diff --git a/mypy/checkexpr.py b/mypy/checkexpr.py
index 8223ccfe4ca0..95c863407b37 100644
--- a/mypy/checkexpr.py
+++ b/mypy/checkexpr.py
@@ -233,6 +233,8 @@
     "builtins.memoryview",
 }
 
+POISON_KEY: Final = (-1,)
+
 
 class TooManyUnions(Exception):
     """Indicates that we need to stop splitting unions in an attempt
@@ -356,7 +358,12 @@ def __init__(
 
         self._arg_infer_context_cache = None
 
+        self.overload_stack_depth = 0
+        self._args_cache: dict[tuple[int, ...], list[Type]] = {}
+
     def reset(self) -> None:
+        assert self.overload_stack_depth == 0
+        assert not self._args_cache
         self.resolved_type = {}
 
     def visit_name_expr(self, e: NameExpr) -> Type:
@@ -1613,9 +1620,10 @@ def check_call(
                 object_type,
             )
         elif isinstance(callee, Overloaded):
-            return self.check_overload_call(
-                callee, args, arg_kinds, arg_names, callable_name, object_type, context
-            )
+            with self.overload_context():
+                return self.check_overload_call(
+                    callee, args, arg_kinds, arg_names, callable_name, object_type, context
+                )
         elif isinstance(callee, AnyType) or not self.chk.in_checked_function():
             return self.check_any_type_call(args, callee)
         elif isinstance(callee, UnionType):
@@ -1674,6 +1682,14 @@ def check_call(
         else:
             return self.msg.not_callable(callee, context), AnyType(TypeOfAny.from_error)
 
+    @contextmanager
+    def overload_context(self) -> Iterator[None]:
+        self.overload_stack_depth += 1
+        yield
+        self.overload_stack_depth -= 1
+        if self.overload_stack_depth == 0:
+            self._args_cache.clear()
+
     def check_callable_call(
         self,
         callee: CallableType,
@@ -1937,6 +1953,17 @@ def infer_arg_types_in_empty_context(self, args: list[Expression]) -> list[Type]
         In short, we basically recurse on each argument without considering
         in what context the argument was called.
         """
+        # We can only use this hack locally while checking a single nested overloaded
+        # call. This saves a lot of rechecking, but is not generally safe. Cache is
+        # pruned upon leaving the outermost overload.
+        can_cache = (
+            self.overload_stack_depth > 0
+            and POISON_KEY not in self._args_cache
+            and not any(isinstance(t, TempNode) for t in args)
+        )
+        key = tuple(map(id, args))
+        if can_cache and key in self._args_cache:
+            return self._args_cache[key]
         res: list[Type] = []
 
         for arg in args:
@@ -1945,6 +1972,8 @@ def infer_arg_types_in_empty_context(self, args: list[Expression]) -> list[Type]
                 res.append(NoneType())
             else:
                 res.append(arg_type)
+        if can_cache:
+            self._args_cache[key] = res
         return res
 
     def infer_more_unions_for_recursive_type(self, type_context: Type) -> bool:
@@ -2917,17 +2946,16 @@ def infer_overload_return_type(
 
         for typ in plausible_targets:
             assert self.msg is self.chk.msg
-            with self.msg.filter_errors() as w:
-                with self.chk.local_type_map() as m:
-                    ret_type, infer_type = self.check_call(
-                        callee=typ,
-                        args=args,
-                        arg_kinds=arg_kinds,
-                        arg_names=arg_names,
-                        context=context,
-                        callable_name=callable_name,
-                        object_type=object_type,
-                    )
+            with self.msg.filter_errors() as w, self.chk.local_type_map() as m:
+                ret_type, infer_type = self.check_call(
+                    callee=typ,
+                    args=args,
+                    arg_kinds=arg_kinds,
+                    arg_names=arg_names,
+                    context=context,
+                    callable_name=callable_name,
+                    object_type=object_type,
+                )
             is_match = not w.has_new_errors()
             if is_match:
                 # Return early if possible; otherwise record info, so we can
@@ -3474,6 +3502,7 @@ def visit_op_expr(self, e: OpExpr) -> Type:
                 return self.strfrm_checker.check_str_interpolation(e.left, e.right)
             if isinstance(e.left, StrExpr):
                 return self.strfrm_checker.check_str_interpolation(e.left, e.right)
+
         left_type = self.accept(e.left)
 
         proper_left_type = get_proper_type(left_type)
@@ -5401,6 +5430,9 @@ def find_typeddict_context(
 
     def visit_lambda_expr(self, e: LambdaExpr) -> Type:
         """Type check lambda expression."""
+        if self.overload_stack_depth > 0:
+            # Poison cache when we encounter lambdas - it isn't safe to cache their types.
+            self._args_cache[POISON_KEY] = []
         self.chk.check_default_args(e, body_is_trivial=False)
         inferred_type, type_override = self.infer_lambda_type_using_context(e)
         if not inferred_type: