diff --git a/llvm/lib/Transforms/InstCombine/InstCombineCalls.cpp b/llvm/lib/Transforms/InstCombine/InstCombineCalls.cpp
--- a/llvm/lib/Transforms/InstCombine/InstCombineCalls.cpp
+++ b/llvm/lib/Transforms/InstCombine/InstCombineCalls.cpp
@@ -1912,6 +1912,22 @@
       return &CI;
     break;
   }
+  case Intrinsic::ptrmask: {
+    if (match(II->getArgOperand(0), m_OneUse(m_Intrinsic<Intrinsic::ptrmask>(
+                                        m_Value(), m_Value())))) {
+      auto *InnerII = cast<IntrinsicInst>(II->getArgOperand(0));
+      if (II->getArgOperand(1)->getType() ==
+          InnerII->getArgOperand(1)->getType()) {
+        Value *NewMask =
+            Builder.CreateAnd(II->getArgOperand(1), InnerII->getArgOperand(1));
+        return replaceInstUsesWith(
+            *II, Builder.CreateIntrinsic(InnerII->getArgOperand(0)->getType(),
+                                         Intrinsic::ptrmask,
+                                         {InnerII->getArgOperand(0), NewMask}));
+      }
+    }
+    break;
+  }
   case Intrinsic::uadd_with_overflow:
   case Intrinsic::sadd_with_overflow: {
     if (Instruction *I = foldIntrinsicWithOverflowCommon(II))
diff --git a/llvm/test/Transforms/InstCombine/consecutive-ptrmask.ll b/llvm/test/Transforms/InstCombine/consecutive-ptrmask.ll
--- a/llvm/test/Transforms/InstCombine/consecutive-ptrmask.ll
+++ b/llvm/test/Transforms/InstCombine/consecutive-ptrmask.ll
@@ -7,8 +7,8 @@
 define ptr @fold_2x(ptr %p, i64 %m0, i64 %m1) {
 ; CHECK-LABEL: define ptr @fold_2x
 ; CHECK-SAME: (ptr [[P:%.*]], i64 [[M0:%.*]], i64 [[M1:%.*]]) {
-; CHECK-NEXT:    [[P0:%.*]] = call ptr @llvm.ptrmask.p0.i64(ptr [[P]], i64 [[M0]])
-; CHECK-NEXT:    [[P1:%.*]] = call ptr @llvm.ptrmask.p0.i64(ptr [[P0]], i64 [[M1]])
+; CHECK-NEXT:    [[TMP1:%.*]] = and i64 [[M1]], [[M0]]
+; CHECK-NEXT:    [[P1:%.*]] = call ptr @llvm.ptrmask.p0.i64(ptr [[P]], i64 [[TMP1]])
 ; CHECK-NEXT:    ret ptr [[P1]]
 ;
   %p0 = call ptr @llvm.ptrmask(ptr %p, i64 %m0)
@@ -19,8 +19,8 @@
 define ptr @fold_2x_i32(ptr %p, i32 %m0, i32 %m1) {
 ; CHECK-LABEL: define ptr @fold_2x_i32
 ; CHECK-SAME: (ptr [[P:%.*]], i32 [[M0:%.*]], i32 [[M1:%.*]]) {
-; CHECK-NEXT:    [[P0:%.*]] = call ptr @llvm.ptrmask.p0.i32(ptr [[P]], i32 [[M0]])
-; CHECK-NEXT:    [[P1:%.*]] = call ptr @llvm.ptrmask.p0.i32(ptr [[P0]], i32 [[M1]])
+; CHECK-NEXT:    [[TMP1:%.*]] = and i32 [[M1]], [[M0]]
+; CHECK-NEXT:    [[P1:%.*]] = call ptr @llvm.ptrmask.p0.i32(ptr [[P]], i32 [[TMP1]])
 ; CHECK-NEXT:    ret ptr [[P1]]
 ;
   %p0 = call ptr @llvm.ptrmask.p0.i32(ptr %p, i32 %m0)