diff --git a/hooks/src/index.js b/hooks/src/index.js
index 094410d7a3..e70353ba05 100644
--- a/hooks/src/index.js
+++ b/hooks/src/index.js
@@ -15,8 +15,6 @@ let currentHook = 0;
 /** @type {Array<import('./internal').Component>} */
 let afterPaintEffects = [];
 
-let EMPTY = [];
-
 // Cast to use internal Options type
 const options = /** @type {import('./internal').Options} */ (_options);
 
@@ -60,8 +58,7 @@ options._render = vnode => {
 				if (hookItem._nextValue) {
 					hookItem._value = hookItem._nextValue;
 				}
-				hookItem._pendingValue = EMPTY;
-				hookItem._nextValue = hookItem._pendingArgs = undefined;
+				hookItem._pendingArgs = hookItem._nextValue = undefined;
 			});
 		} else {
 			hooks._pendingEffects.forEach(invokeCleanup);
@@ -84,11 +81,7 @@ options.diffed = vnode => {
 			if (hookItem._pendingArgs) {
 				hookItem._args = hookItem._pendingArgs;
 			}
-			if (hookItem._pendingValue !== EMPTY) {
-				hookItem._value = hookItem._pendingValue;
-			}
 			hookItem._pendingArgs = undefined;
-			hookItem._pendingValue = EMPTY;
 		});
 	}
 	previousComponent = currentComponent = null;
@@ -159,7 +152,7 @@ function getHookState(index, type) {
 		});
 
 	if (index >= hooks._list.length) {
-		hooks._list.push({ _pendingValue: EMPTY });
+		hooks._list.push({});
 	}
 
 	return hooks._list[index];
@@ -350,10 +343,9 @@ export function useMemo(factory, args) {
 	/** @type {import('./internal').MemoHookState<T>} */
 	const state = getHookState(currentIndex++, 7);
 	if (argsChanged(state._args, args)) {
-		state._pendingValue = factory();
-		state._pendingArgs = args;
+		state._value = factory();
+		state._args = args;
 		state._factory = factory;
-		return state._pendingValue;
 	}
 
 	return state._value;
diff --git a/hooks/test/browser/combinations.test.js b/hooks/test/browser/combinations.test.js
index 3b7cc51ab1..fff51cd80a 100644
--- a/hooks/test/browser/combinations.test.js
+++ b/hooks/test/browser/combinations.test.js
@@ -477,4 +477,44 @@ describe('combinations', () => {
 			'anchor effect'
 		]);
 	});
+
+	it('should not loop infinitely', () => {
+		const actions = [];
+		let toggle;
+		function App() {
+			const [value, setValue] = useState(false);
+
+			const data = useMemo(() => {
+				actions.push('memo');
+				return {};
+			}, [value]);
+
+			const [prevData, setPreviousData] = useState(data);
+			if (prevData !== data) {
+				setPreviousData(data);
+			}
+
+			actions.push('render');
+			toggle = () => setValue(!value);
+			return <div>Value: {JSON.stringify(value)}</div>;
+		}
+
+		act(() => {
+			render(<App />, scratch);
+		});
+		expect(actions).to.deep.equal(['memo', 'render']);
+		expect(scratch.innerHTML).to.deep.equal('<div>Value: false</div>');
+
+		act(() => {
+			toggle();
+		});
+		expect(actions).to.deep.equal([
+			'memo',
+			'render',
+			'memo',
+			'render',
+			'render'
+		]);
+		expect(scratch.innerHTML).to.deep.equal('<div>Value: true</div>');
+	});
 });
diff --git a/hooks/test/browser/useMemo.test.js b/hooks/test/browser/useMemo.test.js
index cabec387bb..20b55cf5af 100644
--- a/hooks/test/browser/useMemo.test.js
+++ b/hooks/test/browser/useMemo.test.js
@@ -151,12 +151,13 @@ describe('useMemo', () => {
 		act(() => {
 			set('bye');
 		});
-		expect(calls.length).to.equal(5);
+		expect(calls.length).to.equal(6);
 		expect(calls).to.deep.equal([
 			'doing memo',
 			'render hi',
 			'doing memo',
-			'render bye', // We expect a missing "doing memo"  here because we return to the previous args value
+			'render bye',
+			'doing memo',
 			'render hi'
 		]);
 	});
diff --git a/mangle.json b/mangle.json
index 7744675ce2..fcd2dce74f 100644
--- a/mangle.json
+++ b/mangle.json
@@ -31,7 +31,6 @@
       "$_list": "__",
       "$_pendingEffects": "__h",
       "$_value": "__",
-      "$_pendingValue": "__V",
       "$_nextValue": "__N",
       "$_original": "__v",
       "$_args": "__H",