diff --git a/llvm/include/llvm/Analysis/ValueTracking.h b/llvm/include/llvm/Analysis/ValueTracking.h
--- a/llvm/include/llvm/Analysis/ValueTracking.h
+++ b/llvm/include/llvm/Analysis/ValueTracking.h
@@ -628,6 +628,13 @@
 bool isIntrinsicReturningPointerAliasingArgumentWithoutCapturing(
     const CallBase *Call, bool MustPreserveNullness);
 
+/// This method is a wrapper around getUnderlyingObject to look through PHI
+/// nodes. This method will attempt to build a new underlying object based on
+/// the incoming values. This method can have high compile time implications and
+/// cannot be used as a direct replacement for getUnderlyingObject.
+const Value *getUnderlyingObjectLookThrough(const Value *V,
+                                            unsigned MaxLookup = 6);
+
 /// This method strips off any GEP address adjustments and pointer casts from
 /// the specified value, returning the original object being addressed. Note
 /// that the returned value has pointer type if the specified value does. If
diff --git a/llvm/lib/Analysis/CaptureTracking.cpp b/llvm/lib/Analysis/CaptureTracking.cpp
--- a/llvm/lib/Analysis/CaptureTracking.cpp
+++ b/llvm/lib/Analysis/CaptureTracking.cpp
@@ -411,7 +411,11 @@
         if (IsDereferenceableOrNull && IsDereferenceableOrNull(O, DL))
           return UseCaptureKind::NO_CAPTURE;
       }
-    }
+    } else if (cast<ICmpInst>(I)->isEquality() &&
+               getUnderlyingObjectLookThrough(I->getOperand(Idx)) ==
+                   getUnderlyingObjectLookThrough(I->getOperand(OtherIdx)))
+      // Equality comparisons against the same pointer do not capture.
+      return UseCaptureKind::NO_CAPTURE;
 
     // Otherwise, be conservative. There are crazy ways to capture pointers
     // using comparisons.
diff --git a/llvm/lib/Analysis/ValueTracking.cpp b/llvm/lib/Analysis/ValueTracking.cpp
--- a/llvm/lib/Analysis/ValueTracking.cpp
+++ b/llvm/lib/Analysis/ValueTracking.cpp
@@ -5654,6 +5654,31 @@
   return true;
 }
 
+const Value *llvm::getUnderlyingObjectLookThrough(const Value *V, unsigned MaxLookup) {
+  V = getUnderlyingObject(V, MaxLookup);
+
+  const PHINode *PN = dyn_cast<PHINode>(V);
+  if (!PN)
+    return V;
+
+  // We can look through PHIs if each underlying value has the same underlying
+  // object, or is the phi itself.
+  const Value *NewUnderlying = PN;
+  for (const Value *Incoming : PN->incoming_values()) {
+    const Value *IncomingUnderlying = getUnderlyingObject(Incoming, MaxLookup);
+    if (IncomingUnderlying == PN || IncomingUnderlying == NewUnderlying)
+      continue;
+    if (NewUnderlying == PN)
+      // Found a new possible underlying object.
+      NewUnderlying = IncomingUnderlying;
+    else
+      // There are >= 2 possible underlying objects. We cannot determine a new
+      // underlying object.
+      return V;
+  }
+  return NewUnderlying;
+}
+
 const Value *llvm::getUnderlyingObject(const Value *V, unsigned MaxLookup) {
   if (!V->getType()->isPointerTy())
     return V;
diff --git a/llvm/test/Transforms/FunctionAttrs/nocapture.ll b/llvm/test/Transforms/FunctionAttrs/nocapture.ll
--- a/llvm/test/Transforms/FunctionAttrs/nocapture.ll
+++ b/llvm/test/Transforms/FunctionAttrs/nocapture.ll
@@ -333,20 +333,20 @@
   ret void
 }
 
-; FNATTR: define i1 @identity_icmp(ptr readnone %p)
+; FNATTR: define i1 @identity_icmp(ptr nocapture readnone %p)
 define i1 @identity_icmp(ptr %p) {
   %r = icmp eq ptr %p, %p
   ret i1 %r
 }
 
-; FNATTR: define i1 @compare_against_offset(ptr readnone %p)
+; FNATTR: define i1 @compare_against_offset(ptr nocapture readnone %p)
 define i1 @compare_against_offset(ptr %p) {
   %offset = getelementptr inbounds i32, ptr %p, i64 1
   %r = icmp eq ptr %p, %offset
   ret i1 %r
 }
 
-; FNATTR: define i1 @compare_offsets(ptr readnone %p)
+; FNATTR: define i1 @compare_offsets(ptr nocapture readnone %p)
 define i1 @compare_offsets(ptr %p) {
   %offset1 = getelementptr inbounds i32, ptr %p, i64 1
   %offset2 = getelementptr inbounds i32, ptr %p, i64 2
@@ -354,7 +354,7 @@
   ret i1 %r
 }
 
-; FNATTR: define void @phi_induction(ptr writeonly %p, i64 %n, i32 %x)
+; FNATTR: define void @phi_induction(ptr nocapture writeonly %p, i64 %n, i32 %x)
 define void @phi_induction(ptr %p, i64 %n, i32 %x) {
 start:
   %end = getelementptr inbounds i32, ptr %p, i64 %n
diff --git a/llvm/unittests/Analysis/CaptureTrackingTest.cpp b/llvm/unittests/Analysis/CaptureTrackingTest.cpp
--- a/llvm/unittests/Analysis/CaptureTrackingTest.cpp
+++ b/llvm/unittests/Analysis/CaptureTrackingTest.cpp
@@ -105,11 +105,10 @@
   BasicBlock *BB = &F->getEntryBlock();
   Instruction *Call = &*BB->begin();
   Instruction *CmpXChg = Call->getNextNode();
-  Instruction *ICmp = CmpXChg->getNextNode();
 
   CollectingCaptureTracker CT;
   PointerMayBeCaptured(Arg, &CT);
-  EXPECT_EQ(7u, CT.Captures.size());
+  EXPECT_EQ(5u, CT.Captures.size());
   // Call arg 1
   EXPECT_EQ(Call, CT.Captures[0]->getUser());
   EXPECT_EQ(0u, CT.Captures[0]->getOperandNo());
@@ -125,10 +124,4 @@
   // Cmpxchg new value operand
   EXPECT_EQ(CmpXChg, CT.Captures[4]->getUser());
   EXPECT_EQ(2u, CT.Captures[4]->getOperandNo());
-  // ICmp first operand
-  EXPECT_EQ(ICmp, CT.Captures[5]->getUser());
-  EXPECT_EQ(0u, CT.Captures[5]->getOperandNo());
-  // ICmp second operand
-  EXPECT_EQ(ICmp, CT.Captures[6]->getUser());
-  EXPECT_EQ(1u, CT.Captures[6]->getOperandNo());
 }