diff --git a/llvm/lib/Transforms/Instrumentation/SanitizerBinaryMetadata.cpp b/llvm/lib/Transforms/Instrumentation/SanitizerBinaryMetadata.cpp
--- a/llvm/lib/Transforms/Instrumentation/SanitizerBinaryMetadata.cpp
+++ b/llvm/lib/Transforms/Instrumentation/SanitizerBinaryMetadata.cpp
@@ -17,6 +17,8 @@
 #include "llvm/ADT/StringRef.h"
 #include "llvm/ADT/Triple.h"
 #include "llvm/ADT/Twine.h"
+#include "llvm/Analysis/CaptureTracking.h"
+#include "llvm/Analysis/ValueTracking.h"
 #include "llvm/IR/Constant.h"
 #include "llvm/IR/DerivedTypes.h"
 #include "llvm/IR/Function.h"
@@ -172,7 +174,7 @@
   Twine getSectionEnd(StringRef SectionSuffix);
 
   // Returns true if the access to the address should be considered "atomic".
-  bool pretendAtomicAccess(Value *Addr);
+  bool pretendAtomicAccess(const Value *Addr);
 
   Module &Mod;
   const SanitizerBinaryMetadataOptions Options;
@@ -342,14 +344,21 @@
   return false;
 }
 
-bool SanitizerBinaryMetadata::pretendAtomicAccess(Value *Addr) {
-  assert(Addr && "Expected non-null Addr");
+bool SanitizerBinaryMetadata::pretendAtomicAccess(const Value *Addr) {
+  if (!Addr)
+    return false;
 
   Addr = Addr->stripInBoundsOffsets();
   auto *GV = dyn_cast<GlobalVariable>(Addr);
   if (!GV)
     return false;
 
+  // Constant loads never race with writes.
+  if (GV->isConstant())
+    return true;
+
+  // Some compiler-generated accesses are known racy, to avoid false positives
+  // in data-race analysis pretend they're atomic.
   if (GV->hasSection()) {
     const auto OF = Triple(Mod.getTargetTriple()).getObjectFormat();
     const auto ProfSec =
@@ -357,7 +366,6 @@
     if (GV->getSection().endswith(ProfSec))
       return true;
   }
-
   if (GV->getName().startswith("__llvm_gcov") ||
       GV->getName().startswith("__llvm_gcda"))
     return true;
@@ -365,6 +373,19 @@
   return false;
 }
 
+// Returns true if the memory at `Addr` may be shared with other threads.
+bool maybeSharedAddress(const Value *Addr) {
+  // By default assume memory may be shared.
+  if (!Addr)
+    return true;
+  if (isa<AllocaInst>(getUnderlyingObject(Addr)) &&
+      !PointerMayBeCaptured(Addr, true, true)) {
+    // The addressable object is on the stack and does not escape.
+    return false;
+  }
+  return true;
+}
+
 bool SanitizerBinaryMetadata::runOn(Instruction &I, MetadataInfoSet &MIS,
                                     MDBuilder &MDB, uint32_t &FeatureMask) {
   SmallVector<const MetadataInfo *, 1> InstMetadata;
@@ -375,27 +396,22 @@
       FeatureMask |= kSanitizerBinaryMetadataUAR;
   }
 
-  if (Options.Atomics && I.mayReadOrWriteMemory()) {
-    auto SSID = getAtomicSyncScopeID(&I);
-    bool IsAtomic = SSID.has_value() && *SSID != SyncScope::SingleThread;
-
-    if (!IsAtomic) {
-      // Check to pretend some compiler-generated accesses are atomic, to avoid
-      // false positives in data-race analysis.
-      Value *Addr = nullptr;
-      if (auto *SI = dyn_cast<StoreInst>(&I))
-        Addr = SI->getPointerOperand();
-      else if (auto *LI = dyn_cast<LoadInst>(&I))
-        Addr = LI->getPointerOperand();
-      if (Addr)
-        IsAtomic = pretendAtomicAccess(Addr);
-    }
-
-    if (IsAtomic) {
-      NumMetadataAtomics++;
-      InstMetadata.push_back(&MetadataInfo::Atomics);
+  if (Options.Atomics) {
+    const Value *Addr = nullptr;
+    if (auto *SI = dyn_cast<StoreInst>(&I))
+      Addr = SI->getPointerOperand();
+    else if (auto *LI = dyn_cast<LoadInst>(&I))
+      Addr = LI->getPointerOperand();
+
+    if (I.mayReadOrWriteMemory() && maybeSharedAddress(Addr)) {
+      auto SSID = getAtomicSyncScopeID(&I);
+      if ((SSID.has_value() && *SSID != SyncScope::SingleThread) ||
+          pretendAtomicAccess(Addr)) {
+        NumMetadataAtomics++;
+        InstMetadata.push_back(&MetadataInfo::Atomics);
+      }
+      RequiresCovered = true;
     }
-    RequiresCovered = true;
   }
 
   // Attach MD_pcsections to instruction.
diff --git a/llvm/test/Instrumentation/SanitizerBinaryMetadata/pretend-atomic-access.ll b/llvm/test/Instrumentation/SanitizerBinaryMetadata/pretend-atomic-access.ll
--- a/llvm/test/Instrumentation/SanitizerBinaryMetadata/pretend-atomic-access.ll
+++ b/llvm/test/Instrumentation/SanitizerBinaryMetadata/pretend-atomic-access.ll
@@ -1,4 +1,4 @@
-; NOTE: Assertions have been autogenerated by utils/update_test_checks.py
+; NOTE: Assertions have been autogenerated by utils/update_test_checks.py UTC_ARGS: --function-signature
 ; RUN: opt < %s -passes='module(sanmd-module)' -sanitizer-metadata-atomics -S | FileCheck %s
 
 target datalayout = "e-p:64:64:64-i1:8:8-i8:8:8-i16:16:16-i32:32:32-i64:64:64-f32:32:32-f64:64:64-v64:64:64-v128:128:128-a0:0:64-s0:64:64-f80:128:128-n8:16:32:64-S128"
@@ -13,8 +13,8 @@
 @__llvm_gcov_global_state_pred = internal global i32 0
 @__llvm_gcda_foo = internal global i32 0
 
-define i32 @test_gep() sanitize_thread {
-; CHECK-LABEL: @test_gep(
+define i32 @test_gep() {
+; CHECK-LABEL: define {{[^@]+}}@test_gep() !pcsections !0 {
 ; CHECK-NEXT:  entry:
 ; CHECK-NEXT:    [[PGOCOUNT:%.*]] = load i64, ptr @__profc_test_gep, align 8, !pcsections !2
 ; CHECK-NEXT:    [[TMP0:%.*]] = add i64 [[PGOCOUNT]], 1
@@ -43,8 +43,8 @@
   ret i32 1
 }
 
-define i32 @test_bitcast() sanitize_thread {
-; CHECK-LABEL: @test_bitcast(
+define i32 @test_bitcast() {
+; CHECK-LABEL: define {{[^@]+}}@test_bitcast() !pcsections !0 {
 ; CHECK-NEXT:  entry:
 ; CHECK-NEXT:    [[TMP0:%.*]] = load <2 x i64>, ptr @__profc_test_bitcast, align 8, !pcsections !2
 ; CHECK-NEXT:    [[DOTPROMOTED5:%.*]] = load i64, ptr @__profc_test_bitcast_foo, align 8, !pcsections !2
@@ -64,8 +64,8 @@
   ret i32 undef
 }
 
-define void @test_load() sanitize_thread {
-; CHECK-LABEL: @test_load(
+define void @test_load() {
+; CHECK-LABEL: define {{[^@]+}}@test_load() !pcsections !0 {
 ; CHECK-NEXT:  entry:
 ; CHECK-NEXT:    [[TMP0:%.*]] = load i32, ptr @__llvm_gcov_global_state_pred, align 4, !pcsections !2
 ; CHECK-NEXT:    store i32 1, ptr @__llvm_gcov_global_state_pred, align 4, !pcsections !2
@@ -82,3 +82,44 @@
 
   ret void
 }
+
+@const_global = external constant i32
+define i32 @read_from_const_global() {
+; CHECK-LABEL: define {{[^@]+}}@read_from_const_global() !pcsections !0 {
+; CHECK-NEXT:  entry:
+; CHECK-NEXT:    [[TMP0:%.*]] = load i32, ptr @const_global, align 4, !pcsections !2
+; CHECK-NEXT:    ret i32 [[TMP0]]
+;
+entry:
+  %0 = load i32, ptr @const_global, align 4
+  ret i32 %0
+}
+
+@non_const_global = global i32 0, align 4
+define i32 @read_from_non_const_global() {
+; CHECK-LABEL: define {{[^@]+}}@read_from_non_const_global() !pcsections !0 {
+; CHECK-NEXT:  entry:
+; CHECK-NEXT:    [[TMP0:%.*]] = load i32, ptr @non_const_global, align 4
+; CHECK-NEXT:    ret i32 [[TMP0]]
+;
+entry:
+  %0 = load i32, ptr @non_const_global, align 4
+  ret i32 %0
+}
+
+@const_global_array = external constant [10 x i32]
+define i32 @read_from_const_global_array(i32 %idx) {
+; CHECK-LABEL: define {{[^@]+}}@read_from_const_global_array
+; CHECK-SAME: (i32 [[IDX:%.*]]) !pcsections !0 {
+; CHECK-NEXT:  entry:
+; CHECK-NEXT:    [[IDXPROM:%.*]] = sext i32 [[IDX]] to i64
+; CHECK-NEXT:    [[ARRAYIDX:%.*]] = getelementptr inbounds [10 x i32], ptr @const_global_array, i64 0, i64 [[IDXPROM]]
+; CHECK-NEXT:    [[TMP0:%.*]] = load i32, ptr [[ARRAYIDX]], align 4, !pcsections !2
+; CHECK-NEXT:    ret i32 [[TMP0]]
+;
+entry:
+  %idxprom = sext i32 %idx to i64
+  %arrayidx = getelementptr inbounds [10 x i32], ptr @const_global_array, i64 0, i64 %idxprom
+  %0 = load i32, ptr %arrayidx, align 4
+  ret i32 %0
+}
diff --git a/llvm/test/Instrumentation/SanitizerBinaryMetadata/shared-address.ll b/llvm/test/Instrumentation/SanitizerBinaryMetadata/shared-address.ll
new file mode 100644
--- /dev/null
+++ b/llvm/test/Instrumentation/SanitizerBinaryMetadata/shared-address.ll
@@ -0,0 +1,96 @@
+; NOTE: Assertions have been autogenerated by utils/update_test_checks.py UTC_ARGS: --function-signature
+; RUN: opt < %s -passes='module(sanmd-module)' -sanitizer-metadata-atomics -S | FileCheck %s
+
+target datalayout = "e-p:64:64:64-i1:8:8-i8:8:8-i16:16:16-i32:32:32-i64:64:64-f32:32:32-f64:64:64-v64:64:64-v128:128:128-a0:0:64-s0:64:64-f80:128:128-n8:16:32:64-S128"
+target triple = "x86_64-unknown-linux-gnu"
+
+declare void @escape(ptr)
+
+@sink = global ptr null, align 4
+
+@some_global = global i32 0, align 4
+
+define i32 @notcaptured() {
+; CHECK-LABEL: define {{[^@]+}}@notcaptured() {
+; CHECK-NEXT:  entry:
+; CHECK-NEXT:    [[PTR:%.*]] = alloca i32, align 4
+; CHECK-NEXT:    store i32 42, ptr [[PTR]], align 4
+; CHECK-NEXT:    [[TMP:%.*]] = load i32, ptr [[PTR]], align 4
+; CHECK-NEXT:    ret i32 [[TMP]]
+;
+entry:
+  %ptr = alloca i32, align 4
+  store i32 42, ptr %ptr, align 4
+  %tmp = load i32, ptr %ptr, align 4
+  ret i32 %tmp
+}
+
+define void @captured0() {
+; CHECK-LABEL: define {{[^@]+}}@captured0() !pcsections !0 {
+; CHECK-NEXT:  entry:
+; CHECK-NEXT:    [[PTR:%.*]] = alloca i32, align 4
+; CHECK-NEXT:    call void @escape(ptr [[PTR]])
+; CHECK-NEXT:    store i32 42, ptr [[PTR]], align 4
+; CHECK-NEXT:    ret void
+;
+entry:
+  %ptr = alloca i32, align 4
+  ; escapes due to call
+  call void @escape(ptr %ptr)
+  store i32 42, ptr %ptr, align 4
+  ret void
+}
+
+define void @captured1() {
+; CHECK-LABEL: define {{[^@]+}}@captured1() !pcsections !0 {
+; CHECK-NEXT:  entry:
+; CHECK-NEXT:    [[PTR:%.*]] = alloca i32, align 4
+; CHECK-NEXT:    store ptr [[PTR]], ptr @sink, align 8
+; CHECK-NEXT:    store i32 42, ptr [[PTR]], align 4
+; CHECK-NEXT:    ret void
+;
+entry:
+  %ptr = alloca i32, align 4
+  ; escapes due to store into global
+  store ptr %ptr, ptr @sink, align 8
+  store i32 42, ptr %ptr, align 4
+  ret void
+}
+
+define void @captured2() {
+; CHECK-LABEL: define {{[^@]+}}@captured2() !pcsections !0 {
+; CHECK-NEXT:  entry:
+; CHECK-NEXT:    [[PTR:%.*]] = alloca i32, align 4
+; CHECK-NEXT:    [[TMP:%.*]] = alloca ptr, align 8
+; CHECK-NEXT:    store ptr [[PTR]], ptr [[TMP]], align 8
+; CHECK-NEXT:    [[TMP0:%.*]] = load ptr, ptr [[TMP]], align 8
+; CHECK-NEXT:    store ptr [[TMP0]], ptr @sink, align 8
+; CHECK-NEXT:    store i32 42, ptr [[PTR]], align 4
+; CHECK-NEXT:    ret void
+;
+entry:
+  %ptr = alloca i32, align 4
+  %tmp = alloca ptr, align 8
+  ; transitive escape
+  store ptr %ptr, ptr %tmp, align 8
+  %0 = load ptr, ptr %tmp, align 8
+  store ptr %0, ptr @sink, align 8
+  store i32 42, ptr %ptr, align 4
+  ret void
+}
+
+
+define i32 @notcaptured_and_global_access() {
+; CHECK-LABEL: define {{[^@]+}}@notcaptured_and_global_access() !pcsections !0 {
+; CHECK-NEXT:  entry:
+; CHECK-NEXT:    [[PTR:%.*]] = alloca i32, align 4
+; CHECK-NEXT:    [[TMP:%.*]] = load i32, ptr @some_global, align 4
+; CHECK-NEXT:    store i32 42, ptr [[PTR]], align 4
+; CHECK-NEXT:    ret i32 [[TMP]]
+;
+entry:
+  %ptr = alloca i32, align 4
+  %tmp = load i32, ptr @some_global, align 4
+  store i32 42, ptr %ptr, align 4
+  ret i32 %tmp
+}