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
@@ -2057,6 +2057,10 @@
     if (Q.IIQ.isExact(cast<BinaryOperator>(I)))
       return isKnownToBeAPowerOfTwo(I->getOperand(0), OrZero, Depth, Q);
     return false;
+  case Instruction::Mul:
+    return OrZero &&
+           isKnownToBeAPowerOfTwo(I->getOperand(1), OrZero, Depth, Q) &&
+           isKnownToBeAPowerOfTwo(I->getOperand(0), OrZero, Depth, Q);
   case Instruction::And:
     if (OrZero) {
       // A power of two and'd with anything is a power of two or zero.
diff --git a/llvm/test/Analysis/ValueTracking/known-power-of-two.ll b/llvm/test/Analysis/ValueTracking/known-power-of-two.ll
--- a/llvm/test/Analysis/ValueTracking/known-power-of-two.ll
+++ b/llvm/test/Analysis/ValueTracking/known-power-of-two.ll
@@ -345,7 +345,8 @@
 ; CHECK-NEXT:    [[XP2:%.*]] = shl i16 4, [[X]]
 ; CHECK-NEXT:    [[ZP2:%.*]] = shl i16 2, [[Z]]
 ; CHECK-NEXT:    [[XX:%.*]] = mul i16 [[XP2]], [[ZP2]]
-; CHECK-NEXT:    [[R:%.*]] = urem i16 [[Y]], [[XX]]
+; CHECK-NEXT:    [[TMP1:%.*]] = add i16 [[XX]], -1
+; CHECK-NEXT:    [[R:%.*]] = and i16 [[TMP1]], [[Y]]
 ; CHECK-NEXT:    ret i16 [[R]]
 ;
   %xp2 = shl i16 4, %x