diff --git a/packages/nuxt/src/app/composables/asyncData.ts b/packages/nuxt/src/app/composables/asyncData.ts
index 5f1133de8f4..5b191ef2f17 100644
--- a/packages/nuxt/src/app/composables/asyncData.ts
+++ b/packages/nuxt/src/app/composables/asyncData.ts
@@ -179,9 +179,9 @@ export function useAsyncData<
     if (fetchOnServer && nuxt.isHydrating && key in nuxt.payload.data) {
       // 1. Hydration (server: true): no fetch
       asyncData.pending.value = false
-    } else if (instance && nuxt.payload.serverRendered && (nuxt.isHydrating || options.lazy)) {
+    } else if (instance && ((nuxt.payload.serverRendered && nuxt.isHydrating) || options.lazy)) {
       // 2. Initial load (server: false): fetch on mounted
-      // 3. Navigation (lazy: true): fetch on mounted
+      // 3. Initial load or navigation (lazy: true): fetch on mounted
       instance._nuxtOnBeforeMountCbs.push(initialFetch)
     } else {
       // 4. Navigation (lazy: false) - or plugin usage: await fetch