diff --git a/compiler/packages/babel-plugin-react-compiler/src/Inference/AnalyseFunctions.ts b/compiler/packages/babel-plugin-react-compiler/src/Inference/AnalyseFunctions.ts
index fbd4ce8fa05b8..6a4da94d706e2 100644
--- a/compiler/packages/babel-plugin-react-compiler/src/Inference/AnalyseFunctions.ts
+++ b/compiler/packages/babel-plugin-react-compiler/src/Inference/AnalyseFunctions.ts
@@ -85,13 +85,13 @@ function inferAliasesForCapturing(
   for (const block of fn.body.blocks.values()) {
     for (const instr of block.instructions) {
       const {lvalue, value} = instr;
-      const hasStore =
+      const hasCapture =
         lvalue.effect === Effect.Store ||
         Iterable_some(
           eachInstructionValueOperand(value),
-          operand => operand.effect === Effect.Store,
+          operand => operand.effect === Effect.Capture,
         );
-      if (!hasStore) {
+      if (!hasCapture) {
         continue;
       }
       const operands: Array<Identifier> = [];
@@ -101,6 +101,7 @@ function inferAliasesForCapturing(
       for (const operand of eachInstructionValueOperand(instr.value)) {
         if (
           operand.effect === Effect.Store ||
+          operand.effect === Effect.Mutate ||
           operand.effect === Effect.Capture
         ) {
           operands.push(operand.identifier);
diff --git a/compiler/packages/babel-plugin-react-compiler/src/Inference/InferReferenceEffects.ts b/compiler/packages/babel-plugin-react-compiler/src/Inference/InferReferenceEffects.ts
index 01d78663d0a2b..2de141bbd3c11 100644
--- a/compiler/packages/babel-plugin-react-compiler/src/Inference/InferReferenceEffects.ts
+++ b/compiler/packages/babel-plugin-react-compiler/src/Inference/InferReferenceEffects.ts
@@ -32,6 +32,7 @@ import {
   isMapType,
   isMutableEffect,
   isSetType,
+  isObjectType,
 } from '../HIR/HIR';
 import {FunctionSignature} from '../HIR/ObjectShape';
 import {
@@ -1313,7 +1314,7 @@ function inferBlock(
         state.referenceAndRecordEffects(
           freezeActions,
           instrValue.object,
-          typeof instrValue.property === 'string'
+          isObjectType(instrValue.object.identifier)
             ? Effect.Store
             : Effect.Mutate,
           ValueReason.Other,
@@ -1342,25 +1343,21 @@ function inferBlock(
         state.referenceAndRecordEffects(
           freezeActions,
           instrValue.object,
-          Effect.Read,
+          Effect.Capture,
           ValueReason.Other,
         );
         const lvalue = instr.lvalue;
-        lvalue.effect = Effect.ConditionallyMutate;
+        lvalue.effect = Effect.Store;
         state.initialize(instrValue, state.kind(instrValue.object));
         state.define(lvalue, instrValue);
         continuation = {kind: 'funeffects'};
         break;
       }
       case 'ComputedStore': {
-        const effect =
-          state.kind(instrValue.object).kind === ValueKind.Context
-            ? Effect.ConditionallyMutate
-            : Effect.Capture;
         state.referenceAndRecordEffects(
           freezeActions,
           instrValue.value,
-          effect,
+          Effect.Capture,
           ValueReason.Other,
         );
         state.referenceAndRecordEffects(
@@ -1372,7 +1369,9 @@ function inferBlock(
         state.referenceAndRecordEffects(
           freezeActions,
           instrValue.object,
-          Effect.Store,
+          isObjectType(instrValue.object.identifier)
+            ? Effect.Store
+            : Effect.Mutate,
           ValueReason.Other,
         );
 
@@ -1409,7 +1408,7 @@ function inferBlock(
         state.referenceAndRecordEffects(
           freezeActions,
           instrValue.object,
-          Effect.Read,
+          Effect.Capture,
           ValueReason.Other,
         );
         state.referenceAndRecordEffects(
@@ -1419,7 +1418,7 @@ function inferBlock(
           ValueReason.Other,
         );
         const lvalue = instr.lvalue;
-        lvalue.effect = Effect.ConditionallyMutate;
+        lvalue.effect = Effect.Store;
         state.initialize(instrValue, state.kind(instrValue.object));
         state.define(lvalue, instrValue);
         continuation = {kind: 'funeffects'};
diff --git a/compiler/packages/babel-plugin-react-compiler/src/__tests__/fixtures/compiler/object-access-assignment.expect.md b/compiler/packages/babel-plugin-react-compiler/src/__tests__/fixtures/compiler/object-access-assignment.expect.md
index 4294deb974bba..8b4dbc8f863d6 100644
--- a/compiler/packages/babel-plugin-react-compiler/src/__tests__/fixtures/compiler/object-access-assignment.expect.md
+++ b/compiler/packages/babel-plugin-react-compiler/src/__tests__/fixtures/compiler/object-access-assignment.expect.md
@@ -33,7 +33,7 @@ export const FIXTURE_ENTRYPOINT = {
 ```javascript
 import { c as _c } from "react/compiler-runtime";
 function Component(t0) {
-  const $ = _c(10);
+  const $ = _c(6);
   const { a, b, c } = t0;
   let t1;
   if ($[0] !== a || $[1] !== b || $[2] !== c) {
@@ -47,26 +47,7 @@ function Component(t0) {
       t2 = $[5];
     }
     const y = t2;
-    let t3;
-    let t4;
-    if ($[6] === Symbol.for("react.memo_cache_sentinel")) {
-      t3 = {};
-      t4 = {};
-      $[6] = t3;
-      $[7] = t4;
-    } else {
-      t3 = $[6];
-      t4 = $[7];
-    }
-    let t5;
-    if ($[8] !== c) {
-      t5 = { zero: c };
-      $[8] = c;
-      $[9] = t5;
-    } else {
-      t5 = $[9];
-    }
-    const z = { zero: t3, one: t4, two: t5 };
+    const z = { zero: {}, one: {}, two: { zero: c } };
     x.zero = y.one;
     z.zero.zero = x.zero;
     t1 = { zero: x, one: z };