Index: lib/Analysis/GlobalsModRef.cpp
===================================================================
--- lib/Analysis/GlobalsModRef.cpp
+++ lib/Analysis/GlobalsModRef.cpp
@@ -666,14 +666,13 @@
       // non-addr-taken globals.
       continue;
     }
-    if (auto *LI = dyn_cast<LoadInst>(Input)) {
-      // A pointer loaded from a global would have been captured, and we know
-      // that the global is non-escaping, so no alias.
-      if (isa<GlobalValue>(GetUnderlyingObject(LI->getPointerOperand(), DL)))
-        continue;
-
-      // Otherwise, a load could come from anywhere, so bail.
-      return false;
+    if (isa<LoadInst>(Input)) {
+      // For a loaded pointer to alias with a an object, it must contain the
+      // address of that object plus some offset inside the object. As we know
+      // the object in this case has never had its address taken, its address
+      // cannot have ended up in memory to be loaded and therefore the loaded
+      // value does not alias with the non-addr-taken global.
+      continue;
     }
 
     // Recurse through a limited number of selects and PHIs. This is an
Index: test/Analysis/GlobalsModRef/nonescaping-noalias.ll
===================================================================
--- test/Analysis/GlobalsModRef/nonescaping-noalias.ll
+++ test/Analysis/GlobalsModRef/nonescaping-noalias.ll
@@ -97,3 +97,20 @@
   %v = load i32, i32* @g1
   ret i32 %v
 }
+
+define i32 @test5(i32** %param) {
+; Ensure that we can fold a store to a load of a global across a store to
+; a parameter that has been dereferenced when the global is non-escaping.
+;
+; CHECK-LABEL: @test5(
+; CHECK: %p = load i32*
+; CHECK: store i32 42, i32* @g1
+; CHECK-NOT: load i32
+; CHECK: ret i32 42
+entry:
+  %p = load i32*, i32** %param
+  store i32 42, i32* @g1
+  store i32 7, i32* %p
+  %v = load i32, i32* @g1
+  ret i32 %v
+}