diff --git a/llvm/lib/Target/X86/X86TargetTransformInfo.cpp b/llvm/lib/Target/X86/X86TargetTransformInfo.cpp
--- a/llvm/lib/Target/X86/X86TargetTransformInfo.cpp
+++ b/llvm/lib/Target/X86/X86TargetTransformInfo.cpp
@@ -5275,7 +5275,8 @@
   auto *SingleMemOpTy = FixedVectorType::get(VecTy->getElementType(),
                                              LegalVT.getVectorNumElements());
   InstructionCost MemOpCost;
-  if (UseMaskForCond || UseMaskForGaps)
+  bool UseMaskedMemOp = UseMaskForCond || UseMaskForGaps;
+  if (UseMaskedMemOp)
     MemOpCost = getMaskedMemoryOpCost(Opcode, SingleMemOpTy, Alignment,
                                       AddressSpace, CostKind);
   else
@@ -5286,7 +5287,7 @@
   MVT VT = MVT::getVectorVT(MVT::getVT(VecTy->getScalarType()), VF);
 
   InstructionCost MaskCost;
-  if (UseMaskForCond || UseMaskForGaps) {
+  if (UseMaskedMemOp) {
     APInt DemandedLoadStoreElts = APInt::getZero(VecTy->getNumElements());
     for (unsigned Index : Indices) {
       assert(Index < Factor && "Invalid index for interleaved memory op");
@@ -5349,9 +5350,10 @@
         NumOfLoadsInInterleaveGrp;
 
     // About a half of the loads may be folded in shuffles when we have only
-    // one result. If we have more than one result, we do not fold loads at all.
+    // one result. If we have more than one result, or the loads are masked,
+    // we do not fold loads at all.
     unsigned NumOfUnfoldedLoads =
-        NumOfResults > 1 ? NumOfMemOps : NumOfMemOps / 2;
+        UseMaskedMemOp || NumOfResults > 1 ? NumOfMemOps : NumOfMemOps / 2;
 
     // Get a number of shuffle operations per result.
     unsigned NumOfShufflesPerResult =
diff --git a/llvm/test/Analysis/CostModel/X86/masked-interleaved-load-i16.ll b/llvm/test/Analysis/CostModel/X86/masked-interleaved-load-i16.ll
--- a/llvm/test/Analysis/CostModel/X86/masked-interleaved-load-i16.ll
+++ b/llvm/test/Analysis/CostModel/X86/masked-interleaved-load-i16.ll
@@ -172,10 +172,10 @@
 ; ENABLED_MASKED_STRIDED: LV: Checking a loop in "test"
 ;
 ; ENABLED_MASKED_STRIDED: LV: Found an estimated cost of 1 for VF 1 For instruction:   %i4 = load i16, i16* %arrayidx6, align 2
-; ENABLED_MASKED_STRIDED: LV: Found an estimated cost of 6 for VF 2 For instruction:   %i4 = load i16, i16* %arrayidx6, align 2
-; ENABLED_MASKED_STRIDED: LV: Found an estimated cost of 8 for VF 4 For instruction:   %i4 = load i16, i16* %arrayidx6, align 2
-; ENABLED_MASKED_STRIDED: LV: Found an estimated cost of 8 for VF 8 For instruction:   %i4 = load i16, i16* %arrayidx6, align 2
-; ENABLED_MASKED_STRIDED: LV: Found an estimated cost of 13 for VF 16 For instruction:   %i4 = load i16, i16* %arrayidx6, align 2
+; ENABLED_MASKED_STRIDED: LV: Found an estimated cost of 7 for VF 2 For instruction:   %i4 = load i16, i16* %arrayidx6, align 2
+; ENABLED_MASKED_STRIDED: LV: Found an estimated cost of 9 for VF 4 For instruction:   %i4 = load i16, i16* %arrayidx6, align 2
+; ENABLED_MASKED_STRIDED: LV: Found an estimated cost of 9 for VF 8 For instruction:   %i4 = load i16, i16* %arrayidx6, align 2
+; ENABLED_MASKED_STRIDED: LV: Found an estimated cost of 14 for VF 16 For instruction:   %i4 = load i16, i16* %arrayidx6, align 2
 
 define void @test(i16* noalias nocapture %points, i16* noalias nocapture readonly %x, i16* noalias nocapture readnone %y) {
 entry: