diff --git a/compiler/packages/babel-plugin-react-compiler/src/HIR/HIR.ts b/compiler/packages/babel-plugin-react-compiler/src/HIR/HIR.ts
index 9fb360cf8a5ad..3e4cbb93b4442 100644
--- a/compiler/packages/babel-plugin-react-compiler/src/HIR/HIR.ts
+++ b/compiler/packages/babel-plugin-react-compiler/src/HIR/HIR.ts
@@ -807,6 +807,7 @@ export type ManualMemoDependency = {
       }
     | {kind: 'Global'; identifierName: string};
   path: DependencyPath;
+  loc: SourceLocation;
 };
 
 export type StartMemoize = {
diff --git a/compiler/packages/babel-plugin-react-compiler/src/Inference/DropManualMemoization.ts b/compiler/packages/babel-plugin-react-compiler/src/Inference/DropManualMemoization.ts
index 0138e52ef60e4..647562aee591a 100644
--- a/compiler/packages/babel-plugin-react-compiler/src/Inference/DropManualMemoization.ts
+++ b/compiler/packages/babel-plugin-react-compiler/src/Inference/DropManualMemoization.ts
@@ -65,6 +65,7 @@ export function collectMaybeMemoDependencies(
           identifierName: value.binding.name,
         },
         path: [],
+        loc: value.loc,
       };
     }
     case 'PropertyLoad': {
@@ -74,6 +75,7 @@ export function collectMaybeMemoDependencies(
           root: object.root,
           // TODO: determine if the access is optional
           path: [...object.path, {property: value.property, optional}],
+          loc: value.loc,
         };
       }
       break;
@@ -95,6 +97,7 @@ export function collectMaybeMemoDependencies(
             constant: false,
           },
           path: [],
+          loc: value.place.loc,
         };
       }
       break;
diff --git a/compiler/packages/babel-plugin-react-compiler/src/Validation/ValidateExhaustiveDependencies.ts b/compiler/packages/babel-plugin-react-compiler/src/Validation/ValidateExhaustiveDependencies.ts
index 5035fa9260f02..2e6217bb51a53 100644
--- a/compiler/packages/babel-plugin-react-compiler/src/Validation/ValidateExhaustiveDependencies.ts
+++ b/compiler/packages/babel-plugin-react-compiler/src/Validation/ValidateExhaustiveDependencies.ts
@@ -241,11 +241,10 @@ export function validateExhaustiveDependencies(
           matched.add(manualDependency);
         }
       }
-      const isOptionalDependency =
-        !reactive.has(inferredDependency.identifier.id) &&
-        (isStableType(inferredDependency.identifier) ||
-          isPrimitiveType(inferredDependency.identifier));
-      if (hasMatchingManualDependency || isOptionalDependency) {
+      if (
+        hasMatchingManualDependency ||
+        isOptionalDependency(inferredDependency, reactive)
+      ) {
         continue;
       }
       missing.push(inferredDependency);
@@ -274,54 +273,106 @@ export function validateExhaustiveDependencies(
     }
 
     if (missing.length !== 0 || extra.length !== 0) {
-      let suggestions: Array<CompilerSuggestion> | null = null;
+      let suggestion: CompilerSuggestion | null = null;
       if (startMemo.depsLoc != null && typeof startMemo.depsLoc !== 'symbol') {
-        suggestions = [
-          {
-            description: 'Update dependencies',
-            range: [startMemo.depsLoc.start.index, startMemo.depsLoc.end.index],
-            op: CompilerSuggestionOperation.Replace,
-            text: `[${inferred.map(printInferredDependency).join(', ')}]`,
-          },
-        ];
+        suggestion = {
+          description: 'Update dependencies',
+          range: [startMemo.depsLoc.start.index, startMemo.depsLoc.end.index],
+          op: CompilerSuggestionOperation.Replace,
+          text: `[${inferred
+            .filter(
+              dep =>
+                dep.kind === 'Local' && !isOptionalDependency(dep, reactive),
+            )
+            .map(printInferredDependency)
+            .join(', ')}]`,
+        };
       }
-      if (missing.length !== 0) {
-        const diagnostic = CompilerDiagnostic.create({
-          category: ErrorCategory.MemoDependencies,
-          reason: 'Found missing memoization dependencies',
-          description:
-            'Missing dependencies can cause a value not to update when those inputs change, ' +
-            'resulting in stale UI',
-          suggestions,
+      const diagnostic = CompilerDiagnostic.create({
+        category: ErrorCategory.MemoDependencies,
+        reason: 'Found missing/extra memoization dependencies',
+        description: [
+          missing.length !== 0
+            ? 'Missing dependencies can cause a value to update less often than it should, ' +
+              'resulting in stale UI'
+            : null,
+          extra.length !== 0
+            ? 'Extra dependencies can cause a value to update more often than it should, ' +
+              'resulting in performance problems such as excessive renders or effects firing too often'
+            : null,
+        ]
+          .filter(Boolean)
+          .join('. '),
+        suggestions: suggestion != null ? [suggestion] : null,
+      });
+      for (const dep of missing) {
+        let reactiveStableValueHint = '';
+        if (isStableType(dep.identifier)) {
+          reactiveStableValueHint =
+            '. Refs, setState functions, and other "stable" values generally do not need to be added ' +
+            'as dependencies, but this variable may change over time to point to different values';
+        }
+        diagnostic.withDetails({
+          kind: 'error',
+          message: `Missing dependency \`${printInferredDependency(dep)}\`${reactiveStableValueHint}`,
+          loc: dep.loc,
         });
-        for (const dep of missing) {
-          let reactiveStableValueHint = '';
-          if (isStableType(dep.identifier)) {
-            reactiveStableValueHint =
-              '. Refs, setState functions, and other "stable" values generally do not need to be added as dependencies, but this variable may change over time to point to different values';
-          }
+      }
+      for (const dep of extra) {
+        if (dep.root.kind === 'Global') {
           diagnostic.withDetails({
             kind: 'error',
-            message: `Missing dependency \`${printInferredDependency(dep)}\`${reactiveStableValueHint}`,
-            loc: dep.loc,
+            message:
+              `Unnecessary dependency \`${printManualMemoDependency(dep)}\`. ` +
+              'Values declared outside of a component/hook should not be listed as ' +
+              'dependencies as the component will not re-render if they change',
+            loc: dep.loc ?? startMemo.depsLoc ?? value.loc,
           });
+          error.pushDiagnostic(diagnostic);
+        } else {
+          const root = dep.root.value;
+          const matchingInferred = inferred.find(
+            (
+              inferredDep,
+            ): inferredDep is Extract<InferredDependency, {kind: 'Local'}> => {
+              return (
+                inferredDep.kind === 'Local' &&
+                inferredDep.identifier.id === root.identifier.id &&
+                isSubPathIgnoringOptionals(inferredDep.path, dep.path)
+              );
+            },
+          );
+          if (
+            matchingInferred != null &&
+            !isOptionalDependency(matchingInferred, reactive)
+          ) {
+            diagnostic.withDetails({
+              kind: 'error',
+              message:
+                `Overly precise dependency \`${printManualMemoDependency(dep)}\`, ` +
+                `use \`${printInferredDependency(matchingInferred)}\` instead`,
+              loc: dep.loc ?? startMemo.depsLoc ?? value.loc,
+            });
+          } else {
+            /**
+             * Else this dependency doesn't correspond to anything referenced in the memo function,
+             * or is an optional dependency so we don't want to suggest adding it
+             */
+            diagnostic.withDetails({
+              kind: 'error',
+              message: `Unnecessary dependency \`${printManualMemoDependency(dep)}\``,
+              loc: dep.loc ?? startMemo.depsLoc ?? value.loc,
+            });
+          }
         }
-        error.pushDiagnostic(diagnostic);
-      } else if (extra.length !== 0) {
-        const diagnostic = CompilerDiagnostic.create({
-          category: ErrorCategory.MemoDependencies,
-          reason: 'Found unnecessary memoization dependencies',
-          description:
-            'Unnecessary dependencies can cause a value to update more often than necessary, ' +
-            'causing performance regressions and effects to fire more often than expected',
-        });
+      }
+      if (suggestion != null) {
         diagnostic.withDetails({
-          kind: 'error',
-          message: `Unnecessary dependencies ${extra.map(dep => `\`${printManualMemoDependency(dep)}\``).join(', ')}`,
-          loc: startMemo.depsLoc ?? value.loc,
+          kind: 'hint',
+          message: `Inferred dependencies: \`${suggestion.text}\``,
         });
-        error.pushDiagnostic(diagnostic);
       }
+      error.pushDiagnostic(diagnostic);
     }
 
     dependencies.clear();
@@ -826,3 +877,14 @@ export function findOptionalPlaces(
   }
   return optionals;
 }
+
+function isOptionalDependency(
+  inferredDependency: Extract<InferredDependency, {kind: 'Local'}>,
+  reactive: Set<IdentifierId>,
+): boolean {
+  return (
+    !reactive.has(inferredDependency.identifier.id) &&
+    (isStableType(inferredDependency.identifier) ||
+      isPrimitiveType(inferredDependency.identifier))
+  );
+}
diff --git a/compiler/packages/babel-plugin-react-compiler/src/Validation/ValidatePreservedManualMemoization.ts b/compiler/packages/babel-plugin-react-compiler/src/Validation/ValidatePreservedManualMemoization.ts
index 48cec3cb12202..9b1bf223332c2 100644
--- a/compiler/packages/babel-plugin-react-compiler/src/Validation/ValidatePreservedManualMemoization.ts
+++ b/compiler/packages/babel-plugin-react-compiler/src/Validation/ValidatePreservedManualMemoization.ts
@@ -242,6 +242,7 @@ function validateInferredDep(
     normalizedDep = {
       root: maybeNormalizedRoot.root,
       path: [...maybeNormalizedRoot.path, ...dep.path],
+      loc: maybeNormalizedRoot.loc,
     };
   } else {
     CompilerError.invariant(dep.identifier.name?.kind === 'named', {
@@ -270,6 +271,7 @@ function validateInferredDep(
         constant: false,
       },
       path: [...dep.path],
+      loc: GeneratedSource,
     };
   }
   for (const decl of declsWithinMemoBlock) {
@@ -383,6 +385,7 @@ class Visitor extends ReactiveFunctionVisitor<VisitorState> {
                   constant: false,
                 },
                 path: [],
+                loc: storeTarget.loc,
               });
             }
           }
@@ -413,6 +416,7 @@ class Visitor extends ReactiveFunctionVisitor<VisitorState> {
           constant: false,
         },
         path: [],
+        loc: lvalue.loc,
       });
     }
   }
diff --git a/compiler/packages/babel-plugin-react-compiler/src/__tests__/fixtures/compiler/error.invalid-exhaustive-deps.expect.md b/compiler/packages/babel-plugin-react-compiler/src/__tests__/fixtures/compiler/error.invalid-exhaustive-deps.expect.md
deleted file mode 100644
index ed317be118e1e..0000000000000
--- a/compiler/packages/babel-plugin-react-compiler/src/__tests__/fixtures/compiler/error.invalid-exhaustive-deps.expect.md
+++ /dev/null
@@ -1,109 +0,0 @@
-
-## Input
-
-```javascript
-// @validateExhaustiveMemoizationDependencies
-import {useMemo} from 'react';
-import {Stringify} from 'shared-runtime';
-
-function Component({x, y, z}) {
-  const a = useMemo(() => {
-    return x?.y.z?.a;
-    // error: too precise
-  }, [x?.y.z?.a.b]);
-  const b = useMemo(() => {
-    return x.y.z?.a;
-    // ok, not our job to type check nullability
-  }, [x.y.z.a]);
-  const c = useMemo(() => {
-    return x?.y.z.a?.b;
-    // error: too precise
-  }, [x?.y.z.a?.b.z]);
-  const d = useMemo(() => {
-    return x?.y?.[(console.log(y), z?.b)];
-    // ok
-  }, [x?.y, y, z?.b]);
-  const e = useMemo(() => {
-    const e = [];
-    e.push(x);
-    return e;
-    // ok
-  }, [x]);
-  const f = useMemo(() => {
-    return [];
-    // error: unnecessary
-  }, [x, y.z, z?.y?.a, UNUSED_GLOBAL]);
-  const ref1 = useRef(null);
-  const ref2 = useRef(null);
-  const ref = z ? ref1 : ref2;
-  const cb = useMemo(() => {
-    return () => {
-      return ref.current;
-    };
-    // error: ref is a stable type but reactive
-  }, []);
-  return <Stringify results={[a, b, c, d, e, f, cb]} />;
-}
-
-```
-
-
-## Error
-
-```
-Found 4 errors:
-
-Error: Found missing memoization dependencies
-
-Missing dependencies can cause a value not to update when those inputs change, resulting in stale UI.
-
-error.invalid-exhaustive-deps.ts:7:11
-   5 | function Component({x, y, z}) {
-   6 |   const a = useMemo(() => {
->  7 |     return x?.y.z?.a;
-     |            ^^^^^^^^^ Missing dependency `x?.y.z?.a`
-   8 |     // error: too precise
-   9 |   }, [x?.y.z?.a.b]);
-  10 |   const b = useMemo(() => {
-
-Error: Found missing memoization dependencies
-
-Missing dependencies can cause a value not to update when those inputs change, resulting in stale UI.
-
-error.invalid-exhaustive-deps.ts:15:11
-  13 |   }, [x.y.z.a]);
-  14 |   const c = useMemo(() => {
-> 15 |     return x?.y.z.a?.b;
-     |            ^^^^^^^^^^^ Missing dependency `x?.y.z.a?.b`
-  16 |     // error: too precise
-  17 |   }, [x?.y.z.a?.b.z]);
-  18 |   const d = useMemo(() => {
-
-Error: Found unnecessary memoization dependencies
-
-Unnecessary dependencies can cause a value to update more often than necessary, causing performance regressions and effects to fire more often than expected.
-
-error.invalid-exhaustive-deps.ts:31:5
-  29 |     return [];
-  30 |     // error: unnecessary
-> 31 |   }, [x, y.z, z?.y?.a, UNUSED_GLOBAL]);
-     |      ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^ Unnecessary dependencies `x`, `y.z`, `z?.y?.a`, `UNUSED_GLOBAL`
-  32 |   const ref1 = useRef(null);
-  33 |   const ref2 = useRef(null);
-  34 |   const ref = z ? ref1 : ref2;
-
-Error: Found missing memoization dependencies
-
-Missing dependencies can cause a value not to update when those inputs change, resulting in stale UI.
-
-error.invalid-exhaustive-deps.ts:37:13
-  35 |   const cb = useMemo(() => {
-  36 |     return () => {
-> 37 |       return ref.current;
-     |              ^^^ Missing dependency `ref`. Refs, setState functions, and other "stable" values generally do not need to be added as dependencies, but this variable may change over time to point to different values
-  38 |     };
-  39 |     // error: ref is a stable type but reactive
-  40 |   }, []);
-```
-          
-      
\ No newline at end of file
diff --git a/compiler/packages/babel-plugin-react-compiler/src/__tests__/fixtures/compiler/compile-files-with-exhaustive-deps-violation-in-effects.expect.md b/compiler/packages/babel-plugin-react-compiler/src/__tests__/fixtures/compiler/exhaustive-deps/compile-files-with-exhaustive-deps-violation-in-effects.expect.md
similarity index 100%
rename from compiler/packages/babel-plugin-react-compiler/src/__tests__/fixtures/compiler/compile-files-with-exhaustive-deps-violation-in-effects.expect.md
rename to compiler/packages/babel-plugin-react-compiler/src/__tests__/fixtures/compiler/exhaustive-deps/compile-files-with-exhaustive-deps-violation-in-effects.expect.md
diff --git a/compiler/packages/babel-plugin-react-compiler/src/__tests__/fixtures/compiler/compile-files-with-exhaustive-deps-violation-in-effects.js b/compiler/packages/babel-plugin-react-compiler/src/__tests__/fixtures/compiler/exhaustive-deps/compile-files-with-exhaustive-deps-violation-in-effects.js
similarity index 100%
rename from compiler/packages/babel-plugin-react-compiler/src/__tests__/fixtures/compiler/compile-files-with-exhaustive-deps-violation-in-effects.js
rename to compiler/packages/babel-plugin-react-compiler/src/__tests__/fixtures/compiler/exhaustive-deps/compile-files-with-exhaustive-deps-violation-in-effects.js
diff --git a/compiler/packages/babel-plugin-react-compiler/src/__tests__/fixtures/compiler/exhaustive-deps/error.invalid-dep-on-ref-current-value.expect.md b/compiler/packages/babel-plugin-react-compiler/src/__tests__/fixtures/compiler/exhaustive-deps/error.invalid-dep-on-ref-current-value.expect.md
new file mode 100644
index 0000000000000..ab9b4080e44b9
--- /dev/null
+++ b/compiler/packages/babel-plugin-react-compiler/src/__tests__/fixtures/compiler/exhaustive-deps/error.invalid-dep-on-ref-current-value.expect.md
@@ -0,0 +1,40 @@
+
+## Input
+
+```javascript
+// @validateExhaustiveMemoizationDependencies
+
+function Component() {
+  const ref = useRef(null);
+  const onChange = useCallback(() => {
+    return ref.current.value;
+  }, [ref.current.value]);
+
+  return <input ref={ref} onChange={onChange} />;
+}
+
+```
+
+
+## Error
+
+```
+Found 1 error:
+
+Error: Found missing/extra memoization dependencies
+
+Extra dependencies can cause a value to update more often than it should, resulting in performance problems such as excessive renders or effects firing too often.
+
+error.invalid-dep-on-ref-current-value.ts:7:6
+   5 |   const onChange = useCallback(() => {
+   6 |     return ref.current.value;
+>  7 |   }, [ref.current.value]);
+     |       ^^^^^^^^^^^^^^^^^ Unnecessary dependency `ref.current.value`
+   8 |
+   9 |   return <input ref={ref} onChange={onChange} />;
+  10 | }
+
+Inferred dependencies: `[]`
+```
+          
+      
\ No newline at end of file
diff --git a/compiler/packages/babel-plugin-react-compiler/src/__tests__/fixtures/compiler/exhaustive-deps/error.invalid-dep-on-ref-current-value.js b/compiler/packages/babel-plugin-react-compiler/src/__tests__/fixtures/compiler/exhaustive-deps/error.invalid-dep-on-ref-current-value.js
new file mode 100644
index 0000000000000..f7a3ee43503ae
--- /dev/null
+++ b/compiler/packages/babel-plugin-react-compiler/src/__tests__/fixtures/compiler/exhaustive-deps/error.invalid-dep-on-ref-current-value.js
@@ -0,0 +1,10 @@
+// @validateExhaustiveMemoizationDependencies
+
+function Component() {
+  const ref = useRef(null);
+  const onChange = useCallback(() => {
+    return ref.current.value;
+  }, [ref.current.value]);
+
+  return <input ref={ref} onChange={onChange} />;
+}
diff --git a/compiler/packages/babel-plugin-react-compiler/src/__tests__/fixtures/compiler/error.invalid-exhaustive-deps-disallow-unused-stable-types.expect.md b/compiler/packages/babel-plugin-react-compiler/src/__tests__/fixtures/compiler/exhaustive-deps/error.invalid-exhaustive-deps-disallow-unused-stable-types.expect.md
similarity index 68%
rename from compiler/packages/babel-plugin-react-compiler/src/__tests__/fixtures/compiler/error.invalid-exhaustive-deps-disallow-unused-stable-types.expect.md
rename to compiler/packages/babel-plugin-react-compiler/src/__tests__/fixtures/compiler/exhaustive-deps/error.invalid-exhaustive-deps-disallow-unused-stable-types.expect.md
index b6d8a46742673..30ab558918dd6 100644
--- a/compiler/packages/babel-plugin-react-compiler/src/__tests__/fixtures/compiler/error.invalid-exhaustive-deps-disallow-unused-stable-types.expect.md
+++ b/compiler/packages/babel-plugin-react-compiler/src/__tests__/fixtures/compiler/exhaustive-deps/error.invalid-exhaustive-deps-disallow-unused-stable-types.expect.md
@@ -25,18 +25,20 @@ function Component() {
 ```
 Found 1 error:
 
-Error: Found unnecessary memoization dependencies
+Error: Found missing/extra memoization dependencies
 
-Unnecessary dependencies can cause a value to update more often than necessary, causing performance regressions and effects to fire more often than expected.
+Extra dependencies can cause a value to update more often than it should, resulting in performance problems such as excessive renders or effects firing too often.
 
-error.invalid-exhaustive-deps-disallow-unused-stable-types.ts:11:5
+error.invalid-exhaustive-deps-disallow-unused-stable-types.ts:11:13
    9 |     return [state];
   10 |     // error: `setState` is a stable type, but not actually referenced
 > 11 |   }, [state, setState]);
-     |      ^^^^^^^^^^^^^^^^^ Unnecessary dependencies `setState`
+     |              ^^^^^^^^ Unnecessary dependency `setState`
   12 |
   13 |   return 'oops';
   14 | }
+
+Inferred dependencies: `[state]`
 ```
           
       
\ No newline at end of file
diff --git a/compiler/packages/babel-plugin-react-compiler/src/__tests__/fixtures/compiler/error.invalid-exhaustive-deps-disallow-unused-stable-types.js b/compiler/packages/babel-plugin-react-compiler/src/__tests__/fixtures/compiler/exhaustive-deps/error.invalid-exhaustive-deps-disallow-unused-stable-types.js
similarity index 100%
rename from compiler/packages/babel-plugin-react-compiler/src/__tests__/fixtures/compiler/error.invalid-exhaustive-deps-disallow-unused-stable-types.js
rename to compiler/packages/babel-plugin-react-compiler/src/__tests__/fixtures/compiler/exhaustive-deps/error.invalid-exhaustive-deps-disallow-unused-stable-types.js
diff --git a/compiler/packages/babel-plugin-react-compiler/src/__tests__/fixtures/compiler/exhaustive-deps/error.invalid-exhaustive-deps.expect.md b/compiler/packages/babel-plugin-react-compiler/src/__tests__/fixtures/compiler/exhaustive-deps/error.invalid-exhaustive-deps.expect.md
new file mode 100644
index 0000000000000..7f94c0390397d
--- /dev/null
+++ b/compiler/packages/babel-plugin-react-compiler/src/__tests__/fixtures/compiler/exhaustive-deps/error.invalid-exhaustive-deps.expect.md
@@ -0,0 +1,204 @@
+
+## Input
+
+```javascript
+// @validateExhaustiveMemoizationDependencies
+import {useMemo} from 'react';
+import {Stringify} from 'shared-runtime';
+
+function Component({x, y, z}) {
+  const a = useMemo(() => {
+    return x?.y.z?.a;
+    // error: too precise
+  }, [x?.y.z?.a.b]);
+  const b = useMemo(() => {
+    return x.y.z?.a;
+    // ok, not our job to type check nullability
+  }, [x.y.z.a]);
+  const c = useMemo(() => {
+    return x?.y.z.a?.b;
+    // error: too precise
+  }, [x?.y.z.a?.b.z]);
+  const d = useMemo(() => {
+    return x?.y?.[(console.log(y), z?.b)];
+    // ok
+  }, [x?.y, y, z?.b]);
+  const e = useMemo(() => {
+    const e = [];
+    e.push(x);
+    return e;
+    // ok
+  }, [x]);
+  const f = useMemo(() => {
+    return [];
+    // error: unnecessary
+  }, [x, y.z, z?.y?.a, UNUSED_GLOBAL]);
+  const ref1 = useRef(null);
+  const ref2 = useRef(null);
+  const ref = z ? ref1 : ref2;
+  const cb = useMemo(() => {
+    return () => {
+      return ref.current;
+    };
+    // error: ref is a stable type but reactive
+  }, []);
+  return <Stringify results={[a, b, c, d, e, f, cb]} />;
+}
+
+```
+
+
+## Error
+
+```
+Found 5 errors:
+
+Error: Found missing/extra memoization dependencies
+
+Missing dependencies can cause a value to update less often than it should, resulting in stale UI. Extra dependencies can cause a value to update more often than it should, resulting in performance problems such as excessive renders or effects firing too often.
+
+error.invalid-exhaustive-deps.ts:7:11
+   5 | function Component({x, y, z}) {
+   6 |   const a = useMemo(() => {
+>  7 |     return x?.y.z?.a;
+     |            ^^^^^^^^^ Missing dependency `x?.y.z?.a`
+   8 |     // error: too precise
+   9 |   }, [x?.y.z?.a.b]);
+  10 |   const b = useMemo(() => {
+
+error.invalid-exhaustive-deps.ts:9:6
+   7 |     return x?.y.z?.a;
+   8 |     // error: too precise
+>  9 |   }, [x?.y.z?.a.b]);
+     |       ^^^^^^^^^^^ Overly precise dependency `x?.y.z?.a.b`, use `x?.y.z?.a` instead
+  10 |   const b = useMemo(() => {
+  11 |     return x.y.z?.a;
+  12 |     // ok, not our job to type check nullability
+
+Inferred dependencies: `[x?.y.z?.a]`
+
+Error: Found missing/extra memoization dependencies
+
+Missing dependencies can cause a value to update less often than it should, resulting in stale UI. Extra dependencies can cause a value to update more often than it should, resulting in performance problems such as excessive renders or effects firing too often.
+
+error.invalid-exhaustive-deps.ts:15:11
+  13 |   }, [x.y.z.a]);
+  14 |   const c = useMemo(() => {
+> 15 |     return x?.y.z.a?.b;
+     |            ^^^^^^^^^^^ Missing dependency `x?.y.z.a?.b`
+  16 |     // error: too precise
+  17 |   }, [x?.y.z.a?.b.z]);
+  18 |   const d = useMemo(() => {
+
+error.invalid-exhaustive-deps.ts:17:6
+  15 |     return x?.y.z.a?.b;
+  16 |     // error: too precise
+> 17 |   }, [x?.y.z.a?.b.z]);
+     |       ^^^^^^^^^^^^^ Overly precise dependency `x?.y.z.a?.b.z`, use `x?.y.z.a?.b` instead
+  18 |   const d = useMemo(() => {
+  19 |     return x?.y?.[(console.log(y), z?.b)];
+  20 |     // ok
+
+Inferred dependencies: `[x?.y.z.a?.b]`
+
+Error: Found missing/extra memoization dependencies
+
+Extra dependencies can cause a value to update more often than it should, resulting in performance problems such as excessive renders or effects firing too often.
+
+error.invalid-exhaustive-deps.ts:31:6
+  29 |     return [];
+  30 |     // error: unnecessary
+> 31 |   }, [x, y.z, z?.y?.a, UNUSED_GLOBAL]);
+     |       ^ Unnecessary dependency `x`
+  32 |   const ref1 = useRef(null);
+  33 |   const ref2 = useRef(null);
+  34 |   const ref = z ? ref1 : ref2;
+
+error.invalid-exhaustive-deps.ts:31:9
+  29 |     return [];
+  30 |     // error: unnecessary
+> 31 |   }, [x, y.z, z?.y?.a, UNUSED_GLOBAL]);
+     |          ^^^ Unnecessary dependency `y.z`
+  32 |   const ref1 = useRef(null);
+  33 |   const ref2 = useRef(null);
+  34 |   const ref = z ? ref1 : ref2;
+
+error.invalid-exhaustive-deps.ts:31:14
+  29 |     return [];
+  30 |     // error: unnecessary
+> 31 |   }, [x, y.z, z?.y?.a, UNUSED_GLOBAL]);
+     |               ^^^^^^^ Unnecessary dependency `z?.y?.a`
+  32 |   const ref1 = useRef(null);
+  33 |   const ref2 = useRef(null);
+  34 |   const ref = z ? ref1 : ref2;
+
+error.invalid-exhaustive-deps.ts:31:23
+  29 |     return [];
+  30 |     // error: unnecessary
+> 31 |   }, [x, y.z, z?.y?.a, UNUSED_GLOBAL]);
+     |                        ^^^^^^^^^^^^^ Unnecessary dependency `UNUSED_GLOBAL`. Values declared outside of a component/hook should not be listed as dependencies as the component will not re-render if they change
+  32 |   const ref1 = useRef(null);
+  33 |   const ref2 = useRef(null);
+  34 |   const ref = z ? ref1 : ref2;
+
+Inferred dependencies: `[]`
+
+Error: Found missing/extra memoization dependencies
+
+Extra dependencies can cause a value to update more often than it should, resulting in performance problems such as excessive renders or effects firing too often.
+
+error.invalid-exhaustive-deps.ts:31:6
+  29 |     return [];
+  30 |     // error: unnecessary
+> 31 |   }, [x, y.z, z?.y?.a, UNUSED_GLOBAL]);
+     |       ^ Unnecessary dependency `x`
+  32 |   const ref1 = useRef(null);
+  33 |   const ref2 = useRef(null);
+  34 |   const ref = z ? ref1 : ref2;
+
+error.invalid-exhaustive-deps.ts:31:9
+  29 |     return [];
+  30 |     // error: unnecessary
+> 31 |   }, [x, y.z, z?.y?.a, UNUSED_GLOBAL]);
+     |          ^^^ Unnecessary dependency `y.z`
+  32 |   const ref1 = useRef(null);
+  33 |   const ref2 = useRef(null);
+  34 |   const ref = z ? ref1 : ref2;
+
+error.invalid-exhaustive-deps.ts:31:14
+  29 |     return [];
+  30 |     // error: unnecessary
+> 31 |   }, [x, y.z, z?.y?.a, UNUSED_GLOBAL]);
+     |               ^^^^^^^ Unnecessary dependency `z?.y?.a`
+  32 |   const ref1 = useRef(null);
+  33 |   const ref2 = useRef(null);
+  34 |   const ref = z ? ref1 : ref2;
+
+error.invalid-exhaustive-deps.ts:31:23
+  29 |     return [];
+  30 |     // error: unnecessary
+> 31 |   }, [x, y.z, z?.y?.a, UNUSED_GLOBAL]);
+     |                        ^^^^^^^^^^^^^ Unnecessary dependency `UNUSED_GLOBAL`. Values declared outside of a component/hook should not be listed as dependencies as the component will not re-render if they change
+  32 |   const ref1 = useRef(null);
+  33 |   const ref2 = useRef(null);
+  34 |   const ref = z ? ref1 : ref2;
+
+Inferred dependencies: `[]`
+
+Error: Found missing/extra memoization dependencies
+
+Missing dependencies can cause a value to update less often than it should, resulting in stale UI.
+
+error.invalid-exhaustive-deps.ts:37:13
+  35 |   const cb = useMemo(() => {
+  36 |     return () => {
+> 37 |       return ref.current;
+     |              ^^^ Missing dependency `ref`. Refs, setState functions, and other "stable" values generally do not need to be added as dependencies, but this variable may change over time to point to different values
+  38 |     };
+  39 |     // error: ref is a stable type but reactive
+  40 |   }, []);
+
+Inferred dependencies: `[ref]`
+```
+          
+      
\ No newline at end of file
diff --git a/compiler/packages/babel-plugin-react-compiler/src/__tests__/fixtures/compiler/error.invalid-exhaustive-deps.js b/compiler/packages/babel-plugin-react-compiler/src/__tests__/fixtures/compiler/exhaustive-deps/error.invalid-exhaustive-deps.js
similarity index 100%
rename from compiler/packages/babel-plugin-react-compiler/src/__tests__/fixtures/compiler/error.invalid-exhaustive-deps.js
rename to compiler/packages/babel-plugin-react-compiler/src/__tests__/fixtures/compiler/exhaustive-deps/error.invalid-exhaustive-deps.js
diff --git a/compiler/packages/babel-plugin-react-compiler/src/__tests__/fixtures/compiler/exhaustive-deps/error.invalid-missing-nonreactive-dep-inner-function.expect.md b/compiler/packages/babel-plugin-react-compiler/src/__tests__/fixtures/compiler/exhaustive-deps/error.invalid-missing-nonreactive-dep-inner-function.expect.md
new file mode 100644
index 0000000000000..6d03fb423511d
--- /dev/null
+++ b/compiler/packages/babel-plugin-react-compiler/src/__tests__/fixtures/compiler/exhaustive-deps/error.invalid-missing-nonreactive-dep-inner-function.expect.md
@@ -0,0 +1,43 @@
+
+## Input
+
+```javascript
+// @validateExhaustiveMemoizationDependencies
+
+import {useMemo} from 'react';
+import {makeObject_Primitives} from 'shared-runtime';
+
+function useHook() {
+  const object = makeObject_Primitives();
+  const fn = useCallback(() => {
+    const g = () => {
+      return [object];
+    };
+    return g;
+  });
+  return fn;
+}
+
+```
+
+
+## Error
+
+```
+Found 1 error:
+
+Error: Found missing/extra memoization dependencies
+
+Missing dependencies can cause a value to update less often than it should, resulting in stale UI.
+
+error.invalid-missing-nonreactive-dep-inner-function.ts:10:14
+   8 |   const fn = useCallback(() => {
+   9 |     const g = () => {
+> 10 |       return [object];
+     |               ^^^^^^ Missing dependency `object`
+  11 |     };
+  12 |     return g;
+  13 |   });
+```
+          
+      
\ No newline at end of file
diff --git a/compiler/packages/babel-plugin-react-compiler/src/__tests__/fixtures/compiler/exhaustive-deps/error.invalid-missing-nonreactive-dep-inner-function.js b/compiler/packages/babel-plugin-react-compiler/src/__tests__/fixtures/compiler/exhaustive-deps/error.invalid-missing-nonreactive-dep-inner-function.js
new file mode 100644
index 0000000000000..02ba7b8406147
--- /dev/null
+++ b/compiler/packages/babel-plugin-react-compiler/src/__tests__/fixtures/compiler/exhaustive-deps/error.invalid-missing-nonreactive-dep-inner-function.js
@@ -0,0 +1,15 @@
+// @validateExhaustiveMemoizationDependencies
+
+import {useMemo} from 'react';
+import {makeObject_Primitives} from 'shared-runtime';
+
+function useHook() {
+  const object = makeObject_Primitives();
+  const fn = useCallback(() => {
+    const g = () => {
+      return [object];
+    };
+    return g;
+  });
+  return fn;
+}
diff --git a/compiler/packages/babel-plugin-react-compiler/src/__tests__/fixtures/compiler/exhaustive-deps/error.invalid-missing-nonreactive-dep-unmemoized.expect.md b/compiler/packages/babel-plugin-react-compiler/src/__tests__/fixtures/compiler/exhaustive-deps/error.invalid-missing-nonreactive-dep-unmemoized.expect.md
new file mode 100644
index 0000000000000..a6868ef325c3e
--- /dev/null
+++ b/compiler/packages/babel-plugin-react-compiler/src/__tests__/fixtures/compiler/exhaustive-deps/error.invalid-missing-nonreactive-dep-unmemoized.expect.md
@@ -0,0 +1,43 @@
+
+## Input
+
+```javascript
+// @validateExhaustiveMemoizationDependencies
+
+import {useMemo} from 'react';
+import {makeObject_Primitives, useIdentity} from 'shared-runtime';
+
+function useHook() {
+  // object is non-reactive but not memoized bc the mutation surrounds a hook
+  const object = makeObject_Primitives();
+  useIdentity();
+  object.x = 0;
+  const array = useMemo(() => [object], []);
+  return array;
+}
+
+```
+
+
+## Error
+
+```
+Found 1 error:
+
+Error: Found missing/extra memoization dependencies
+
+Missing dependencies can cause a value to update less often than it should, resulting in stale UI.
+
+error.invalid-missing-nonreactive-dep-unmemoized.ts:11:31
+   9 |   useIdentity();
+  10 |   object.x = 0;
+> 11 |   const array = useMemo(() => [object], []);
+     |                                ^^^^^^ Missing dependency `object`
+  12 |   return array;
+  13 | }
+  14 |
+
+Inferred dependencies: `[object]`
+```
+          
+      
\ No newline at end of file
diff --git a/compiler/packages/babel-plugin-react-compiler/src/__tests__/fixtures/compiler/exhaustive-deps/error.invalid-missing-nonreactive-dep-unmemoized.js b/compiler/packages/babel-plugin-react-compiler/src/__tests__/fixtures/compiler/exhaustive-deps/error.invalid-missing-nonreactive-dep-unmemoized.js
new file mode 100644
index 0000000000000..c790ce1daee21
--- /dev/null
+++ b/compiler/packages/babel-plugin-react-compiler/src/__tests__/fixtures/compiler/exhaustive-deps/error.invalid-missing-nonreactive-dep-unmemoized.js
@@ -0,0 +1,13 @@
+// @validateExhaustiveMemoizationDependencies
+
+import {useMemo} from 'react';
+import {makeObject_Primitives, useIdentity} from 'shared-runtime';
+
+function useHook() {
+  // object is non-reactive but not memoized bc the mutation surrounds a hook
+  const object = makeObject_Primitives();
+  useIdentity();
+  object.x = 0;
+  const array = useMemo(() => [object], []);
+  return array;
+}
diff --git a/compiler/packages/babel-plugin-react-compiler/src/__tests__/fixtures/compiler/exhaustive-deps/error.invalid-missing-nonreactive-dep.expect.md b/compiler/packages/babel-plugin-react-compiler/src/__tests__/fixtures/compiler/exhaustive-deps/error.invalid-missing-nonreactive-dep.expect.md
new file mode 100644
index 0000000000000..f3423495097da
--- /dev/null
+++ b/compiler/packages/babel-plugin-react-compiler/src/__tests__/fixtures/compiler/exhaustive-deps/error.invalid-missing-nonreactive-dep.expect.md
@@ -0,0 +1,40 @@
+
+## Input
+
+```javascript
+// @validateExhaustiveMemoizationDependencies
+
+import {useMemo} from 'react';
+import {makeObject_Primitives} from 'shared-runtime';
+
+function useHook() {
+  const object = makeObject_Primitives();
+  const array = useMemo(() => [object], []);
+  return array;
+}
+
+```
+
+
+## Error
+
+```
+Found 1 error:
+
+Error: Found missing/extra memoization dependencies
+
+Missing dependencies can cause a value to update less often than it should, resulting in stale UI.
+
+error.invalid-missing-nonreactive-dep.ts:8:31
+   6 | function useHook() {
+   7 |   const object = makeObject_Primitives();
+>  8 |   const array = useMemo(() => [object], []);
+     |                                ^^^^^^ Missing dependency `object`
+   9 |   return array;
+  10 | }
+  11 |
+
+Inferred dependencies: `[object]`
+```
+          
+      
\ No newline at end of file
diff --git a/compiler/packages/babel-plugin-react-compiler/src/__tests__/fixtures/compiler/exhaustive-deps/error.invalid-missing-nonreactive-dep.js b/compiler/packages/babel-plugin-react-compiler/src/__tests__/fixtures/compiler/exhaustive-deps/error.invalid-missing-nonreactive-dep.js
new file mode 100644
index 0000000000000..bfc81d9dd5bd3
--- /dev/null
+++ b/compiler/packages/babel-plugin-react-compiler/src/__tests__/fixtures/compiler/exhaustive-deps/error.invalid-missing-nonreactive-dep.js
@@ -0,0 +1,10 @@
+// @validateExhaustiveMemoizationDependencies
+
+import {useMemo} from 'react';
+import {makeObject_Primitives} from 'shared-runtime';
+
+function useHook() {
+  const object = makeObject_Primitives();
+  const array = useMemo(() => [object], []);
+  return array;
+}
diff --git a/compiler/packages/babel-plugin-react-compiler/src/__tests__/fixtures/compiler/error.sketchy-code-exhaustive-deps.expect.md b/compiler/packages/babel-plugin-react-compiler/src/__tests__/fixtures/compiler/exhaustive-deps/error.sketchy-code-exhaustive-deps.expect.md
similarity index 78%
rename from compiler/packages/babel-plugin-react-compiler/src/__tests__/fixtures/compiler/error.sketchy-code-exhaustive-deps.expect.md
rename to compiler/packages/babel-plugin-react-compiler/src/__tests__/fixtures/compiler/exhaustive-deps/error.sketchy-code-exhaustive-deps.expect.md
index 332fee9f06afe..0422a07cd87c5 100644
--- a/compiler/packages/babel-plugin-react-compiler/src/__tests__/fixtures/compiler/error.sketchy-code-exhaustive-deps.expect.md
+++ b/compiler/packages/babel-plugin-react-compiler/src/__tests__/fixtures/compiler/exhaustive-deps/error.sketchy-code-exhaustive-deps.expect.md
@@ -25,9 +25,9 @@ function Component() {
 ```
 Found 1 error:
 
-Error: Found missing memoization dependencies
+Error: Found missing/extra memoization dependencies
 
-Missing dependencies can cause a value not to update when those inputs change, resulting in stale UI.
+Missing dependencies can cause a value to update less often than it should, resulting in stale UI.
 
 error.sketchy-code-exhaustive-deps.ts:8:16
    6 |   const foo = useCallback(
@@ -37,6 +37,8 @@ error.sketchy-code-exhaustive-deps.ts:8:16
    9 |     }, // eslint-disable-next-line react-hooks/exhaustive-deps
   10 |     []
   11 |   );
+
+Inferred dependencies: `[item]`
 ```
           
       
\ No newline at end of file
diff --git a/compiler/packages/babel-plugin-react-compiler/src/__tests__/fixtures/compiler/error.sketchy-code-exhaustive-deps.js b/compiler/packages/babel-plugin-react-compiler/src/__tests__/fixtures/compiler/exhaustive-deps/error.sketchy-code-exhaustive-deps.js
similarity index 100%
rename from compiler/packages/babel-plugin-react-compiler/src/__tests__/fixtures/compiler/error.sketchy-code-exhaustive-deps.js
rename to compiler/packages/babel-plugin-react-compiler/src/__tests__/fixtures/compiler/exhaustive-deps/error.sketchy-code-exhaustive-deps.js
diff --git a/compiler/packages/babel-plugin-react-compiler/src/__tests__/fixtures/compiler/exhaustive-deps-allow-constant-folded-values.expect.md b/compiler/packages/babel-plugin-react-compiler/src/__tests__/fixtures/compiler/exhaustive-deps/exhaustive-deps-allow-constant-folded-values.expect.md
similarity index 100%
rename from compiler/packages/babel-plugin-react-compiler/src/__tests__/fixtures/compiler/exhaustive-deps-allow-constant-folded-values.expect.md
rename to compiler/packages/babel-plugin-react-compiler/src/__tests__/fixtures/compiler/exhaustive-deps/exhaustive-deps-allow-constant-folded-values.expect.md
diff --git a/compiler/packages/babel-plugin-react-compiler/src/__tests__/fixtures/compiler/exhaustive-deps-allow-constant-folded-values.js b/compiler/packages/babel-plugin-react-compiler/src/__tests__/fixtures/compiler/exhaustive-deps/exhaustive-deps-allow-constant-folded-values.js
similarity index 100%
rename from compiler/packages/babel-plugin-react-compiler/src/__tests__/fixtures/compiler/exhaustive-deps-allow-constant-folded-values.js
rename to compiler/packages/babel-plugin-react-compiler/src/__tests__/fixtures/compiler/exhaustive-deps/exhaustive-deps-allow-constant-folded-values.js
diff --git a/compiler/packages/babel-plugin-react-compiler/src/__tests__/fixtures/compiler/exhaustive-deps-allow-nonreactive-stable-types-as-extra-deps.expect.md b/compiler/packages/babel-plugin-react-compiler/src/__tests__/fixtures/compiler/exhaustive-deps/exhaustive-deps-allow-nonreactive-stable-types-as-extra-deps.expect.md
similarity index 100%
rename from compiler/packages/babel-plugin-react-compiler/src/__tests__/fixtures/compiler/exhaustive-deps-allow-nonreactive-stable-types-as-extra-deps.expect.md
rename to compiler/packages/babel-plugin-react-compiler/src/__tests__/fixtures/compiler/exhaustive-deps/exhaustive-deps-allow-nonreactive-stable-types-as-extra-deps.expect.md
diff --git a/compiler/packages/babel-plugin-react-compiler/src/__tests__/fixtures/compiler/exhaustive-deps-allow-nonreactive-stable-types-as-extra-deps.js b/compiler/packages/babel-plugin-react-compiler/src/__tests__/fixtures/compiler/exhaustive-deps/exhaustive-deps-allow-nonreactive-stable-types-as-extra-deps.js
similarity index 100%
rename from compiler/packages/babel-plugin-react-compiler/src/__tests__/fixtures/compiler/exhaustive-deps-allow-nonreactive-stable-types-as-extra-deps.js
rename to compiler/packages/babel-plugin-react-compiler/src/__tests__/fixtures/compiler/exhaustive-deps/exhaustive-deps-allow-nonreactive-stable-types-as-extra-deps.js
diff --git a/compiler/packages/babel-plugin-react-compiler/src/__tests__/fixtures/compiler/exhaustive-deps.expect.md b/compiler/packages/babel-plugin-react-compiler/src/__tests__/fixtures/compiler/exhaustive-deps/exhaustive-deps.expect.md
similarity index 100%
rename from compiler/packages/babel-plugin-react-compiler/src/__tests__/fixtures/compiler/exhaustive-deps.expect.md
rename to compiler/packages/babel-plugin-react-compiler/src/__tests__/fixtures/compiler/exhaustive-deps/exhaustive-deps.expect.md
diff --git a/compiler/packages/babel-plugin-react-compiler/src/__tests__/fixtures/compiler/exhaustive-deps.js b/compiler/packages/babel-plugin-react-compiler/src/__tests__/fixtures/compiler/exhaustive-deps/exhaustive-deps.js
similarity index 100%
rename from compiler/packages/babel-plugin-react-compiler/src/__tests__/fixtures/compiler/exhaustive-deps.js
rename to compiler/packages/babel-plugin-react-compiler/src/__tests__/fixtures/compiler/exhaustive-deps/exhaustive-deps.js
diff --git a/compiler/packages/babel-plugin-react-compiler/src/__tests__/fixtures/compiler/preserve-memo-validation/error.useMemo-unrelated-mutation-in-depslist.expect.md b/compiler/packages/babel-plugin-react-compiler/src/__tests__/fixtures/compiler/preserve-memo-validation/error.useMemo-unrelated-mutation-in-depslist.expect.md
index 7d2125259ae8f..7831aeac15d98 100644
--- a/compiler/packages/babel-plugin-react-compiler/src/__tests__/fixtures/compiler/preserve-memo-validation/error.useMemo-unrelated-mutation-in-depslist.expect.md
+++ b/compiler/packages/babel-plugin-react-compiler/src/__tests__/fixtures/compiler/preserve-memo-validation/error.useMemo-unrelated-mutation-in-depslist.expect.md
@@ -32,9 +32,9 @@ function useFoo(input1) {
 ```
 Found 1 error:
 
-Error: Found missing memoization dependencies
+Error: Found missing/extra memoization dependencies
 
-Missing dependencies can cause a value not to update when those inputs change, resulting in stale UI.
+Missing dependencies can cause a value to update less often than it should, resulting in stale UI.
 
 error.useMemo-unrelated-mutation-in-depslist.ts:18:14
   16 |   const memoized = useMemo(() => {
@@ -44,6 +44,8 @@ error.useMemo-unrelated-mutation-in-depslist.ts:18:14
   19 |
   20 |   return [x, memoized];
   21 | }
+
+Inferred dependencies: `[x, y]`
 ```
           
       
\ No newline at end of file