamic) {
 		const prev = fn;
@@ -501,13 +495,15 @@ export function build_component(node, component_name, context) {
 
 	memoizer.apply();
 
-	if (memoizer.async.length > 0) {
+	const async_values = memoizer.async_values();
+
+	if (async_values) {
 		return b.stmt(
 			b.call(
 				'$.async',
 				anchor,
-				b.array(memoizer.async.map(({ expression }) => b.thunk(expression, true))),
-				b.arrow([b.id('$$anchor'), ...memoizer.async.map(({ id }) => id)], b.block(statements))
+				async_values,
+				b.arrow([b.id('$$anchor'), ...memoizer.async_ids()], b.block(statements))
 			)
 		);
 	}
diff --git a/packages/svelte/src/compiler/phases/3-transform/client/visitors/shared/element.js b/packages/svelte/src/compiler/phases/3-transform/client/visitors/shared/element.js
index 8da489409b..d63658b481 100644
--- a/packages/svelte/src/compiler/phases/3-transform/client/visitors/shared/element.js
+++ b/packages/svelte/src/compiler/phases/3-transform/client/visitors/shared/element.js
@@ -78,21 +78,16 @@ export function build_attribute_effect(
 		);
 	}
 
-	const all = memoizer.apply();
+	memoizer.apply();
 
 	context.state.init.push(
 		b.stmt(
 			b.call(
 				'$.attribute_effect',
 				element_id,
-				b.arrow(
-					all.map(({ id }) => id),
-					b.object(values)
-				),
-				memoizer.sync.length > 0 &&
-					b.array(memoizer.sync.map(({ expression }) => b.thunk(expression))),
-				memoizer.async.length > 0 &&
-					b.array(memoizer.async.map(({ expression }) => b.thunk(expression, true))),
+				b.arrow(memoizer.all_ids(), b.object(values)),
+				memoizer.sync_values(),
+				memoizer.async_values(),
 				element.metadata.scoped &&
 					context.state.analysis.css.hash !== '' &&
 					b.literal(context.state.analysis.css.hash),
diff --git a/packages/svelte/src/compiler/phases/3-transform/client/visitors/shared/utils.js b/packages/svelte/src/compiler/phases/3-transform/client/visitors/shared/utils.js
index ed9b8ad8a4..f032f49a48 100644
--- a/packages/svelte/src/compiler/phases/3-transform/client/visitors/shared/utils.js
+++ b/packages/svelte/src/compiler/phases/3-transform/client/visitors/shared/utils.js
@@ -12,10 +12,10 @@ import { build_getter } from '../../utils.js';
 
 export class Memoizer {
 	/** @type {Array<{ id: Identifier, expression: Expression }>} */
-	sync = [];
+	#sync = [];
 
 	/** @type {Array<{ id: Identifier, expression: Expression }>} */
-	async = [];
+	#async = [];
 
 	/**
 	 * @param {Expression} expression
@@ -24,19 +24,39 @@ export class Memoizer {
 	add(expression, has_await) {
 		const id = b.id(`#`); // filled in later
 
-		(has_await ? this.async : this.sync).push({ id, expression });
+		(has_await ? this.#async : this.#sync).push({ id, expression });
 
 		return id;
 	}
 
 	apply() {
-		const all = [...this.async, ...this.sync];
-
-		all.forEach((memo, i) => {
+		[...this.#async, ...this.#sync].forEach((memo, i) => {
 			memo.id.name = `$${i}`;
 		});
+	}
+
+	all_ids() {
+		return [...this.#async, ...this.#sync].map((memo) => memo.id);
+	}
+
+	async_ids() {
+		return this.#async.map((memo) => memo.id);
+	}
+
+	async_values() {
+		if (this.#async.length === 0) return;
+		return b.array(this.#async.map((memo) => b.thunk(memo.expression, true)));
+	}
+
+	deriveds(runes = true) {
+		return this.#sync.map((memo) =>
+			b.let(memo.id, b.call(runes ? '$.derived' : '$.derived_safe_equal', b.thunk(memo.expression)))
+		);
+	}
 
-		return all;
+	sync_values() {
+		if (this.#sync.length === 0) return;
+		return b.array(this.#sync.map((memo) => b.thunk(memo.expression)));
 	}
 }
 
@@ -143,20 +163,19 @@ export function build_template_chunk(
 export function build_render_statement(state) {
 	const { memoizer } = state;
 
-	const all = state.memoizer.apply();
+	state.memoizer.apply();
 
 	return b.stmt(
 		b.call(
 			'$.template_effect',
 			b.arrow(
-				all.map(({ id }) => id),
+				memoizer.all_ids(),
 				state.update.length === 1 && state.update[0].type === 'ExpressionStatement'
 					? state.update[0].expression
 					: b.block(state.update)
 			),
-			all.length > 0 && b.array(memoizer.sync.map(({ expression }) => b.thunk(expression))),
-			memoizer.async.length > 0 &&
-				b.array(memoizer.async.map(({ expression }) => b.thunk(expression, true)))
+			memoizer.sync_values(),
+			memoizer.async_values()
 		)
 	);
 }