diff --git a/llvm/lib/Analysis/LoopAccessAnalysis.cpp b/llvm/lib/Analysis/LoopAccessAnalysis.cpp
--- a/llvm/lib/Analysis/LoopAccessAnalysis.cpp
+++ b/llvm/lib/Analysis/LoopAccessAnalysis.cpp
@@ -393,7 +393,10 @@
     // equivalence class, the iteration order is deterministic.
     for (auto MI = DepCands.member_begin(LeaderI), ME = DepCands.member_end();
          MI != ME; ++MI) {
-      unsigned Pointer = PositionMap[MI->getPointer()];
+      auto PointerI = PositionMap.find(MI->getPointer());
+      assert(PointerI != PositionMap.end() &&
+             "pointer in equivalence class not found in PositionMap");
+      unsigned Pointer = PointerI->second;
       bool Merged = false;
       // Mark this pointer as seen.
       Seen.insert(Pointer);
@@ -726,52 +729,55 @@
 
     SmallVector<MemAccessInfo, 4> Retries;
 
+    // First, count how many write and read accesses are in the alias set. Also
+    // collect MemAccessInfos for later.
+    SmallVector<MemAccessInfo, 4> AccessInfos;
     for (auto A : AS) {
       Value *Ptr = A.getValue();
       bool IsWrite = Accesses.count(MemAccessInfo(Ptr, true));
-      MemAccessInfo Access(Ptr, IsWrite);
 
       if (IsWrite)
         ++NumWritePtrChecks;
       else
         ++NumReadPtrChecks;
+      AccessInfos.emplace_back(Ptr, IsWrite);
+    }
 
+    // We do not need runtime checks for this alias set, if there are no writes
+    // or a single write and no reads.
+    if (NumWritePtrChecks == 0 ||
+        (NumWritePtrChecks == 1 && NumReadPtrChecks == 0)) {
+      assert((AS.size() <= 1 ||
+              all_of(AS,
+                     [this](auto AC) {
+                       MemAccessInfo AccessWrite(AC.getValue(), true);
+                       return DepCands.findValue(AccessWrite) == DepCands.end();
+                     })) &&
+             "Can only skip updating CanDoRT below, if all entries in AS "
+             "are reads or there is at most 1 entry");
+      continue;
+    }
+
+    for (auto &Access : AccessInfos) {
       if (!createCheckForAccess(RtCheck, Access, StridesMap, DepSetId, TheLoop,
                                 RunningDepId, ASId, ShouldCheckWrap, false)) {
-        LLVM_DEBUG(dbgs() << "LAA: Can't find bounds for ptr:" << *Ptr << '\n');
+        LLVM_DEBUG(dbgs() << "LAA: Can't find bounds for ptr:"
+                          << *Access.getPointer() << '\n');
         Retries.push_back(Access);
         CanDoAliasSetRT = false;
       }
     }
 
-    // If we have at least two writes or one write and a read then we need to
-    // check them.  But there is no need to checks if there is only one
-    // dependence set for this alias set.
-    //
     // Note that this function computes CanDoRT and MayNeedRTCheck
     // independently. For example CanDoRT=false, MayNeedRTCheck=false means that
     // we have a pointer for which we couldn't find the bounds but we don't
     // actually need to emit any checks so it does not matter.
-    bool NeedsAliasSetRTCheck = false;
-    if (!(IsDepCheckNeeded && CanDoAliasSetRT && RunningDepId == 2)) {
-      NeedsAliasSetRTCheck = (NumWritePtrChecks >= 2 ||
-                             (NumReadPtrChecks >= 1 && NumWritePtrChecks >= 1));
-      // For alias sets without at least 2 writes or 1 write and 1 read, there
-      // is no need to generate RT checks and CanDoAliasSetRT for this alias set
-      // does not impact whether runtime checks can be generated.
-      if (!NeedsAliasSetRTCheck) {
-        assert((AS.size() <= 1 ||
-                all_of(AS,
-                       [this](auto AC) {
-                         MemAccessInfo AccessWrite(AC.getValue(), true);
-                         return DepCands.findValue(AccessWrite) ==
-                                DepCands.end();
-                       })) &&
-               "Can only skip updating CanDoRT below, if all entries in AS "
-               "are reads or there is at most 1 entry");
-        continue;
-      }
-    }
+    //
+    // We need runtime checks for this alias set, if there are at least 2
+    // dependence sets (in which case RunningDepId > 2) or if we need to re-try
+    // any bound checks (because in that case the number of dependence sets is
+    // incomplete).
+    bool NeedsAliasSetRTCheck = RunningDepId > 2 || !Retries.empty();
 
     // We need to perform run-time alias checks, but some pointers had bounds
     // that couldn't be checked.
diff --git a/llvm/test/Transforms/LoopLoadElim/pr46854-adress-spaces.ll b/llvm/test/Transforms/LoopLoadElim/pr46854-adress-spaces.ll
new file mode 100644
--- /dev/null
+++ b/llvm/test/Transforms/LoopLoadElim/pr46854-adress-spaces.ll
@@ -0,0 +1,77 @@
+; NOTE: Assertions have been autogenerated by utils/update_test_checks.py
+; REQUIRES: amdgpu-registered-target
+
+; RUN: opt -globals-aa -loop-load-elim -S %s | FileCheck %s
+
+target datalayout = "e-p:64:64-p1:64:64-p2:32:32-p3:32:32-p4:64:64-p5:32:32-p6:32:32-i64:64-v16:16-v24:32-v32:32-v48:64-v96:128-v192:256-v256:256-v512:512-v1024:1024-v2048:2048-n32:64-S32-A5-ni:7"
+target triple = "amdgcn-amd-amdhsa"
+
+%struct.foo = type { %struct.pluto, i8, i8*, i32 }
+%struct.pluto = type { i32, i32, i32, %struct.wombat*, i32, i32, i32 }
+%struct.wombat = type { %struct.barney }
+%struct.barney = type { <2 x float> }
+
+@global = external protected local_unnamed_addr addrspace(4) externally_initialized global %struct.foo, align 8
+@global.1 = internal unnamed_addr addrspace(3) constant [4000 x float] undef, align 16
+
+; Function Attrs: nounwind
+define protected amdgpu_kernel void @widget(i32 %arg, i32 %arg1) #0 {
+; CHECK-LABEL: @widget(
+; CHECK-NEXT:  bb:
+; CHECK-NEXT:    [[TMP:%.*]] = getelementptr inbounds [4000 x float], [4000 x float] addrspace(3)* @global.1, i32 0, i32 [[ARG:%.*]]
+; CHECK-NEXT:    [[TMP2:%.*]] = load %struct.wombat*, %struct.wombat* addrspace(4)* getelementptr inbounds (%struct.foo, [[STRUCT_FOO:%.*]] addrspace(4)* @global, i64 0, i32 0, i32 3), align 8
+; CHECK-NEXT:    [[TMP3:%.*]] = getelementptr inbounds [[STRUCT_WOMBAT:%.*]], %struct.wombat* [[TMP2]], i64 undef, i32 0
+; CHECK-NEXT:    [[TMP4:%.*]] = bitcast %struct.barney* [[TMP3]] to i64*
+; CHECK-NEXT:    br label [[BB5:%.*]]
+; CHECK:       bb5.loopexit:
+; CHECK-NEXT:    br label [[BB5]]
+; CHECK:       bb5:
+; CHECK-NEXT:    br label [[BB6:%.*]]
+; CHECK:       bb6:
+; CHECK-NEXT:    [[TMP7:%.*]] = phi i32 [ undef, [[BB5]] ], [ [[TMP19:%.*]], [[BB6]] ]
+; CHECK-NEXT:    [[TMP8:%.*]] = mul nsw i32 [[TMP7]], undef
+; CHECK-NEXT:    [[TMP9:%.*]] = add i32 [[TMP8]], undef
+; CHECK-NEXT:    [[TMP10:%.*]] = sext i32 [[TMP9]] to i64
+; CHECK-NEXT:    [[TMP11:%.*]] = getelementptr inbounds [[STRUCT_WOMBAT]], %struct.wombat* [[TMP2]], i64 [[TMP10]]
+; CHECK-NEXT:    [[TMP12:%.*]] = bitcast %struct.wombat* [[TMP11]] to i64*
+; CHECK-NEXT:    [[TMP13:%.*]] = load i64, i64* [[TMP12]], align 8
+; CHECK-NEXT:    [[TMP14:%.*]] = srem i32 1, [[ARG1:%.*]]
+; CHECK-NEXT:    [[TMP15:%.*]] = add nuw nsw i32 [[TMP14]], 1
+; CHECK-NEXT:    [[TMP16:%.*]] = getelementptr inbounds [4000 x float], [4000 x float] addrspace(3)* @global.1, i32 0, i32 [[TMP15]]
+; CHECK-NEXT:    [[TMP17:%.*]] = load float, float addrspace(3)* [[TMP16]], align 4
+; CHECK-NEXT:    [[TMP18:%.*]] = load float, float addrspace(3)* [[TMP]], align 4
+; CHECK-NEXT:    store i64 [[TMP13]], i64* [[TMP4]], align 8
+; CHECK-NEXT:    [[TMP19]] = add nsw i32 [[TMP7]], 1
+; CHECK-NEXT:    [[TMP20:%.*]] = icmp slt i32 [[TMP7]], 3
+; CHECK-NEXT:    br i1 [[TMP20]], label [[BB6]], label [[BB5_LOOPEXIT:%.*]]
+;
+bb:
+  %tmp = getelementptr inbounds [4000 x float], [4000 x float] addrspace(3)* @global.1, i32 0, i32 %arg
+  %tmp2 = load %struct.wombat*, %struct.wombat* addrspace(4)* getelementptr inbounds (%struct.foo, %struct.foo addrspace(4)* @global, i64 0, i32 0, i32 3), align 8
+  %tmp3 = getelementptr inbounds %struct.wombat, %struct.wombat* %tmp2, i64 undef, i32 0
+  %tmp4 = bitcast %struct.barney* %tmp3 to i64*
+  br label %bb5
+
+bb5:                                              ; preds = %bb6, %bb
+  br label %bb6
+
+bb6:                                              ; preds = %bb6, %bb5
+  %tmp7 = phi i32 [ undef, %bb5 ], [ %tmp19, %bb6 ]
+  %tmp8 = mul nsw i32 %tmp7, undef
+  %tmp9 = add i32 %tmp8, undef
+  %tmp10 = sext i32 %tmp9 to i64
+  %tmp11 = getelementptr inbounds %struct.wombat, %struct.wombat* %tmp2, i64 %tmp10
+  %tmp12 = bitcast %struct.wombat* %tmp11 to i64*
+  %tmp13 = load i64, i64* %tmp12, align 8
+  %tmp14 = srem i32 1, %arg1
+  %tmp15 = add nuw nsw i32 %tmp14, 1
+  %tmp16 = getelementptr inbounds [4000 x float], [4000 x float] addrspace(3)* @global.1, i32 0, i32 %tmp15
+  %tmp17 = load float, float addrspace(3)* %tmp16, align 4
+  %tmp18 = load float, float addrspace(3)* %tmp, align 4
+  store i64 %tmp13, i64* %tmp4, align 8
+  %tmp19 = add nsw i32 %tmp7, 1
+  %tmp20 = icmp slt i32 %tmp7, 3
+  br i1 %tmp20, label %bb6, label %bb5
+}
+
+attributes #0 = { nounwind }