Index: lib/Target/AMDGPU/SIInsertSkips.cpp
===================================================================
--- lib/Target/AMDGPU/SIInsertSkips.cpp
+++ lib/Target/AMDGPU/SIInsertSkips.cpp
@@ -137,6 +137,10 @@
       if (TII->hasUnwantedEffectsWhenEXECEmpty(*I))
         return true;
 
+      // These instructions are potentially expensive even if EXEC = 0.
+      if (TII->isSMRD(*I) || TII->isVMEM(*I) || I->getOpcode() == AMDGPU::S_WAITCNT)
+        return true;
+
       ++NumInstr;
       if (NumInstr >= SkipThreshold)
         return true;