diff --git a/packages/views/issues/components/issue-agent-activity-indicator.tsx b/packages/views/issues/components/issue-agent-activity-indicator.tsx
index d7332c1abb..1a443e6e2b 100644
--- a/packages/views/issues/components/issue-agent-activity-indicator.tsx
+++ b/packages/views/issues/components/issue-agent-activity-indicator.tsx
@@ -1,6 +1,6 @@
 "use client";
 
-import { memo, useMemo } from "react";
+import { memo, useCallback, useMemo } from "react";
 import { useQuery } from "@tanstack/react-query";
 import {
   HoverCard,
@@ -14,8 +14,11 @@ import { cn } from "@multica/ui/lib/utils";
 import type { AvatarSize } from "@multica/ui/lib/avatar-size";
 import { AgentAvatarStack } from "../../agents/components/agent-avatar-stack";
 import { AgentActivityHoverContent } from "../../agents/components/agent-activity-hover-content";
+import { selectIssueTasks, type IssueTaskGroups } from "../surface/activity";
 import { useT } from "../../i18n";
 
+const EMPTY_GROUPS: IssueTaskGroups = { running: [], queued: [] };
+
 interface IssueAgentActivityIndicatorProps {
   issueId: string;
   // Avatar tier. Kept very small — this is a corner-of-card cue, not a
@@ -44,8 +47,14 @@ interface IssueAgentActivityIndicatorProps {
  * with status dot + duration. No link rows — the card itself is the
  * navigation target for issue detail.
  *
- * Re-renders on every snapshot invalidation (WS task:* events drive it
- * via use-realtime-sync). 30s staleTime is the offline fallback only.
+ * Subscribes to the one shared workspace snapshot query but narrows it to
+ * this issue's tasks with a `select`. React Query's structural sharing keeps
+ * that selected value referentially stable when this issue's tasks are
+ * unchanged, so a snapshot invalidation (WS task:* events, driven by
+ * use-realtime-sync) only re-renders the rows whose own tasks actually moved
+ * — not the whole list. This is the de-amplification that keeps large issue
+ * lists cheap when agents are busy (MUL-4474). 30s staleTime is the offline
+ * fallback only.
  */
 export const IssueAgentActivityIndicator = memo(function IssueAgentActivityIndicator({
   issueId,
@@ -53,41 +62,29 @@ export const IssueAgentActivityIndicator = memo(function IssueAgentActivityIndic
 }: IssueAgentActivityIndicatorProps) {
   const { t } = useT("issues");
   const wsId = useWorkspaceId();
-  const { data: snapshot = [] } = useQuery(agentTaskSnapshotOptions(wsId));
+  const select = useCallback(
+    (snapshot: AgentTask[]) => selectIssueTasks(snapshot, issueId),
+    [issueId],
+  );
+  const { data: groups = EMPTY_GROUPS } = useQuery({
+    ...agentTaskSnapshotOptions(wsId),
+    select,
+  });
 
-  const { runningTasks, queuedTasks, agentIds, opacity } = useMemo(() => {
-    const running: AgentTask[] = [];
-    const queued: AgentTask[] = [];
-    for (const task of snapshot) {
-      if (task.issue_id !== issueId) continue;
-      if (task.status === "running") running.push(task);
-      else if (
-        task.status === "queued" ||
-        task.status === "dispatched" ||
-        // waiting_local_directory is the daemon-parked variant of "queued"
-        // — the agent is still actively waiting on a path lock, so it
-        // belongs in the active hover stack rather than dropping out.
-        task.status === "waiting_local_directory"
-      )
-        queued.push(task);
-      // Terminal statuses are intentionally ignored — they belong on the
-      // issue history, not the live indicator.
-    }
+  const { agentIds, opacity } = useMemo(() => {
     // Stack heads: prefer running. If 0 running, fall back to queued.
     // Each case is visually distinct (running gets shimmer, queued gets
     // muted text) so the indicator always offers a face to hover.
-    const primary = running.length > 0 ? running : queued;
+    const primary = groups.running.length > 0 ? groups.running : groups.queued;
     const uniqueAgents = [...new Set(primary.map((t) => t.agent_id))];
     return {
-      runningTasks: running,
-      queuedTasks: queued,
       agentIds: uniqueAgents,
-      opacity: (running.length > 0 ? "full" : "half") as "full" | "half",
+      opacity: (groups.running.length > 0 ? "full" : "half") as "full" | "half",
     };
-  }, [snapshot, issueId]);
+  }, [groups]);
 
   if (agentIds.length === 0) return null;
-  const hoverTasks = [...runningTasks, ...queuedTasks];
+  const hoverTasks = [...groups.running, ...groups.queued];
   const isRunning = opacity === "full";
 
   return (
diff --git a/packages/views/issues/surface/activity.test.ts b/packages/views/issues/surface/activity.test.ts
index 289e6c01be..dff53b3cb5 100644
--- a/packages/views/issues/surface/activity.test.ts
+++ b/packages/views/issues/surface/activity.test.ts
@@ -1,6 +1,6 @@
 import { describe, expect, it } from "vitest";
 import type { AgentTask } from "@multica/core/types";
-import { deriveIssueSurfaceActivity } from "./activity";
+import { deriveIssueSurfaceActivity, selectIssueTasks } from "./activity";
 
 function task(overrides: Partial<AgentTask>): AgentTask {
   return {
@@ -49,3 +49,36 @@ describe("deriveIssueSurfaceActivity", () => {
     expect(activity.activityByIssueId.has("i-4")).toBe(false);
   });
 });
+
+describe("selectIssueTasks", () => {
+  const snapshot: AgentTask[] = [
+    task({ id: "run-1", issue_id: "i-1", status: "running" }),
+    task({ id: "run-2", issue_id: "i-1", status: "running" }),
+    task({ id: "queue-1", issue_id: "i-1", status: "queued" }),
+    task({ id: "other-run", issue_id: "i-2", status: "running" }),
+    task({ id: "wait-1", issue_id: "i-3", status: "waiting_local_directory" }),
+    task({ id: "dispatch-1", issue_id: "i-3", status: "dispatched" }),
+    task({ id: "done-1", issue_id: "i-1", status: "completed" }),
+    task({ id: "no-issue", issue_id: undefined, status: "running" }),
+  ];
+
+  it("returns only the running/queued tasks for the requested issue", () => {
+    const groups = selectIssueTasks(snapshot, "i-1");
+    expect(groups.running.map((t) => t.id)).toEqual(["run-1", "run-2"]);
+    expect(groups.queued.map((t) => t.id)).toEqual(["queue-1"]);
+  });
+
+  it("treats dispatched and waiting_local_directory as queued", () => {
+    const groups = selectIssueTasks(snapshot, "i-3");
+    expect(groups.running).toEqual([]);
+    expect(groups.queued.map((t) => t.id)).toEqual(["wait-1", "dispatch-1"]);
+  });
+
+  it("drops terminal statuses and tasks without an issue", () => {
+    const groups = selectIssueTasks(snapshot, "i-1");
+    expect(groups.running.map((t) => t.id)).not.toContain("done-1");
+    expect(groups.queued.map((t) => t.id)).not.toContain("done-1");
+    const noMatch = selectIssueTasks(snapshot, "does-not-exist");
+    expect(noMatch).toEqual({ running: [], queued: [] });
+  });
+});
diff --git a/packages/views/issues/surface/activity.ts b/packages/views/issues/surface/activity.ts
index 649af1679c..60130924c0 100644
--- a/packages/views/issues/surface/activity.ts
+++ b/packages/views/issues/surface/activity.ts
@@ -26,6 +26,34 @@ function isQueuedTaskStatus(status: AgentTask["status"]) {
   );
 }
 
+export interface IssueTaskGroups {
+  running: AgentTask[];
+  queued: AgentTask[];
+}
+
+/**
+ * Per-issue slice of the workspace-wide agent task snapshot. Used as the
+ * `select` for a row-level `useQuery(agentTaskSnapshotOptions)`: every row
+ * still observes the one shared snapshot query, but React Query's structural
+ * sharing keeps this returned object referentially stable when *this* issue's
+ * tasks are unchanged, so a snapshot invalidation only re-renders the rows
+ * whose own tasks actually moved — not the whole list. Terminal statuses are
+ * dropped (they belong on issue history, not the live indicator).
+ */
+export function selectIssueTasks(
+  snapshot: readonly AgentTask[],
+  issueId: string,
+): IssueTaskGroups {
+  const running: AgentTask[] = [];
+  const queued: AgentTask[] = [];
+  for (const task of snapshot) {
+    if (task.issue_id !== issueId) continue;
+    if (task.status === "running") running.push(task);
+    else if (isQueuedTaskStatus(task.status)) queued.push(task);
+  }
+  return { running, queued };
+}
+
 export function deriveIssueSurfaceActivity(
   tasks: readonly AgentTask[],
 ): IssueSurfaceActivity {