Index: lib/Transforms/Scalar/JumpThreading.cpp
===================================================================
--- lib/Transforms/Scalar/JumpThreading.cpp
+++ lib/Transforms/Scalar/JumpThreading.cpp
@@ -1333,6 +1333,20 @@
   // code size.
   BasicBlock *UnavailablePred = nullptr;
 
+  // If the value is unavailable in one of predecessors, we will end up
+  // inserting a new instruction into them. We can only validly do it if all
+  // instructions before LI are guaranteed to pass execution to its successor,
+  // or if LI is safe to speculate.
+  // TODO: If this logic becomes more complex, and we will perform PRE insertion
+  // farther than to a predecessor, we need to reuse the code from GVN's PRE.
+  // It requires domination tree analysis, so for this simple case it is an
+  // overkill.
+  if (PredsScanned.size() != AvailablePreds.size() &&
+      !isSafeToSpeculativelyExecute(LI))
+    for (auto I = LoadBB->begin(); &*I != LI; ++I)
+      if (!isGuaranteedToTransferExecutionToSuccessor(&*I))
+        return false;
+
   // If there is exactly one predecessor where the value is unavailable, the
   // already computed 'OneUnavailablePred' block is it.  If it ends in an
   // unconditional branch, we know that it isn't a critical edge.
Index: test/Transforms/JumpThreading/guards.ll
===================================================================
--- test/Transforms/JumpThreading/guards.ll
+++ test/Transforms/JumpThreading/guards.ll
@@ -278,3 +278,54 @@
 L3:
   ret void
 }
+
+; Make sure that we don't PRE a non-speculable load across a guard.
+define void @unsafe_pre_across_guard(i8* %p, i1 %load.is.valid) {
+
+; CHECK-LABEL: @unsafe_pre_across_guard(
+; CHECK-NOT:   loaded.pr
+; CHECK:       entry:
+; CHECK-NEXT:    br label %loop
+; CHECK:       loop:
+; CHECK-NEXT:    call void (i1, ...) @llvm.experimental.guard(i1 %load.is.valid) [ "deopt"() ]
+; CHECK-NEXT:    %loaded = load i8, i8* %p
+; CHECK-NEXT:    %continue = icmp eq i8 %loaded, 0
+; CHECK-NEXT:    br i1 %continue, label %exit, label %loop
+entry:
+  br label %loop
+
+loop:                                             ; preds = %loop, %entry
+  call void (i1, ...) @llvm.experimental.guard(i1 %load.is.valid) [ "deopt"() ]
+  %loaded = load i8, i8* %p
+  %continue = icmp eq i8 %loaded, 0
+  br i1 %continue, label %exit, label %loop
+
+exit:                                             ; preds = %loop
+  ret void
+}
+
+; Make sure that we can safely PRE a speculable load across a guard.
+define void @safe_pre_across_guard(i8* noalias nocapture readonly dereferenceable(8) %p, i1 %load.is.valid) {
+
+; CHECK-LABEL: @safe_pre_across_guard(
+; CHECK:       entry:
+; CHECK-NEXT:    %loaded.pr = load i8, i8* %p
+; CHECK-NEXT:    br label %loop
+; CHECK:       loop:
+; CHECK-NEXT:    %loaded = phi i8 [ %loaded, %loop ], [ %loaded.pr, %entry ]
+; CHECK-NEXT:    call void (i1, ...) @llvm.experimental.guard(i1 %load.is.valid) [ "deopt"() ]
+; CHECK-NEXT:    %continue = icmp eq i8 %loaded, 0
+; CHECK-NEXT:    br i1 %continue, label %exit, label %loop
+
+entry:
+  br label %loop
+
+loop:                                             ; preds = %loop, %entry
+  call void (i1, ...) @llvm.experimental.guard(i1 %load.is.valid) [ "deopt"() ]
+  %loaded = load i8, i8* %p
+  %continue = icmp eq i8 %loaded, 0
+  br i1 %continue, label %exit, label %loop
+
+exit:                                             ; preds = %loop
+  ret void
+}