This is a cleaned up version of a patch by John Regehr with permission. Originally found via the souper tool.
If we add an odd number to x, then bitwise-and the result with x, we know that the low bit of the result must be zero. Either it was zero in x originally, or the add cleared it in the temporary value. As a result, one of the two values anded together must have the bit cleared.
This is minor:
I think (but perhaps @majnemer can confirm this) instcombine canonicalizes operands (for commutative operations) so that the LHS is more complex than the RHS, so maybe there is not much value in checking for both "x & (x - 1)" and "(x - 1) & x" -- instcombine will transform the former to the latter.