diff --git a/llvm/include/llvm/Analysis/MemorySSA.h b/llvm/include/llvm/Analysis/MemorySSA.h
--- a/llvm/include/llvm/Analysis/MemorySSA.h
+++ b/llvm/include/llvm/Analysis/MemorySSA.h
@@ -1202,11 +1202,9 @@
   using BaseT = upward_defs_iterator::iterator_facade_base;
 
 public:
-  upward_defs_iterator(const MemoryAccessPair &Info, DominatorTree *DT,
-                       bool *PerformedPhiTranslation = nullptr)
+  upward_defs_iterator(const MemoryAccessPair &Info, DominatorTree *DT)
       : DefIterator(Info.first), Location(Info.second),
-        OriginalAccess(Info.first), DT(DT),
-        PerformedPhiTranslation(PerformedPhiTranslation) {
+        OriginalAccess(Info.first), DT(DT) {
     CurrentPair.first = nullptr;
 
     WalkingPhi = Info.first && isa<MemoryPhi>(Info.first);
@@ -1270,9 +1268,6 @@
               !IsGuaranteedLoopInvariant(TransAddr))
             CurrentPair.second = CurrentPair.second.getWithNewSize(
                 LocationSize::beforeOrAfterPointer());
-
-          if (PerformedPhiTranslation)
-            *PerformedPhiTranslation = true;
         }
       }
     }
@@ -1284,13 +1279,11 @@
   MemoryAccess *OriginalAccess = nullptr;
   DominatorTree *DT = nullptr;
   bool WalkingPhi = false;
-  bool *PerformedPhiTranslation = nullptr;
 };
 
 inline upward_defs_iterator
-upward_defs_begin(const MemoryAccessPair &Pair, DominatorTree &DT,
-                  bool *PerformedPhiTranslation = nullptr) {
-  return upward_defs_iterator(Pair, &DT, PerformedPhiTranslation);
+upward_defs_begin(const MemoryAccessPair &Pair, DominatorTree &DT) {
+  return upward_defs_iterator(Pair, &DT);
 }
 
 inline upward_defs_iterator upward_defs_end() { return upward_defs_iterator(); }
diff --git a/llvm/lib/Analysis/MemorySSA.cpp b/llvm/lib/Analysis/MemorySSA.cpp
--- a/llvm/lib/Analysis/MemorySSA.cpp
+++ b/llvm/lib/Analysis/MemorySSA.cpp
@@ -528,10 +528,6 @@
   // List of visited <Access, Location> pairs; we can skip paths already
   // visited with the same memory location.
   DenseSet<ConstMemoryAccessPair> VisitedPhis;
-  // Record if phi translation has been performed during the current phi
-  // optimization walk, as merging alias results after phi translation can
-  // yield incorrect results. Context in PR46156.
-  bool PerformedPhiTranslation = false;
 
   /// Find the nearest def or phi that `From` can legally be optimized to.
   const MemoryAccess *getWalkTarget(const MemoryPhi *From) const {
@@ -603,8 +599,7 @@
 
   void addSearches(MemoryPhi *Phi, SmallVectorImpl<ListIndex> &PausedSearches,
                    ListIndex PriorNode) {
-    auto UpwardDefsBegin = upward_defs_begin({Phi, Paths[PriorNode].Loc}, DT,
-                                             &PerformedPhiTranslation);
+    auto UpwardDefsBegin = upward_defs_begin({Phi, Paths[PriorNode].Loc}, DT);
     auto UpwardDefs = make_range(UpwardDefsBegin, upward_defs_end());
     for (const MemoryAccessPair &P : UpwardDefs) {
       PausedSearches.push_back(Paths.size());
@@ -659,16 +654,8 @@
       //   - We still cache things for A, so C only needs to walk up a bit.
       // If this behavior becomes problematic, we can fix without a ton of extra
       // work.
-      if (!VisitedPhis.insert({Node.Last, Node.Loc}).second) {
-        if (PerformedPhiTranslation) {
-          // If visiting this path performed Phi translation, don't continue,
-          // since it may not be correct to merge results from two paths if one
-          // relies on the phi translation.
-          TerminatedPath Term{Node.Last, PathIndex};
-          return Term;
-        }
+      if (!VisitedPhis.insert({Node.Last, Node.Loc}).second)
         continue;
-      }
 
       const MemoryAccess *SkipStopWhere = nullptr;
       if (Query->SkipSelfAccess && Node.Loc == Query->StartingLoc) {
@@ -781,7 +768,7 @@
   /// terminates when a MemoryAccess that clobbers said MemoryLocation is found.
   OptznResult tryOptimizePhi(MemoryPhi *Phi, MemoryAccess *Start,
                              const MemoryLocation &Loc) {
-    assert(Paths.empty() && VisitedPhis.empty() && !PerformedPhiTranslation &&
+    assert(Paths.empty() && VisitedPhis.empty() &&
            "Reset the optimization state.");
 
     Paths.emplace_back(Loc, Start, Phi, None);
@@ -937,7 +924,6 @@
   void resetPhiOptznState() {
     Paths.clear();
     VisitedPhis.clear();
-    PerformedPhiTranslation = false;
   }
 
 public:
diff --git a/llvm/test/Analysis/MemorySSA/phi-translation.ll b/llvm/test/Analysis/MemorySSA/phi-translation.ll
--- a/llvm/test/Analysis/MemorySSA/phi-translation.ll
+++ b/llvm/test/Analysis/MemorySSA/phi-translation.ll
@@ -296,7 +296,8 @@
 ; CHECK-NEXT:  store i16 1, i16* %s1.ptr, align 2
 
 ; CHECK-LABEL: %for.body
-; CHECK:       ; MemoryUse(4)
+; NOLIMIT:     ; MemoryUse(1)
+; LIMIT:       ; MemoryUse(4)
 ; CHECK-NEXT:    %lv = load i16, i16* %arrayidx, align 2
 
 entry:
@@ -329,7 +330,8 @@
 ; CHECK-NEXT:  store i16 1, i16* %s1.ptr, align 2
 
 ; CHECK-LABEL: %for.body
-; CHECK:       ; MemoryUse(7)
+; NOLIMIT:     ; MemoryUse(1)
+; LIMIT:       ; MemoryUse(7)
 ; CHECK-NEXT:    %lv = load i16, i16* %arrayidx, align 2
 
 entry: