React Forget is a new compiler developed by Meta that aims to automatically optimize React components and hooks, reducing unnecessary re-renders and improving performance. The video explains how traditional memoization techniques like useMemo and react.memo often clutter code with extra logic. React Forget addresses this by using escape analysis and type inference to determine dependencies at build time. This compiler is expected to enhance server-side rendering (SSR) and enable dead code elimination. Although not yet open-sourced, Meta plans to release it once it's thoroughly tested. The team is focused on ensuring high standards for quality, documentation, and support before the open-source release. React Forget is designed to fit seamlessly into the React ecosystem, particularly benefiting client-side development and potentially server builds as well.