diff --git a/packages/svelte/src/compiler/phases/1-parse/state/tag.js b/packages/svelte/src/compiler/phases/1-parse/state/tag.js
index 0dc7b9709e..baa86783b0 100644
--- a/packages/svelte/src/compiler/phases/1-parse/state/tag.js
+++ b/packages/svelte/src/compiler/phases/1-parse/state/tag.js
@@ -594,7 +594,10 @@ function special(parser) {
 			type: 'RenderTag',
 			start,
 			end: parser.index,
-			expression: expression
+			expression: expression,
+			metadata: {
+				dynamic: false
+			}
 		});
 	}
 }
diff --git a/packages/svelte/src/compiler/phases/2-analyze/index.js b/packages/svelte/src/compiler/phases/2-analyze/index.js
index f0f0178144..06cb49b1bc 100644
--- a/packages/svelte/src/compiler/phases/2-analyze/index.js
+++ b/packages/svelte/src/compiler/phases/2-analyze/index.js
@@ -1520,6 +1520,13 @@ const common_visitors = {
 				return;
 			}
 		}
+	},
+	Component(node, context) {
+		const binding = context.state.scope.get(
+			node.name.includes('.') ? node.name.slice(0, node.name.indexOf('.')) : node.name
+		);
+
+		node.metadata.dynamic = binding !== null && binding.kind !== 'normal';
 	}
 };
 
diff --git a/packages/svelte/src/compiler/phases/2-analyze/validation.js b/packages/svelte/src/compiler/phases/2-analyze/validation.js
index 93d12bfeda..b2097e60ce 100644
--- a/packages/svelte/src/compiler/phases/2-analyze/validation.js
+++ b/packages/svelte/src/compiler/phases/2-analyze/validation.js
@@ -633,6 +633,11 @@ const validation = {
 		});
 	},
 	RenderTag(node, context) {
+		const callee = unwrap_optional(node.expression).callee;
+
+		node.metadata.dynamic =
+			callee.type !== 'Identifier' || context.state.scope.get(callee.name)?.kind !== 'normal';
+
 		context.state.analysis.uses_render_tags = true;
 
 		const raw_args = unwrap_optional(node.expression).arguments;
@@ -642,7 +647,6 @@ const validation = {
 			}
 		}
 
-		const callee = unwrap_optional(node.expression).callee;
 		if (
 			callee.type === 'MemberExpression' &&
 			callee.property.type === 'Identifier' &&
diff --git a/packages/svelte/src/compiler/phases/3-transform/client/visitors/template.js b/packages/svelte/src/compiler/phases/3-transform/client/visitors/template.js
index b28c73c4d8..3045814ac9 100644
--- a/packages/svelte/src/compiler/phases/3-transform/client/visitors/template.js
+++ b/packages/svelte/src/compiler/phases/3-transform/client/visitors/template.js
@@ -36,6 +36,7 @@ import {
 	EACH_KEYED,
 	is_capture_event,
 	TEMPLATE_FRAGMENT,
+	TEMPLATE_UNSET_START,
 	TEMPLATE_USE_IMPORT_NODE,
 	TRANSITION_GLOBAL,
 	TRANSITION_IN,
@@ -942,6 +943,7 @@ function serialize_inline_component(node, component_name, context) {
 		fn = (node_id) => {
 			return b.call(
 				'$.component',
+				node_id,
 				b.thunk(/** @type {import('estree').Expression} */ (context.visit(node.expression))),
 				b.arrow(
 					[b.id(component_name)],
@@ -1680,14 +1682,35 @@ export const template_visitors = {
 
 				process_children(trimmed, expression, false, { ...context, state });
 
+				var first = trimmed[0];
+
+				/**
+				 * If the first item in an effect is a static slot or render tag, it will clone
+				 * a template but without creating a child effect. In these cases, we need to keep
+				 * the current `effect.nodes.start` undefined, so that it can be populated by
+				 * the item in question
+				 * TODO come up with a better name than `unset`
+				 */
+				var unset = false;
+
+				if (first.type === 'SlotElement') unset = true;
+				if (first.type === 'RenderTag' && !first.metadata.dynamic) unset = true;
+				if (first.type === 'Component' && !first.metadata.dynamic && !context.state.options.hmr) {
+					unset = true;
+				}
+
 				const use_comment_template = state.template.length === 1 && state.template[0] === '<!>';
 
 				if (use_comment_template) {
 					// special case — we can use `$.comment` instead of creating a unique template
-					body.push(b.var(id, b.call('$.comment')));
+					body.push(b.var(id, b.call('$.comment', unset && b.literal(unset))));
 				} else {
 					let flags = TEMPLATE_FRAGMENT;
 
+					if (unset) {
+						flags |= TEMPLATE_UNSET_START;
+					}
+
 					if (state.metadata.context.template_needs_import_node) {
 						flags |= TEMPLATE_USE_IMPORT_NODE;
 					}
@@ -1832,27 +1855,26 @@ export const template_visitors = {
 		context.state.template.push('<!>');
 		const callee = unwrap_optional(node.expression).callee;
 		const raw_args = unwrap_optional(node.expression).arguments;
-		const is_reactive =
-			callee.type !== 'Identifier' || context.state.scope.get(callee.name)?.kind !== 'normal';
 
-		/** @type {import('estree').Expression[]} */
-		const args = [context.state.node];
-		for (const arg of raw_args) {
-			args.push(b.thunk(/** @type {import('estree').Expression} */ (context.visit(arg))));
-		}
+		const args = raw_args.map((arg) =>
+			b.thunk(/** @type {import('estree').Expression} */ (context.visit(arg)))
+		);
 
 		let snippet_function = /** @type {import('estree').Expression} */ (context.visit(callee));
 		if (context.state.options.dev) {
 			snippet_function = b.call('$.validate_snippet', snippet_function);
 		}
 
-		if (is_reactive) {
-			context.state.init.push(b.stmt(b.call('$.snippet', b.thunk(snippet_function), ...args)));
+		if (node.metadata.dynamic) {
+			context.state.init.push(
+				b.stmt(b.call('$.snippet', context.state.node, b.thunk(snippet_function), ...args))
+			);
 		} else {
 			context.state.init.push(
 				b.stmt(
 					(node.expression.type === 'CallExpression' ? b.call : b.maybe_call)(
 						snippet_function,
+						context.state.node,
 						...args
 					)
 				)
@@ -1915,7 +1937,7 @@ export const template_visitors = {
 		}
 
 		if (node.name === 'noscript') {
-			context.state.template.push('<!>');
+			context.state.template.push('<noscript></noscript>');
 			return;
 		}
 		if (node.name === 'script') {
@@ -2985,16 +3007,14 @@ export const template_visitors = {
 		}
 	},
 	Component(node, context) {
-		const binding = context.state.scope.get(
-			node.name.includes('.') ? node.name.slice(0, node.name.indexOf('.')) : node.name
-		);
-		if (binding !== null && binding.kind !== 'normal') {
+		if (node.metadata.dynamic) {
 			// Handle dynamic references to what seems like static inline components
 			const component = serialize_inline_component(node, '$$component', context);
 			context.state.init.push(
 				b.stmt(
 					b.call(
 						'$.component',
+						context.state.node,
 						// TODO use untrack here to not update when binding changes?
 						// Would align with Svelte 4 behavior, but it's arguably nicer/expected to update this
 						b.thunk(
@@ -3006,6 +3026,7 @@ export const template_visitors = {
 			);
 			return;
 		}
+
 		const component = serialize_inline_component(node, node.name, context);
 		context.state.init.push(component);
 	},
diff --git a/packages/svelte/src/compiler/types/template.d.ts b/packages/svelte/src/compiler/types/template.d.ts
index 05ac91bda2..25947dcf2b 100644
--- a/packages/svelte/src/compiler/types/template.d.ts
+++ b/packages/svelte/src/compiler/types/template.d.ts
@@ -152,6 +152,9 @@ export interface DebugTag extends BaseNode {
 export interface RenderTag extends BaseNode {
 	type: 'RenderTag';
 	expression: SimpleCallExpression | (ChainExpression & { expression: SimpleCallExpression });
+	metadata: {
+		dynamic: boolean;
+	};
 }
 
 type Tag = ExpressionTag | HtmlTag | ConstTag | DebugTag | RenderTag;
@@ -271,6 +274,9 @@ interface BaseElement extends BaseNode {
 
 export interface Component extends BaseElement {
 	type: 'Component';
+	metadata: {
+		dynamic: boolean;
+	};
 }
 
 interface TitleElement extends BaseElement {
diff --git a/packages/svelte/src/constants.js b/packages/svelte/src/constants.js
index a8963d6854..5c22be5f5d 100644
--- a/packages/svelte/src/constants.js
+++ b/packages/svelte/src/constants.js
@@ -18,6 +18,7 @@ export const TRANSITION_GLOBAL = 1 << 2;
 
 export const TEMPLATE_FRAGMENT = 1;
 export const TEMPLATE_USE_IMPORT_NODE = 1 << 1;
+export const TEMPLATE_UNSET_START = 1 << 2;
 
 export const HYDRATION_START = '[';
 export const HYDRATION_END = ']';
diff --git a/packages/svelte/src/internal/client/constants.js b/packages/svelte/src/internal/client/constants.js
index 4fc214d469..accdf05036 100644
--- a/packages/svelte/src/internal/client/constants.js
+++ b/packages/svelte/src/internal/client/constants.js
@@ -17,6 +17,7 @@ export const EFFECT_TRANSPARENT = 1 << 15;
 /** Svelte 4 legacy mode props need to be handled with deriveds and be recognized elsewhere, hence the dedicated flag */
 export const LEGACY_DERIVED_PROP = 1 << 16;
 export const INSPECT_EFFECT = 1 << 17;
+export const HEAD_EFFECT = 1 << 18;
 
 export const STATE_SYMBOL = Symbol('$state');
 export const STATE_FROZEN_SYMBOL = Symbol('$state.frozen');
diff --git a/packages/svelte/src/internal/client/dev/hmr.js b/packages/svelte/src/internal/client/dev/hmr.js
index 9ba2a69897..e9b4a60bbf 100644
--- a/packages/svelte/src/internal/client/dev/hmr.js
+++ b/packages/svelte/src/internal/client/dev/hmr.js
@@ -18,7 +18,7 @@ export function hmr(source) {
 		/** @type {import("#client").Effect} */
 		let effect;
 
-		block(() => {
+		block(anchor, 0, () => {
 			const component = get(source);
 
 			if (effect) {
diff --git a/packages/svelte/src/internal/client/dom/blocks/await.js b/packages/svelte/src/internal/client/dom/blocks/await.js
index 4c57f9b564..d1681d3e00 100644
--- a/packages/svelte/src/internal/client/dom/blocks/await.js
+++ b/packages/svelte/src/internal/client/dom/blocks/await.js
@@ -105,7 +105,7 @@ export function await_block(anchor, get_input, pending_fn, then_fn, catch_fn) {
 		}
 	}
 
-	var effect = block(() => {
+	var effect = block(anchor, 0, () => {
 		if (input === (input = get_input())) return;
 
 		if (is_promise(input)) {
diff --git a/packages/svelte/src/internal/client/dom/blocks/each.js b/packages/svelte/src/internal/client/dom/blocks/each.js
index e20d4ec41f..7fdd2fc0e7 100644
--- a/packages/svelte/src/internal/client/dom/blocks/each.js
+++ b/packages/svelte/src/internal/client/dom/blocks/each.js
@@ -24,12 +24,14 @@ import {
 	run_out_transitions,
 	pause_children,
 	pause_effect,
-	resume_effect
+	resume_effect,
+	get_first_node
 } from '../../reactivity/effects.js';
 import { source, mutable_source, set } from '../../reactivity/sources.js';
 import { is_array, is_frozen } from '../../utils.js';
 import { INERT, STATE_SYMBOL } from '../../constants.js';
 import { queue_micro_task } from '../task.js';
+import { current_effect } from '../../runtime.js';
 
 /**
  * The row of a keyed each block that is currently updating. We track this
@@ -54,11 +56,12 @@ export function index(_, i) {
 /**
  * Pause multiple effects simultaneously, and coordinate their
  * subsequent destruction. Used in each blocks
+ * @param {import('#client').EachState} state
  * @param {import('#client').EachItem[]} items
  * @param {null | Node} controlled_anchor
  * @param {Map<any, import("#client").EachItem>} items_map
  */
-function pause_effects(items, controlled_anchor, items_map) {
+function pause_effects(state, items, controlled_anchor, items_map) {
 	/** @type {import('#client').TransitionManager[]} */
 	var transitions = [];
 	var length = items.length;
@@ -77,7 +80,7 @@ function pause_effects(items, controlled_anchor, items_map) {
 		clear_text_content(parent_node);
 		parent_node.append(/** @type {Element} */ (controlled_anchor));
 		items_map.clear();
-		link(items[0].prev, items[length - 1].next);
+		link(state, items[0].prev, items[length - 1].next);
 	}
 
 	run_out_transitions(transitions, () => {
@@ -85,7 +88,7 @@ function pause_effects(items, controlled_anchor, items_map) {
 			var item = items[i];
 			if (!is_controlled) {
 				items_map.delete(item.k);
-				link(item.prev, item.next);
+				link(state, item.prev, item.next);
 			}
 			destroy_effect(item.e, !is_controlled);
 		}
@@ -104,7 +107,7 @@ function pause_effects(items, controlled_anchor, items_map) {
  */
 export function each(anchor, flags, get_collection, get_key, render_fn, fallback_fn = null) {
 	/** @type {import('#client').EachState} */
-	var state = { flags, items: new Map(), next: null };
+	var state = { flags, items: new Map(), first: null };
 
 	var is_controlled = (flags & EACH_IS_CONTROLLED) !== 0;
 
@@ -121,7 +124,7 @@ export function each(anchor, flags, get_collection, get_key, render_fn, fallback
 	/** @type {import('#client').Effect | null} */
 	var fallback = null;
 
-	block(() => {
+	block(anchor, 0, () => {
 		var collection = get_collection();
 
 		var array = is_array(collection)
@@ -163,8 +166,8 @@ export function each(anchor, flags, get_collection, get_key, render_fn, fallback
 			/** @type {Node} */
 			var child_anchor = hydrate_start;
 
-			/** @type {import('#client').EachItem | import('#client').EachState} */
-			var prev = state;
+			/** @type {import('#client').EachItem | null} */
+			var prev = null;
 
 			/** @type {import('#client').EachItem} */
 			var item;
@@ -184,7 +187,7 @@ export function each(anchor, flags, get_collection, get_key, render_fn, fallback
 				child_anchor = hydrate_anchor(child_anchor);
 				var value = array[i];
 				var key = get_key(value, i);
-				item = create_item(child_anchor, prev, null, value, key, i, render_fn, flags);
+				item = create_item(child_anchor, state, prev, null, value, key, i, render_fn, flags);
 				state.items.set(key, item);
 				child_anchor = /** @type {Comment} */ (child_anchor.nextSibling);
 
@@ -242,14 +245,14 @@ function reconcile(array, state, anchor, render_fn, flags, get_key) {
 
 	var length = array.length;
 	var items = state.items;
-	var first = state.next;
+	var first = state.first;
 	var current = first;
 
 	/** @type {Set<import('#client').EachItem>} */
 	var seen = new Set();
 
-	/** @type {import('#client').EachState | import('#client').EachItem} */
-	var prev = state;
+	/** @type {import('#client').EachItem | null} */
+	var prev = null;
 
 	/** @type {Set<import('#client').EachItem>} */
 	var to_animate = new Set();
@@ -293,7 +296,17 @@ function reconcile(array, state, anchor, render_fn, flags, get_key) {
 		if (item === undefined) {
 			var child_anchor = current ? get_first_node(current.e) : anchor;
 
-			prev = create_item(child_anchor, prev, prev.next, value, key, i, render_fn, flags);
+			prev = create_item(
+				child_anchor,
+				state,
+				prev,
+				prev === null ? state.first : prev.next,
+				value,
+				key,
+				i,
+				render_fn,
+				flags
+			);
 
 			items.set(key, prev);
 
@@ -336,9 +349,9 @@ function reconcile(array, state, anchor, render_fn, flags, get_key) {
 						seen.delete(stashed[j]);
 					}
 
-					link(a.prev, b.next);
-					link(prev, a);
-					link(b, start);
+					link(state, a.prev, b.next);
+					link(state, prev, a);
+					link(state, b, start);
 
 					current = start;
 					prev = b;
@@ -351,9 +364,9 @@ function reconcile(array, state, anchor, render_fn, flags, get_key) {
 					seen.delete(item);
 					move(item, current, anchor);
 
-					link(item.prev, item.next);
-					link(item, prev.next);
-					link(prev, item);
+					link(state, item.prev, item.next);
+					link(state, item, prev === null ? state.first : prev.next);
+					link(state, prev, item);
 
 					prev = item;
 				}
@@ -403,7 +416,7 @@ function reconcile(array, state, anchor, render_fn, flags, get_key) {
 			}
 		}
 
-		pause_effects(to_destroy, controlled_anchor, items);
+		pause_effects(state, to_destroy, controlled_anchor, items);
 	}
 
 	if (is_animated) {
@@ -413,6 +426,9 @@ function reconcile(array, state, anchor, render_fn, flags, get_key) {
 			}
 		});
 	}
+
+	/** @type {import('#client').Effect} */ (current_effect).first = state.first && state.first.e;
+	/** @type {import('#client').Effect} */ (current_effect).last = prev && prev.e;
 }
 
 /**
@@ -437,7 +453,8 @@ function update_item(item, value, index, type) {
 /**
  * @template V
  * @param {Node} anchor
- * @param {import('#client').EachItem | import('#client').EachState} prev
+ * @param {import('#client').EachState} state
+ * @param {import('#client').EachItem | null} prev
  * @param {import('#client').EachItem | null} next
  * @param {V} value
  * @param {unknown} key
@@ -446,7 +463,7 @@ function update_item(item, value, index, type) {
  * @param {number} flags
  * @returns {import('#client').EachItem}
  */
-function create_item(anchor, prev, next, value, key, index, render_fn, flags) {
+function create_item(anchor, state, prev, next, value, key, index, render_fn, flags) {
 	var previous_each_item = current_each_item;
 
 	try {
@@ -468,52 +485,28 @@ function create_item(anchor, prev, next, value, key, index, render_fn, flags) {
 			next
 		};
 
-		prev.next = item;
-		if (next !== null) next.prev = item;
-
 		current_each_item = item;
-		item.e = branch(() => render_fn(anchor, v, i));
+		item.e = branch(() => render_fn(anchor, v, i), hydrating);
 
-		return item;
-	} finally {
-		current_each_item = previous_each_item;
-	}
-}
+		item.e.prev = prev && prev.e;
+		item.e.next = next && next.e;
 
-/**
- * @param {import('#client').TemplateNode} dom
- * @param {import("#client").Effect} effect
- * @returns {import('#client').TemplateNode}
- */
-function get_adjusted_first_node(dom, effect) {
-	if ((dom.nodeType === 3 && /** @type {Text} */ (dom).data === '') || dom.nodeType === 8) {
-		var adjusted = effect.first;
-		var next;
-		while (adjusted !== null) {
-			next = adjusted.first;
-			if (adjusted.dom !== null) {
-				break;
-			} else if (next === null) {
-				return /** @type {import('#client').TemplateNode} */ (dom.previousSibling);
-			}
-			adjusted = next;
+		if (prev === null) {
+			state.first = item;
+		} else {
+			prev.next = item;
+			prev.e.next = item.e;
 		}
-		return get_first_node(/** @type {import("#client").Effect} */ (adjusted));
-	}
-	return dom;
-}
 
-/**
- *
- * @param {import('#client').Effect} effect
- * @returns {import('#client').TemplateNode}
- */
-function get_first_node(effect) {
-	var dom = effect.dom;
-	if (is_array(dom)) {
-		return get_adjusted_first_node(dom[0], effect);
+		if (next !== null) {
+			next.prev = item;
+			next.e.prev = item.e;
+		}
+
+		return item;
+	} finally {
+		current_each_item = previous_each_item;
 	}
-	return get_adjusted_first_node(/** @type {import('#client').TemplateNode} **/ (dom), effect);
 }
 
 /**
@@ -535,11 +528,20 @@ function move(item, next, anchor) {
 }
 
 /**
- *
- * @param {import('#client').EachItem | import('#client').EachState} prev
+ * @param {import('#client').EachState} state
+ * @param {import('#client').EachItem | null} prev
  * @param {import('#client').EachItem | null} next
  */
-function link(prev, next) {
-	prev.next = next;
-	if (next !== null) next.prev = prev;
+function link(state, prev, next) {
+	if (prev === null) {
+		state.first = next;
+	} else {
+		prev.next = next;
+		prev.e.next = next && next.e;
+	}
+
+	if (next !== null) {
+		next.prev = prev;
+		next.e.prev = prev && prev.e;
+	}
 }
diff --git a/packages/svelte/src/internal/client/dom/blocks/html.js b/packages/svelte/src/internal/client/dom/blocks/html.js
index 6873adf70c..c014da4a1d 100644
--- a/packages/svelte/src/internal/client/dom/blocks/html.js
+++ b/packages/svelte/src/internal/client/dom/blocks/html.js
@@ -1,30 +1,7 @@
-import { derived } from '../../reactivity/deriveds.js';
-import { render_effect } from '../../reactivity/effects.js';
-import { current_effect, get } from '../../runtime.js';
-import { is_array } from '../../utils.js';
-import { hydrate_nodes, hydrating } from '../hydration.js';
-import { create_fragment_from_html, remove } from '../reconciler.js';
-import { push_template_node } from '../template.js';
-
-/**
- * @param {import('#client').Effect} effect
- * @param {(Element | Comment | Text)[]} to_remove
- * @returns {void}
- */
-function remove_from_parent_effect(effect, to_remove) {
-	const dom = effect.dom;
-
-	if (is_array(dom)) {
-		for (let i = dom.length - 1; i >= 0; i--) {
-			if (to_remove.includes(dom[i])) {
-				dom.splice(i, 1);
-				break;
-			}
-		}
-	} else if (dom !== null && to_remove.includes(dom)) {
-		effect.dom = null;
-	}
-}
+import { block, branch, destroy_effect } from '../../reactivity/effects.js';
+import { get_start, hydrate_nodes, hydrating } from '../hydration.js';
+import { create_fragment_from_html } from '../reconciler.js';
+import { assign_nodes } from '../template.js';
 
 /**
  * @param {Element | Text | Comment} anchor
@@ -34,72 +11,52 @@ function remove_from_parent_effect(effect, to_remove) {
  * @returns {void}
  */
 export function html(anchor, get_value, svg, mathml) {
-	const parent_effect = anchor.parentNode !== current_effect?.dom ? current_effect : null;
-	let value = derived(get_value);
+	var value = '';
 
-	render_effect(() => {
-		var dom = html_to_dom(anchor, parent_effect, get(value), svg, mathml);
+	/** @type {import('#client').Effect | null} */
+	var effect;
 
-		if (dom) {
-			return () => {
-				if (parent_effect !== null) {
-					remove_from_parent_effect(parent_effect, is_array(dom) ? dom : [dom]);
-				}
-				remove(dom);
-			};
-		}
-	});
-}
+	block(anchor, 0, () => {
+		if (value === (value = get_value())) return;
 
-/**
- * Creates the content for a `@html` tag from its string value,
- * inserts it before the target anchor and returns the new nodes.
- * @template V
- * @param {Element | Text | Comment} target
- * @param {import('#client').Effect | null} effect
- * @param {V} value
- * @param {boolean} svg
- * @param {boolean} mathml
- * @returns {Element | Comment | (Element | Comment | Text)[]}
- */
-function html_to_dom(target, effect, value, svg, mathml) {
-	if (hydrating) return hydrate_nodes;
-
-	var html = value + '';
-	if (svg) html = `<svg>${html}</svg>`;
-	else if (mathml) html = `<math>${html}</math>`;
+		if (effect) {
+			destroy_effect(effect);
+			effect = null;
+		}
 
-	// Don't use create_fragment_with_script_from_html here because that would mean script tags are executed.
-	// @html is basically `.innerHTML = ...` and that doesn't execute scripts either due to security reasons.
-	/** @type {DocumentFragment | Element} */
-	var node = create_fragment_from_html(html);
+		if (value === '') return;
 
-	if (svg || mathml) {
-		node = /** @type {Element} */ (node.firstChild);
-	}
+		effect = branch(() => {
+			if (hydrating) {
+				assign_nodes(get_start(), hydrate_nodes[hydrate_nodes.length - 1]);
+				return;
+			}
 
-	if (node.childNodes.length === 1) {
-		var child = /** @type {Text | Element | Comment} */ (node.firstChild);
-		target.before(child);
-		if (effect !== null) {
-			push_template_node(child, effect);
-		}
-		return child;
-	}
+			var html = value + '';
+			if (svg) html = `<svg>${html}</svg>`;
+			else if (mathml) html = `<math>${html}</math>`;
 
-	var nodes = /** @type {Array<Text | Element | Comment>} */ ([...node.childNodes]);
+			// Don't use create_fragment_with_script_from_html here because that would mean script tags are executed.
+			// @html is basically `.innerHTML = ...` and that doesn't execute scripts either due to security reasons.
+			/** @type {DocumentFragment | Element} */
+			var node = create_fragment_from_html(html);
 
-	if (svg || mathml) {
-		while (node.firstChild) {
-			target.before(node.firstChild);
-		}
-	} else {
-		target.before(node);
-	}
+			if (svg || mathml) {
+				node = /** @type {Element} */ (node.firstChild);
+			}
 
-	if (effect !== null) {
-		push_template_node(nodes, effect);
-	}
+			assign_nodes(
+				/** @type {import('#client').TemplateNode} */ (node.firstChild),
+				/** @type {import('#client').TemplateNode} */ (node.lastChild)
+			);
 
-	return nodes;
+			if (svg || mathml) {
+				while (node.firstChild) {
+					anchor.before(node.firstChild);
+				}
+			} else {
+				anchor.before(node);
+			}
+		});
+	});
 }
diff --git a/packages/svelte/src/internal/client/dom/blocks/if.js b/packages/svelte/src/internal/client/dom/blocks/if.js
index 80ed8c09f4..9ad208fe2f 100644
--- a/packages/svelte/src/internal/client/dom/blocks/if.js
+++ b/packages/svelte/src/internal/client/dom/blocks/if.js
@@ -30,7 +30,7 @@ export function if_block(
 
 	var flags = elseif ? EFFECT_TRANSPARENT : 0;
 
-	block(() => {
+	block(anchor, flags, () => {
 		if (condition === (condition = !!get_condition())) return;
 
 		/** Whether or not there was a hydration mismatch. Needs to be a `let` or else it isn't treeshaken out */
@@ -78,5 +78,5 @@ export function if_block(
 			// continue in hydration mode
 			set_hydrating(true);
 		}
-	}, flags);
+	});
 }
diff --git a/packages/svelte/src/internal/client/dom/blocks/key.js b/packages/svelte/src/internal/client/dom/blocks/key.js
index eb68978ffe..641fd2875e 100644
--- a/packages/svelte/src/internal/client/dom/blocks/key.js
+++ b/packages/svelte/src/internal/client/dom/blocks/key.js
@@ -16,7 +16,7 @@ export function key_block(anchor, get_key, render_fn) {
 	/** @type {import('#client').Effect} */
 	let effect;
 
-	block(() => {
+	block(anchor, 0, () => {
 		if (safe_not_equal(key, (key = get_key()))) {
 			if (effect) {
 				pause_effect(effect);
diff --git a/packages/svelte/src/internal/client/dom/blocks/snippet.js b/packages/svelte/src/internal/client/dom/blocks/snippet.js
index 611733feb1..5602f7baf2 100644
--- a/packages/svelte/src/internal/client/dom/blocks/snippet.js
+++ b/packages/svelte/src/internal/client/dom/blocks/snippet.js
@@ -2,26 +2,25 @@ import { add_snippet_symbol } from '../../../shared/validate.js';
 import { EFFECT_TRANSPARENT } from '../../constants.js';
 import { branch, block, destroy_effect } from '../../reactivity/effects.js';
 import {
-	current_component_context,
 	dev_current_component_function,
 	set_dev_current_component_function
 } from '../../runtime.js';
 
 /**
  * @template {(node: import('#client').TemplateNode, ...args: any[]) => import('#client').Dom} SnippetFn
+ * @param {import('#client').TemplateNode} anchor
  * @param {() => SnippetFn | null | undefined} get_snippet
- * @param {import('#client').TemplateNode} node
  * @param {(() => any)[]} args
  * @returns {void}
  */
-export function snippet(get_snippet, node, ...args) {
+export function snippet(anchor, get_snippet, ...args) {
 	/** @type {SnippetFn | null | undefined} */
 	var snippet;
 
 	/** @type {import('#client').Effect | null} */
 	var snippet_effect;
 
-	block(() => {
+	block(anchor, EFFECT_TRANSPARENT, () => {
 		if (snippet === (snippet = get_snippet())) return;
 
 		if (snippet_effect) {
@@ -30,9 +29,9 @@ export function snippet(get_snippet, node, ...args) {
 		}
 
 		if (snippet) {
-			snippet_effect = branch(() => /** @type {SnippetFn} */ (snippet)(node, ...args));
+			snippet_effect = branch(() => /** @type {SnippetFn} */ (snippet)(anchor, ...args));
 		}
-	}, EFFECT_TRANSPARENT);
+	});
 }
 
 /**
diff --git a/packages/svelte/src/internal/client/dom/blocks/svelte-component.js b/packages/svelte/src/internal/client/dom/blocks/svelte-component.js
index 8487852b35..0e04eff10b 100644
--- a/packages/svelte/src/internal/client/dom/blocks/svelte-component.js
+++ b/packages/svelte/src/internal/client/dom/blocks/svelte-component.js
@@ -1,22 +1,21 @@
 import { block, branch, pause_effect } from '../../reactivity/effects.js';
 
-// TODO seems weird that `anchor` is unused here — possible bug?
-
 /**
  * @template P
  * @template {(props: P) => void} C
+ * @param {import('#client').TemplateNode} anchor
  * @param {() => C} get_component
  * @param {(component: C) => import('#client').Dom | void} render_fn
  * @returns {void}
  */
-export function component(get_component, render_fn) {
+export function component(anchor, get_component, render_fn) {
 	/** @type {C} */
 	let component;
 
 	/** @type {import('#client').Effect | null} */
 	let effect;
 
-	block(() => {
+	block(anchor, 0, () => {
 		if (component === (component = get_component())) return;
 
 		if (effect) {
diff --git a/packages/svelte/src/internal/client/dom/blocks/svelte-element.js b/packages/svelte/src/internal/client/dom/blocks/svelte-element.js
index 6e0740b937..9fc0ab1dbb 100644
--- a/packages/svelte/src/internal/client/dom/blocks/svelte-element.js
+++ b/packages/svelte/src/internal/client/dom/blocks/svelte-element.js
@@ -12,31 +12,9 @@ import { set_should_intro } from '../../render.js';
 import { current_each_item, set_current_each_item } from './each.js';
 import { current_component_context, current_effect } from '../../runtime.js';
 import { DEV } from 'esm-env';
-import { is_array } from '../../utils.js';
-import { push_template_node } from '../template.js';
+import { assign_nodes } from '../template.js';
 import { noop } from '../../../shared/utils.js';
 
-/**
- * @param {import('#client').Effect} effect
- * @param {Element} from
- * @param {Element} to
- * @returns {void}
- */
-function swap_block_dom(effect, from, to) {
-	const dom = effect.dom;
-
-	if (is_array(dom)) {
-		for (let i = 0; i < dom.length; i++) {
-			if (dom[i] === from) {
-				dom[i] = to;
-				break;
-			}
-		}
-	} else if (dom === from) {
-		effect.dom = to;
-	}
-}
-
 /**
  * @param {Comment | Element} node
  * @param {() => string} get_tag
@@ -63,18 +41,6 @@ export function element(node, get_tag, is_svg, render_fn, get_namespace, locatio
 	/** @type {import('#client').Effect | null} */
 	let effect;
 
-	const parent_effect = /** @type {import('#client').Effect} */ (current_effect);
-
-	// Remove the the hydrated effect dom entry for our dynamic element
-	if (hydrating && is_array(parent_effect.dom)) {
-		var remove_index = parent_effect.dom.indexOf(
-			/** @type {import('#client').TemplateNode} */ (element)
-		);
-		if (remove_index !== -1) {
-			parent_effect.dom.splice(remove_index, 1);
-		}
-	}
-
 	/**
 	 * The keyed `{#each ...}` item block, if any, that this element is inside.
 	 * We track this so we can set it when changing the element, allowing any
@@ -82,8 +48,7 @@ export function element(node, get_tag, is_svg, render_fn, get_namespace, locatio
 	 */
 	let each_item_block = current_each_item;
 
-	block(() => {
-		const element_effect = /** @type {import('#client').Effect} */ (current_effect);
+	block(anchor, 0, () => {
 		const next_tag = get_tag() || null;
 		const ns = get_namespace
 			? get_namespace()
@@ -125,6 +90,8 @@ export function element(node, get_tag, is_svg, render_fn, get_namespace, locatio
 						? document.createElementNS(ns, next_tag)
 						: document.createElement(next_tag);
 
+				assign_nodes(element, element);
+
 				if (DEV && location) {
 					// @ts-expect-error
 					element.__svelte_meta = {
@@ -137,10 +104,7 @@ export function element(node, get_tag, is_svg, render_fn, get_namespace, locatio
 				}
 
 				if (prev_element && !hydrating) {
-					swap_block_dom(element_effect, prev_element, element);
 					prev_element.remove();
-				} else {
-					push_template_node(element, element_effect);
 				}
 
 				if (render_fn) {
diff --git a/packages/svelte/src/internal/client/dom/blocks/svelte-head.js b/packages/svelte/src/internal/client/dom/blocks/svelte-head.js
index b00a3a242b..d61c8fbe24 100644
--- a/packages/svelte/src/internal/client/dom/blocks/svelte-head.js
+++ b/packages/svelte/src/internal/client/dom/blocks/svelte-head.js
@@ -2,6 +2,7 @@ import { hydrate_anchor, hydrate_nodes, hydrating, set_hydrate_nodes } from '../
 import { empty } from '../operations.js';
 import { block } from '../../reactivity/effects.js';
 import { HYDRATION_END, HYDRATION_START } from '../../../../constants.js';
+import { HEAD_EFFECT } from '../../constants.js';
 
 /**
  * @type {Node | undefined}
@@ -47,7 +48,7 @@ export function head(render_fn) {
 	}
 
 	try {
-		block(() => render_fn(anchor));
+		block(null, HEAD_EFFECT, () => render_fn(anchor));
 	} finally {
 		if (was_hydrating) {
 			set_hydrate_nodes(/** @type {import('#client').TemplateNode[]} */ (previous_hydrate_nodes));
diff --git a/packages/svelte/src/internal/client/dom/hydration.js b/packages/svelte/src/internal/client/dom/hydration.js
index 06113ba784..02d07be057 100644
--- a/packages/svelte/src/internal/client/dom/hydration.js
+++ b/packages/svelte/src/internal/client/dom/hydration.js
@@ -30,6 +30,17 @@ export function set_hydrate_nodes(nodes) {
 	hydrate_start = nodes && nodes[0];
 }
 
+/**
+ * When assigning nodes to an effect during hydration, we typically want the hydration boundary comment node
+ * immediately before `hydrate_start`. In some cases, this comment doesn't exist because we optimized it away.
+ * TODO it might be worth storing this value separately rather than retrieving it with `previousSibling`
+ */
+export function get_start() {
+	return /** @type {import('#client').TemplateNode} */ (
+		hydrate_start.previousSibling ?? hydrate_start
+	);
+}
+
 /**
  * This function is only called when `hydrating` is true. If passed a `<!--[-->` opening
  * hydration marker, it finds the corresponding closing marker and sets `hydrate_nodes`
diff --git a/packages/svelte/src/internal/client/dom/operations.js b/packages/svelte/src/internal/client/dom/operations.js
index c1fdbd0e75..78c0969088 100644
--- a/packages/svelte/src/internal/client/dom/operations.js
+++ b/packages/svelte/src/internal/client/dom/operations.js
@@ -85,13 +85,13 @@ export function first_child(fragment, is_text) {
 	// text node to hydrate — we must therefore create one
 	if (is_text && hydrate_start?.nodeType !== 3) {
 		var text = empty();
-		var dom = /** @type {import('#client').TemplateNode[]} */ (
-			/** @type {import('#client').Effect} */ (current_effect).dom
-		);
+		var effect = /** @type {import('#client').Effect} */ (current_effect);
 
-		dom.unshift(text);
-		hydrate_start?.before(text);
+		if (effect.nodes?.start === hydrate_start) {
+			effect.nodes.start = text;
+		}
 
+		hydrate_start?.before(text);
 		return text;
 	}
 
@@ -122,13 +122,7 @@ export function sibling(node, is_text = false) {
 	// text node to hydrate — we must therefore create one
 	if (is_text && type !== 3) {
 		var text = empty();
-		var dom = /** @type {import('#client').TemplateNode[]} */ (
-			/** @type {import('#client').Effect} */ (current_effect).dom
-		);
-
-		dom.unshift(text);
 		next_sibling?.before(text);
-
 		return text;
 	}
 
diff --git a/packages/svelte/src/internal/client/dom/template.js b/packages/svelte/src/internal/client/dom/template.js
index 7342b71eda..1ebef63bba 100644
--- a/packages/svelte/src/internal/client/dom/template.js
+++ b/packages/svelte/src/internal/client/dom/template.js
@@ -1,35 +1,28 @@
-import { hydrate_nodes, hydrate_start, hydrating } from './hydration.js';
+import { get_start, hydrate_nodes, hydrate_start, hydrating } from './hydration.js';
 import { empty } from './operations.js';
 import { create_fragment_from_html } from './reconciler.js';
 import { current_effect } from '../runtime.js';
-import { TEMPLATE_FRAGMENT, TEMPLATE_USE_IMPORT_NODE } from '../../../constants.js';
-import { is_array } from '../utils.js';
+import {
+	TEMPLATE_FRAGMENT,
+	TEMPLATE_UNSET_START,
+	TEMPLATE_USE_IMPORT_NODE
+} from '../../../constants.js';
 import { queue_micro_task } from './task.js';
 
 /**
- * @template {import("#client").TemplateNode | import("#client").TemplateNode[]} T
- * @param {T} dom
- * @param {import("#client").Effect} effect
+ *
+ * @param {import('#client').TemplateNode | undefined | null} start
+ * @param {import('#client').TemplateNode} end
+ * @param {import('#client').TemplateNode | null} anchor
  */
-export function push_template_node(
-	dom,
-	effect = /** @type {import('#client').Effect} */ (current_effect)
-) {
-	var current_dom = effect.dom;
-	if (current_dom === null) {
-		effect.dom = dom;
-	} else {
-		if (!is_array(current_dom)) {
-			current_dom = effect.dom = [current_dom];
-		}
+export function assign_nodes(start, end, anchor = null) {
+	const effect = /** @type {import('#client').Effect} */ (current_effect);
 
-		if (is_array(dom)) {
-			current_dom.push(...dom);
-		} else {
-			current_dom.push(dom);
-		}
+	if (effect.nodes === null) {
+		effect.nodes = { start, anchor, end };
+	} else if (effect.nodes.start === undefined) {
+		effect.nodes.start = start;
 	}
-	return dom;
 }
 
 /**
@@ -45,9 +38,13 @@ export function template(content, flags) {
 	/** @type {Node} */
 	var node;
 
+	var has_start = !content.startsWith('<!>');
+	var unset = (flags & TEMPLATE_UNSET_START) !== 0;
+
 	return () => {
 		if (hydrating) {
-			push_template_node(is_fragment ? hydrate_nodes : hydrate_start);
+			assign_nodes(get_start(), hydrate_nodes[hydrate_nodes.length - 1]);
+
 			return hydrate_start;
 		}
 
@@ -56,14 +53,20 @@ export function template(content, flags) {
 			if (!is_fragment) node = /** @type {Node} */ (node.firstChild);
 		}
 
-		var clone = use_import_node ? document.importNode(node, true) : node.cloneNode(true);
-
-		push_template_node(
-			is_fragment
-				? /** @type {import('#client').TemplateNode[]} */ ([...clone.childNodes])
-				: /** @type {import('#client').TemplateNode} */ (clone)
+		var clone = /** @type {import('#client').TemplateNode} */ (
+			use_import_node ? document.importNode(node, true) : node.cloneNode(true)
 		);
 
+		if (is_fragment) {
+			var first = /** @type {import('#client').TemplateNode} */ (clone.firstChild);
+			var start = has_start ? first : unset ? undefined : null;
+			var end = /** @type {import('#client').TemplateNode} */ (clone.lastChild);
+
+			assign_nodes(start, end, first);
+		} else {
+			assign_nodes(clone, clone);
+		}
+
 		return clone;
 	};
 }
@@ -101,37 +104,46 @@ export function template_with_script(content, flags) {
 /*#__NO_SIDE_EFFECTS__*/
 export function ns_template(content, flags, ns = 'svg') {
 	var is_fragment = (flags & TEMPLATE_FRAGMENT) !== 0;
-	var fn = template(`<${ns}>${content}</${ns}>`, 0); // we don't need to worry about using importNode for namespaced elements
+	var wrapped = `<${ns}>${content}</${ns}>`;
 
 	/** @type {Element | DocumentFragment} */
 	var node;
 
+	var has_start = !content.startsWith('<!>');
+	var unset = (flags & TEMPLATE_UNSET_START) !== 0;
+
 	return () => {
 		if (hydrating) {
-			push_template_node(is_fragment ? hydrate_nodes : hydrate_start);
+			assign_nodes(get_start(), hydrate_nodes[hydrate_nodes.length - 1]);
+
 			return hydrate_start;
 		}
 
 		if (!node) {
-			var wrapper = /** @type {Element} */ (fn());
+			var fragment = /** @type {DocumentFragment} */ (create_fragment_from_html(wrapped));
+			var root = /** @type {Element} */ (fragment.firstChild);
 
-			if ((flags & TEMPLATE_FRAGMENT) === 0) {
-				node = /** @type {Element} */ (wrapper.firstChild);
-			} else {
+			if (is_fragment) {
 				node = document.createDocumentFragment();
-				while (wrapper.firstChild) {
-					node.appendChild(wrapper.firstChild);
+				while (root.firstChild) {
+					node.appendChild(root.firstChild);
 				}
+			} else {
+				node = /** @type {Element} */ (root.firstChild);
 			}
 		}
 
-		var clone = node.cloneNode(true);
+		var clone = /** @type {import('#client').TemplateNode} */ (node.cloneNode(true));
 
-		push_template_node(
-			is_fragment
-				? /** @type {import('#client').TemplateNode[]} */ ([...clone.childNodes])
-				: /** @type {import('#client').TemplateNode} */ (clone)
-		);
+		if (is_fragment) {
+			var first = /** @type {import('#client').TemplateNode} */ (clone.firstChild);
+			var start = has_start ? first : unset ? undefined : null;
+			var end = /** @type {import('#client').TemplateNode} */ (clone.lastChild);
+
+			assign_nodes(start, end, first);
+		} else {
+			assign_nodes(clone, clone);
+		}
 
 		return clone;
 	};
@@ -208,7 +220,11 @@ function run_scripts(node) {
  */
 /*#__NO_SIDE_EFFECTS__*/
 export function text(anchor) {
-	if (!hydrating) return push_template_node(empty());
+	if (!hydrating) {
+		var t = empty();
+		assign_nodes(t, t);
+		return t;
+	}
 
 	var node = hydrate_start;
 
@@ -218,21 +234,26 @@ export function text(anchor) {
 		anchor.before((node = empty()));
 	}
 
-	push_template_node(node);
+	assign_nodes(node, node);
 	return node;
 }
 
-export function comment() {
+/**
+ * @param {boolean} unset
+ */
+export function comment(unset = false) {
 	// we're not delegating to `template` here for performance reasons
 	if (hydrating) {
-		push_template_node(hydrate_nodes);
+		assign_nodes(get_start(), hydrate_nodes[hydrate_nodes.length - 1]);
+
 		return hydrate_start;
 	}
 
 	var frag = document.createDocumentFragment();
 	var anchor = empty();
 	frag.append(anchor);
-	push_template_node([anchor]);
+
+	assign_nodes(unset ? undefined : null, anchor, anchor);
 
 	return frag;
 }
diff --git a/packages/svelte/src/internal/client/reactivity/effects.js b/packages/svelte/src/internal/client/reactivity/effects.js
index 0de476dab0..3e2db129b9 100644
--- a/packages/svelte/src/internal/client/reactivity/effects.js
+++ b/packages/svelte/src/internal/client/reactivity/effects.js
@@ -31,10 +31,10 @@ import {
 	DERIVED,
 	UNOWNED,
 	CLEAN,
-	INSPECT_EFFECT
+	INSPECT_EFFECT,
+	HEAD_EFFECT
 } from '../constants.js';
 import { set } from './sources.js';
-import { remove } from '../dom/reconciler.js';
 import * as e from '../errors.js';
 import { DEV } from 'esm-env';
 import { define_property } from '../utils.js';
@@ -75,16 +75,17 @@ export function push_effect(effect, parent_effect) {
  * @param {number} type
  * @param {null | (() => void | (() => void))} fn
  * @param {boolean} sync
+ * @param {boolean} push
  * @returns {import('#client').Effect}
  */
-function create_effect(type, fn, sync) {
+function create_effect(type, fn, sync, push = true) {
 	var is_root = (type & ROOT_EFFECT) !== 0;
 
 	/** @type {import('#client').Effect} */
 	var effect = {
 		ctx: current_component_context,
 		deps: null,
-		dom: null,
+		nodes: null,
 		f: type | DIRTY,
 		first: null,
 		fn,
@@ -120,10 +121,10 @@ function create_effect(type, fn, sync) {
 		sync &&
 		effect.deps === null &&
 		effect.first === null &&
-		effect.dom === null &&
+		effect.nodes === null &&
 		effect.teardown === null;
 
-	if (!inert && !is_root) {
+	if (!inert && !is_root && push) {
 		if (current_effect !== null) {
 			push_effect(effect, current_effect);
 		}
@@ -298,16 +299,22 @@ export function template_effect(fn) {
 }
 
 /**
- * @param {(() => void)} fn
+ * @param {import('#client').TemplateNode | null} anchor
  * @param {number} flags
+ * @param {(() => void)} fn
  */
-export function block(fn, flags = 0) {
-	return create_effect(RENDER_EFFECT | BLOCK_EFFECT | flags, fn, true);
+export function block(anchor, flags, fn) {
+	const effect = create_effect(RENDER_EFFECT | BLOCK_EFFECT | flags, fn, true);
+	if (anchor !== null) effect.nodes = { start: null, anchor: null, end: anchor };
+	return effect;
 }
 
-/** @param {(() => void)} fn */
-export function branch(fn) {
-	return create_effect(RENDER_EFFECT | BRANCH_EFFECT, fn, true);
+/**
+ * @param {(() => void)} fn
+ * @param {boolean} [push]
+ */
+export function branch(fn, push = true) {
+	return create_effect(RENDER_EFFECT | BRANCH_EFFECT, fn, true, push);
 }
 
 /**
@@ -335,13 +342,26 @@ export function execute_effect_teardown(effect) {
  * @returns {void}
  */
 export function destroy_effect(effect, remove_dom = true) {
-	var dom = effect.dom;
+	var removed = false;
 
-	if (dom !== null && remove_dom) {
-		remove(dom);
+	if ((remove_dom || (effect.f & HEAD_EFFECT) !== 0) && effect.nodes !== null) {
+		/** @type {import('#client').TemplateNode | null} */
+		var node = get_first_node(effect);
+		var end = effect.nodes.end;
+
+		while (node !== null) {
+			/** @type {import('#client').TemplateNode | null} */
+			var next =
+				node === end ? null : /** @type {import('#client').TemplateNode} */ (node.nextSibling);
+
+			node.remove();
+			node = next;
+		}
+
+		removed = true;
 	}
 
-	destroy_effect_children(effect, remove_dom);
+	destroy_effect_children(effect, remove_dom && !removed);
 	remove_reactions(effect, 0);
 	set_signal_status(effect, DESTROYED);
 
@@ -365,13 +385,44 @@ export function destroy_effect(effect, remove_dom = true) {
 		effect.prev =
 		effect.teardown =
 		effect.ctx =
-		effect.dom =
 		effect.deps =
 		effect.parent =
 		effect.fn =
+		effect.nodes =
 			null;
 }
 
+/**
+ * @param {import('#client').Effect} effect
+ * @returns {import('#client').TemplateNode}
+ */
+export function get_first_node(effect) {
+	var nodes = /** @type {NonNullable<typeof effect.nodes>} */ (effect.nodes);
+	var start = nodes.start;
+
+	if (start === undefined) {
+		// edge case — a snippet or component was the first item inside the effect,
+		// but it didn't render any DOM. in this case, we return the item's anchor
+		return /** @type {import('#client').TemplateNode} */ (nodes.anchor);
+	}
+
+	if (start !== null) {
+		return start;
+	}
+
+	var child = effect.first;
+	while (child && (child.nodes === null || (child.f & HEAD_EFFECT) !== 0)) {
+		child = child.next;
+	}
+
+	if (child !== null && child.nodes !== null) {
+		return get_first_node(child);
+	}
+
+	// in the case that there's no DOM, return the first anchor
+	return nodes.end;
+}
+
 /**
  * Detach an effect from the effect tree, freeing up memory and
  * reducing the amount of work that happens on subsequent traversals
diff --git a/packages/svelte/src/internal/client/reactivity/types.d.ts b/packages/svelte/src/internal/client/reactivity/types.d.ts
index 4d77a68a13..1d35446607 100644
--- a/packages/svelte/src/internal/client/reactivity/types.d.ts
+++ b/packages/svelte/src/internal/client/reactivity/types.d.ts
@@ -1,4 +1,4 @@
-import type { ComponentContext, Dom, Equals, TransitionManager } from '#client';
+import type { ComponentContext, Dom, Equals, TemplateNode, TransitionManager } from '#client';
 
 export interface Signal {
 	/** Flags bitmask */
@@ -36,7 +36,11 @@ export interface Derived<V = unknown> extends Value<V>, Reaction {
 
 export interface Effect extends Reaction {
 	parent: Effect | null;
-	dom: Dom | null;
+	nodes: null | {
+		start: undefined | null | TemplateNode;
+		anchor: null | TemplateNode;
+		end: TemplateNode;
+	};
 	/** The associated component context */
 	ctx: null | ComponentContext;
 	/** The effect function */
diff --git a/packages/svelte/src/internal/client/runtime.js b/packages/svelte/src/internal/client/runtime.js
index c46acaa160..f6db179b78 100644
--- a/packages/svelte/src/internal/client/runtime.js
+++ b/packages/svelte/src/internal/client/runtime.js
@@ -555,7 +555,7 @@ function flush_queued_effects(effects) {
 			// don't know if we need to keep them until they are executed. Doing the check
 			// here (rather than in `execute_effect`) allows us to skip the work for
 			// immediate effects.
-			if (effect.deps === null && effect.first === null && effect.dom === null) {
+			if (effect.deps === null && effect.first === null && effect.nodes === null) {
 				if (effect.teardown === null) {
 					// remove this effect from the graph
 					unlink_effect(effect);
diff --git a/packages/svelte/src/internal/client/types.d.ts b/packages/svelte/src/internal/client/types.d.ts
index 292c233fa6..53fd222d18 100644
--- a/packages/svelte/src/internal/client/types.d.ts
+++ b/packages/svelte/src/internal/client/types.d.ts
@@ -71,7 +71,7 @@ export type EachState = {
 	/** a key -> item lookup */
 	items: Map<any, EachItem>;
 	/** head of the linked list of items */
-	next: EachItem | null;
+	first: EachItem | null;
 };
 
 export type EachItem = {
@@ -85,7 +85,7 @@ export type EachItem = {
 	i: number | Source<number>;
 	/** key */
 	k: unknown;
-	prev: EachItem | EachState;
+	prev: EachItem | null;
 	next: EachItem | null;
 };
 
diff --git a/packages/svelte/tests/runtime-legacy/samples/noscript-removal/_config.js b/packages/svelte/tests/runtime-legacy/samples/noscript-removal/_config.js
deleted file mode 100644
index d7e1b908c0..0000000000
--- a/packages/svelte/tests/runtime-legacy/samples/noscript-removal/_config.js
+++ /dev/null
@@ -1,27 +0,0 @@
-import { test } from '../../test';
-
-export default test({
-	test({ assert, target, variant }) {
-		// if created on client side, should not build noscript
-		if (variant === 'dom') {
-			assert.equal(target.querySelectorAll('noscript').length, 0);
-			assert.htmlEqual(
-				target.innerHTML,
-				`
-					<div>foo</div>
-					<div>foo<div>foo</div></div>
-				`
-			);
-		} else {
-			assert.equal(target.querySelectorAll('noscript').length, 3);
-			assert.htmlEqual(
-				target.innerHTML,
-				`
-					<noscript>foo</noscript>
-					<div>foo<noscript>foo</noscript></div>
-					<div>foo<div>foo<noscript>foo</noscript></div></div>
-				`
-			);
-		}
-	}
-});
diff --git a/packages/svelte/tests/runtime-legacy/samples/noscript-removal/main.svelte b/packages/svelte/tests/runtime-legacy/samples/noscript-removal/main.svelte
deleted file mode 100644
index 0cc2155e5d..0000000000
--- a/packages/svelte/tests/runtime-legacy/samples/noscript-removal/main.svelte
+++ /dev/null
@@ -1,5 +0,0 @@
-<noscript>foo</noscript>
-
-<div>foo<noscript>foo</noscript></div>
-
-<div>foo<div>foo<noscript>foo</noscript></div></div>
diff --git a/packages/svelte/tests/runtime-runes/samples/each-updates-6/_config.js b/packages/svelte/tests/runtime-runes/samples/each-updates-6/_config.js
new file mode 100644
index 0000000000..8bd2d17131
--- /dev/null
+++ b/packages/svelte/tests/runtime-runes/samples/each-updates-6/_config.js
@@ -0,0 +1,27 @@
+import { flushSync } from 'svelte';
+import { test } from '../../test';
+
+export default test({
+	html: `<ul><li>test (1) <span style="background-color: red; width: 20px; height: 20px; display: inline-block;"></span></li><li>test 2 (2)</li><li>test 3 (3)</li></ul><button>Swap items 1 &amp; 3</button>`,
+
+	async test({ assert, target }) {
+		const [btn1] = target.querySelectorAll('button');
+
+		flushSync(() => {
+			btn1.click();
+		});
+
+		flushSync(() => {
+			btn1.click();
+		});
+
+		flushSync(() => {
+			btn1.click();
+		});
+
+		assert.htmlEqual(
+			target.innerHTML,
+			`<ul><li>test (1) <span style="background-color: red; width: 20px; height: 20px; display: inline-block;"></span></li><li>test 2 (2)</li><li>test 3 (3)</li></ul><button>Swap items 1 &amp; 3</button>`
+		);
+	}
+});
diff --git a/packages/svelte/tests/runtime-runes/samples/each-updates-6/main.svelte b/packages/svelte/tests/runtime-runes/samples/each-updates-6/main.svelte
new file mode 100644
index 0000000000..a1b948ac0f
--- /dev/null
+++ b/packages/svelte/tests/runtime-runes/samples/each-updates-6/main.svelte
@@ -0,0 +1,26 @@
+<script>
+	const items = $state([
+		{ name: 'test', id: 1, color: 'red' },
+		{ name: 'test 2', id: 2 },
+		{ name: 'test 3', id: 3 },
+	]);
+	const onclick = () => {
+		const from = 0;
+		const to = 2;
+		items.splice(to, 0, items.splice(from, 1)[0]);
+	};
+</script>
+
+{#snippet renderItem(item)}
+	<li>
+		{item.name} ({item.id})
+		{#if item.color}<span style="background-color: {item.color}; width: 20px; height: 20px; display: inline-block;"></span>{/if}
+	</li>
+{/snippet}
+
+<ul>
+	{#each items as item (item.id)}
+		{@render renderItem(item)}
+	{/each}
+</ul>
+<button {onclick}>Swap items 1 & 3</button>
diff --git a/packages/svelte/tests/runtime-runes/samples/each-updates-7/_config.js b/packages/svelte/tests/runtime-runes/samples/each-updates-7/_config.js
new file mode 100644
index 0000000000..7f1f5b6589
--- /dev/null
+++ b/packages/svelte/tests/runtime-runes/samples/each-updates-7/_config.js
@@ -0,0 +1,27 @@
+import { flushSync } from 'svelte';
+import { test } from '../../test';
+
+export default test({
+	html: `<ul><li>test (1)</li> <span style="background-color: red; width: 20px; height: 20px; display: inline-block;"></span><li>test 2 (2)</li><li>test 3 (3)</li></ul><button>Swap items 1 &amp; 3</button>`,
+
+	async test({ assert, target }) {
+		const [btn1] = target.querySelectorAll('button');
+
+		flushSync(() => {
+			btn1.click();
+		});
+
+		flushSync(() => {
+			btn1.click();
+		});
+
+		flushSync(() => {
+			btn1.click();
+		});
+
+		assert.htmlEqual(
+			target.innerHTML,
+			`<ul><li>test (1)</li><span style="background-color: red; width: 20px; height: 20px; display: inline-block;"></span><li>test 2 (2)</li><li>test 3 (3)</li></ul><button>Swap items 1 &amp; 3</button>`
+		);
+	}
+});
diff --git a/packages/svelte/tests/runtime-runes/samples/each-updates-7/main.svelte b/packages/svelte/tests/runtime-runes/samples/each-updates-7/main.svelte
new file mode 100644
index 0000000000..df8b054a42
--- /dev/null
+++ b/packages/svelte/tests/runtime-runes/samples/each-updates-7/main.svelte
@@ -0,0 +1,26 @@
+<script>
+	const items = $state([
+		{ name: 'test', id: 1, color: 'red' },
+		{ name: 'test 2', id: 2 },
+		{ name: 'test 3', id: 3 },
+	]);
+	const onclick = () => {
+		const from = 0;
+		const to = 2;
+		items.splice(to, 0, items.splice(from, 1)[0]);
+	};
+</script>
+
+{#snippet renderItem(item)}
+	<li>
+		{item.name} ({item.id})
+	</li>
+	{#if item.color}<span style="background-color: {item.color}; width: 20px; height: 20px; display: inline-block;"></span>{/if}
+{/snippet}
+
+<ul>
+	{#each items as item (item.id)}
+		{@render renderItem(item)}
+	{/each}
+</ul>
+<button {onclick}>Swap items 1 & 3</button>
diff --git a/packages/svelte/tests/runtime-runes/samples/each-updates-8/_config.js b/packages/svelte/tests/runtime-runes/samples/each-updates-8/_config.js
new file mode 100644
index 0000000000..e675dcaf67
--- /dev/null
+++ b/packages/svelte/tests/runtime-runes/samples/each-updates-8/_config.js
@@ -0,0 +1,42 @@
+import { flushSync } from 'svelte';
+import { test } from '../../test';
+
+export default test({
+	html: `<button>Add new message</button><p>first</p><p>message 1</p>`,
+
+	async test({ assert, target }) {
+		/**
+		 * @type {{ click: () => void; }}
+		 */
+		let btn1;
+
+		[btn1] = target.querySelectorAll('button');
+
+		flushSync(() => {
+			btn1.click();
+		});
+
+		assert.htmlEqual(
+			target.innerHTML,
+			`<button>Add new message</button><p>first</p><p>message 1</p><p>message 2</p>`
+		);
+
+		await Promise.resolve();
+
+		assert.htmlEqual(
+			target.innerHTML,
+			`<button>Add new message</button><p>first</p><p>message 1</p><p>message 2</p>`
+		);
+
+		flushSync(() => {
+			btn1.click();
+		});
+
+		await Promise.resolve();
+
+		assert.htmlEqual(
+			target.innerHTML,
+			`<button>Add new message</button><p>first</p><p>message 1</p><p>message 2</p><p>message 3</p>`
+		);
+	}
+});
diff --git a/packages/svelte/tests/runtime-runes/samples/each-updates-8/main.svelte b/packages/svelte/tests/runtime-runes/samples/each-updates-8/main.svelte
new file mode 100644
index 0000000000..869ccdc8dd
--- /dev/null
+++ b/packages/svelte/tests/runtime-runes/samples/each-updates-8/main.svelte
@@ -0,0 +1,23 @@
+<script>
+	let messages = $state([{id: 1, content: "message 1"}]);
+
+	function add() {
+		const newId = messages.length + 1
+		messages.push({id: 0, tmpId: newId, content: `message ${newId}`})
+
+		queueMicrotask(() => {
+			const msg = messages.find((m) => m.tmpId === newId && m.id === 0)
+			msg.tmpId = ""
+			msg.id = newId
+		})
+	}
+</script>
+
+<button onclick={add}>Add new message</button>
+
+{#each messages as msg, i (`${msg.id}_${msg.tmpId ?? ""}`)}
+	{#if i === 0}
+		<p>first</p>
+	{/if}
+	<p>{msg.content}</p>
+{/each}
diff --git a/packages/svelte/tests/snapshot/samples/bind-component-snippet/_expected/client/index.svelte.js b/packages/svelte/tests/snapshot/samples/bind-component-snippet/_expected/client/index.svelte.js
index 0e193af12d..c38eede434 100644
--- a/packages/svelte/tests/snapshot/samples/bind-component-snippet/_expected/client/index.svelte.js
+++ b/packages/svelte/tests/snapshot/samples/bind-component-snippet/_expected/client/index.svelte.js
@@ -3,7 +3,7 @@ import * as $ from "svelte/internal/client";
 import TextInput from './Child.svelte';
 
 var root_1 = $.template(`Something`, 1);
-var root = $.template(`<!> `, 1);
+var root = $.template(`<!> `, 5);
 
 export default function Bind_component_snippet($$anchor) {
 	var snippet = ($$anchor) => {
diff --git a/packages/svelte/tests/snapshot/samples/bind-this/_expected/client/index.svelte.js b/packages/svelte/tests/snapshot/samples/bind-this/_expected/client/index.svelte.js
index c766ee0a79..c1f5a2a309 100644
--- a/packages/svelte/tests/snapshot/samples/bind-this/_expected/client/index.svelte.js
+++ b/packages/svelte/tests/snapshot/samples/bind-this/_expected/client/index.svelte.js
@@ -2,7 +2,7 @@ import "svelte/internal/disclose-version";
 import * as $ from "svelte/internal/client";
 
 export default function Bind_this($$anchor) {
-	var fragment = $.comment();
+	var fragment = $.comment(true);
 	var node = $.first_child(fragment);
 
 	$.bind_this(Foo(node, { $$legacy: true }), ($$value) => foo = $$value, () => foo);
diff --git a/packages/svelte/tests/snapshot/samples/function-prop-no-getter/_expected/client/index.svelte.js b/packages/svelte/tests/snapshot/samples/function-prop-no-getter/_expected/client/index.svelte.js
index 2d25ba9fd2..2cf005abdf 100644
--- a/packages/svelte/tests/snapshot/samples/function-prop-no-getter/_expected/client/index.svelte.js
+++ b/packages/svelte/tests/snapshot/samples/function-prop-no-getter/_expected/client/index.svelte.js
@@ -9,7 +9,7 @@ export default function Function_prop_no_getter($$anchor) {
 	}
 
 	const plusOne = (num) => num + 1;
-	var fragment = $.comment();
+	var fragment = $.comment(true);
 	var node = $.first_child(fragment);
 
 	Button(node, {
diff --git a/packages/svelte/tests/snapshot/samples/state-proxy-literal/_expected/client/index.svelte.js b/packages/svelte/tests/snapshot/samples/state-proxy-literal/_expected/client/index.svelte.js
index 7cb2415bf5..0f2d6f4200 100644
--- a/packages/svelte/tests/snapshot/samples/state-proxy-literal/_expected/client/index.svelte.js
+++ b/packages/svelte/tests/snapshot/samples/state-proxy-literal/_expected/client/index.svelte.js
@@ -30,4 +30,4 @@ export default function State_proxy_literal($$anchor) {
 	$.append($$anchor, fragment);
 }
 
-$.delegate(["click"]);
+$.delegate(["click"]);
\ No newline at end of file
diff --git a/packages/svelte/types/index.d.ts b/packages/svelte/types/index.d.ts
index d7503bb08f..a325cab40a 100644
--- a/packages/svelte/types/index.d.ts
+++ b/packages/svelte/types/index.d.ts
@@ -1568,6 +1568,9 @@ declare module 'svelte/compiler' {
 	interface RenderTag extends BaseNode {
 		type: 'RenderTag';
 		expression: SimpleCallExpression | (ChainExpression & { expression: SimpleCallExpression });
+		metadata: {
+			dynamic: boolean;
+		};
 	}
 
 	type Tag = ExpressionTag | HtmlTag | ConstTag | DebugTag | RenderTag;
@@ -1687,6 +1690,9 @@ declare module 'svelte/compiler' {
 
 	interface Component extends BaseElement {
 		type: 'Component';
+		metadata: {
+			dynamic: boolean;
+		};
 	}
 
 	interface TitleElement extends BaseElement {