diff --git a/STAGING-v0.0.5.md b/STAGING-v0.0.5.md
index ea5431c..6a44fae 100644
--- a/STAGING-v0.0.5.md
+++ b/STAGING-v0.0.5.md
@@ -48,6 +48,7 @@ branch → run relevant tests → record below.
 | 28 | #164 | fix/104-training-control | #104 | both findings (P1 start-training constraints bypass-able by omission; P2 user-controlled strings injected verbatim into agent system prompts) already fixed by author's fixup `4e5a0ed` (postdates the comments): omission now rejected — agent must declare `optimization_metric`/`max_trials` when configured; `TrainingConfig.optimization_metric` restricted to a plain-identifier charset; +3 tests | hand-rolled boot-time `ALTER TABLE projects ADD COLUMN training_config` (dead `_run_migrations` path) converted to Alembic revision `3f7a1c9e2d64_projects_training_config` (chained on `0bae8e0f765d`); `_run_alembic_sync` stamp semantics fixed — legacy DBs now stamp at the INITIAL revision then `upgrade head` (stamping straight at head would silently skip post-cutover DDL like this column); alembic tests updated (+2: stamp-then-upgrade applies post-initial DDL, fresh-upgrade has the column) | full backend suite: **453 passed, 8 skipped** (alembic 8/8, training_config 18/18); ruff check + format --check clean; frontend vitest 4/4, tsc clean, prettier --check clean; CLI `alembic upgrade head` on fresh SQLite verified | single conflict: `backend/schemas.py` import block (kept both `re` + `Any`); head `4e5a0ed` verified as merge parent |
 | 29 | #165 | fix/107-cost-budget | #107 | P1 (non-BudgetExceededError from `check_budget` landing session in `failed`) already fixed by author's fixup `1bfed27` (`_check_budget_failopen` + 2 tests); P2 (two-SELECT atomicity in `get_budget_status`) dismissed by author with reasoning (AsyncSession autobegin shares one transaction; race direction is conservative; re-checked after every usage event) | branch repaired in triage worktree `f165`: staging merged in, 8 conflict files resolved preserving BOTH features (training controls AND budget enforcement) — `ProjectSettingsModal.onSave` signature combined to `(config, budgetUsd, training)`; hand-rolled `ALTER TABLE projects ADD COLUMN budget_usd` converted to Alembic revision `8e4b2d6f1a35_projects_budget_usd` (chained on `3f7a1c9e2d64`); alembic tests extended to assert `budget_usd` | branch: full suite **463 passed, 8 skipped**, ruff check + format --check clean (168 files), tsc/prettier/vitest 4/4 clean; post-merge staging: **463 passed, 8 skipped**; alembic chain verified linear, single head `8e4b2d6f1a35`; CLI `alembic upgrade head` fresh SQLite → both new columns present | conflicts kept both: `models.py`, `routers/projects.py`, `schemas.py`, `runner.py` (budget pre-check + wall-clock clamp), `ProjectSettingsModal.tsx` (Budget + Training Controls sections), `Sidebar.tsx`, `api.ts`, `types.ts`; pushed `712e37f` verified as merge parent |
 | 30 | #87 | feat/workspace-download | #79 | rounds 1–2 already fixed by author (`7dc0d1b`, `8cfc952`): log_table rows iterator, cap-exceeded full file reads, yield-in-finally async generator, unused `READ_CHUNK_BYTES`, 404-on-empty-sessions convention, partial-read zip entries marked in `__truncated.txt`; round-3 P1 (`log_confusion_matrix` exhausts `y_true`/`y_pred` iterators → silent all-zero matrix) outstanding → fixed on PR branch in `1f6ad6d` (materialize both to lists once up front; +2 regression tests in new `backend/tests/test_trainable_runtime.py`) | ruff UP031 (branch predates pinned config): 2 `%`-format raises → f-strings (`f80d7f4`); `frontend/node_modules` worktree symlink accidentally committed via `git add -A` — dropped in `f313653` (branch) and merged to staging as a follow-up merge; main checkout's real `node_modules` had been replaced by that symlink during the merge → reinstalled via `npm ci` | branch: full suite **477 passed, 8 skipped**, ruff check + format --check clean (174 files), tsc/prettier/vitest 4/4 clean; post-merge staging: **477 passed, 8 skipped** | no `db.py`/`models.py` changes → no Alembic revision needed; conflicts: `backend/main.py` router includes (kept both `download` + `samples`); `sandbox.py` auto-merged — #87's refactor (inline SDK preamble → shared `services/trainable_runtime.py`) intact, staging's pre-sandbox volume bootstrap preserved; `conftest.py` auto-merged (MockVolume chunked-read + error injection); `page.tsx`/`Sidebar.tsx` auto-merged; pushed `f313653` (contains merge `f80d7f4` + P1 fix `1f6ad6d`) verified as merge parent |
+| 31 | #148 | fix/100-dedupe-eventsource | #100 | round-1 findings (P2 second-context vs lib/AGENTS.md; P2 cross-session event bleed) already fixed by author's fixup `3f73570` (session-scoped `publish` + documented stateless bus context + 5 vitest tests); round-2 P1 (throwing bus listener silently kills `connectSSE`'s UI switch — `publish` ran inside the try/catch before the switch) outstanding → fixed on PR branch in `cfbfb40` (per-listener try/catch in `SSEStreamContext.publish`, logs and continues) | branch repaired against staging in `8f74aab`: conflict only in `frontend/package-lock.json` (lockfile churn) — took staging's via `--theirs`, regenerated with `npm install` against merged package.json; `frontend/node_modules` verified real directory (not symlink) | branch: vitest **9/9** (4 api + 5 bus/notebook), tsc clean, prettier clean; post-merge staging: vitest **9/9**, tsc clean, prettier clean | `page.tsx` auto-merged — verified #148's `SSEStreamProvider`/`publish(sid, event)` AND #169's `takeSuggestedPrompt`/`Sparkles` wiring AND #87's `/api/sessions/{id}/download` UI all present; pushed `8f74aab` (contains P1 fix `cfbfb40`) verified as merge parent |
 
 ## Deferred / not merged
 
diff --git a/docs/manual-tests/chat-memoization.md b/docs/manual-tests/chat-memoization.md
new file mode 100644
index 0000000..4de8fbc
--- /dev/null
+++ b/docs/manual-tests/chat-memoization.md
@@ -0,0 +1,61 @@
+# Manual test: chat item memoization & streaming (PR #150)
+
+PR #150 memoizes `ChatItemView` (frontend/src/app/page.tsx) and hoists the
+`remarkGfm` plugin array so markdown bubbles stop re-parsing on every streamed
+token. Each item also receives a per-item `isStreaming` boolean (not the shared
+streaming-item id), so when a stream starts or ends only the affected bubble
+re-renders. There is no frontend unit-test infrastructure in this repo, so
+verify the behavior manually as follows.
+
+## Setup
+
+1. Start the stack (backend + frontend) as usual, e.g. `docker compose up`
+   or `cd frontend && npm ci && npm run dev` against a running backend.
+2. Open the app in Chrome and open a session with an existing chat history
+   (or create one and send a few messages first, including at least one
+   assistant reply containing markdown: headings, a table, a code block).
+3. Open Chrome DevTools → install/enable **React Developer Tools** →
+   Profiler tab → gear icon → check **"Record why each component rendered"**
+   and enable **"Highlight updates when components render"** in the settings.
+
+## Test 1 — only the streaming bubble re-renders per token
+
+1. Start Profiler recording.
+2. Send a new message and let the assistant stream a long reply.
+3. Stop recording after the stream ends.
+
+**Expected:**
+- During token updates, render highlights flash only around the streaming
+  assistant bubble, not around earlier chat bubbles.
+- In the Profiler flamegraph, prior `ChatItemView` instances show
+  "Did not render" / memo bailout for the token-update commits.
+- At the stream **start** and **end** commits, only the streaming item
+  re-renders (its `isStreaming` prop flips); other items still bail out —
+  this is the per-item boolean fix from the Greptile review.
+
+## Test 2 — markdown is not re-parsed in old bubbles
+
+1. With a history containing a large markdown reply (table + code block),
+   start streaming a new reply.
+2. In the Profiler, select the old markdown bubble's `ChatItemView`.
+
+**Expected:** it reports no renders during the stream. If it re-rendered
+every token (the pre-PR behavior), `ReactMarkdown` would re-parse its content
+each time — visible as jank/CPU in the Performance tab on long histories.
+
+## Test 3 — streaming caret behaves correctly
+
+1. Watch the streaming assistant bubble while tokens arrive.
+
+**Expected:**
+- A blinking caret is shown at the end of the streaming bubble only.
+- When the stream finishes, the caret disappears from that bubble.
+- No other bubble ever shows a caret.
+
+## Test 4 — no visual/behavioral regressions
+
+Quickly sanity-check every chat item type still renders:
+user messages (incl. file pills and @-mentions), assistant markdown
+(GFM tables/strikethrough/task lists must still render — this exercises the
+hoisted `CHAT_MARKDOWN_PLUGINS`), tool cards, sub-agent cards, clarification
+cards, and error items. Scroll through an existing long session to confirm.
diff --git a/frontend/src/app/page.tsx b/frontend/src/app/page.tsx
index a6c1dec..f785c0b 100644
--- a/frontend/src/app/page.tsx
+++ b/frontend/src/app/page.tsx
@@ -3937,7 +3937,17 @@ function renderGroupedChatItems(
       }
       result.push(<ToolGroupCard key={`tg-${group[0].id}`} items={group} />);
     } else {
-      result.push(renderChatItem(cur, streamingItemId, sessionId));
+      // Pass a per-item boolean instead of the shared streamingItemId string:
+      // when streaming starts/ends only the affected item sees a prop change,
+      // so `memo` still bails out for every other bubble.
+      result.push(
+        <ChatItemView
+          key={cur.id}
+          item={cur}
+          isStreaming={cur.id === streamingItemId}
+          sessionId={sessionId}
+        />,
+      );
       i++;
     }
   }
@@ -4091,14 +4101,31 @@ function AttachedFilesPreview({
 }
 
 // ---------------------------------------------------------------------------
-// renderChatItem
+// ChatItemView — memoized per-item renderer (formerly the plain
+// `renderChatItem` function). renderGroupedChatItems re-runs on every
+// `agent_token`/`agent_message` SSE event (each one calls `setChatItems`),
+// which previously re-invoked this as a plain function for every prior
+// message and re-parsed markdown for all of them — O(messages) ReactMarkdown
+// parses per streamed chunk. Wrapping it in `memo`, keyed by `item.id` at
+// the call site, means React bails out and skips re-render (and re-parse)
+// for every bubble except the one whose `item` object reference actually
+// changed (the currently-streaming assistant bubble).
 // ---------------------------------------------------------------------------
 
-function renderChatItem(
-  item: ChatItem,
-  streamingItemId?: string | null,
-  sessionId?: string | null,
-) {
+// Stable remark-plugins array for chat bubbles — a fresh `[remarkGfm]`
+// literal on every render would give ReactMarkdown a "new" plugin list each
+// time, undermining the memoization above even when `item` didn't change.
+const CHAT_MARKDOWN_PLUGINS = [remarkGfm];
+
+const ChatItemView = memo(function ChatItemView({
+  item,
+  isStreaming,
+  sessionId,
+}: {
+  item: ChatItem;
+  isStreaming?: boolean;
+  sessionId?: string | null;
+}) {
   switch (item.type) {
     case 'user': {
       const files: string[] = item.meta?.files || [];
@@ -4107,7 +4134,7 @@ function renderChatItem(
       const hasFiles = files.length > 0;
       const tokens = mentions && mentions.length > 0 ? wireToDraft(item.content, mentions) : null;
       return (
-        <div key={item.id} className="flex justify-end animate-fade-in">
+        <div className="flex justify-end animate-fade-in">
           <div className="max-w-[80%] rounded-2xl rounded-br-md bg-primary-600 text-white text-sm overflow-hidden">
             {hasFiles && <UserMessageFilePills files={files} hasText={Boolean(hasText)} />}
             {hasText && (
@@ -4135,10 +4162,9 @@ function renderChatItem(
       const agentColor = agentMeta ? AGENT_COLORS[agentMeta.color] : null;
       const avatarBg = agentColor ? agentColor.bg : 'bg-emerald-500/20';
       const avatarText = agentColor ? agentColor.text : 'text-emerald-400';
-      const isStreaming = item.id === streamingItemId;
 
       return (
-        <div key={item.id} className="flex gap-3 animate-fade-in">
+        <div className="flex gap-3 animate-fade-in">
           <div
             className={`w-7 h-7 rounded-full ${avatarBg} flex items-center justify-center shrink-0 mt-1`}
           >
@@ -4148,7 +4174,7 @@ function renderChatItem(
             {agentMeta && (
               <div className={`text-[10px] ${avatarText} font-medium mb-1`}>{agentMeta.label}</div>
             )}
-            <ReactMarkdown remarkPlugins={[remarkGfm]}>{item.content}</ReactMarkdown>
+            <ReactMarkdown remarkPlugins={CHAT_MARKDOWN_PLUGINS}>{item.content}</ReactMarkdown>
             {isStreaming && (
               <span className="inline-block w-2 h-5 bg-primary-400 rounded-sm ml-0.5 animate-blink align-text-bottom" />
             )}
@@ -4158,29 +4184,26 @@ function renderChatItem(
     }
     case 'tool_start':
     case 'tool_end':
-      return <CollapsibleToolCard key={item.id} item={item} />;
+      return <CollapsibleToolCard item={item} />;
     case 'code_output':
       return null; // folded into the tool card above
     case 'subagent_start':
     case 'subagent_end':
-      return <SubAgentCard key={item.id} item={item} />;
+      return <SubAgentCard item={item} />;
     case 'clarification':
-      return <ClarificationCard key={item.id} item={item} sessionId={sessionId ?? null} />;
+      return <ClarificationCard item={item} sessionId={sessionId ?? null} />;
     case 'agent_tool':
-      return <AgentToolCard key={item.id} item={item} />;
+      return <AgentToolCard item={item} />;
     case 'error':
       return (
-        <div
-          key={item.id}
-          className="animate-fade-in flex items-center gap-2 px-3 py-2 bg-red-900/30 border border-red-800/50 rounded-lg text-sm text-red-400"
-        >
+        <div className="animate-fade-in flex items-center gap-2 px-3 py-2 bg-red-900/30 border border-red-800/50 rounded-lg text-sm text-red-400">
           <AlertCircle className="w-4 h-4 shrink-0" />
           {item.content}
         </div>
       );
     case 'status':
       return (
-        <div key={item.id} className="text-center">
+        <div className="text-center">
           <span
             className={`inline-flex items-center gap-1.5 px-3 py-1 rounded-full text-xs font-medium ${
               item.content.includes('running')
@@ -4200,7 +4223,7 @@ function renderChatItem(
       );
     case 'stage_complete':
       return (
-        <div key={item.id} className="flex items-center justify-center py-2 animate-fade-in">
+        <div className="flex items-center justify-center py-2 animate-fade-in">
           <div className="flex items-center gap-2 px-4 py-2 rounded-full bg-green-500/10 border border-green-500/20">
             <CheckCircle2 className="w-4 h-4 text-green-400" />
             <span className="text-sm font-medium text-green-300">{item.content} complete</span>
@@ -4210,4 +4233,4 @@ function renderChatItem(
     default:
       return null;
   }
-}
+});