diff --git a/llvm/lib/Passes/PassBuilder.cpp b/llvm/lib/Passes/PassBuilder.cpp
--- a/llvm/lib/Passes/PassBuilder.cpp
+++ b/llvm/lib/Passes/PassBuilder.cpp
@@ -693,7 +693,7 @@
 }
 
 Expected<bool> parsePostOrderFunctionAttrsPassOptions(StringRef Params) {
-  return parseSinglePassOption(Params, "skip-non-recursive",
+  return parseSinglePassOption(Params, "skip-non-recursive-function-attrs",
                                "PostOrderFunctionAttrs");
 }
 
diff --git a/llvm/lib/Passes/PassRegistry.def b/llvm/lib/Passes/PassRegistry.def
--- a/llvm/lib/Passes/PassRegistry.def
+++ b/llvm/lib/Passes/PassRegistry.def
@@ -235,7 +235,7 @@
                          return PostOrderFunctionAttrsPass(SkipNonRecursive);
                        },
                        parsePostOrderFunctionAttrsPassOptions,
-                       "skip-non-recursive")
+                       "skip-non-recursive-function-attrs")
 #undef CGSCC_PASS_WITH_PARAMS
 
 #ifndef FUNCTION_ANALYSIS
diff --git a/llvm/lib/Transforms/IPO/FunctionAttrs.cpp b/llvm/lib/Transforms/IPO/FunctionAttrs.cpp
--- a/llvm/lib/Transforms/IPO/FunctionAttrs.cpp
+++ b/llvm/lib/Transforms/IPO/FunctionAttrs.cpp
@@ -1720,7 +1720,8 @@
 
 template <typename AARGetterT>
 static SmallSet<Function *, 8>
-deriveAttrsInPostOrder(ArrayRef<Function *> Functions, AARGetterT &&AARGetter) {
+deriveAttrsInPostOrder(ArrayRef<Function *> Functions, AARGetterT &&AARGetter,
+                       bool ArgAttrsOnly) {
   SCCNodesResult Nodes = createSCCNodeSet(Functions);
 
   // Bail if the SCC only contains optnone functions.
@@ -1728,6 +1729,10 @@
     return {};
 
   SmallSet<Function *, 8> Changed;
+  if (ArgAttrsOnly) {
+    addArgumentAttrs(Nodes.SCCNodes, Changed);
+    return Changed;
+  }
 
   addArgumentReturnedAttrs(Nodes.SCCNodes, Changed);
   addMemoryAttrs(Nodes.SCCNodes, AARGetter, Changed);
@@ -1762,10 +1767,13 @@
                                                   LazyCallGraph &CG,
                                                   CGSCCUpdateResult &) {
   // Skip non-recursive functions if requested.
+  // Only infer argument attributes for non-recursive functions, because
+  // it can affect optimization behavior in conjunction with noalias.
+  bool ArgAttrsOnly = false;
   if (C.size() == 1 && SkipNonRecursive) {
     LazyCallGraph::Node &N = *C.begin();
     if (!N->lookup(N))
-      return PreservedAnalyses::all();
+      ArgAttrsOnly = true;
   }
 
   FunctionAnalysisManager &FAM =
@@ -1782,7 +1790,8 @@
     Functions.push_back(&N.getFunction());
   }
 
-  auto ChangedFunctions = deriveAttrsInPostOrder(Functions, AARGetter);
+  auto ChangedFunctions =
+      deriveAttrsInPostOrder(Functions, AARGetter, ArgAttrsOnly);
   if (ChangedFunctions.empty())
     return PreservedAnalyses::all();
 
@@ -1818,7 +1827,7 @@
   static_cast<PassInfoMixin<PostOrderFunctionAttrsPass> *>(this)->printPipeline(
       OS, MapClassName2PassName);
   if (SkipNonRecursive)
-    OS << "<skip-non-recursive>";
+    OS << "<skip-non-recursive-function-attrs>";
 }
 
 template <typename AARGetterT>
diff --git a/llvm/test/Other/new-pm-print-pipeline.ll b/llvm/test/Other/new-pm-print-pipeline.ll
--- a/llvm/test/Other/new-pm-print-pipeline.ll
+++ b/llvm/test/Other/new-pm-print-pipeline.ll
@@ -99,8 +99,8 @@
 ; CHECK-28: function(instcombine<max-iterations=1;no-use-loop-info;verify-fixpoint>,instcombine<max-iterations=42;use-loop-info;no-verify-fixpoint>)
 
 ;; Test function-attrs
-; RUN: opt -disable-output -disable-verify -print-pipeline-passes -passes='cgscc(function-attrs<skip-non-recursive>)' < %s | FileCheck %s --match-full-lines --check-prefixes=CHECK-29
-; CHECK-29: cgscc(function-attrs<skip-non-recursive>)
+; RUN: opt -disable-output -disable-verify -print-pipeline-passes -passes='cgscc(function-attrs<skip-non-recursive-function-attrs>)' < %s | FileCheck %s --match-full-lines --check-prefixes=CHECK-29
+; CHECK-29: cgscc(function-attrs<skip-non-recursive-function-attrs>)
 
 ;; Test cgscc -> function adaptor
 ; RUN: opt -disable-output -disable-verify -print-pipeline-passes -passes='cgscc(function<eager-inv;no-rerun>(no-op-function))' < %s | FileCheck %s --match-full-lines --check-prefixes=CHECK-30
diff --git a/llvm/test/Transforms/InstCombine/unused-nonnull.ll b/llvm/test/Transforms/InstCombine/unused-nonnull.ll
--- a/llvm/test/Transforms/InstCombine/unused-nonnull.ll
+++ b/llvm/test/Transforms/InstCombine/unused-nonnull.ll
@@ -9,7 +9,7 @@
 
 define i32 @main(i32 %argc, ptr %argv) #0 {
 ; CHECK-LABEL: define {{[^@]+}}@main
-; CHECK-SAME: (i32 [[ARGC:%.*]], ptr nocapture readnone [[ARGV:%.*]]) local_unnamed_addr #[[ATTR0:[0-9]+]] {
+; CHECK-SAME: (i32 [[ARGC:%.*]], ptr nocapture readonly [[ARGV:%.*]]) local_unnamed_addr #[[ATTR0:[0-9]+]] {
 ; CHECK-NEXT:  entry:
 ; CHECK-NEXT:    [[TMP0:%.*]] = icmp slt i32 [[ARGC]], 2
 ; CHECK-NEXT:    [[SPEC_SELECT:%.*]] = select i1 [[TMP0]], i32 0, i32 [[ARGC]]
diff --git a/llvm/test/Transforms/PhaseOrdering/early-arg-attrs-inference.ll b/llvm/test/Transforms/PhaseOrdering/early-arg-attrs-inference.ll
new file mode 100644
--- /dev/null
+++ b/llvm/test/Transforms/PhaseOrdering/early-arg-attrs-inference.ll
@@ -0,0 +1,27 @@
+; NOTE: Assertions have been autogenerated by utils/update_test_checks.py UTC_ARGS: --version 2
+; RUN: opt -S -O3 -memssa-check-limit=1 -memdep-block-scan-limit=1 < %s | FileCheck %s
+
+define i32 @f(ptr noalias %p, i32 %c) {
+; CHECK-LABEL: define i32 @f
+; CHECK-SAME: (ptr noalias nocapture readonly [[P:%.*]], i32 [[C:%.*]]) local_unnamed_addr {
+; CHECK-NEXT:    tail call void @g()
+; CHECK-NEXT:    tail call void @g()
+; CHECK-NEXT:    tail call void @g()
+; CHECK-NEXT:    tail call void @g()
+; CHECK-NEXT:    tail call void @g()
+; CHECK-NEXT:    tail call void @g()
+; CHECK-NEXT:    ret i32 0
+;
+  %i = load i32, ptr %p
+  call void @g()
+  call void @g()
+  call void @g()
+  call void @g()
+  call void @g()
+  call void @g()
+  %i2 = load i32, ptr %p
+  %r = sub i32 %i, %i2
+  ret i32 %r
+}
+
+declare void @g()