diff --git a/llvm/lib/Analysis/BasicAliasAnalysis.cpp b/llvm/lib/Analysis/BasicAliasAnalysis.cpp
--- a/llvm/lib/Analysis/BasicAliasAnalysis.cpp
+++ b/llvm/lib/Analysis/BasicAliasAnalysis.cpp
@@ -1779,6 +1779,16 @@
   if (!Inst)
     return true;
 
+  // Check if the value is itself a PHI node that is reachable from itself,
+  // implying a cycle that can cause the value to have a different value on
+  // different iterations. In this case, return false to indicate that we cannot
+  // prove the two values will be equal across cycles.
+  if (const PHINode *PN = dyn_cast<const PHINode>(Inst)) {
+    if (isPotentiallyReachable(PN->getParent(), PN->getParent(), nullptr, DT)) {
+      return false;
+    }
+  }
+
   if (VisitedPhiBBs.empty())
     return true;
 
diff --git a/llvm/test/Analysis/BasicAA/value-equal-cycle-phi.ll b/llvm/test/Analysis/BasicAA/value-equal-cycle-phi.ll
new file mode 100644
--- /dev/null
+++ b/llvm/test/Analysis/BasicAA/value-equal-cycle-phi.ll
@@ -0,0 +1,40 @@
+; RUN: opt -aa-pipeline=basic-aa -passes=aa-eval -print-all-alias-modref-info -disable-output < %s 2>&1 | FileCheck %s
+
+; CHECK-LABEL: may_alias_ptr
+; CHECK: MayAlias: float* %p, float* %p.1
+
+define void @may_alias_ptr(float* %arr, float* %out, i32* %idx) local_unnamed_addr {
+entry:
+  br label %header
+
+header:
+  %i = phi i32 [ 0, %entry ], [ %i.next, %latch ]
+  %p.3 = getelementptr i32, i32* %idx, i32 %i
+  %t = load i32, i32* %p.3, align 4
+  %a = icmp eq i32 %t, 0
+  br i1 %a, label %if.then, label %if.else
+
+if.then:
+  ; BasicAA cannot know whether the prior iteration wrote to arr[i], so it must
+  ; return MayAlias between %p and %p.1.
+  %p = getelementptr inbounds float, float* %arr, i32 %i
+  %v = load float, float* %p, align 4
+  %p.2 = getelementptr inbounds float, float* %out, i32 0
+  store float %v, float* %p.2, align 4
+  br label %latch
+
+if.else:
+  ; This will write to arr[i+1], which will be arr[i] on the next iteration
+  %i.0 = add nuw nsw i32 %i, 1
+  %p.1 = getelementptr float, float* %arr, i32 %i.0
+  store float 0.0, float* %p.1, align 4
+  br label %latch
+
+latch:
+  %i.next = add nuw nsw i32 %i, 1
+  %c = icmp ult i32 %i.next, 4
+  br i1 %c, label %header, label %exit
+
+exit:
+  ret void
+}