diff --git a/llvm/lib/Transforms/Scalar/MemCpyOptimizer.cpp b/llvm/lib/Transforms/Scalar/MemCpyOptimizer.cpp
--- a/llvm/lib/Transforms/Scalar/MemCpyOptimizer.cpp
+++ b/llvm/lib/Transforms/Scalar/MemCpyOptimizer.cpp
@@ -1427,7 +1427,8 @@
       }
 
   MemoryUseOrDef *MA = MSSA->getMemoryAccess(M);
-  MemoryAccess *AnyClobber = MSSA->getWalker()->getClobberingMemoryAccess(MA);
+  // FIXME: Not using getClobberingMemoryAccess() here due to PR54682.
+  MemoryAccess *AnyClobber = MA->getDefiningAccess();
   MemoryLocation DestLoc = MemoryLocation::getForDest(M);
   const MemoryAccess *DestClobber =
       MSSA->getWalker()->getClobberingMemoryAccess(AnyClobber, DestLoc);
diff --git a/llvm/test/Transforms/MemCpyOpt/pr54682.ll b/llvm/test/Transforms/MemCpyOpt/pr54682.ll
--- a/llvm/test/Transforms/MemCpyOpt/pr54682.ll
+++ b/llvm/test/Transforms/MemCpyOpt/pr54682.ll
@@ -1,7 +1,8 @@
 ; NOTE: Assertions have been autogenerated by utils/update_test_checks.py
 ; RUN: opt -S -memcpyopt < %s | FileCheck %s
 
-; FIXME: This currently gets miscompiled.
+; The memcpy here is *not* dead, because it reads memory written in a previous
+; loop iteration.
 
 define void @test(i1 %c, i8* nocapture noundef readonly %path, i8* noundef writeonly %name) {
 ; CHECK-LABEL: @test(
@@ -17,6 +18,7 @@
 ; CHECK:       exit:
 ; CHECK-NEXT:    [[TMP_IV_1:%.*]] = getelementptr inbounds i8, i8* [[TMP_IV]], i64 1
 ; CHECK-NEXT:    [[LEN:%.*]] = sub nsw i64 259, [[IV]]
+; CHECK-NEXT:    call void @llvm.memcpy.p0i8.p0i8.i64(i8* align 1 [[NAME:%.*]], i8* nonnull align 1 [[TMP_IV_1]], i64 [[LEN]], i1 false)
 ; CHECK-NEXT:    ret void
 ;
 entry: