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
@@ -89,7 +89,9 @@
       if (isa<ReturnInst>(U->getUser()) && !ReturnCaptures)
         return false;
 
-      if (EphValues.contains(U->getUser()))
+      // Consider ephemeral calls reading or writing memory as capturing to avoid memory optimizations that may result in UB after inlining such calls.
+      if (EphValues.contains(U->getUser()) &&
+          !cast<Instruction>(U->getUser())->mayReadOrWriteMemory())
         return false;
 
       LLVM_DEBUG(dbgs() << "Captured by: " << *U->getUser() << "\n");
@@ -181,7 +183,8 @@
       if (isa<ReturnInst>(I) && !ReturnCaptures)
         return false;
 
-      if (EphValues.contains(I))
+      // Consider ephemeral calls reading or writing memory as capturing to avoid memory optimizations that may result in UB after inlining such calls.
+      if (EphValues.contains(I) && !I->mayReadOrWriteMemory())
         return false;
 
       if (!EarliestCapture)
diff --git a/llvm/test/Transforms/PhaseOrdering/dse-ephemeral-value-captures.ll b/llvm/test/Transforms/PhaseOrdering/dse-ephemeral-value-captures.ll
--- a/llvm/test/Transforms/PhaseOrdering/dse-ephemeral-value-captures.ll
+++ b/llvm/test/Transforms/PhaseOrdering/dse-ephemeral-value-captures.ll
@@ -26,7 +26,13 @@
 define i32 @test() {
 ; CHECK-LABEL: define i32 @test() {
 ; CHECK-NEXT:  entry:
-; CHECK-NEXT:    unreachable
+; CHECK-NEXT:    br label [[THEN_I:%.*]]
+; CHECK:       then.i:
+; CHECK-NEXT:    [[RES_I:%.*]] = call i1 @cond()
+; CHECK-NEXT:    br label [[CHECK_COND_EXIT:%.*]]
+; CHECK:       check_cond.exit:
+; CHECK-NEXT:    call void @llvm.assume(i1 [[RES_I]])
+; CHECK-NEXT:    ret i32 0
 ;
 entry:
   %a = alloca i32, align 4