Comment by dstaley

One thing to keep in mind is that SWC is a compiler, whereas esbuild is a bundler. SWC has limited bundling capabilities last time I checked, so if you're looking for something to traverse your code and generate a single file (or multiple files at dynamic import boundaries, etc.) esbuild is what you want. Next.js bundles with webpack, so it uses SWC in lieu of Babel (or the TypeScript Compiler).