diff --git a/packages/react-devtools-shared/src/__tests__/inspectedElement-test.js b/packages/react-devtools-shared/src/__tests__/inspectedElement-test.js
index 7f70586bd6f71..891e4f3e73834 100644
--- a/packages/react-devtools-shared/src/__tests__/inspectedElement-test.js
+++ b/packages/react-devtools-shared/src/__tests__/inspectedElement-test.js
@@ -2765,6 +2765,7 @@ describe('InspectedElement', () => {
     expect(inspectedElement.owners).toMatchInlineSnapshot(`
       [
         {
+          "compiledWithForget": false,
           "displayName": "Child",
           "hocDisplayNames": null,
           "id": 3,
@@ -2772,6 +2773,7 @@ describe('InspectedElement', () => {
           "type": 5,
         },
         {
+          "compiledWithForget": false,
           "displayName": "App",
           "hocDisplayNames": null,
           "id": 2,
diff --git a/packages/react-devtools-shared/src/__tests__/profilingCache-test.js b/packages/react-devtools-shared/src/__tests__/profilingCache-test.js
index 80fcf1c5fb505..aefc8d5e078bc 100644
--- a/packages/react-devtools-shared/src/__tests__/profilingCache-test.js
+++ b/packages/react-devtools-shared/src/__tests__/profilingCache-test.js
@@ -968,6 +968,7 @@ describe('ProfilingCache', () => {
           "timestamp": 0,
           "updaters": [
             {
+              "compiledWithForget": false,
               "displayName": "render()",
               "hocDisplayNames": null,
               "id": 1,
@@ -1010,6 +1011,7 @@ describe('ProfilingCache', () => {
           "timestamp": 0,
           "updaters": [
             {
+              "compiledWithForget": false,
               "displayName": "render()",
               "hocDisplayNames": null,
               "id": 1,
diff --git a/packages/react-devtools-shared/src/backend/renderer.js b/packages/react-devtools-shared/src/backend/renderer.js
index 79260e9870e81..a097f850072dd 100644
--- a/packages/react-devtools-shared/src/backend/renderer.js
+++ b/packages/react-devtools-shared/src/backend/renderer.js
@@ -424,7 +424,10 @@ export function getInternalReactConstants(version: string): {
   }
 
   // NOTICE Keep in sync with shouldFilterFiber() and other get*ForFiber methods
-  function getDisplayNameForFiber(fiber: Fiber): string | null {
+  function getDisplayNameForFiber(
+    fiber: Fiber,
+    shouldSkipForgetCheck: boolean = false,
+  ): string | null {
     const {elementType, type, tag} = fiber;
 
     let resolvedType = type;
@@ -433,6 +436,18 @@ export function getInternalReactConstants(version: string): {
     }
 
     let resolvedContext: any = null;
+    // $FlowFixMe[incompatible-type] fiber.updateQueue is mixed
+    if (!shouldSkipForgetCheck && fiber.updateQueue?.memoCache != null) {
+      const displayNameWithoutForgetWrapper = getDisplayNameForFiber(
+        fiber,
+        true,
+      );
+      if (displayNameWithoutForgetWrapper == null) {
+        return null;
+      }
+
+      return `Forget(${displayNameWithoutForgetWrapper})`;
+    }
 
     switch (tag) {
       case CacheComponent:
diff --git a/packages/react-devtools-shared/src/backendAPI.js b/packages/react-devtools-shared/src/backendAPI.js
index 27700c27c71cd..397019bb373c6 100644
--- a/packages/react-devtools-shared/src/backendAPI.js
+++ b/packages/react-devtools-shared/src/backendAPI.js
@@ -8,7 +8,7 @@
  */
 
 import {hydrate, fillInPath} from 'react-devtools-shared/src/hydration';
-import {separateDisplayNameAndHOCs} from 'react-devtools-shared/src/utils';
+import {backendToFrontendSerializedElementMapper} from 'react-devtools-shared/src/utils';
 import Store from 'react-devtools-shared/src/devtools/store';
 import TimeoutError from 'react-devtools-shared/src/errors/TimeoutError';
 import ElementPollingCancellationError from 'react-devtools-shared/src/errors/ElementPollingCancellationError';
@@ -266,17 +266,7 @@ export function convertInspectedElementBackendToFrontend(
     owners:
       owners === null
         ? null
-        : owners.map(owner => {
-            const [displayName, hocDisplayNames] = separateDisplayNameAndHOCs(
-              owner.displayName,
-              owner.type,
-            );
-            return {
-              ...owner,
-              displayName,
-              hocDisplayNames,
-            };
-          }),
+        : owners.map(backendToFrontendSerializedElementMapper),
     context: hydrateHelper(context),
     hooks: hydrateHelper(hooks),
     props: hydrateHelper(props),
diff --git a/packages/react-devtools-shared/src/devtools/constants.js b/packages/react-devtools-shared/src/devtools/constants.js
index 6783eadbbd3a8..bc5323c6389de 100644
--- a/packages/react-devtools-shared/src/devtools/constants.js
+++ b/packages/react-devtools-shared/src/devtools/constants.js
@@ -77,6 +77,7 @@ export const THEME_STYLES: {[style: Theme | DisplayDensity]: any, ...} = {
     '--color-error-border': 'hsl(0, 100%, 92%)',
     '--color-error-text': '#ff0000',
     '--color-expand-collapse-toggle': '#777d88',
+    '--color-forget-badge': '#2683E2',
     '--color-link': '#0000ff',
     '--color-modal-background': 'rgba(255, 255, 255, 0.75)',
     '--color-bridge-version-npm-background': '#eff0f1',
@@ -221,6 +222,7 @@ export const THEME_STYLES: {[style: Theme | DisplayDensity]: any, ...} = {
     '--color-error-border': '#900',
     '--color-error-text': '#f55',
     '--color-expand-collapse-toggle': '#8f949d',
+    '--color-forget-badge': '#2683E2',
     '--color-link': '#61dafb',
     '--color-modal-background': 'rgba(0, 0, 0, 0.75)',
     '--color-bridge-version-npm-background': 'rgba(0, 0, 0, 0.25)',
diff --git a/packages/react-devtools-shared/src/devtools/store.js b/packages/react-devtools-shared/src/devtools/store.js
index 5ae3d3cdc4fd2..1d0632072d92e 100644
--- a/packages/react-devtools-shared/src/devtools/store.js
+++ b/packages/react-devtools-shared/src/devtools/store.js
@@ -25,9 +25,9 @@ import {ElementTypeRoot} from '../frontend/types';
 import {
   getSavedComponentFilters,
   setSavedComponentFilters,
-  separateDisplayNameAndHOCs,
   shallowDiffers,
   utfDecodeStringWithRanges,
+  parseElementDisplayNameFromBackend,
 } from '../utils';
 import {localStorageGetItem, localStorageSetItem} from '../storage';
 import {__DEBUG__} from '../constants';
@@ -1033,6 +1033,7 @@ export default class Store extends EventEmitter<{
               parentID: 0,
               type,
               weight: 0,
+              compiledWithForget: false,
             });
 
             haveRootsChanged = true;
@@ -1071,8 +1072,11 @@ export default class Store extends EventEmitter<{
 
             parentElement.children.push(id);
 
-            const [displayNameWithoutHOCs, hocDisplayNames] =
-              separateDisplayNameAndHOCs(displayName, type);
+            const {
+              formattedDisplayName: displayNameWithoutHOCs,
+              hocDisplayNames,
+              compiledWithForget,
+            } = parseElementDisplayNameFromBackend(displayName, type);
 
             const element: Element = {
               children: [],
@@ -1087,6 +1091,7 @@ export default class Store extends EventEmitter<{
               parentID,
               type,
               weight: 1,
+              compiledWithForget,
             };
 
             this._idToElement.set(id, element);
diff --git a/packages/react-devtools-shared/src/devtools/views/Components/Badge.css b/packages/react-devtools-shared/src/devtools/views/Components/Badge.css
index 22f749cc5b1a1..370409aeb9afe 100644
--- a/packages/react-devtools-shared/src/devtools/views/Components/Badge.css
+++ b/packages/react-devtools-shared/src/devtools/views/Components/Badge.css
@@ -9,9 +9,3 @@
   font-family: var(--font-family-monospace);
   font-size: var(--font-size-monospace-small);
 }
-
-.ExtraLabel {
-  font-family: var(--font-family-monospace);
-  font-size: var(--font-size-monospace-small);
-  color: var(--color-component-badge-count);
-}
diff --git a/packages/react-devtools-shared/src/devtools/views/Components/Badge.js b/packages/react-devtools-shared/src/devtools/views/Components/Badge.js
index b58818e39a3ad..dc18b631ec31a 100644
--- a/packages/react-devtools-shared/src/devtools/views/Components/Badge.js
+++ b/packages/react-devtools-shared/src/devtools/views/Components/Badge.js
@@ -8,36 +8,14 @@
  */
 
 import * as React from 'react';
-import {Fragment} from 'react';
-import styles from './Badge.css';
 
-import type {ElementType} from 'react-devtools-shared/src/frontend/types';
+import styles from './Badge.css';
 
 type Props = {
   className?: string,
-  hocDisplayNames: Array<string> | null,
-  type: ElementType,
   children: React$Node,
 };
 
-export default function Badge({
-  className,
-  hocDisplayNames,
-  type,
-  children,
-}: Props): React.Node {
-  if (hocDisplayNames === null || hocDisplayNames.length === 0) {
-    return null;
-  }
-
-  const totalBadgeCount = hocDisplayNames.length;
-
-  return (
-    <Fragment>
-      <div className={`${styles.Badge} ${className || ''}`}>{children}</div>
-      {totalBadgeCount > 1 && (
-        <div className={styles.ExtraLabel}>+{totalBadgeCount - 1}</div>
-      )}
-    </Fragment>
-  );
+export default function Badge({className = '', children}: Props): React.Node {
+  return <div className={`${styles.Badge} ${className}`}>{children}</div>;
 }
diff --git a/packages/react-devtools-shared/src/devtools/views/Components/Element.css b/packages/react-devtools-shared/src/devtools/views/Components/Element.css
index 7d89010d72ece..ff53776a17597 100644
--- a/packages/react-devtools-shared/src/devtools/views/Components/Element.css
+++ b/packages/react-devtools-shared/src/devtools/views/Components/Element.css
@@ -65,7 +65,7 @@
   color: var(--color-expand-collapse-toggle);
 }
 
-.Badge {
+.BadgesBlock {
   margin-left: 0.25rem;
 }
 
diff --git a/packages/react-devtools-shared/src/devtools/views/Components/Element.js b/packages/react-devtools-shared/src/devtools/views/Components/Element.js
index a48ebf76650f6..f6a68b652ca5c 100644
--- a/packages/react-devtools-shared/src/devtools/views/Components/Element.js
+++ b/packages/react-devtools-shared/src/devtools/views/Components/Element.js
@@ -10,14 +10,14 @@
 import * as React from 'react';
 import {Fragment, useContext, useMemo, useState} from 'react';
 import Store from 'react-devtools-shared/src/devtools/store';
-import Badge from './Badge';
 import ButtonIcon from '../ButtonIcon';
-import {createRegExp} from '../utils';
 import {TreeDispatcherContext, TreeStateContext} from './TreeContext';
 import {SettingsContext} from '../Settings/SettingsContext';
 import {StoreContext} from '../context';
 import {useSubscription} from '../hooks';
 import {logEvent} from 'react-devtools-shared/src/Logger';
+import IndexableElementBadges from './IndexableElementBadges';
+import IndexableDisplayName from './IndexableDisplayName';
 
 import type {ItemData} from './Tree';
 import type {Element as ElementType} from 'react-devtools-shared/src/frontend/types';
@@ -121,7 +121,7 @@ export default function Element({data, index, style}: Props): React.Node {
     hocDisplayNames,
     isStrictModeNonCompliant,
     key,
-    type,
+    compiledWithForget,
   } = element;
 
   // Only show strict mode non-compliance badges for top level elements.
@@ -155,11 +155,11 @@ export default function Element({data, index, style}: Props): React.Node {
           // We must use padding rather than margin/left because of the selected background color.
           transform: `translateX(calc(${depth} * var(--indentation-size)))`,
         }}>
-        {ownerID === null ? (
+        {ownerID === null && (
           <ExpandCollapseToggle element={element} store={store} />
-        ) : null}
+        )}
 
-        <DisplayName displayName={displayName} id={((id: any): number)} />
+        <IndexableDisplayName displayName={displayName} id={id} />
 
         {key && (
           <Fragment>
@@ -174,14 +174,12 @@ export default function Element({data, index, style}: Props): React.Node {
           </Fragment>
         )}
 
-        {hocDisplayNames !== null && hocDisplayNames.length > 0 ? (
-          <Badge
-            className={styles.Badge}
-            hocDisplayNames={hocDisplayNames}
-            type={type}>
-            <DisplayName displayName={hocDisplayNames[0]} id={id} />
-          </Badge>
-        ) : null}
+        <IndexableElementBadges
+          hocDisplayNames={hocDisplayNames}
+          compiledWithForget={compiledWithForget}
+          elementID={id}
+          className={styles.BadgesBlock}
+        />
 
         {showInlineWarningsAndErrors && errorCount > 0 && (
           <Icon
@@ -262,47 +260,3 @@ function ExpandCollapseToggle({element, store}: ExpandCollapseToggleProps) {
     </div>
   );
 }
-
-type DisplayNameProps = {
-  displayName: string | null,
-  id: number,
-};
-
-function DisplayName({displayName, id}: DisplayNameProps) {
-  const {searchIndex, searchResults, searchText} = useContext(TreeStateContext);
-  const isSearchResult = useMemo(() => {
-    return searchResults.includes(id);
-  }, [id, searchResults]);
-  const isCurrentResult =
-    searchIndex !== null && id === searchResults[searchIndex];
-
-  if (!isSearchResult || displayName === null) {
-    return displayName;
-  }
-
-  const match = createRegExp(searchText).exec(displayName);
-
-  if (match === null) {
-    return displayName;
-  }
-
-  const startIndex = match.index;
-  const stopIndex = startIndex + match[0].length;
-
-  const children = [];
-  if (startIndex > 0) {
-    children.push(<span key="begin">{displayName.slice(0, startIndex)}</span>);
-  }
-  children.push(
-    <mark
-      key="middle"
-      className={isCurrentResult ? styles.CurrentHighlight : styles.Highlight}>
-      {displayName.slice(startIndex, stopIndex)}
-    </mark>,
-  );
-  if (stopIndex < displayName.length) {
-    children.push(<span key="end">{displayName.slice(stopIndex)}</span>);
-  }
-
-  return children;
-}
diff --git a/packages/react-devtools-shared/src/devtools/views/Components/ElementBadges.css b/packages/react-devtools-shared/src/devtools/views/Components/ElementBadges.css
new file mode 100644
index 0000000000000..058ee241866d7
--- /dev/null
+++ b/packages/react-devtools-shared/src/devtools/views/Components/ElementBadges.css
@@ -0,0 +1,14 @@
+.Root {
+  display: inline-flex;
+  align-items: center;
+}
+
+.Root *:not(:first-child) {
+  margin-left: 0.25rem;
+}
+
+.ExtraLabel {
+  font-family: var(--font-family-monospace);
+  font-size: var(--font-size-monospace-small);
+  color: var(--color-component-badge-count);
+}
diff --git a/packages/react-devtools-shared/src/devtools/views/Components/ElementBadges.js b/packages/react-devtools-shared/src/devtools/views/Components/ElementBadges.js
new file mode 100644
index 0000000000000..a829ad0153aa7
--- /dev/null
+++ b/packages/react-devtools-shared/src/devtools/views/Components/ElementBadges.js
@@ -0,0 +1,48 @@
+/**
+ * Copyright (c) Meta Platforms, Inc. and affiliates.
+ *
+ * This source code is licensed under the MIT license found in the
+ * LICENSE file in the root directory of this source tree.
+ *
+ * @flow
+ */
+
+import * as React from 'react';
+
+import Badge from './Badge';
+import ForgetBadge from './ForgetBadge';
+
+import styles from './ElementBadges.css';
+
+type Props = {
+  hocDisplayNames: Array<string> | null,
+  compiledWithForget: boolean,
+  className?: string,
+};
+
+export default function ElementBadges({
+  compiledWithForget,
+  hocDisplayNames,
+  className = '',
+}: Props): React.Node {
+  if (
+    !compiledWithForget &&
+    (hocDisplayNames == null || hocDisplayNames.length === 0)
+  ) {
+    return null;
+  }
+
+  return (
+    <div className={`${styles.Root} ${className}`}>
+      {compiledWithForget && <ForgetBadge indexable={false} />}
+
+      {hocDisplayNames != null && hocDisplayNames.length > 0 && (
+        <Badge>{hocDisplayNames[0]}</Badge>
+      )}
+
+      {hocDisplayNames != null && hocDisplayNames.length > 1 && (
+        <div className={styles.ExtraLabel}>+{hocDisplayNames.length - 1}</div>
+      )}
+    </div>
+  );
+}
diff --git a/packages/react-devtools-shared/src/devtools/views/Components/ForgetBadge.css b/packages/react-devtools-shared/src/devtools/views/Components/ForgetBadge.css
new file mode 100644
index 0000000000000..653a073deaeb3
--- /dev/null
+++ b/packages/react-devtools-shared/src/devtools/views/Components/ForgetBadge.css
@@ -0,0 +1,3 @@
+.Root {
+  background-color: var(--color-forget-badge);
+}
diff --git a/packages/react-devtools-shared/src/devtools/views/Components/ForgetBadge.js b/packages/react-devtools-shared/src/devtools/views/Components/ForgetBadge.js
new file mode 100644
index 0000000000000..c31fd70eade2f
--- /dev/null
+++ b/packages/react-devtools-shared/src/devtools/views/Components/ForgetBadge.js
@@ -0,0 +1,43 @@
+/**
+ * Copyright (c) Meta Platforms, Inc. and affiliates.
+ *
+ * This source code is licensed under the MIT license found in the
+ * LICENSE file in the root directory of this source tree.
+ *
+ * @flow
+ */
+
+import * as React from 'react';
+
+import Badge from './Badge';
+import IndexableDisplayName from './IndexableDisplayName';
+
+import styles from './ForgetBadge.css';
+
+type CommonProps = {
+  className?: string,
+};
+
+type PropsForIndexable = CommonProps & {
+  indexable: true,
+  elementID: number,
+};
+
+type PropsForNonIndexable = CommonProps & {
+  indexable: false | void,
+  elementID?: number,
+};
+
+type Props = PropsForIndexable | PropsForNonIndexable;
+
+export default function ForgetBadge(props: Props): React.Node {
+  const {className = ''} = props;
+
+  const innerView = props.indexable ? (
+    <IndexableDisplayName displayName="Forget" id={props.elementID} />
+  ) : (
+    'Forget'
+  );
+
+  return <Badge className={`${styles.Root} ${className}`}>{innerView}</Badge>;
+}
diff --git a/packages/react-devtools-shared/src/devtools/views/Components/HocBadges.css b/packages/react-devtools-shared/src/devtools/views/Components/HocBadges.css
deleted file mode 100644
index 4b37be0325508..0000000000000
--- a/packages/react-devtools-shared/src/devtools/views/Components/HocBadges.css
+++ /dev/null
@@ -1,16 +0,0 @@
-.HocBadges {
-  padding: 0.125rem 0.25rem;
-  user-select: none;
-}
-
-.Badge {
-  display: inline-block;
-  background-color: var(--color-component-badge-background);
-  color: var(--color-text);
-  padding: 0.125rem 0.25rem;
-  line-height: normal;
-  border-radius: 0.125rem;
-  margin-right: 0.25rem;
-  font-family: var(--font-family-monospace);
-  font-size: var(--font-size-monospace-small);
-}
diff --git a/packages/react-devtools-shared/src/devtools/views/Components/HocBadges.js b/packages/react-devtools-shared/src/devtools/views/Components/HocBadges.js
deleted file mode 100644
index e91a9db747536..0000000000000
--- a/packages/react-devtools-shared/src/devtools/views/Components/HocBadges.js
+++ /dev/null
@@ -1,35 +0,0 @@
-/**
- * Copyright (c) Meta Platforms, Inc. and affiliates.
- *
- * This source code is licensed under the MIT license found in the
- * LICENSE file in the root directory of this source tree.
- *
- * @flow
- */
-
-import * as React from 'react';
-import styles from './HocBadges.css';
-
-import type {Element} from 'react-devtools-shared/src/frontend/types';
-
-type Props = {
-  element: Element,
-};
-
-export default function HocBadges({element}: Props): React.Node {
-  const {hocDisplayNames} = ((element: any): Element);
-
-  if (hocDisplayNames === null) {
-    return null;
-  }
-
-  return (
-    <div className={styles.HocBadges}>
-      {hocDisplayNames.map(hocDisplayName => (
-        <div key={hocDisplayName} className={styles.Badge}>
-          {hocDisplayName}
-        </div>
-      ))}
-    </div>
-  );
-}
diff --git a/packages/react-devtools-shared/src/devtools/views/Components/IndexableDisplayName.js b/packages/react-devtools-shared/src/devtools/views/Components/IndexableDisplayName.js
new file mode 100644
index 0000000000000..9148067e9dceb
--- /dev/null
+++ b/packages/react-devtools-shared/src/devtools/views/Components/IndexableDisplayName.js
@@ -0,0 +1,63 @@
+/**
+ * Copyright (c) Meta Platforms, Inc. and affiliates.
+ *
+ * This source code is licensed under the MIT license found in the
+ * LICENSE file in the root directory of this source tree.
+ *
+ * @flow
+ */
+
+import * as React from 'react';
+
+import {createRegExp} from '../utils';
+
+import {TreeStateContext} from './TreeContext';
+import styles from './Element.css';
+
+const {useMemo, useContext} = React;
+
+type Props = {
+  displayName: string | null,
+  id: number,
+};
+
+function IndexableDisplayName({displayName, id}: Props): React.Node {
+  const {searchIndex, searchResults, searchText} = useContext(TreeStateContext);
+  const isSearchResult = useMemo(() => {
+    return searchResults.includes(id);
+  }, [id, searchResults]);
+  const isCurrentResult =
+    searchIndex !== null && id === searchResults[searchIndex];
+
+  if (!isSearchResult || displayName === null) {
+    return displayName;
+  }
+
+  const match = createRegExp(searchText).exec(displayName);
+
+  if (match === null) {
+    return displayName;
+  }
+
+  const startIndex = match.index;
+  const stopIndex = startIndex + match[0].length;
+
+  const children = [];
+  if (startIndex > 0) {
+    children.push(<span key="begin">{displayName.slice(0, startIndex)}</span>);
+  }
+  children.push(
+    <mark
+      key="middle"
+      className={isCurrentResult ? styles.CurrentHighlight : styles.Highlight}>
+      {displayName.slice(startIndex, stopIndex)}
+    </mark>,
+  );
+  if (stopIndex < displayName.length) {
+    children.push(<span key="end">{displayName.slice(stopIndex)}</span>);
+  }
+
+  return children;
+}
+
+export default IndexableDisplayName;
diff --git a/packages/react-devtools-shared/src/devtools/views/Components/IndexableElementBadges.css b/packages/react-devtools-shared/src/devtools/views/Components/IndexableElementBadges.css
new file mode 100644
index 0000000000000..058ee241866d7
--- /dev/null
+++ b/packages/react-devtools-shared/src/devtools/views/Components/IndexableElementBadges.css
@@ -0,0 +1,14 @@
+.Root {
+  display: inline-flex;
+  align-items: center;
+}
+
+.Root *:not(:first-child) {
+  margin-left: 0.25rem;
+}
+
+.ExtraLabel {
+  font-family: var(--font-family-monospace);
+  font-size: var(--font-size-monospace-small);
+  color: var(--color-component-badge-count);
+}
diff --git a/packages/react-devtools-shared/src/devtools/views/Components/IndexableElementBadges.js b/packages/react-devtools-shared/src/devtools/views/Components/IndexableElementBadges.js
new file mode 100644
index 0000000000000..75db37c283dda
--- /dev/null
+++ b/packages/react-devtools-shared/src/devtools/views/Components/IndexableElementBadges.js
@@ -0,0 +1,58 @@
+/**
+ * Copyright (c) Meta Platforms, Inc. and affiliates.
+ *
+ * This source code is licensed under the MIT license found in the
+ * LICENSE file in the root directory of this source tree.
+ *
+ * @flow
+ */
+
+import * as React from 'react';
+
+import Badge from './Badge';
+import ForgetBadge from './ForgetBadge';
+import IndexableDisplayName from './IndexableDisplayName';
+
+import styles from './IndexableElementBadges.css';
+
+type Props = {
+  hocDisplayNames: Array<string> | null,
+  compiledWithForget: boolean,
+  elementID: number,
+  className?: string,
+};
+
+export default function IndexableElementBadges({
+  compiledWithForget,
+  hocDisplayNames,
+  elementID,
+  className = '',
+}: Props): React.Node {
+  if (
+    !compiledWithForget &&
+    (hocDisplayNames == null || hocDisplayNames.length === 0)
+  ) {
+    return null;
+  }
+
+  return (
+    <div className={`${styles.Root} ${className}`}>
+      {compiledWithForget && (
+        <ForgetBadge indexable={true} elementID={elementID} />
+      )}
+
+      {hocDisplayNames != null && hocDisplayNames.length > 0 && (
+        <Badge>
+          <IndexableDisplayName
+            displayName={hocDisplayNames[0]}
+            id={elementID}
+          />
+        </Badge>
+      )}
+
+      {hocDisplayNames != null && hocDisplayNames.length > 1 && (
+        <div className={styles.ExtraLabel}>+{hocDisplayNames.length - 1}</div>
+      )}
+    </div>
+  );
+}
diff --git a/packages/react-devtools-shared/src/devtools/views/Components/InspectedElementBadges.css b/packages/react-devtools-shared/src/devtools/views/Components/InspectedElementBadges.css
new file mode 100644
index 0000000000000..11f6a23d3b472
--- /dev/null
+++ b/packages/react-devtools-shared/src/devtools/views/Components/InspectedElementBadges.css
@@ -0,0 +1,9 @@
+.Root {
+  padding: 0.25rem;
+  user-select: none;
+  display: inline-flex;
+}
+
+.Root *:not(:first-child) {
+  margin-left: 0.25rem;
+}
diff --git a/packages/react-devtools-shared/src/devtools/views/Components/InspectedElementBadges.js b/packages/react-devtools-shared/src/devtools/views/Components/InspectedElementBadges.js
new file mode 100644
index 0000000000000..e7ddfb2a216f5
--- /dev/null
+++ b/packages/react-devtools-shared/src/devtools/views/Components/InspectedElementBadges.js
@@ -0,0 +1,36 @@
+/**
+ * Copyright (c) Meta Platforms, Inc. and affiliates.
+ *
+ * This source code is licensed under the MIT license found in the
+ * LICENSE file in the root directory of this source tree.
+ *
+ * @flow
+ */
+
+import type {Element} from 'react-devtools-shared/src/frontend/types';
+
+import * as React from 'react';
+
+import Badge from './Badge';
+import ForgetBadge from './ForgetBadge';
+
+import styles from './InspectedElementBadges.css';
+
+type Props = {
+  element: Element,
+};
+
+export default function InspectedElementBadges({element}: Props): React.Node {
+  const {hocDisplayNames, compiledWithForget} = element;
+
+  return (
+    <div className={styles.Root}>
+      {compiledWithForget && <ForgetBadge indexable={false} />}
+
+      {hocDisplayNames !== null &&
+        hocDisplayNames.map(hocDisplayName => (
+          <Badge key={hocDisplayName}>{hocDisplayName}</Badge>
+        ))}
+    </div>
+  );
+}
diff --git a/packages/react-devtools-shared/src/devtools/views/Components/InspectedElementView.js b/packages/react-devtools-shared/src/devtools/views/Components/InspectedElementView.js
index 462677457c928..2f1503c65e487 100644
--- a/packages/react-devtools-shared/src/devtools/views/Components/InspectedElementView.js
+++ b/packages/react-devtools-shared/src/devtools/views/Components/InspectedElementView.js
@@ -17,7 +17,7 @@ import ContextMenuItem from '../../ContextMenu/ContextMenuItem';
 import Button from '../Button';
 import ButtonIcon from '../ButtonIcon';
 import Icon from '../Icon';
-import HocBadges from './HocBadges';
+import InspectedElementBadges from './InspectedElementBadges';
 import InspectedElementContextTree from './InspectedElementContextTree';
 import InspectedElementErrorsAndWarningsTree from './InspectedElementErrorsAndWarningsTree';
 import InspectedElementHooksTree from './InspectedElementHooksTree';
@@ -26,7 +26,7 @@ import InspectedElementStateTree from './InspectedElementStateTree';
 import InspectedElementStyleXPlugin from './InspectedElementStyleXPlugin';
 import InspectedElementSuspenseToggle from './InspectedElementSuspenseToggle';
 import NativeStyleEditor from './NativeStyleEditor';
-import Badge from './Badge';
+import ElementBadges from './ElementBadges';
 import {useHighlightNativeElement} from '../hooks';
 import {
   copyInspectedElementPath as copyInspectedElementPathAPI,
@@ -41,12 +41,8 @@ import type {ContextMenuContextType} from '../context';
 import type {
   Element,
   InspectedElement,
-  SerializedElement,
-} from 'react-devtools-shared/src/frontend/types';
-import type {
-  ElementType,
-  HookNames,
 } from 'react-devtools-shared/src/frontend/types';
+import type {HookNames} from 'react-devtools-shared/src/frontend/types';
 import type {ToggleParseHookNames} from './InspectedElementContext';
 
 export type CopyPath = (path: Array<string | number>) => void;
@@ -90,7 +86,7 @@ export default function InspectedElementView({
   return (
     <Fragment>
       <div className={styles.InspectedElement}>
-        <HocBadges element={element} />
+        <InspectedElementBadges element={element} />
 
         <InspectedElementPropsTree
           bridge={bridge}
@@ -152,17 +148,20 @@ export default function InspectedElementView({
             className={styles.Owners}
             data-testname="InspectedElementView-Owners">
             <div className={styles.OwnersHeader}>rendered by</div>
+
             {showOwnersList &&
-              ((owners: any): Array<SerializedElement>).map(owner => (
+              owners?.map(owner => (
                 <OwnerView
                   key={owner.id}
                   displayName={owner.displayName || 'Anonymous'}
                   hocDisplayNames={owner.hocDisplayNames}
+                  compiledWithForget={owner.compiledWithForget}
                   id={owner.id}
                   isInStore={store.containsElement(owner.id)}
                   type={owner.type}
                 />
               ))}
+
             {rootType !== null && (
               <div className={styles.OwnersMetaField}>{rootType}</div>
             )}
@@ -286,17 +285,17 @@ function Source({fileName, lineNumber}: SourceProps) {
 type OwnerViewProps = {
   displayName: string,
   hocDisplayNames: Array<string> | null,
+  compiledWithForget: boolean,
   id: number,
   isInStore: boolean,
-  type: ElementType,
 };
 
 function OwnerView({
   displayName,
   hocDisplayNames,
+  compiledWithForget,
   id,
   isInStore,
-  type,
 }: OwnerViewProps) {
   const dispatch = useContext(TreeDispatcherContext);
   const {highlightNativeElement, clearHighlightNativeElement} =
@@ -313,25 +312,25 @@ function OwnerView({
     });
   }, [dispatch, id]);
 
-  const onMouseEnter = () => highlightNativeElement(id);
-
-  const onMouseLeave = clearHighlightNativeElement;
-
   return (
     <Button
       key={id}
       className={styles.OwnerButton}
       disabled={!isInStore}
       onClick={handleClick}
-      onMouseEnter={onMouseEnter}
-      onMouseLeave={onMouseLeave}>
+      onMouseEnter={() => highlightNativeElement(id)}
+      onMouseLeave={clearHighlightNativeElement}>
       <span className={styles.OwnerContent}>
         <span
           className={`${styles.Owner} ${isInStore ? '' : styles.NotInStore}`}
           title={displayName}>
           {displayName}
         </span>
-        <Badge hocDisplayNames={hocDisplayNames} type={type} />
+
+        <ElementBadges
+          hocDisplayNames={hocDisplayNames}
+          compiledWithForget={compiledWithForget}
+        />
       </span>
     </Button>
   );
diff --git a/packages/react-devtools-shared/src/devtools/views/Components/OwnersListContext.js b/packages/react-devtools-shared/src/devtools/views/Components/OwnersListContext.js
index 760c490d72513..f88bc7e9724be 100644
--- a/packages/react-devtools-shared/src/devtools/views/Components/OwnersListContext.js
+++ b/packages/react-devtools-shared/src/devtools/views/Components/OwnersListContext.js
@@ -14,7 +14,7 @@ import {createContext, useCallback, useContext, useEffect} from 'react';
 import {createResource} from '../../cache';
 import {BridgeContext, StoreContext} from '../context';
 import {TreeStateContext} from './TreeContext';
-import {separateDisplayNameAndHOCs} from 'react-devtools-shared/src/utils';
+import {backendToFrontendSerializedElementMapper} from 'react-devtools-shared/src/utils';
 
 import type {OwnersList} from 'react-devtools-shared/src/backend/types';
 import type {
@@ -100,16 +100,7 @@ function OwnersListContextController({children}: Props): React.Node {
           request.resolveFn(
             ownersList.owners === null
               ? null
-              : ownersList.owners.map(owner => {
-                  const [displayNameWithoutHOCs, hocDisplayNames] =
-                    separateDisplayNameAndHOCs(owner.displayName, owner.type);
-
-                  return {
-                    ...owner,
-                    displayName: displayNameWithoutHOCs,
-                    hocDisplayNames,
-                  };
-                }),
+              : ownersList.owners.map(backendToFrontendSerializedElementMapper),
           );
         }
       }
diff --git a/packages/react-devtools-shared/src/devtools/views/Components/OwnersStack.css b/packages/react-devtools-shared/src/devtools/views/Components/OwnersStack.css
index 5fed9e61d4e3f..293faa98376a7 100644
--- a/packages/react-devtools-shared/src/devtools/views/Components/OwnersStack.css
+++ b/packages/react-devtools-shared/src/devtools/views/Components/OwnersStack.css
@@ -99,6 +99,6 @@
   color: var(--color-dimmest);
 }
 
-.Badge {
+.BadgesBlock {
   margin-left: 0.25rem;
 }
diff --git a/packages/react-devtools-shared/src/devtools/views/Components/OwnersStack.js b/packages/react-devtools-shared/src/devtools/views/Components/OwnersStack.js
index fda6efcc0d846..d4e177e30ac5f 100644
--- a/packages/react-devtools-shared/src/devtools/views/Components/OwnersStack.js
+++ b/packages/react-devtools-shared/src/devtools/views/Components/OwnersStack.js
@@ -19,7 +19,7 @@ import {
 import Button from '../Button';
 import ButtonIcon from '../ButtonIcon';
 import Toggle from '../Toggle';
-import Badge from './Badge';
+import ElementBadges from './ElementBadges';
 import {OwnersListContext} from './OwnersListContext';
 import {TreeDispatcherContext, TreeStateContext} from './TreeContext';
 import {useIsOverflowing} from '../hooks';
@@ -204,11 +204,7 @@ type ElementsDropdownProps = {
   selectOwner: SelectOwner,
   ...
 };
-function ElementsDropdown({
-  owners,
-  selectedIndex,
-  selectOwner,
-}: ElementsDropdownProps) {
+function ElementsDropdown({owners, selectOwner}: ElementsDropdownProps) {
   const store = useContext(StoreContext);
 
   const menuItems = [];
@@ -222,10 +218,10 @@ function ElementsDropdown({
         onSelect={() => (isInStore ? selectOwner(owner) : null)}>
         {owner.displayName}
 
-        <Badge
-          className={styles.Badge}
+        <ElementBadges
           hocDisplayNames={owner.hocDisplayNames}
-          type={owner.type}
+          compiledWithForget={owner.compiledWithForget}
+          className={styles.BadgesBlock}
         />
       </MenuItem>,
     );
@@ -254,7 +250,7 @@ type ElementViewProps = {
 function ElementView({isSelected, owner, selectOwner}: ElementViewProps) {
   const store = useContext(StoreContext);
 
-  const {displayName, hocDisplayNames, type} = owner;
+  const {displayName, hocDisplayNames, compiledWithForget} = owner;
   const isInStore = store.containsElement(owner.id);
 
   const handleChange = useCallback(() => {
@@ -270,10 +266,10 @@ function ElementView({isSelected, owner, selectOwner}: ElementViewProps) {
       onChange={handleChange}>
       {displayName}
 
-      <Badge
-        className={styles.Badge}
+      <ElementBadges
         hocDisplayNames={hocDisplayNames}
-        type={type}
+        compiledWithForget={compiledWithForget}
+        className={styles.BadgesBlock}
       />
     </Toggle>
   );
diff --git a/packages/react-devtools-shared/src/devtools/views/Components/TreeContext.js b/packages/react-devtools-shared/src/devtools/views/Components/TreeContext.js
index 21cfea44dd825..6d4dec6472b04 100644
--- a/packages/react-devtools-shared/src/devtools/views/Components/TreeContext.js
+++ b/packages/react-devtools-shared/src/devtools/views/Components/TreeContext.js
@@ -993,10 +993,13 @@ function recursivelySearchTree(
   regExp: RegExp,
   searchResults: Array<number>,
 ): void {
-  const {children, displayName, hocDisplayNames} = ((store.getElementByID(
-    elementID,
-  ): any): Element);
+  const element = store.getElementByID(elementID);
 
+  if (element == null) {
+    return;
+  }
+
+  const {children, displayName, hocDisplayNames, compiledWithForget} = element;
   if (displayName != null && regExp.test(displayName) === true) {
     searchResults.push(elementID);
   } else if (
@@ -1005,6 +1008,8 @@ function recursivelySearchTree(
     hocDisplayNames.some(name => regExp.test(name)) === true
   ) {
     searchResults.push(elementID);
+  } else if (compiledWithForget && regExp.test('Forget')) {
+    searchResults.push(elementID);
   }
 
   children.forEach(childID =>
diff --git a/packages/react-devtools-shared/src/devtools/views/Profiler/utils.js b/packages/react-devtools-shared/src/devtools/views/Profiler/utils.js
index 0738870c56ac9..193ce766d705f 100644
--- a/packages/react-devtools-shared/src/devtools/views/Profiler/utils.js
+++ b/packages/react-devtools-shared/src/devtools/views/Profiler/utils.js
@@ -8,7 +8,7 @@
  */
 
 import {PROFILER_EXPORT_VERSION} from 'react-devtools-shared/src/constants';
-import {separateDisplayNameAndHOCs} from 'react-devtools-shared/src/utils';
+import {backendToFrontendSerializedElementMapper} from 'react-devtools-shared/src/utils';
 
 import type {ProfilingDataBackend} from 'react-devtools-shared/src/backend/types';
 import type {
@@ -106,20 +106,9 @@ export function prepareProfilingDataFrontendFromBackendAndStore(
             timestamp: commitDataBackend.timestamp,
             updaters:
               commitDataBackend.updaters !== null
-                ? commitDataBackend.updaters.map(serializedElement => {
-                    const [
-                      serializedElementDisplayName,
-                      serializedElementHocDisplayNames,
-                    ] = separateDisplayNameAndHOCs(
-                      serializedElement.displayName,
-                      serializedElement.type,
-                    );
-                    return {
-                      ...serializedElement,
-                      displayName: serializedElementDisplayName,
-                      hocDisplayNames: serializedElementHocDisplayNames,
-                    };
-                  })
+                ? commitDataBackend.updaters.map(
+                    backendToFrontendSerializedElementMapper,
+                  )
                 : null,
           }),
         );
diff --git a/packages/react-devtools-shared/src/frontend/types.js b/packages/react-devtools-shared/src/frontend/types.js
index 3d85a0109570d..76a6a741b7975 100644
--- a/packages/react-devtools-shared/src/frontend/types.js
+++ b/packages/react-devtools-shared/src/frontend/types.js
@@ -151,6 +151,10 @@ export type Element = {
   // This element is not in a StrictMode compliant subtree.
   // Only true for React versions supporting StrictMode.
   isStrictModeNonCompliant: boolean,
+
+  // If component is compiled with Forget, the backend will send its name as Forget(...)
+  // Later, on the frontend side, we will strip HOC names and Forget prefix.
+  compiledWithForget: boolean,
 };
 
 export type SerializedElement = {
@@ -158,6 +162,7 @@ export type SerializedElement = {
   id: number,
   key: number | string | null,
   hocDisplayNames: Array<string> | null,
+  compiledWithForget: boolean,
   type: ElementType,
 };
 
diff --git a/packages/react-devtools-shared/src/utils.js b/packages/react-devtools-shared/src/utils.js
index 52de92b5d6489..cd66740abba05 100644
--- a/packages/react-devtools-shared/src/utils.js
+++ b/packages/react-devtools-shared/src/utils.js
@@ -60,8 +60,10 @@ import type {
   ComponentFilter,
   ElementType,
   BrowserTheme,
-} from './frontend/types';
-import type {LRUCache} from 'react-devtools-shared/src/frontend/types';
+  SerializedElement as SerializedElementFrontend,
+  LRUCache,
+} from 'react-devtools-shared/src/frontend/types';
+import type {SerializedElement as SerializedElementBackend} from 'react-devtools-shared/src/backend/types';
 
 // $FlowFixMe[method-unbinding]
 const hasOwnProperty = Object.prototype.hasOwnProperty;
@@ -415,16 +417,35 @@ export function getOpenInEditorURL(): string {
   return getDefaultOpenInEditorURL();
 }
 
-export function separateDisplayNameAndHOCs(
+type ParseElementDisplayNameFromBackendReturn = {
+  formattedDisplayName: string | null,
+  hocDisplayNames: Array<string> | null,
+  compiledWithForget: boolean,
+};
+export function parseElementDisplayNameFromBackend(
   displayName: string | null,
   type: ElementType,
-): [string | null, Array<string> | null] {
+): ParseElementDisplayNameFromBackendReturn {
   if (displayName === null) {
-    return [null, null];
+    return {
+      formattedDisplayName: null,
+      hocDisplayNames: null,
+      compiledWithForget: false,
+    };
   }
 
-  let hocDisplayNames = null;
+  if (displayName.startsWith('Forget(')) {
+    const displayNameWithoutForgetWrapper = displayName.slice(
+      7,
+      displayName.length - 1,
+    );
 
+    const {formattedDisplayName, hocDisplayNames} =
+      parseElementDisplayNameFromBackend(displayNameWithoutForgetWrapper, type);
+    return {formattedDisplayName, hocDisplayNames, compiledWithForget: true};
+  }
+
+  let hocDisplayNames = null;
   switch (type) {
     case ElementTypeClass:
     case ElementTypeForwardRef:
@@ -442,7 +463,11 @@ export function separateDisplayNameAndHOCs(
       break;
   }
 
-  return [displayName, hocDisplayNames];
+  return {
+    formattedDisplayName: displayName,
+    hocDisplayNames,
+    compiledWithForget: false,
+  };
 }
 
 // Pulled from react-compat
@@ -897,3 +922,17 @@ export const isPlainObject = (object: Object): boolean => {
   const objectParentPrototype = Object.getPrototypeOf(objectPrototype);
   return !objectParentPrototype;
 };
+
+export function backendToFrontendSerializedElementMapper(
+  element: SerializedElementBackend,
+): SerializedElementFrontend {
+  const {formattedDisplayName, hocDisplayNames, compiledWithForget} =
+    parseElementDisplayNameFromBackend(element.displayName, element.type);
+
+  return {
+    ...element,
+    displayName: formattedDisplayName,
+    hocDisplayNames,
+    compiledWithForget,
+  };
+}