diff --git a/src/utils/chunkColouring.ts b/src/utils/chunkColouring.ts
index 542a72aa2a6..86793db1739 100644
--- a/src/utils/chunkColouring.ts
+++ b/src/utils/chunkColouring.ts
@@ -1,134 +1,176 @@
+import ExternalModule from '../ExternalModule';
 import Module from '../Module';
 import { randomUint8Array, Uint8ArrayXor } from './entryHashing';
 
-function randomColour(): Uint8Array {
-	return randomUint8Array(10);
-}
-
-function subset<T>(small: Set<T>, big: Set<T>): boolean {
-	return small.size <= big.size && [...small].every(item => big.has(item));
-}
-
-interface StaticModuleGroup {
-	dynamicEntries: Set<Module>;
-	modules: Set<Module>;
-}
+type DependentModuleMap = Map<Module, Set<Module>>;
 
 export function assignChunkColouringHashes(
 	entryModules: Module[],
 	manualChunkModules: Record<string, Module[]>
 ) {
-	const colouredModules: Set<Module> = new Set();
-	const staticModuleGroups: Map<Module, StaticModuleGroup> = new Map();
+	const { dependentEntryPointsByModule, dynamicImportersByModule } = analyzeModuleGraph(
+		entryModules
+	);
+	const dynamicDependentEntryPointsByDynamicEntry: DependentModuleMap = getDynamicDependentEntryPoints(
+		dependentEntryPointsByModule,
+		dynamicImportersByModule
+	);
 
-	function collectStaticModuleGroup(rootModule: Module): StaticModuleGroup {
-		if (staticModuleGroups.has(rootModule)) {
-			return staticModuleGroups.get(rootModule)!;
-		}
-		const modules = new Set<Module>();
-		const dynamicEntries = new Set<Module>();
-		const group: StaticModuleGroup = { modules, dynamicEntries };
-		staticModuleGroups.set(rootModule, group);
-		const process = (module: Module, importer: Module | null) => {
-			if (modules.has(module)) {
-				return;
-			}
-			modules.add(module);
-			if (!module.manualChunkAlias && importer?.manualChunkAlias) {
-				module.manualChunkAlias = importer.manualChunkAlias;
-			}
-			// TODO remove reverse? needed because previously manual chunk alias propogation was other way
-			for (const dependency of module.dependencies.slice().reverse()) {
-				if (dependency instanceof Module) {
-					process(dependency, module);
-				}
-			}
-			for (const { resolution } of module.dynamicImports) {
-				if (resolution instanceof Module && resolution.dynamicallyImportedBy.length > 0) {
-					dynamicEntries.add(resolution);
-				}
+	if (manualChunkModules) {
+		for (const chunkName of Object.keys(manualChunkModules)) {
+			const entryHash = randomUint8Array(10);
+
+			for (const entry of manualChunkModules[chunkName]) {
+				addColourToModuleDependencies(
+					entry,
+					entryHash,
+					null,
+					dependentEntryPointsByModule,
+					dynamicDependentEntryPointsByDynamicEntry
+				);
 			}
-		};
-		process(rootModule, null);
-		return group;
+		}
 	}
 
-	function paintModules(inputEntryModules: Array<{ paint: Uint8Array; rootModule: Module }>): void {
-		const entryModules: Array<{
-			loadedModules: Set<Module>;
-			paint: Uint8Array;
-			rootModule: Module;
-		}> = inputEntryModules.map(({ paint, rootModule }) => ({
-			loadedModules: new Set(),
-			paint,
-			rootModule
-		}));
+	for (const entry of entryModules) {
+		if (!entry.manualChunkAlias) {
+			const entryHash = randomUint8Array(10);
+			addColourToModuleDependencies(
+				entry,
+				entryHash,
+				null,
+				dependentEntryPointsByModule,
+				dynamicDependentEntryPointsByDynamicEntry
+			);
+		}
+	}
 
-		function registerNewEntryPoint(
-			rootModule: Module,
-			loadedModules: Set<Module>,
-			paint: Uint8Array
-		): void {
-			const alreadyProcessed = entryModules.some(
-				entry => entry.rootModule === rootModule && subset(entry.loadedModules, loadedModules)
+	for (const entry of dynamicImportersByModule.keys()) {
+		if (!entry.manualChunkAlias) {
+			const entryHash = randomUint8Array(10);
+			addColourToModuleDependencies(
+				entry,
+				entryHash,
+				dynamicDependentEntryPointsByDynamicEntry.get(entry)!,
+				dependentEntryPointsByModule,
+				dynamicDependentEntryPointsByDynamicEntry
 			);
-			if (!alreadyProcessed) {
-				entryModules.push({
-					loadedModules,
-					paint,
-					rootModule
-				});
-			}
 		}
+	}
+}
 
-		function paintModule(rootModule: Module, loadedModules: Set<Module>, paint: Uint8Array): void {
-			const { modules, dynamicEntries } = collectStaticModuleGroup(rootModule);
-			const newLoadedModules = new Set([...loadedModules, ...modules]);
-			for (const module of modules) {
-				if (module.manualChunkAlias) {
-					if (
-						!colouredModules.has(module) &&
-						rootModule.manualChunkAlias === module.manualChunkAlias
-					) {
-						Uint8ArrayXor(module.entryPointsHash, paint);
-						colouredModules.add(module);
-					}
-				} else {
-					if (!colouredModules.has(module) || !loadedModules.has(module)) {
-						Uint8ArrayXor(module.entryPointsHash, paint);
-						colouredModules.add(module);
-					}
+function analyzeModuleGraph(
+	entryModules: Module[]
+): {
+	dependentEntryPointsByModule: DependentModuleMap;
+	dynamicImportersByModule: DependentModuleMap;
+} {
+	const dynamicImportersByModule: DependentModuleMap = new Map();
+	const dependentEntryPointsByModule: DependentModuleMap = new Map();
+	const entriesToHandle = new Set(entryModules);
+	for (const currentEntry of entriesToHandle) {
+		const modulesToHandle = new Set<Module>([currentEntry]);
+		for (const module of modulesToHandle) {
+			getDependentModules(dependentEntryPointsByModule, module).add(currentEntry);
+			for (const dependency of module.dependencies) {
+				if (!(dependency instanceof ExternalModule)) {
+					modulesToHandle.add(dependency);
 				}
 			}
-			for (const module of dynamicEntries) {
-				registerNewEntryPoint(module, newLoadedModules, randomColour());
+			for (const { resolution } of module.dynamicImports) {
+				if (
+					resolution instanceof Module &&
+					resolution.dynamicallyImportedBy.length > 0 &&
+					!resolution.manualChunkAlias
+				) {
+					getDependentModules(dynamicImportersByModule, resolution).add(module);
+					entriesToHandle.add(resolution);
+				}
 			}
 		}
-
-		for (let i = 0; i < entryModules.length /* updates */; i++) {
-			const { paint, rootModule, loadedModules } = entryModules[i];
-			paintModule(rootModule, loadedModules, paint);
-		}
 	}
+	return { dependentEntryPointsByModule, dynamicImportersByModule };
+}
 
-	const modules: Array<{ paint: Uint8Array; rootModule: Module }> = [];
-
-	if (manualChunkModules) {
-		for (const chunkName of Object.keys(manualChunkModules)) {
-			const paint = randomColour();
+function getDependentModules(moduleMap: DependentModuleMap, module: Module): Set<Module> {
+	const dependentModules = moduleMap.get(module) || new Set();
+	moduleMap.set(module, dependentModules);
+	return dependentModules;
+}
 
-			for (const module of manualChunkModules[chunkName]) {
-				if (!module.manualChunkAlias) {
-					throw new Error('Missing manualChunkAlias');
-				}
-				modules.push({ rootModule: module, paint });
+function getDynamicDependentEntryPoints(
+	dependentEntryPointsByModule: DependentModuleMap,
+	dynamicImportersByModule: DependentModuleMap
+): DependentModuleMap {
+	const dynamicDependentEntryPointsByDynamicEntry: DependentModuleMap = new Map();
+	for (const [dynamicEntry, importers] of dynamicImportersByModule.entries()) {
+		const dynamicDependentEntryPoints = getDependentModules(
+			dynamicDependentEntryPointsByDynamicEntry,
+			dynamicEntry
+		);
+		for (const importer of importers) {
+			for (const entryPoint of dependentEntryPointsByModule.get(importer)!) {
+				dynamicDependentEntryPoints.add(entryPoint);
 			}
 		}
 	}
+	return dynamicDependentEntryPointsByDynamicEntry;
+}
 
-	for (const module of entryModules) {
-		modules.push({ rootModule: module, paint: randomColour() });
+function addColourToModuleDependencies(
+	entry: Module,
+	colour: Uint8Array,
+	dynamicDependentEntryPoints: Set<Module> | null,
+	dependentEntryPointsByModule: DependentModuleMap,
+	dynamicDependentEntryPointsByDynamicEntry: DependentModuleMap
+) {
+	const manualChunkAlias = entry.manualChunkAlias;
+	const modulesToHandle = new Set([entry]);
+	for (const module of modulesToHandle) {
+		if (manualChunkAlias) {
+			module.manualChunkAlias = manualChunkAlias;
+			module.entryPointsHash = colour;
+		} else if (
+			dynamicDependentEntryPoints &&
+			areEntryPointsContainedOrDynamicallyDependent(
+				dynamicDependentEntryPoints,
+				dependentEntryPointsByModule.get(module)!,
+				dynamicDependentEntryPointsByDynamicEntry
+			)
+		) {
+			continue;
+		} else {
+			Uint8ArrayXor(module.entryPointsHash, colour);
+		}
+		for (const dependency of module.dependencies) {
+			if (!(dependency instanceof ExternalModule || dependency.manualChunkAlias)) {
+				modulesToHandle.add(dependency);
+			}
+		}
 	}
+}
 
-	paintModules(modules);
+function areEntryPointsContainedOrDynamicallyDependent(
+	entryPoints: Set<Module>,
+	superSet: Set<Module>,
+	dynamicDependentEntryPointsByDynamicEntry: DependentModuleMap
+): boolean {
+	for (const module of entryPoints) {
+		if (!superSet.has(module)) {
+			const dynamicDependentEntryPoints = dynamicDependentEntryPointsByDynamicEntry.get(module);
+			if (
+				!(
+					dynamicDependentEntryPoints &&
+					areEntryPointsContainedOrDynamicallyDependent(
+						dynamicDependentEntryPoints,
+						superSet,
+						dynamicDependentEntryPointsByDynamicEntry
+					)
+				)
+			) {
+				return false;
+			}
+		}
+	}
+	return true;
 }
diff --git a/src/utils/entryHashing.ts b/src/utils/entryHashing.ts
index 5ab34274205..77327a7fd6e 100644
--- a/src/utils/entryHashing.ts
+++ b/src/utils/entryHashing.ts
@@ -25,9 +25,6 @@ export function randomUint8Array(len: number): Uint8Array {
 }
 
 export function Uint8ArrayXor(to: Uint8Array, from: Uint8Array): Uint8Array {
-	if (to.length !== from.length) {
-		throw new Error('Arrays are different sizes.');
-	}
 	for (let i = 0; i < to.length; i++) to[i] = to[i] ^ from[i];
 	return to;
 }
diff --git a/test/chunking-form/samples/improved-dynamic-chunks/dynamic-import-already-contained-1/_config.js b/test/chunking-form/samples/improved-dynamic-chunks/dynamic-import-already-contained-1/_config.js
new file mode 100644
index 00000000000..f475a15a739
--- /dev/null
+++ b/test/chunking-form/samples/improved-dynamic-chunks/dynamic-import-already-contained-1/_config.js
@@ -0,0 +1,3 @@
+module.exports = {
+	description: 'inlines dynamic imports that are already statically imported'
+};
diff --git a/test/chunking-form/samples/improved-dynamic-chunks/dynamic-import-already-contained-1/_expected/amd/main.js b/test/chunking-form/samples/improved-dynamic-chunks/dynamic-import-already-contained-1/_expected/amd/main.js
new file mode 100644
index 00000000000..3fab3918be6
--- /dev/null
+++ b/test/chunking-form/samples/improved-dynamic-chunks/dynamic-import-already-contained-1/_expected/amd/main.js
@@ -0,0 +1,29 @@
+define(['exports'], function (exports) { 'use strict';
+
+	Promise.resolve().then(function () { return main; }).then(console.log);
+	console.log('dep1');
+	const value1 = 'dep1';
+
+	var dep1 = /*#__PURE__*/Object.freeze({
+		__proto__: null,
+		value1: value1
+	});
+
+	Promise.resolve().then(function () { return dep1; }).then(console.log);
+	console.log('dep2');
+	const value2 = 'dep2';
+
+	Promise.resolve().then(function () { return main; }).then(console.log);
+	console.log('main', value1, value2);
+	const value = 'main';
+
+	var main = /*#__PURE__*/Object.freeze({
+		__proto__: null,
+		value: value
+	});
+
+	exports.value = value;
+
+	Object.defineProperty(exports, '__esModule', { value: true });
+
+});
diff --git a/test/chunking-form/samples/improved-dynamic-chunks/dynamic-import-already-contained-1/_expected/cjs/main.js b/test/chunking-form/samples/improved-dynamic-chunks/dynamic-import-already-contained-1/_expected/cjs/main.js
new file mode 100644
index 00000000000..cb766ee459d
--- /dev/null
+++ b/test/chunking-form/samples/improved-dynamic-chunks/dynamic-import-already-contained-1/_expected/cjs/main.js
@@ -0,0 +1,27 @@
+'use strict';
+
+Object.defineProperty(exports, '__esModule', { value: true });
+
+Promise.resolve().then(function () { return main; }).then(console.log);
+console.log('dep1');
+const value1 = 'dep1';
+
+var dep1 = /*#__PURE__*/Object.freeze({
+	__proto__: null,
+	value1: value1
+});
+
+Promise.resolve().then(function () { return dep1; }).then(console.log);
+console.log('dep2');
+const value2 = 'dep2';
+
+Promise.resolve().then(function () { return main; }).then(console.log);
+console.log('main', value1, value2);
+const value = 'main';
+
+var main = /*#__PURE__*/Object.freeze({
+	__proto__: null,
+	value: value
+});
+
+exports.value = value;
diff --git a/test/chunking-form/samples/improved-dynamic-chunks/dynamic-import-already-contained-1/_expected/es/main.js b/test/chunking-form/samples/improved-dynamic-chunks/dynamic-import-already-contained-1/_expected/es/main.js
new file mode 100644
index 00000000000..ab2781aef36
--- /dev/null
+++ b/test/chunking-form/samples/improved-dynamic-chunks/dynamic-import-already-contained-1/_expected/es/main.js
@@ -0,0 +1,23 @@
+Promise.resolve().then(function () { return main; }).then(console.log);
+console.log('dep1');
+const value1 = 'dep1';
+
+var dep1 = /*#__PURE__*/Object.freeze({
+	__proto__: null,
+	value1: value1
+});
+
+Promise.resolve().then(function () { return dep1; }).then(console.log);
+console.log('dep2');
+const value2 = 'dep2';
+
+Promise.resolve().then(function () { return main; }).then(console.log);
+console.log('main', value1, value2);
+const value = 'main';
+
+var main = /*#__PURE__*/Object.freeze({
+	__proto__: null,
+	value: value
+});
+
+export { value };
diff --git a/test/chunking-form/samples/improved-dynamic-chunks/dynamic-import-already-contained-1/_expected/system/main.js b/test/chunking-form/samples/improved-dynamic-chunks/dynamic-import-already-contained-1/_expected/system/main.js
new file mode 100644
index 00000000000..30ad2f5698f
--- /dev/null
+++ b/test/chunking-form/samples/improved-dynamic-chunks/dynamic-import-already-contained-1/_expected/system/main.js
@@ -0,0 +1,30 @@
+System.register([], function (exports) {
+	'use strict';
+	return {
+		execute: function () {
+
+			Promise.resolve().then(function () { return main; }).then(console.log);
+			console.log('dep1');
+			const value1 = 'dep1';
+
+			var dep1 = /*#__PURE__*/Object.freeze({
+				__proto__: null,
+				value1: value1
+			});
+
+			Promise.resolve().then(function () { return dep1; }).then(console.log);
+			console.log('dep2');
+			const value2 = 'dep2';
+
+			Promise.resolve().then(function () { return main; }).then(console.log);
+			console.log('main', value1, value2);
+			const value = exports('value', 'main');
+
+			var main = /*#__PURE__*/Object.freeze({
+				__proto__: null,
+				value: value
+			});
+
+		}
+	};
+});
diff --git a/test/chunking-form/samples/improved-dynamic-chunks/dynamic-import-already-contained-1/dep1.js b/test/chunking-form/samples/improved-dynamic-chunks/dynamic-import-already-contained-1/dep1.js
new file mode 100644
index 00000000000..5396c9c53d3
--- /dev/null
+++ b/test/chunking-form/samples/improved-dynamic-chunks/dynamic-import-already-contained-1/dep1.js
@@ -0,0 +1,3 @@
+import('./main.js').then(console.log);
+console.log('dep1');
+export const value1 = 'dep1';
diff --git a/test/chunking-form/samples/improved-dynamic-chunks/dynamic-import-already-contained-1/dep2.js b/test/chunking-form/samples/improved-dynamic-chunks/dynamic-import-already-contained-1/dep2.js
new file mode 100644
index 00000000000..8bcaf7e8992
--- /dev/null
+++ b/test/chunking-form/samples/improved-dynamic-chunks/dynamic-import-already-contained-1/dep2.js
@@ -0,0 +1,3 @@
+import('./dep1.js').then(console.log);
+console.log('dep2');
+export const value2 = 'dep2';
diff --git a/test/chunking-form/samples/improved-dynamic-chunks/dynamic-import-already-contained-1/main.js b/test/chunking-form/samples/improved-dynamic-chunks/dynamic-import-already-contained-1/main.js
new file mode 100644
index 00000000000..d8091f19910
--- /dev/null
+++ b/test/chunking-form/samples/improved-dynamic-chunks/dynamic-import-already-contained-1/main.js
@@ -0,0 +1,6 @@
+import { value1 } from './dep1.js';
+import { value2 } from './dep2.js';
+
+import('./main.js').then(console.log);
+console.log('main', value1, value2);
+export const value = 'main';
diff --git a/test/chunking-form/samples/improved-dynamic-chunks/dynamic-import-already-contained-2/_config.js b/test/chunking-form/samples/improved-dynamic-chunks/dynamic-import-already-contained-2/_config.js
new file mode 100644
index 00000000000..8fb4c32176c
--- /dev/null
+++ b/test/chunking-form/samples/improved-dynamic-chunks/dynamic-import-already-contained-2/_config.js
@@ -0,0 +1,3 @@
+module.exports = {
+	description: 'inlines dynamic imports that are already statically imported by their importers'
+};
diff --git a/test/chunking-form/samples/improved-dynamic-chunks/dynamic-import-already-contained-2/_expected/amd/main.js b/test/chunking-form/samples/improved-dynamic-chunks/dynamic-import-already-contained-2/_expected/amd/main.js
new file mode 100644
index 00000000000..466b0dabc88
--- /dev/null
+++ b/test/chunking-form/samples/improved-dynamic-chunks/dynamic-import-already-contained-2/_expected/amd/main.js
@@ -0,0 +1,23 @@
+define(function () { 'use strict';
+
+	Promise.resolve().then(function () { return dynamic2; }).then(console.log);
+	console.log('dynamic1');
+	const value1 = 'dynamic1';
+
+	var dynamic1 = /*#__PURE__*/Object.freeze({
+		__proto__: null,
+		value1: value1
+	});
+
+	console.log('dynamic2');
+	const value2 = 'dynamic2';
+
+	var dynamic2 = /*#__PURE__*/Object.freeze({
+		__proto__: null,
+		value2: value2
+	});
+
+	Promise.resolve().then(function () { return dynamic1; }).then(console.log);
+	console.log('main', value1, value2);
+
+});
diff --git a/test/chunking-form/samples/improved-dynamic-chunks/dynamic-import-already-contained-2/_expected/cjs/main.js b/test/chunking-form/samples/improved-dynamic-chunks/dynamic-import-already-contained-2/_expected/cjs/main.js
new file mode 100644
index 00000000000..5b5e7618221
--- /dev/null
+++ b/test/chunking-form/samples/improved-dynamic-chunks/dynamic-import-already-contained-2/_expected/cjs/main.js
@@ -0,0 +1,21 @@
+'use strict';
+
+Promise.resolve().then(function () { return dynamic2; }).then(console.log);
+console.log('dynamic1');
+const value1 = 'dynamic1';
+
+var dynamic1 = /*#__PURE__*/Object.freeze({
+	__proto__: null,
+	value1: value1
+});
+
+console.log('dynamic2');
+const value2 = 'dynamic2';
+
+var dynamic2 = /*#__PURE__*/Object.freeze({
+	__proto__: null,
+	value2: value2
+});
+
+Promise.resolve().then(function () { return dynamic1; }).then(console.log);
+console.log('main', value1, value2);
diff --git a/test/chunking-form/samples/improved-dynamic-chunks/dynamic-import-already-contained-2/_expected/es/main.js b/test/chunking-form/samples/improved-dynamic-chunks/dynamic-import-already-contained-2/_expected/es/main.js
new file mode 100644
index 00000000000..d5bed32b8dc
--- /dev/null
+++ b/test/chunking-form/samples/improved-dynamic-chunks/dynamic-import-already-contained-2/_expected/es/main.js
@@ -0,0 +1,19 @@
+Promise.resolve().then(function () { return dynamic2; }).then(console.log);
+console.log('dynamic1');
+const value1 = 'dynamic1';
+
+var dynamic1 = /*#__PURE__*/Object.freeze({
+	__proto__: null,
+	value1: value1
+});
+
+console.log('dynamic2');
+const value2 = 'dynamic2';
+
+var dynamic2 = /*#__PURE__*/Object.freeze({
+	__proto__: null,
+	value2: value2
+});
+
+Promise.resolve().then(function () { return dynamic1; }).then(console.log);
+console.log('main', value1, value2);
diff --git a/test/chunking-form/samples/improved-dynamic-chunks/dynamic-import-already-contained-2/_expected/system/main.js b/test/chunking-form/samples/improved-dynamic-chunks/dynamic-import-already-contained-2/_expected/system/main.js
new file mode 100644
index 00000000000..35382e9f21f
--- /dev/null
+++ b/test/chunking-form/samples/improved-dynamic-chunks/dynamic-import-already-contained-2/_expected/system/main.js
@@ -0,0 +1,28 @@
+System.register([], function () {
+	'use strict';
+	return {
+		execute: function () {
+
+			Promise.resolve().then(function () { return dynamic2; }).then(console.log);
+			console.log('dynamic1');
+			const value1 = 'dynamic1';
+
+			var dynamic1 = /*#__PURE__*/Object.freeze({
+				__proto__: null,
+				value1: value1
+			});
+
+			console.log('dynamic2');
+			const value2 = 'dynamic2';
+
+			var dynamic2 = /*#__PURE__*/Object.freeze({
+				__proto__: null,
+				value2: value2
+			});
+
+			Promise.resolve().then(function () { return dynamic1; }).then(console.log);
+			console.log('main', value1, value2);
+
+		}
+	};
+});
diff --git a/test/chunking-form/samples/improved-dynamic-chunks/dynamic-import-already-contained-2/dynamic1.js b/test/chunking-form/samples/improved-dynamic-chunks/dynamic-import-already-contained-2/dynamic1.js
new file mode 100644
index 00000000000..fb728362620
--- /dev/null
+++ b/test/chunking-form/samples/improved-dynamic-chunks/dynamic-import-already-contained-2/dynamic1.js
@@ -0,0 +1,3 @@
+import('./dynamic2.js').then(console.log);
+console.log('dynamic1');
+export const value1 = 'dynamic1';
diff --git a/test/chunking-form/samples/improved-dynamic-chunks/dynamic-import-already-contained-2/dynamic2.js b/test/chunking-form/samples/improved-dynamic-chunks/dynamic-import-already-contained-2/dynamic2.js
new file mode 100644
index 00000000000..d99f0e75577
--- /dev/null
+++ b/test/chunking-form/samples/improved-dynamic-chunks/dynamic-import-already-contained-2/dynamic2.js
@@ -0,0 +1,2 @@
+console.log('dynamic2');
+export const value2 = 'dynamic2';
diff --git a/test/chunking-form/samples/improved-dynamic-chunks/dynamic-import-already-contained-2/main.js b/test/chunking-form/samples/improved-dynamic-chunks/dynamic-import-already-contained-2/main.js
new file mode 100644
index 00000000000..5fccea310d3
--- /dev/null
+++ b/test/chunking-form/samples/improved-dynamic-chunks/dynamic-import-already-contained-2/main.js
@@ -0,0 +1,5 @@
+import { value1 } from './dynamic1.js';
+import { value2 } from './dynamic2.js';
+
+import('./dynamic1.js').then(console.log);
+console.log('main', value1, value2);
diff --git a/test/chunking-form/samples/improved-dynamic-chunks/dynamic-import-dynamic-multi-stage/_config.js b/test/chunking-form/samples/improved-dynamic-chunks/dynamic-import-dynamic-multi-stage/_config.js
new file mode 100644
index 00000000000..d8b7a769273
--- /dev/null
+++ b/test/chunking-form/samples/improved-dynamic-chunks/dynamic-import-dynamic-multi-stage/_config.js
@@ -0,0 +1,3 @@
+module.exports = {
+	description: 'handles if a dynamically imported module imports another module dynamically'
+};
diff --git a/test/chunking-form/samples/improved-dynamic-chunks/dynamic-import-dynamic-multi-stage/_expected/amd/generated-dynamic1.js b/test/chunking-form/samples/improved-dynamic-chunks/dynamic-import-dynamic-multi-stage/_expected/amd/generated-dynamic1.js
new file mode 100644
index 00000000000..41b95d106c9
--- /dev/null
+++ b/test/chunking-form/samples/improved-dynamic-chunks/dynamic-import-dynamic-multi-stage/_expected/amd/generated-dynamic1.js
@@ -0,0 +1,5 @@
+define(['require'], function (require) { 'use strict';
+
+	new Promise(function (resolve, reject) { require(['./generated-dynamic2'], resolve, reject) });
+
+});
diff --git a/test/chunking-form/samples/improved-dynamic-chunks/dynamic-import-dynamic-multi-stage/_expected/amd/generated-dynamic2.js b/test/chunking-form/samples/improved-dynamic-chunks/dynamic-import-dynamic-multi-stage/_expected/amd/generated-dynamic2.js
new file mode 100644
index 00000000000..b30754a60e8
--- /dev/null
+++ b/test/chunking-form/samples/improved-dynamic-chunks/dynamic-import-dynamic-multi-stage/_expected/amd/generated-dynamic2.js
@@ -0,0 +1,7 @@
+define(['exports', './main'], function (exports, main) { 'use strict';
+
+	console.log('dynamic2', main.value);
+
+	exports.value = main.value;
+
+});
diff --git a/test/chunking-form/samples/improved-dynamic-chunks/dynamic-import-dynamic-multi-stage/_expected/amd/main.js b/test/chunking-form/samples/improved-dynamic-chunks/dynamic-import-dynamic-multi-stage/_expected/amd/main.js
new file mode 100644
index 00000000000..1cc193e37b7
--- /dev/null
+++ b/test/chunking-form/samples/improved-dynamic-chunks/dynamic-import-dynamic-multi-stage/_expected/amd/main.js
@@ -0,0 +1,12 @@
+define(['require', 'exports'], function (require, exports) { 'use strict';
+
+	const value = 'shared';
+
+	console.log('dynamic1', value);
+	new Promise(function (resolve, reject) { require(['./generated-dynamic1'], resolve, reject) });
+
+	exports.value = value;
+
+	Object.defineProperty(exports, '__esModule', { value: true });
+
+});
diff --git a/test/chunking-form/samples/improved-dynamic-chunks/dynamic-import-dynamic-multi-stage/_expected/cjs/generated-dynamic1.js b/test/chunking-form/samples/improved-dynamic-chunks/dynamic-import-dynamic-multi-stage/_expected/cjs/generated-dynamic1.js
new file mode 100644
index 00000000000..14c1997bdbb
--- /dev/null
+++ b/test/chunking-form/samples/improved-dynamic-chunks/dynamic-import-dynamic-multi-stage/_expected/cjs/generated-dynamic1.js
@@ -0,0 +1,3 @@
+'use strict';
+
+new Promise(function (resolve) { resolve(require('./generated-dynamic2.js')); });
diff --git a/test/chunking-form/samples/improved-dynamic-chunks/dynamic-import-dynamic-multi-stage/_expected/cjs/generated-dynamic2.js b/test/chunking-form/samples/improved-dynamic-chunks/dynamic-import-dynamic-multi-stage/_expected/cjs/generated-dynamic2.js
new file mode 100644
index 00000000000..ae613ed0e60
--- /dev/null
+++ b/test/chunking-form/samples/improved-dynamic-chunks/dynamic-import-dynamic-multi-stage/_expected/cjs/generated-dynamic2.js
@@ -0,0 +1,7 @@
+'use strict';
+
+var main = require('./main.js');
+
+console.log('dynamic2', main.value);
+
+exports.value = main.value;
diff --git a/test/chunking-form/samples/improved-dynamic-chunks/dynamic-import-dynamic-multi-stage/_expected/cjs/main.js b/test/chunking-form/samples/improved-dynamic-chunks/dynamic-import-dynamic-multi-stage/_expected/cjs/main.js
new file mode 100644
index 00000000000..3eb9d321be8
--- /dev/null
+++ b/test/chunking-form/samples/improved-dynamic-chunks/dynamic-import-dynamic-multi-stage/_expected/cjs/main.js
@@ -0,0 +1,10 @@
+'use strict';
+
+Object.defineProperty(exports, '__esModule', { value: true });
+
+const value = 'shared';
+
+console.log('dynamic1', value);
+new Promise(function (resolve) { resolve(require('./generated-dynamic1.js')); });
+
+exports.value = value;
diff --git a/test/chunking-form/samples/improved-dynamic-chunks/dynamic-import-dynamic-multi-stage/_expected/es/generated-dynamic1.js b/test/chunking-form/samples/improved-dynamic-chunks/dynamic-import-dynamic-multi-stage/_expected/es/generated-dynamic1.js
new file mode 100644
index 00000000000..45c226aa4a3
--- /dev/null
+++ b/test/chunking-form/samples/improved-dynamic-chunks/dynamic-import-dynamic-multi-stage/_expected/es/generated-dynamic1.js
@@ -0,0 +1 @@
+import('./generated-dynamic2.js');
diff --git a/test/chunking-form/samples/improved-dynamic-chunks/dynamic-import-dynamic-multi-stage/_expected/es/generated-dynamic2.js b/test/chunking-form/samples/improved-dynamic-chunks/dynamic-import-dynamic-multi-stage/_expected/es/generated-dynamic2.js
new file mode 100644
index 00000000000..5b29c49b1a7
--- /dev/null
+++ b/test/chunking-form/samples/improved-dynamic-chunks/dynamic-import-dynamic-multi-stage/_expected/es/generated-dynamic2.js
@@ -0,0 +1,5 @@
+import { value } from './main.js';
+
+export { value } from './main.js';
+
+console.log('dynamic2', value);
diff --git a/test/chunking-form/samples/improved-dynamic-chunks/dynamic-import-dynamic-multi-stage/_expected/es/main.js b/test/chunking-form/samples/improved-dynamic-chunks/dynamic-import-dynamic-multi-stage/_expected/es/main.js
new file mode 100644
index 00000000000..a140614b88c
--- /dev/null
+++ b/test/chunking-form/samples/improved-dynamic-chunks/dynamic-import-dynamic-multi-stage/_expected/es/main.js
@@ -0,0 +1,6 @@
+const value = 'shared';
+
+console.log('dynamic1', value);
+import('./generated-dynamic1.js');
+
+export { value };
diff --git a/test/chunking-form/samples/improved-dynamic-chunks/dynamic-import-dynamic-multi-stage/_expected/system/generated-dynamic1.js b/test/chunking-form/samples/improved-dynamic-chunks/dynamic-import-dynamic-multi-stage/_expected/system/generated-dynamic1.js
new file mode 100644
index 00000000000..0d19e5aa49b
--- /dev/null
+++ b/test/chunking-form/samples/improved-dynamic-chunks/dynamic-import-dynamic-multi-stage/_expected/system/generated-dynamic1.js
@@ -0,0 +1,10 @@
+System.register([], function (exports, module) {
+	'use strict';
+	return {
+		execute: function () {
+
+			module.import('./generated-dynamic2.js');
+
+		}
+	};
+});
diff --git a/test/chunking-form/samples/improved-dynamic-chunks/dynamic-import-dynamic-multi-stage/_expected/system/generated-dynamic2.js b/test/chunking-form/samples/improved-dynamic-chunks/dynamic-import-dynamic-multi-stage/_expected/system/generated-dynamic2.js
new file mode 100644
index 00000000000..5bb722682d3
--- /dev/null
+++ b/test/chunking-form/samples/improved-dynamic-chunks/dynamic-import-dynamic-multi-stage/_expected/system/generated-dynamic2.js
@@ -0,0 +1,15 @@
+System.register(['./main.js'], function (exports) {
+	'use strict';
+	var value;
+	return {
+		setters: [function (module) {
+			value = module.value;
+			exports('value', module.value);
+		}],
+		execute: function () {
+
+			console.log('dynamic2', value);
+
+		}
+	};
+});
diff --git a/test/chunking-form/samples/improved-dynamic-chunks/dynamic-import-dynamic-multi-stage/_expected/system/main.js b/test/chunking-form/samples/improved-dynamic-chunks/dynamic-import-dynamic-multi-stage/_expected/system/main.js
new file mode 100644
index 00000000000..fa1f161107b
--- /dev/null
+++ b/test/chunking-form/samples/improved-dynamic-chunks/dynamic-import-dynamic-multi-stage/_expected/system/main.js
@@ -0,0 +1,13 @@
+System.register([], function (exports, module) {
+	'use strict';
+	return {
+		execute: function () {
+
+			const value = exports('value', 'shared');
+
+			console.log('dynamic1', value);
+			module.import('./generated-dynamic1.js');
+
+		}
+	};
+});
diff --git a/test/chunking-form/samples/improved-dynamic-chunks/dynamic-import-dynamic-multi-stage/dep.js b/test/chunking-form/samples/improved-dynamic-chunks/dynamic-import-dynamic-multi-stage/dep.js
new file mode 100644
index 00000000000..1d4be9c15d0
--- /dev/null
+++ b/test/chunking-form/samples/improved-dynamic-chunks/dynamic-import-dynamic-multi-stage/dep.js
@@ -0,0 +1 @@
+export const value = 'shared';
diff --git a/test/chunking-form/samples/improved-dynamic-chunks/dynamic-import-dynamic-multi-stage/dynamic1.js b/test/chunking-form/samples/improved-dynamic-chunks/dynamic-import-dynamic-multi-stage/dynamic1.js
new file mode 100644
index 00000000000..ff23cb6b9eb
--- /dev/null
+++ b/test/chunking-form/samples/improved-dynamic-chunks/dynamic-import-dynamic-multi-stage/dynamic1.js
@@ -0,0 +1 @@
+import('./dynamic2.js');
diff --git a/test/chunking-form/samples/improved-dynamic-chunks/dynamic-import-dynamic-multi-stage/dynamic2.js b/test/chunking-form/samples/improved-dynamic-chunks/dynamic-import-dynamic-multi-stage/dynamic2.js
new file mode 100644
index 00000000000..04fadf2d7da
--- /dev/null
+++ b/test/chunking-form/samples/improved-dynamic-chunks/dynamic-import-dynamic-multi-stage/dynamic2.js
@@ -0,0 +1,4 @@
+import { value } from './dep.js';
+
+console.log('dynamic2', value);
+export { value };
diff --git a/test/chunking-form/samples/improved-dynamic-chunks/dynamic-import-dynamic-multi-stage/main.js b/test/chunking-form/samples/improved-dynamic-chunks/dynamic-import-dynamic-multi-stage/main.js
new file mode 100644
index 00000000000..e7836b4b69a
--- /dev/null
+++ b/test/chunking-form/samples/improved-dynamic-chunks/dynamic-import-dynamic-multi-stage/main.js
@@ -0,0 +1,5 @@
+import { value } from './dep.js';
+
+console.log('dynamic1', value);
+import('./dynamic1.js');
+export { value };
diff --git a/test/chunking-form/samples/improved-dynamic-chunks/dynamic-import-dynamic/_config.js b/test/chunking-form/samples/improved-dynamic-chunks/dynamic-import-dynamic/_config.js
new file mode 100644
index 00000000000..d8b7a769273
--- /dev/null
+++ b/test/chunking-form/samples/improved-dynamic-chunks/dynamic-import-dynamic/_config.js
@@ -0,0 +1,3 @@
+module.exports = {
+	description: 'handles if a dynamically imported module imports another module dynamically'
+};
diff --git a/test/chunking-form/samples/improved-dynamic-chunks/dynamic-import-dynamic/_expected/amd/generated-dynamic1.js b/test/chunking-form/samples/improved-dynamic-chunks/dynamic-import-dynamic/_expected/amd/generated-dynamic1.js
new file mode 100644
index 00000000000..50a4863d1b2
--- /dev/null
+++ b/test/chunking-form/samples/improved-dynamic-chunks/dynamic-import-dynamic/_expected/amd/generated-dynamic1.js
@@ -0,0 +1,10 @@
+define(['require', 'exports'], function (require, exports) { 'use strict';
+
+	const value = 'shared';
+
+	console.log('dynamic1', value);
+	new Promise(function (resolve, reject) { require(['./generated-dynamic2'], resolve, reject) });
+
+	exports.value = value;
+
+});
diff --git a/test/chunking-form/samples/improved-dynamic-chunks/dynamic-import-dynamic/_expected/amd/generated-dynamic2.js b/test/chunking-form/samples/improved-dynamic-chunks/dynamic-import-dynamic/_expected/amd/generated-dynamic2.js
new file mode 100644
index 00000000000..b43d0ad04a5
--- /dev/null
+++ b/test/chunking-form/samples/improved-dynamic-chunks/dynamic-import-dynamic/_expected/amd/generated-dynamic2.js
@@ -0,0 +1,7 @@
+define(['exports', './generated-dynamic1'], function (exports, dynamic1) { 'use strict';
+
+	console.log('dynamic2', dynamic1.value);
+
+	exports.value = dynamic1.value;
+
+});
diff --git a/test/chunking-form/samples/improved-dynamic-chunks/dynamic-import-dynamic/_expected/amd/main.js b/test/chunking-form/samples/improved-dynamic-chunks/dynamic-import-dynamic/_expected/amd/main.js
new file mode 100644
index 00000000000..935d1692f83
--- /dev/null
+++ b/test/chunking-form/samples/improved-dynamic-chunks/dynamic-import-dynamic/_expected/amd/main.js
@@ -0,0 +1,5 @@
+define(['require'], function (require) { 'use strict';
+
+	new Promise(function (resolve, reject) { require(['./generated-dynamic1'], resolve, reject) });
+
+});
diff --git a/test/chunking-form/samples/improved-dynamic-chunks/dynamic-import-dynamic/_expected/cjs/generated-dynamic1.js b/test/chunking-form/samples/improved-dynamic-chunks/dynamic-import-dynamic/_expected/cjs/generated-dynamic1.js
new file mode 100644
index 00000000000..a7b3ae53ddb
--- /dev/null
+++ b/test/chunking-form/samples/improved-dynamic-chunks/dynamic-import-dynamic/_expected/cjs/generated-dynamic1.js
@@ -0,0 +1,8 @@
+'use strict';
+
+const value = 'shared';
+
+console.log('dynamic1', value);
+new Promise(function (resolve) { resolve(require('./generated-dynamic2.js')); });
+
+exports.value = value;
diff --git a/test/chunking-form/samples/improved-dynamic-chunks/dynamic-import-dynamic/_expected/cjs/generated-dynamic2.js b/test/chunking-form/samples/improved-dynamic-chunks/dynamic-import-dynamic/_expected/cjs/generated-dynamic2.js
new file mode 100644
index 00000000000..35685a35ed6
--- /dev/null
+++ b/test/chunking-form/samples/improved-dynamic-chunks/dynamic-import-dynamic/_expected/cjs/generated-dynamic2.js
@@ -0,0 +1,7 @@
+'use strict';
+
+var dynamic1 = require('./generated-dynamic1.js');
+
+console.log('dynamic2', dynamic1.value);
+
+exports.value = dynamic1.value;
diff --git a/test/chunking-form/samples/improved-dynamic-chunks/dynamic-import-dynamic/_expected/cjs/main.js b/test/chunking-form/samples/improved-dynamic-chunks/dynamic-import-dynamic/_expected/cjs/main.js
new file mode 100644
index 00000000000..85605bbd0a6
--- /dev/null
+++ b/test/chunking-form/samples/improved-dynamic-chunks/dynamic-import-dynamic/_expected/cjs/main.js
@@ -0,0 +1,3 @@
+'use strict';
+
+new Promise(function (resolve) { resolve(require('./generated-dynamic1.js')); });
diff --git a/test/chunking-form/samples/improved-dynamic-chunks/dynamic-import-dynamic/_expected/es/generated-dynamic1.js b/test/chunking-form/samples/improved-dynamic-chunks/dynamic-import-dynamic/_expected/es/generated-dynamic1.js
new file mode 100644
index 00000000000..5876ac36d26
--- /dev/null
+++ b/test/chunking-form/samples/improved-dynamic-chunks/dynamic-import-dynamic/_expected/es/generated-dynamic1.js
@@ -0,0 +1,6 @@
+const value = 'shared';
+
+console.log('dynamic1', value);
+import('./generated-dynamic2.js');
+
+export { value };
diff --git a/test/chunking-form/samples/improved-dynamic-chunks/dynamic-import-dynamic/_expected/es/generated-dynamic2.js b/test/chunking-form/samples/improved-dynamic-chunks/dynamic-import-dynamic/_expected/es/generated-dynamic2.js
new file mode 100644
index 00000000000..56a22dce8d1
--- /dev/null
+++ b/test/chunking-form/samples/improved-dynamic-chunks/dynamic-import-dynamic/_expected/es/generated-dynamic2.js
@@ -0,0 +1,5 @@
+import { value } from './generated-dynamic1.js';
+
+export { value } from './generated-dynamic1.js';
+
+console.log('dynamic2', value);
diff --git a/test/chunking-form/samples/improved-dynamic-chunks/dynamic-import-dynamic/_expected/es/main.js b/test/chunking-form/samples/improved-dynamic-chunks/dynamic-import-dynamic/_expected/es/main.js
new file mode 100644
index 00000000000..b46872a8428
--- /dev/null
+++ b/test/chunking-form/samples/improved-dynamic-chunks/dynamic-import-dynamic/_expected/es/main.js
@@ -0,0 +1 @@
+import('./generated-dynamic1.js');
diff --git a/test/chunking-form/samples/improved-dynamic-chunks/dynamic-import-dynamic/_expected/system/generated-dynamic1.js b/test/chunking-form/samples/improved-dynamic-chunks/dynamic-import-dynamic/_expected/system/generated-dynamic1.js
new file mode 100644
index 00000000000..2730357cfe2
--- /dev/null
+++ b/test/chunking-form/samples/improved-dynamic-chunks/dynamic-import-dynamic/_expected/system/generated-dynamic1.js
@@ -0,0 +1,13 @@
+System.register([], function (exports, module) {
+	'use strict';
+	return {
+		execute: function () {
+
+			const value = exports('value', 'shared');
+
+			console.log('dynamic1', value);
+			module.import('./generated-dynamic2.js');
+
+		}
+	};
+});
diff --git a/test/chunking-form/samples/improved-dynamic-chunks/dynamic-import-dynamic/_expected/system/generated-dynamic2.js b/test/chunking-form/samples/improved-dynamic-chunks/dynamic-import-dynamic/_expected/system/generated-dynamic2.js
new file mode 100644
index 00000000000..934231e63ce
--- /dev/null
+++ b/test/chunking-form/samples/improved-dynamic-chunks/dynamic-import-dynamic/_expected/system/generated-dynamic2.js
@@ -0,0 +1,15 @@
+System.register(['./generated-dynamic1.js'], function (exports) {
+	'use strict';
+	var value;
+	return {
+		setters: [function (module) {
+			value = module.value;
+			exports('value', module.value);
+		}],
+		execute: function () {
+
+			console.log('dynamic2', value);
+
+		}
+	};
+});
diff --git a/test/chunking-form/samples/improved-dynamic-chunks/dynamic-import-dynamic/_expected/system/main.js b/test/chunking-form/samples/improved-dynamic-chunks/dynamic-import-dynamic/_expected/system/main.js
new file mode 100644
index 00000000000..6bf031d4fed
--- /dev/null
+++ b/test/chunking-form/samples/improved-dynamic-chunks/dynamic-import-dynamic/_expected/system/main.js
@@ -0,0 +1,10 @@
+System.register([], function (exports, module) {
+	'use strict';
+	return {
+		execute: function () {
+
+			module.import('./generated-dynamic1.js');
+
+		}
+	};
+});
diff --git a/test/chunking-form/samples/improved-dynamic-chunks/dynamic-import-dynamic/dep.js b/test/chunking-form/samples/improved-dynamic-chunks/dynamic-import-dynamic/dep.js
new file mode 100644
index 00000000000..1d4be9c15d0
--- /dev/null
+++ b/test/chunking-form/samples/improved-dynamic-chunks/dynamic-import-dynamic/dep.js
@@ -0,0 +1 @@
+export const value = 'shared';
diff --git a/test/chunking-form/samples/improved-dynamic-chunks/dynamic-import-dynamic/dynamic1.js b/test/chunking-form/samples/improved-dynamic-chunks/dynamic-import-dynamic/dynamic1.js
new file mode 100644
index 00000000000..481d1476ae5
--- /dev/null
+++ b/test/chunking-form/samples/improved-dynamic-chunks/dynamic-import-dynamic/dynamic1.js
@@ -0,0 +1,5 @@
+import { value } from './dep.js';
+
+console.log('dynamic1', value);
+import('./dynamic2.js');
+export { value };
diff --git a/test/chunking-form/samples/improved-dynamic-chunks/dynamic-import-dynamic/dynamic2.js b/test/chunking-form/samples/improved-dynamic-chunks/dynamic-import-dynamic/dynamic2.js
new file mode 100644
index 00000000000..04fadf2d7da
--- /dev/null
+++ b/test/chunking-form/samples/improved-dynamic-chunks/dynamic-import-dynamic/dynamic2.js
@@ -0,0 +1,4 @@
+import { value } from './dep.js';
+
+console.log('dynamic2', value);
+export { value };
diff --git a/test/chunking-form/samples/improved-dynamic-chunks/dynamic-import-dynamic/main.js b/test/chunking-form/samples/improved-dynamic-chunks/dynamic-import-dynamic/main.js
new file mode 100644
index 00000000000..587eba57a0b
--- /dev/null
+++ b/test/chunking-form/samples/improved-dynamic-chunks/dynamic-import-dynamic/main.js
@@ -0,0 +1 @@
+import('./dynamic1.js');
diff --git a/test/watch/index.js b/test/watch/index.js
index 1a173604177..f454536bdd9 100644
--- a/test/watch/index.js
+++ b/test/watch/index.js
@@ -844,8 +844,8 @@ describe('rollup.watch', () => {
 
 							// this should only update the hash of that particular entry point
 							sander.writeFileSync(
-								'test/_tmp/input/main-dynamic.js',
-								"export default import('./shared')\nconsole.log('main-dynamic')"
+								'test/_tmp/input/main-static.js',
+								"import {value} from './shared';\nexport default 2 * value;"
 							);
 						},
 						'START',
@@ -857,8 +857,8 @@ describe('rollup.watch', () => {
 								.readdirSync('test/_tmp/output')
 								.sort();
 							sander.rimrafSync('test/_tmp/output');
-							assert.strictEqual(newStaticName, staticName);
-							assert.notEqual(newDynamicName, dynamicName);
+							assert.notEqual(newStaticName, staticName);
+							assert.strictEqual(newDynamicName, dynamicName);
 							assert.strictEqual(newChunkName, chunkName);
 							staticName = newStaticName;