Can't resolve 'webpack/hot'

[reintroducing]

Hello,
I'm trying to use nodeExternals for a React app that has SSR and trying to get HMR working. In my server config I've added nodeExternals as such:

nodeExternals({whitelist: ['webpack/hot/dev-server']})

Unfortunately I'm subsequently seeing this error:

ERROR in (webpack)-dev-server/client?http://localhost:9000
    Module not found: Error: Can't resolve 'webpack/hot' in '/Users/mprzybylski/Desktop/ace-test/node_modules/webpack-dev-server/client'
     @ (webpack)-dev-server/client?http://localhost:9000 95:17-67
     @ multi (webpack)-dev-server/client?http://localhost:9000 (webpack)/hot/dev-server.js ./src/server.js

Have I set something up incorrectly? Any advice would be greatly appreciated.