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
@@ -440,7 +440,7 @@
 
   // Speculative execution if the target has divergent branches; otherwise nop.
   if (Level.getSpeedupLevel() > 1) {
-    FPM.addPass(SpeculativeExecutionPass());
+    FPM.addPass(SpeculativeExecutionPass(/*OnlyIfDivergentTarget=*/true));
 
     // Optimize based on known information about branches, and cleanup afterward.
     FPM.addPass(JumpThreadingPass());