Index: lib/Transforms/Utils/SimplifyLibCalls.cpp
===================================================================
--- lib/Transforms/Utils/SimplifyLibCalls.cpp
+++ lib/Transforms/Utils/SimplifyLibCalls.cpp
@@ -1108,6 +1108,32 @@
                                   Callee->getAttributes());
   }
 
+  // pow(exp(x), y) -> exp(x*y)
+  // pow(exp2(x), y) -> exp2(x * y)
+  // We enable these only under fast-math. Besides rounding
+  // differences the transformation changes overflow and
+  // underflow behavior quite dramatically.
+  // Example: x = 1000, y = 0.001.
+  // pow(exp(x), y) = pow(inf, 0.001) = inf, whereas exp(x*y) = exp(1).
+  if (canUseUnsafeFPMath(CI->getParent()->getParent())) {
+    if (auto *OpC = dyn_cast<CallInst>(Op1)) {
+      IRBuilder<>::FastMathFlagGuard Guard(B);
+      FastMathFlags FMF;
+      FMF.setUnsafeAlgebra();
+      B.SetFastMathFlags(FMF);
+
+      LibFunc::Func Func;
+      Function *Callee = OpC->getCalledFunction();
+      StringRef FuncName = Callee->getName();
+
+      if (TLI->getLibFunc(FuncName, Func) && TLI->has(Func) &&
+          (Func == LibFunc::exp || Func == LibFunc::exp2))
+        return EmitUnaryFloatFnCall(
+            B.CreateFMul(OpC->getArgOperand(0), Op2, "mul"), FuncName, B,
+            Callee->getAttributes());
+    }
+  }
+
   ConstantFP *Op2C = dyn_cast<ConstantFP>(Op2);
   if (!Op2C)
     return Ret;
Index: test/Transforms/InstCombine/pow-exp-nofastmath.ll
===================================================================
--- test/Transforms/InstCombine/pow-exp-nofastmath.ll
+++ test/Transforms/InstCombine/pow-exp-nofastmath.ll
@@ -0,0 +1,24 @@
+; RUN: opt < %s -instcombine -S | FileCheck %s
+
+define double @mypow(double %x, double %y) #0 {
+entry:
+  %x.addr = alloca double, align 8
+  %y.addr = alloca double, align 8
+  store double %x, double* %x.addr, align 8
+  store double %y, double* %y.addr, align 8
+  %0 = load double, double* %x.addr, align 8
+  %call = call double @exp(double %0) #2
+  %1 = load double, double* %y.addr, align 8
+  %2 = call double @llvm.pow.f64(double %call, double %1)
+  ret double %2
+}
+
+declare double @exp(double) #1
+declare double @llvm.pow.f64(double, double) #2
+
+; CHECK: define double @mypow(double %x, double %y) {
+; CHECK: entry:
+; CHECK:   %call = call double @exp(double %x)
+; CHECK:   %0 = call double @llvm.pow.f64(double %call, double %y)
+; CHECK:   ret double %0
+; CHECK: }
Index: test/Transforms/InstCombine/pow-exp.ll
===================================================================
--- test/Transforms/InstCombine/pow-exp.ll
+++ test/Transforms/InstCombine/pow-exp.ll
@@ -0,0 +1,27 @@
+; RUN: opt < %s -instcombine -S | FileCheck %s
+
+define double @mypow(double %x, double %y) #0 {
+entry:
+  %x.addr = alloca double, align 8
+  %y.addr = alloca double, align 8
+  store double %x, double* %x.addr, align 8
+  store double %y, double* %y.addr, align 8
+  %0 = load double, double* %x.addr, align 8
+  %call = call double @exp(double %0) #2
+  %1 = load double, double* %y.addr, align 8
+  %2 = call double @llvm.pow.f64(double %call, double %1)
+  ret double %2
+}
+
+declare double @exp(double) #1
+declare double @llvm.pow.f64(double, double) #2
+
+attributes #0 = { "unsafe-fp-math"="true" }
+attributes #1 = { "unsafe-fp-math"="true" }
+
+; CHECK: define double @mypow(double %x, double %y) #0 {
+; CHECK: entry:
+; CHECK:   %mul = fmul fast double %x, %y
+; CHECK:   %exp = call double @exp(double %mul) #0
+; CHECK:   ret double %exp
+; CHECK: }
Index: test/Transforms/InstCombine/pow-exp2.ll
===================================================================
--- test/Transforms/InstCombine/pow-exp2.ll
+++ test/Transforms/InstCombine/pow-exp2.ll
@@ -0,0 +1,26 @@
+; RUN: opt < %s -instcombine -S | FileCheck %s
+
+define double @mypow(double %x, double %y) #0 {
+entry:
+  %x.addr = alloca double, align 8
+  %y.addr = alloca double, align 8
+  store double %x, double* %x.addr, align 8
+  store double %y, double* %y.addr, align 8
+  %0 = load double, double* %x.addr, align 8
+  %call = call double @exp2(double %0) #2
+  %1 = load double, double* %y.addr, align 8
+  %2 = call double @llvm.pow.f64(double %call, double %1)
+  ret double %2
+}
+
+declare double @exp2(double) #1
+declare double @llvm.pow.f64(double, double) #2
+attributes #0 = { "unsafe-fp-math"="true" }
+attributes #1 = { "unsafe-fp-math"="true" }
+
+; CHECK: define double @mypow(double %x, double %y) #0 {
+; CHECK: entry:
+; CHECK:   %mul = fmul fast double %x, %y
+; CHECK:   %exp2 = call double @exp2(double %mul) #0
+; CHECK:   ret double %exp2
+; CHECK: }