Index: include/llvm/IR/ModuleSummaryIndex.h
===================================================================
--- include/llvm/IR/ModuleSummaryIndex.h
+++ include/llvm/IR/ModuleSummaryIndex.h
@@ -101,17 +101,26 @@
     /// possibly referenced from inline assembly, etc).
     unsigned NoRename : 1;
 
+    /// Indicate if value may reference a NoRename value (e.g. via inline
+    /// assembly that is opaque). Use a flag rather than bloating the
+    /// summary with references to every possible NoRename value in the
+    /// llvm.used set.
+    unsigned MayReferenceNoRename : 1;
+
     /// Indicate if the function is not viable to inline.
     unsigned IsNotViableToInline : 1;
 
     /// Convenience Constructors
     explicit GVFlags(GlobalValue::LinkageTypes Linkage, bool NoRename,
+                     bool MayReferenceNoRename,
                      bool IsNotViableToInline)
         : Linkage(Linkage), NoRename(NoRename),
+          MayReferenceNoRename(MayReferenceNoRename),
           IsNotViableToInline(IsNotViableToInline) {}
 
     GVFlags(const GlobalValue &GV)
-        : Linkage(GV.getLinkage()), NoRename(GV.hasSection()) {
+        : Linkage(GV.getLinkage()), NoRename(GV.hasSection()),
+          MayReferenceNoRename(false) {
       IsNotViableToInline = false;
       if (const auto *F = dyn_cast<Function>(&GV))
         // Inliner doesn't handle variadic functions.
@@ -198,6 +207,14 @@
   /// possibly referenced from inline assembly, etc).
   void setNoRename() { Flags.NoRename = true; }
 
+  /// Return true if this global value possibly references another value
+  /// that can't be renamed.
+  bool mayReferenceNoRename() const { return Flags.MayReferenceNoRename; }
+
+  /// Flag that this global value possibly references another value that
+  /// can't be renamed.
+  void setMayReferenceNoRename() { Flags.MayReferenceNoRename = true; }
+
   /// Record a reference from this global value to the global value identified
   /// by \p RefGUID.
   void addRefEdge(GlobalValue::GUID RefGUID) { RefEdgeList.push_back(RefGUID); }
Index: lib/Analysis/ModuleSummaryAnalysis.cpp
===================================================================
--- lib/Analysis/ModuleSummaryAnalysis.cpp
+++ lib/Analysis/ModuleSummaryAnalysis.cpp
@@ -80,7 +80,7 @@
 static void computeFunctionSummary(ModuleSummaryIndex &Index, const Module &M,
                                    const Function &F, BlockFrequencyInfo *BFI,
                                    ProfileSummaryInfo *PSI,
-                                   SmallPtrSetImpl<GlobalValue *> &LocalsUsed) {
+                                   bool HasLocalsInUsed) {
   // Summary not currently supported for anonymous functions, they should
   // have been named.
   assert(F.hasName());
@@ -92,8 +92,8 @@
   DenseMap<GlobalValue::GUID, CalleeInfo> IndirectCallEdges;
   DenseSet<const Value *> RefEdges;
   ICallPromotionAnalysis ICallAnalysis;
-  bool HasLocalsInUsed = !LocalsUsed.empty();
 
+  bool MayReferenceNoRename = false;
   SmallPtrSet<const User *, 8> Visited;
   for (const BasicBlock &BB : F)
     for (const Instruction &I : BB) {
@@ -107,11 +107,11 @@
 
       const auto *CI = dyn_cast<CallInst>(&I);
       // Since we don't know exactly which local values are referenced in inline
-      // assembly, conservatively reference all of them from this function, to
-      // ensure we don't export a reference (which would require renaming and
-      // promotion).
+      // assembly, conservatively mark the function as possibly referencing
+      // a NoRename value to ensure we don't export a reference (which would
+      // require renaming and promotion of the referenced value).
       if (HasLocalsInUsed && CI && CI->isInlineAsm())
-        RefEdges.insert(LocalsUsed.begin(), LocalsUsed.end());
+        MayReferenceNoRename = true;
 
       auto *CalledValue = CS.getCalledValue();
       auto *CalledFunction = CS.getCalledFunction();
@@ -164,6 +164,8 @@
   FuncSummary->addCallGraphEdges(CallGraphEdges);
   FuncSummary->addCallGraphEdges(IndirectCallEdges);
   FuncSummary->addRefEdges(RefEdges);
+  if (MayReferenceNoRename)
+    FuncSummary->setMayReferenceNoRename();
   Index.addGlobalValueSummary(F.getName(), std::move(FuncSummary));
 }
 
@@ -234,7 +236,7 @@
       BFI = BFIPtr.get();
     }
 
-    computeFunctionSummary(Index, M, F, BFI, PSI, LocalsUsed);
+    computeFunctionSummary(Index, M, F, BFI, PSI, !LocalsUsed.empty());
   }
 
   // Compute summaries for all variables defined in module, and save in the
Index: lib/Bitcode/Reader/BitcodeReader.cpp
===================================================================
--- lib/Bitcode/Reader/BitcodeReader.cpp
+++ lib/Bitcode/Reader/BitcodeReader.cpp
@@ -768,7 +768,9 @@
   RawFlags = RawFlags >> 4;
   bool NoRename = RawFlags & 0x1;
   bool IsNotViableToInline = RawFlags & 0x2;
-  return GlobalValueSummary::GVFlags(Linkage, NoRename, IsNotViableToInline);
+  bool MayReferenceNoRename = RawFlags & 0x4;
+  return GlobalValueSummary::GVFlags(Linkage, NoRename, MayReferenceNoRename,
+                                     IsNotViableToInline);
 }
 
 static GlobalValue::VisibilityTypes getDecodedVisibility(unsigned Val) {
Index: lib/Bitcode/Writer/BitcodeWriter.cpp
===================================================================
--- lib/Bitcode/Writer/BitcodeWriter.cpp
+++ lib/Bitcode/Writer/BitcodeWriter.cpp
@@ -992,6 +992,7 @@
 
   RawFlags |= Flags.NoRename; // bool
   RawFlags |= (Flags.IsNotViableToInline << 1);
+  RawFlags |= (Flags.MayReferenceNoRename << 2);
   // Linkage don't need to be remapped at that time for the summary. Any future
   // change to the getEncodedLinkage() function will need to be taken into
   // account here as well.
Index: lib/Transforms/IPO/FunctionImport.cpp
===================================================================
--- lib/Transforms/IPO/FunctionImport.cpp
+++ lib/Transforms/IPO/FunctionImport.cpp
@@ -153,7 +153,11 @@
 
   // Check references (and potential calls) in the same module. If the current
   // value references a global that can't be externally referenced it is not
-  // eligible for import.
+  // eligible for import. First check the flag set when we have possible
+  // opaque references (e.g. inline asm calls), then check the call and
+  // reference sets.
+  if (Summary.mayReferenceNoRename())
+    return false;
   bool AllRefsCanBeExternallyReferenced =
       llvm::all_of(Summary.refs(), [&](const ValueInfo &VI) {
         return canBeExternallyReferenced(Index, VI.getGUID());