diff --git a/frontend/src/__tests__/chipbus-buskernel.test.ts b/frontend/src/__tests__/chipbus-buskernel.test.ts
new file mode 100644
index 00000000..d9e2b658
--- /dev/null
+++ b/frontend/src/__tests__/chipbus-buskernel.test.ts
@@ -0,0 +1,86 @@
+/**
+ * Phase 2 — synchronous settle kernel (project/multichip-bus/). Drives the
+ * delta-cycle settle loop with a real PinManager and listeners standing in for
+ * chips (a chip = a watcher that, on its input net, drives an output net — the
+ * same shape busNets+ChipRuntime produce). Covers: multi-hop settle to a fixed
+ * point, settle-before-read, no deep recursion on long chains, and the
+ * oscillation cap.
+ */
+import { describe, it, expect, beforeEach, afterEach, vi } from 'vitest';
+import { PinManager } from '../simulation/PinManager';
+import { publishNetLevel, resetBusKernel } from '../simulation/customChips/busKernel';
+
+describe('busKernel — delta-cycle settle', () => {
+  let pm: PinManager;
+  beforeEach(() => {
+    resetBusKernel();
+    pm = new PinManager();
+  });
+  afterEach(() => {
+    resetBusKernel();
+    vi.restoreAllMocks();
+  });
+
+  it('settles a multi-hop combinational chain to its fixed point', () => {
+    const A = 1000;
+    const B = 1001;
+    const C = 1002;
+    // "chip" 1: B follows A. "chip" 2: C = NOT B.
+    pm.onPinChange(A, (_p, v) => publishNetLevel(pm, B, v));
+    pm.onPinChange(B, (_p, v) => publishNetLevel(pm, C, !v));
+
+    publishNetLevel(pm, A, true);
+
+    expect(pm.getPinState(A)).toBe(true);
+    expect(pm.getPinState(B)).toBe(true);
+    expect(pm.getPinState(C)).toBe(false);
+  });
+
+  it('settle-before-read: a driven net is settled by the time the publish returns', () => {
+    const ADDR = 2000;
+    const DATA = 2001;
+    // "memory": DATA mirrors ADDR (combinational). Models a ROM driving the data
+    // bus in reaction to the address/strobe within the same bus cycle.
+    pm.onPinChange(ADDR, (_p, v) => publishNetLevel(pm, DATA, v));
+
+    publishNetLevel(pm, ADDR, true);
+    // A synchronous in-cycle read here (as a CPU chip would do) sees settled data.
+    expect(pm.getPinState(DATA)).toBe(true);
+  });
+
+  it('handles a very long chain without recursing (no stack overflow)', () => {
+    const N = 5000;
+    for (let i = 0; i < N; i++) {
+      const from = 3000 + i;
+      const to = 3000 + i + 1;
+      pm.onPinChange(from, (_p, v) => publishNetLevel(pm, to, v));
+    }
+    publishNetLevel(pm, 3000, true);
+    expect(pm.getPinState(3000 + N)).toBe(true); // value walked the whole chain
+  });
+
+  it('caps a zero-delay oscillation and warns instead of hanging', () => {
+    const warn = vi.spyOn(console, 'warn').mockImplementation(() => {});
+    const OSC = 4000;
+    // A ring oscillator: every settle flips the net, which re-triggers forever.
+    pm.onPinChange(OSC, (_p, v) => publishNetLevel(pm, OSC, !v));
+
+    publishNetLevel(pm, OSC, true); // must RETURN (cap trips), not hang
+
+    expect(warn).toHaveBeenCalledTimes(1);
+    expect(String(warn.mock.calls[0][0])).toContain('did not converge');
+  });
+
+  it('coalesces multiple drives of one net within a delta to the latest', () => {
+    const N = 5000;
+    let fires = 0;
+    pm.onPinChange(N, () => {
+      fires++;
+    });
+    // Same net published twice before any settle delta applies it: the watcher
+    // should see exactly one (latest) value, not two.
+    publishNetLevel(pm, N, true);
+    expect(pm.getPinState(N)).toBe(true);
+    expect(fires).toBe(1);
+  });
+});
diff --git a/frontend/src/simulation/customChips/busKernel.ts b/frontend/src/simulation/customChips/busKernel.ts
new file mode 100644
index 00000000..dc9167a2
--- /dev/null
+++ b/frontend/src/simulation/customChips/busKernel.ts
@@ -0,0 +1,88 @@
+/**
+ * Synchronous settle kernel for chip-to-chip bus nets — Phase 2 of the
+ * multi-chip digital bus track (project/multichip-bus/).
+ *
+ * THE PROBLEM (root cause B, 00-problem-analysis.md section 3): a CPU bus cycle
+ * runs synchronously inside one tickTimers call — drive address + strobe, then
+ * `vx_pin_read` the data bus in the SAME C call. For that read to return the
+ * byte the memory chip drove, the memory chip must have reacted BEFORE the read.
+ * Phase 0/1 gave shared keys + driver resolution, but applying each net change
+ * by firing PinManager listeners immediately recurses: chip A's write -> chip B's
+ * watch -> chip B's write -> ... One JS frame per hop, so a deep glue chain is
+ * deep recursion and a combinational loop (a ring oscillator) overflows the stack
+ * and kills the tab.
+ *
+ * THE FIX (01-how-proteus-works.md section 2.4 + 4.2, Option B): a delta-cycle
+ * settle loop. A net change is recorded, not applied recursively; `settle()`
+ * drains the pending set in batches (deltas), applying each batch and letting the
+ * driven chips re-dirty the next, until no net changes (fixed point) or the
+ * iteration cap trips. Two-phase: a drive lands in `pending` and is APPLIED to
+ * the PinManager on the next delta, so a chip evaluating mid-settle reads the
+ * last-stable net values, never a half-updated net. Because the first drive of a
+ * cycle settles to its fixed point synchronously before control returns to the
+ * chip's C code, the subsequent in-cycle `vx_pin_read` sees settled data —
+ * settle-before-read without a new chip-side API.
+ */
+
+interface PinManagerLike {
+  triggerPinChange(pin: number, state: boolean, source?: 'mcu' | 'external'): void;
+}
+
+// Pending net level changes for the current settle pass: netKey -> resolved
+// boolean. A Map coalesces multiple drives of one net within a delta to the
+// latest value (glitch suppression within zero time).
+const pending = new Map<number, boolean>();
+let settling = false;
+let pm: PinManagerLike | null = null;
+
+// A combinational loop with no stable state (e.g. a zero-delay inverter ring)
+// would settle forever; cap the delta count and report it instead of hanging.
+const DELTA_CAP = 10000;
+
+/**
+ * Record that a bus net resolved to `level` and ensure the fabric settles.
+ * Called by busNets after every re-resolution. If a settle is already in
+ * progress (we are inside a watcher that drove another net), just enqueue —
+ * the running loop will apply it on the next delta (this is what turns the
+ * recursive cascade into a bounded iteration).
+ */
+export function publishNetLevel(pinManager: PinManagerLike, netKey: number, level: boolean): void {
+  pm = pinManager;
+  pending.set(netKey, level);
+  if (!settling) settle();
+}
+
+function settle(): void {
+  settling = true;
+  let deltas = 0;
+  try {
+    while (pending.size > 0) {
+      if (++deltas > DELTA_CAP) {
+        console.warn(
+          `[chipbus] settle did not converge after ${DELTA_CAP} delta cycles — ` +
+            `combinational loop / oscillation? Bailing to keep the UI responsive.`,
+        );
+        pending.clear();
+        break;
+      }
+      // PHASE A->B: snapshot this delta's changes and clear pending, THEN apply
+      // them. Applying fires watchers whose drives re-resolve nets and enqueue
+      // into the now-empty `pending` for the NEXT delta — so no chip observes a
+      // net that is mid-update within its own evaluation.
+      const batch = [...pending.entries()];
+      pending.clear();
+      for (const [netKey, level] of batch) {
+        pm!.triggerPinChange(netKey, level);
+      }
+    }
+  } finally {
+    settling = false;
+  }
+}
+
+/** Test seam: clear all settle state. */
+export function resetBusKernel(): void {
+  pending.clear();
+  settling = false;
+  pm = null;
+}
diff --git a/frontend/src/simulation/customChips/busNets.ts b/frontend/src/simulation/customChips/busNets.ts
index d95b1629..00bc5981 100644
--- a/frontend/src/simulation/customChips/busNets.ts
+++ b/frontend/src/simulation/customChips/busNets.ts
@@ -15,6 +15,7 @@
  * synthetic pins keep the legacy direct PinManager path untouched.
  */
 import { resolveNet, resolvedToBool, type Drive } from './busLogic';
+import { publishNetLevel, resetBusKernel } from './busKernel';
 
 interface PinManagerLike {
   triggerPinChange(pin: number, state: boolean, source?: 'mcu' | 'external'): void;
@@ -41,8 +42,10 @@ function recompute(pm: PinManagerLike, netKey: number): void {
     inContention.delete(netKey);
   }
 
-  // PinManager is boolean; push the projected level (only a driven 1 is high).
-  pm.triggerPinChange(netKey, resolvedToBool(resolved));
+  // PinManager is boolean; push the projected level (only a driven 1 is high)
+  // through the settle kernel so the change propagates as a bounded delta-cycle
+  // pass rather than a recursive cascade.
+  publishNetLevel(pm, netKey, resolvedToBool(resolved));
 }
 
 /** Set (or replace) one chip pin's contribution to a bus net and re-resolve. */
@@ -76,8 +79,9 @@ export function clearBusDriversForChip(pm: PinManagerLike, componentId: string):
   }
 }
 
-/** Test seam: wipe all bus-net driver state. */
+/** Test seam: wipe all bus-net driver state (and the settle kernel). */
 export function resetBusNets(): void {
   nets.clear();
   inContention.clear();
+  resetBusKernel();
 }