diff --git a/compiler/packages/babel-plugin-react-compiler/src/HIR/Environment.ts b/compiler/packages/babel-plugin-react-compiler/src/HIR/Environment.ts
index c75b0a15b037b..cda0aeded666b 100644
--- a/compiler/packages/babel-plugin-react-compiler/src/HIR/Environment.ts
+++ b/compiler/packages/babel-plugin-react-compiler/src/HIR/Environment.ts
@@ -11,7 +11,6 @@ import { fromZodError } from "zod-validation-error";
 import { CompilerError } from "../CompilerError";
 import { Logger } from "../Entrypoint";
 import { Err, Ok, Result } from "../Utils/Result";
-import { log } from "../Utils/logger";
 import {
   DEFAULT_GLOBALS,
   DEFAULT_SHAPES,
@@ -320,6 +319,8 @@ const EnvironmentConfigSchema = z.object({
    */
   throwUnknownException__testonly: z.boolean().default(false),
 
+  enableSharedRuntime__testonly: z.boolean().default(false),
+
   /**
    * Enables deps of a function epxression to be treated as conditional. This
    * makes sure we don't load a dep when it's a property (to check if it has
@@ -514,7 +515,6 @@ export class Environment {
 
   getGlobalDeclaration(binding: NonLocalBinding): Global | null {
     const name = binding.name;
-    let resolvedName = name;
 
     if (this.config.hookPattern != null) {
       const match = new RegExp(this.config.hookPattern).exec(name);
@@ -523,21 +523,45 @@ export class Environment {
         typeof match[1] === "string" &&
         isHookName(match[1])
       ) {
-        resolvedName = match[1];
+        const resolvedName = match[1];
+        return this.#globals.get(resolvedName) ?? this.#getCustomHookType();
       }
     }
 
-    let resolvedGlobal: Global | null = this.#globals.get(resolvedName) ?? null;
-    if (resolvedGlobal === null) {
-      // Hack, since we don't track module level declarations and imports
-      if (isHookName(resolvedName)) {
-        return this.#getCustomHookType();
-      } else {
-        log(() => `Undefined global \`${name}\``);
+    let global: Global | null = null;
+    switch (binding.kind) {
+      case "ModuleLocal": {
+        // don't resolve module locals
+        break;
+      }
+      case "Global": {
+        global = this.#globals.get(name) ?? null;
+        break;
+      }
+      case "ImportDefault":
+      case "ImportNamespace":
+      case "ImportSpecifier": {
+        if (
+          binding.module.toLowerCase() === "react" ||
+          binding.module.toLowerCase() === "react-dom" ||
+          (this.config.enableSharedRuntime__testonly &&
+            binding.module === "shared-runtime")
+        ) {
+          // only resolve imports to modules we know about
+          global = this.#globals.get(name) ?? null;
+        }
+        break;
       }
     }
 
-    return resolvedGlobal;
+    if (global === null && isHookName(name)) {
+      /**
+       * Type inference relies on all hooks being resolved as such, so if we don't have
+       * a global declaration and its a hook name, return the default custom hook type.
+       */
+      return this.#getCustomHookType();
+    }
+    return global;
   }
 
   getPropertyType(
diff --git a/compiler/packages/babel-plugin-react-compiler/src/HIR/PrintHIR.ts b/compiler/packages/babel-plugin-react-compiler/src/HIR/PrintHIR.ts
index 126e78f8002fc..b0a6fb1635b00 100644
--- a/compiler/packages/babel-plugin-react-compiler/src/HIR/PrintHIR.ts
+++ b/compiler/packages/babel-plugin-react-compiler/src/HIR/PrintHIR.ts
@@ -588,7 +588,38 @@ export function printInstructionValue(instrValue: ReactiveValue): string {
       break;
     }
     case "LoadGlobal": {
-      value = `LoadGlobal ${instrValue.binding.name}`;
+      switch (instrValue.binding.kind) {
+        case "Global": {
+          value = `LoadGlobal(global) ${instrValue.binding.name}`;
+          break;
+        }
+        case "ModuleLocal": {
+          value = `LoadGlobal(module) ${instrValue.binding.name}`;
+          break;
+        }
+        case "ImportDefault": {
+          value = `LoadGlobal import ${instrValue.binding.name} from '${instrValue.binding.module}'`;
+          break;
+        }
+        case "ImportNamespace": {
+          value = `LoadGlobal import * as ${instrValue.binding.name} from '${instrValue.binding.module}'`;
+          break;
+        }
+        case "ImportSpecifier": {
+          if (instrValue.binding.imported !== instrValue.binding.name) {
+            value = `LoadGlobal import { ${instrValue.binding.imported} as ${instrValue.binding.name} } from '${instrValue.binding.module}'`;
+          } else {
+            value = `LoadGlobal import { ${instrValue.binding.name} } from '${instrValue.binding.module}'`;
+          }
+          break;
+        }
+        default: {
+          assertExhaustive(
+            instrValue.binding,
+            `Unexpected binding kind \`${(instrValue.binding as any).kind}\``
+          );
+        }
+      }
       break;
     }
     case "StoreGlobal": {
diff --git a/compiler/packages/babel-plugin-react-compiler/src/__tests__/fixtures/compiler/destructuring-mixed-scope-and-local-variables-with-default.expect.md b/compiler/packages/babel-plugin-react-compiler/src/__tests__/fixtures/compiler/destructuring-mixed-scope-and-local-variables-with-default.expect.md
index 7fb336c467607..e93fbb3b45fcf 100644
--- a/compiler/packages/babel-plugin-react-compiler/src/__tests__/fixtures/compiler/destructuring-mixed-scope-and-local-variables-with-default.expect.md
+++ b/compiler/packages/babel-plugin-react-compiler/src/__tests__/fixtures/compiler/destructuring-mixed-scope-and-local-variables-with-default.expect.md
@@ -56,71 +56,78 @@ function useFragment(_arg1, _arg2) {
 }
 
 function Component(props) {
-  const $ = _c(14);
-  const post = useFragment(graphql`...`, props.post);
+  const $ = _c(15);
+  let t0;
+  if ($[0] === Symbol.for("react.memo_cache_sentinel")) {
+    t0 = graphql`...`;
+    $[0] = t0;
+  } else {
+    t0 = $[0];
+  }
+  const post = useFragment(t0, props.post);
   let media;
   let allUrls;
   let onClick;
-  if ($[0] !== post) {
+  if ($[1] !== post) {
     allUrls = [];
 
-    const { media: t0, comments: t1, urls: t2 } = post;
-    media = t0 === undefined ? null : t0;
-    let t3;
-    if ($[4] !== t1) {
-      t3 = t1 === undefined ? [] : t1;
-      $[4] = t1;
-      $[5] = t3;
-    } else {
-      t3 = $[5];
-    }
-    const comments = t3;
+    const { media: t1, comments: t2, urls: t3 } = post;
+    media = t1 === undefined ? null : t1;
     let t4;
-    if ($[6] !== t2) {
+    if ($[5] !== t2) {
       t4 = t2 === undefined ? [] : t2;
-      $[6] = t2;
-      $[7] = t4;
+      $[5] = t2;
+      $[6] = t4;
     } else {
-      t4 = $[7];
+      t4 = $[6];
     }
-    const urls = t4;
+    const comments = t4;
     let t5;
-    if ($[8] !== comments.length) {
-      t5 = (e) => {
+    if ($[7] !== t3) {
+      t5 = t3 === undefined ? [] : t3;
+      $[7] = t3;
+      $[8] = t5;
+    } else {
+      t5 = $[8];
+    }
+    const urls = t5;
+    let t6;
+    if ($[9] !== comments.length) {
+      t6 = (e) => {
         if (!comments.length) {
           return;
         }
 
         console.log(comments.length);
       };
-      $[8] = comments.length;
-      $[9] = t5;
+      $[9] = comments.length;
+      $[10] = t6;
     } else {
-      t5 = $[9];
+      t6 = $[10];
     }
-    onClick = t5;
+    onClick = t6;
 
     allUrls.push(...urls);
-    $[0] = post;
-    $[1] = media;
-    $[2] = allUrls;
-    $[3] = onClick;
+    $[1] = post;
+    $[2] = media;
+    $[3] = allUrls;
+    $[4] = onClick;
   } else {
-    media = $[1];
-    allUrls = $[2];
-    onClick = $[3];
+    media = $[2];
+    allUrls = $[3];
+    onClick = $[4];
   }
-  let t0;
-  if ($[10] !== media || $[11] !== allUrls || $[12] !== onClick) {
-    t0 = <Stringify media={media} allUrls={allUrls} onClick={onClick} />;
-    $[10] = media;
-    $[11] = allUrls;
-    $[12] = onClick;
-    $[13] = t0;
+  let t1;
+  if ($[11] !== media || $[12] !== allUrls || $[13] !== onClick) {
+    t1 = <Stringify media={media} allUrls={allUrls} onClick={onClick} />;
+    $[11] = media;
+    $[12] = allUrls;
+    $[13] = onClick;
+    $[14] = t1;
   } else {
-    t0 = $[13];
+    t1 = $[14];
   }
-  return t0;
+  return t1;
 }
 
 export const FIXTURE_ENTRYPOINT = {
diff --git a/compiler/packages/babel-plugin-react-compiler/src/__tests__/fixtures/compiler/globals-dont-resolve-local-useState.expect.md b/compiler/packages/babel-plugin-react-compiler/src/__tests__/fixtures/compiler/globals-dont-resolve-local-useState.expect.md
new file mode 100644
index 0000000000000..f4f6653ab9283
--- /dev/null
+++ b/compiler/packages/babel-plugin-react-compiler/src/__tests__/fixtures/compiler/globals-dont-resolve-local-useState.expect.md
@@ -0,0 +1,87 @@
+
+## Input
+
+```javascript
+import { useState as _useState, useCallback, useEffect } from "react";
+import { ValidateMemoization } from "shared-runtime";
+
+function useState(value) {
+  const [state, setState] = _useState(value);
+  return [state, setState];
+}
+
+function Component() {
+  const [state, setState] = useState("hello");
+
+  return <div onClick={() => setState("goodbye")}>{state}</div>;
+}
+
+export const FIXTURE_ENTRYPOINT = {
+  fn: Component,
+  params: [{}],
+};
+
+```
+
+## Code
+
+```javascript
+import { c as _c } from "react/compiler-runtime";
+import { useState as _useState, useCallback, useEffect } from "react";
+import { ValidateMemoization } from "shared-runtime";
+
+function useState(value) {
+  const $ = _c(5);
+  let t0;
+  if ($[0] !== value) {
+    t0 = _useState(value);
+    $[0] = value;
+    $[1] = t0;
+  } else {
+    t0 = $[1];
+  }
+  const [state, setState] = t0;
+  let t1;
+  if ($[2] !== state || $[3] !== setState) {
+    t1 = [state, setState];
+    $[2] = state;
+    $[3] = setState;
+    $[4] = t1;
+  } else {
+    t1 = $[4];
+  }
+  return t1;
+}
+
+function Component() {
+  const $ = _c(5);
+  const [state, setState] = useState("hello");
+  let t0;
+  if ($[0] !== setState) {
+    t0 = () => setState("goodbye");
+    $[0] = setState;
+    $[1] = t0;
+  } else {
+    t0 = $[1];
+  }
+  let t1;
+  if ($[2] !== t0 || $[3] !== state) {
+    t1 = <div onClick={t0}>{state}</div>;
+    $[2] = t0;
+    $[3] = state;
+    $[4] = t1;
+  } else {
+    t1 = $[4];
+  }
+  return t1;
+}
+
+export const FIXTURE_ENTRYPOINT = {
+  fn: Component,
+  params: [{}],
+};
+
+```
+      
+### Eval output
+(kind: ok) <div>hello</div>
\ No newline at end of file
diff --git a/compiler/packages/babel-plugin-react-compiler/src/__tests__/fixtures/compiler/globals-dont-resolve-local-useState.js b/compiler/packages/babel-plugin-react-compiler/src/__tests__/fixtures/compiler/globals-dont-resolve-local-useState.js
new file mode 100644
index 0000000000000..eae6be5fec5a6
--- /dev/null
+++ b/compiler/packages/babel-plugin-react-compiler/src/__tests__/fixtures/compiler/globals-dont-resolve-local-useState.js
@@ -0,0 +1,18 @@
+import { useState as _useState, useCallback, useEffect } from "react";
+import { ValidateMemoization } from "shared-runtime";
+
+function useState(value) {
+  const [state, setState] = _useState(value);
+  return [state, setState];
+}
+
+function Component() {
+  const [state, setState] = useState("hello");
+
+  return <div onClick={() => setState("goodbye")}>{state}</div>;
+}
+
+export const FIXTURE_ENTRYPOINT = {
+  fn: Component,
+  params: [{}],
+};
diff --git a/compiler/packages/babel-plugin-react-compiler/src/__tests__/fixtures/compiler/useEffect-snap-test.expect.md b/compiler/packages/babel-plugin-react-compiler/src/__tests__/fixtures/compiler/useEffect-snap-test.expect.md
new file mode 100644
index 0000000000000..930302faec2ab
--- /dev/null
+++ b/compiler/packages/babel-plugin-react-compiler/src/__tests__/fixtures/compiler/useEffect-snap-test.expect.md
@@ -0,0 +1,65 @@
+
+## Input
+
+```javascript
+import { useEffect, useState } from "react";
+
+function Component() {
+  const [state, setState] = useState("hello");
+  useEffect(() => {
+    setState("goodbye");
+  }, []);
+
+  return <div>{state}</div>;
+}
+
+export const FIXTURE_ENTRYPOINT = {
+  fn: Component,
+  params: [{}],
+};
+
+```
+
+## Code
+
+```javascript
+import { c as _c } from "react/compiler-runtime";
+import { useEffect, useState } from "react";
+
+function Component() {
+  const $ = _c(4);
+  const [state, setState] = useState("hello");
+  let t0;
+  let t1;
+  if ($[0] === Symbol.for("react.memo_cache_sentinel")) {
+    t0 = () => {
+      setState("goodbye");
+    };
+    t1 = [];
+    $[0] = t0;
+    $[1] = t1;
+  } else {
+    t0 = $[0];
+    t1 = $[1];
+  }
+  useEffect(t0, t1);
+  let t2;
+  if ($[2] !== state) {
+    t2 = <div>{state}</div>;
+    $[2] = state;
+    $[3] = t2;
+  } else {
+    t2 = $[3];
+  }
+  return t2;
+}
+
+export const FIXTURE_ENTRYPOINT = {
+  fn: Component,
+  params: [{}],
+};
+
+```
+      
+### Eval output
+(kind: ok) <div>goodbye</div>
\ No newline at end of file
diff --git a/compiler/packages/babel-plugin-react-compiler/src/__tests__/fixtures/compiler/useEffect-snap-test.js b/compiler/packages/babel-plugin-react-compiler/src/__tests__/fixtures/compiler/useEffect-snap-test.js
new file mode 100644
index 0000000000000..fdc695eba5b0b
--- /dev/null
+++ b/compiler/packages/babel-plugin-react-compiler/src/__tests__/fixtures/compiler/useEffect-snap-test.js
@@ -0,0 +1,15 @@
+import { useEffect, useState } from "react";
+
+function Component() {
+  const [state, setState] = useState("hello");
+  useEffect(() => {
+    setState("goodbye");
+  }, []);
+
+  return <div>{state}</div>;
+}
+
+export const FIXTURE_ENTRYPOINT = {
+  fn: Component,
+  params: [{}],
+};
diff --git a/compiler/packages/snap/src/compiler.ts b/compiler/packages/snap/src/compiler.ts
index 786fc7278a2bf..69b909645ae6a 100644
--- a/compiler/packages/snap/src/compiler.ts
+++ b/compiler/packages/snap/src/compiler.ts
@@ -170,6 +170,7 @@ function makePluginOptions(
       enableEmitInstrumentForget,
       enableEmitHookGuards,
       assertValidMutableRanges: true,
+      enableSharedRuntime__testonly: true,
       hookPattern,
       validatePreserveExistingMemoizationGuarantees,
     },