diff --git a/.gitignore b/.gitignore
index 7c590f048bd13..1080e5838761c 100644
--- a/.gitignore
+++ b/.gitignore
@@ -4,9 +4,6 @@ npm-debug.log*
 yarn-debug.log*
 yarn-error.log*
 
-# Ignore generated export markdown files 
-/public/md-exports/
-
 # Runtime data
 pids
 *.pid
@@ -96,6 +93,8 @@ public/page-data
 # tsbuildinfo file generated by CI
 tsconfig.tsbuildinfo
 
+# Ignore generated files
+/public/md-exports/
 public/mdx-images/*
 
 # yalc
diff --git a/scripts/generate-md-exports.mjs b/scripts/generate-md-exports.mjs
index 2deff4d557a5e..2a199b73e841a 100644
--- a/scripts/generate-md-exports.mjs
+++ b/scripts/generate-md-exports.mjs
@@ -110,7 +110,7 @@ async function createWork() {
         })
       );
       continuationToken = response.NextContinuationToken;
-      for (const {Key, ETag} of response.Contents) {
+      for (const {Key, ETag} of response.Contents || []) {
         existingFilesOnR2.set(Key, ETag.slice(1, -1)); // Remove quotes from ETag
       }
     } while (continuationToken);
diff --git a/src/mdx.ts b/src/mdx.ts
index f9c363d713a77..846ebbbbcec45 100644
--- a/src/mdx.ts
+++ b/src/mdx.ts
@@ -1,10 +1,20 @@
-import {cache} from 'react';
 import matter from 'gray-matter';
 import {s} from 'hastscript';
 import yaml from 'js-yaml';
 import {bundleMDX} from 'mdx-bundler';
-import {access, opendir, readFile} from 'node:fs/promises';
+import {BinaryLike, createHash} from 'node:crypto';
+import {createReadStream, createWriteStream, mkdirSync} from 'node:fs';
+import {access, cp, mkdir, opendir, readFile} from 'node:fs/promises';
 import path from 'node:path';
+// @ts-expect-error ts(2305) -- For some reason "compose" is not recognized in the types
+import {compose, Readable} from 'node:stream';
+import {json} from 'node:stream/consumers';
+import {pipeline} from 'node:stream/promises';
+import {
+  constants as zlibConstants,
+  createBrotliCompress,
+  createBrotliDecompress,
+} from 'node:zlib';
 import {limitFunction} from 'p-limit';
 import rehypeAutolinkHeadings from 'rehype-autolink-headings';
 import rehypePresetMinify from 'rehype-preset-minify';
@@ -48,6 +58,34 @@ const root = process.cwd();
 // Functions which looks like AWS Lambda and we get `EMFILE` errors when trying to open
 // so many files at once.
 const FILE_CONCURRENCY_LIMIT = 200;
+const CACHE_COMPRESS_LEVEL = 4;
+const CACHE_DIR = path.join(root, '.next', 'cache', 'mdx-bundler');
+mkdirSync(CACHE_DIR, {recursive: true});
+
+const md5 = (data: BinaryLike) => createHash('md5').update(data).digest('hex');
+
+async function readCacheFile<T>(file: string): Promise<T> {
+  const reader = createReadStream(file);
+  const decompressor = createBrotliDecompress();
+
+  return (await json(compose(reader, decompressor))) as T;
+}
+
+async function writeCacheFile(file: string, data: string) {
+  const bufferData = Buffer.from(data);
+  await pipeline(
+    Readable.from(bufferData),
+    createBrotliCompress({
+      chunkSize: 32 * 1024,
+      params: {
+        [zlibConstants.BROTLI_PARAM_MODE]: zlibConstants.BROTLI_MODE_TEXT,
+        [zlibConstants.BROTLI_PARAM_QUALITY]: CACHE_COMPRESS_LEVEL,
+        [zlibConstants.BROTLI_PARAM_SIZE_HINT]: bufferData.length,
+      },
+    }),
+    createWriteStream(file)
+  );
+}
 
 function formatSlug(slug: string) {
   return slug.replace(/\.(mdx|md)/, '');
@@ -484,6 +522,36 @@ export async function getFileBySlug(slug: string): Promise<SlugFile> {
     );
   }
 
+  let cacheKey: string | null = null;
+  let cacheFile: string | null = null;
+  let assetsCacheDir: string | null = null;
+  const outdir = path.join(root, 'public', 'mdx-images');
+  await mkdir(outdir, {recursive: true});
+
+  if (process.env.CI) {
+    cacheKey = md5(source);
+    cacheFile = path.join(CACHE_DIR, `${cacheKey}.br`);
+    assetsCacheDir = path.join(CACHE_DIR, cacheKey);
+
+    try {
+      const [cached, _] = await Promise.all([
+        readCacheFile<SlugFile>(cacheFile),
+        cp(assetsCacheDir, outdir, {recursive: true}),
+      ]);
+      return cached;
+    } catch (err) {
+      if (
+        err.code !== 'ENOENT' &&
+        err.code !== 'ABORT_ERR' &&
+        err.code !== 'Z_BUF_ERROR'
+      ) {
+        // If cache is corrupted, ignore and proceed
+        // eslint-disable-next-line no-console
+        console.warn(`Failed to read MDX cache: ${cacheFile}`, err);
+      }
+    }
+  }
+
   process.env.ESBUILD_BINARY_PATH = path.join(
     root,
     'node_modules',
@@ -578,8 +646,12 @@ export async function getFileBySlug(slug: string): Promise<SlugFile> {
         '.svg': 'dataurl',
       };
       // Set the `outdir` to a public location for this bundle.
-      // this where this images will be copied
-      options.outdir = path.join(root, 'public', 'mdx-images');
+      // this is where these images will be copied
+      // the reason we use the cache folder when it's
+      // enabled is because mdx-images is a dumping ground
+      // for all images, so we cannot filter it out only
+      // for this specific slug easily
+      options.outdir = assetsCacheDir || outdir;
 
       // Set write to true so that esbuild will output the files.
       options.write = true;
@@ -609,12 +681,30 @@ export async function getFileBySlug(slug: string): Promise<SlugFile> {
     },
   };
 
+  if (assetsCacheDir && cacheFile) {
+    await cp(assetsCacheDir, outdir, {recursive: true});
+    writeCacheFile(cacheFile, JSON.stringify(resultObj)).catch(e => {
+      // eslint-disable-next-line no-console
+      console.warn(`Failed to write MDX cache: ${cacheFile}`, e);
+    });
+  }
+
   return resultObj;
 }
 
+const fileBySlugCache = new Map<string, Promise<SlugFile>>();
+
 /**
  * Cache the result of {@link getFileBySlug}.
  *
  * This is useful for performance when rendering the same file multiple times.
  */
-export const getFileBySlugWithCache = cache(getFileBySlug);
+export function getFileBySlugWithCache(slug: string): Promise<SlugFile> {
+  let cached = fileBySlugCache.get(slug);
+  if (!cached) {
+    cached = getFileBySlug(slug);
+    fileBySlugCache.set(slug, cached);
+  }
+
+  return cached;
+}