Index: lib/Analysis/MemoryDependenceAnalysis.cpp
===================================================================
--- lib/Analysis/MemoryDependenceAnalysis.cpp
+++ lib/Analysis/MemoryDependenceAnalysis.cpp
@@ -408,6 +408,10 @@
   // it is racy (undefined) or there is a release followed by an acquire
   // between the pair of accesses under consideration.
 
+  // If the load is invariant, we "know" that it doesn't alias *any* write. We
+  // do want to respect mustalias results since defs are useful for value
+  // forwarding, but any mayalias write can be assumed to be noalias.
+  // Arguably, this logic should be pushed inside AliasAnalysis itself.
   if (isLoad && QueryInst) {
     LoadInst *LI = dyn_cast<LoadInst>(QueryInst);
     if (LI && LI->getMetadata(LLVMContext::MD_invariant_load) != nullptr)
@@ -601,6 +605,8 @@
 
       if (AccessPtr == Inst || AA->isMustAlias(Inst, AccessPtr))
         return MemDepResult::getDef(Inst);
+      if (isInvariantLoad)
+        continue;
       // Be conservative if the accessed pointer may alias the allocation.
       if (AA->alias(Inst, AccessPtr) != AliasAnalysis::NoAlias)
         return MemDepResult::getClobber(Inst);
@@ -611,6 +617,9 @@
         continue;
     }
 
+    if (isInvariantLoad)
+       continue;
+
     // See if this instruction (e.g. a call or vaarg) mod/ref's the pointer.
     AliasAnalysis::ModRefResult MR = AA->getModRefInfo(Inst, MemLoc);
     // If necessary, perform additional analysis.
Index: test/Transforms/GVN/invariant-load.ll
===================================================================
--- test/Transforms/GVN/invariant-load.ll
+++ test/Transforms/GVN/invariant-load.ll
@@ -65,5 +65,55 @@
   ret i32 %res
 }
 
+; Checks that we return the mustalias store as a def
+; so that it contributes to value forwarding.  Note
+; that we could and should remove the store too.
+define i32 @test5(i1 %cnd, i32* %p) {
+; CHECK-LABEL: test5
+; CHECK-LABEL: entry:
+; CHECK-NEXT: store i32 5, i32* %p
+; CHECK-NEXT: ret i32 5
+entry:
+  %v1 = load i32, i32* %p, !invariant.load !0
+  store i32 5, i32* %p ;; must alias store, want to exploit
+  %v2 = load i32, i32* %p, !invariant.load !0
+  ret i32 %v2
+}
+
+
+declare void @foo()
+
+; Clobbering (mayalias) stores, even in function calls, can be ignored
+define i32 @test6(i1 %cnd, i32* %p) {
+; CHECK-LABEL: test6
+; CHECK-LABEL: entry:
+; CHECK-NEXT: @foo
+; CHECK-NEXT: ret i32 0
+entry:
+  %v1 = load i32, i32* %p, !invariant.load !0
+  call void @foo()
+  %v2 = load i32, i32* %p, !invariant.load !0
+  %res = sub i32 %v1, %v2
+  ret i32 %res
+}
+
+declare noalias i32* @bar(...) 
+
+; Same as previous, but a function with a noalias result (since they're handled
+; differently in MDA)
+define i32 @test7(i1 %cnd, i32* %p) {
+; CHECK-LABEL: test7
+; CHECK-LABEL: entry:
+; CHECK-NEXT: @bar
+; CHECK-NEXT: ret i32 0
+entry:
+  %v1 = load i32, i32* %p, !invariant.load !0
+  call i32* (...)* @bar(i32* %p)
+  %v2 = load i32, i32* %p, !invariant.load !0
+  %res = sub i32 %v1, %v2
+  ret i32 %res
+}
+
+
 !0 = !{ }