diff --git a/lib/CodeGen/SelectionDAG/SelectionDAGBuilder.cpp b/lib/CodeGen/SelectionDAG/SelectionDAGBuilder.cpp
index 03a9aa8189a..9a81ec51dda 100644
--- a/lib/CodeGen/SelectionDAG/SelectionDAGBuilder.cpp
+++ b/lib/CodeGen/SelectionDAG/SelectionDAGBuilder.cpp
@@ -2848,7 +2848,17 @@ void SelectionDAGBuilder::visitLoad(const LoadInst &I) {
 
   bool isVolatile = I.isVolatile();
   bool isNonTemporal = I.getMetadata(LLVMContext::MD_nontemporal) != nullptr;
-  bool isInvariant = I.getMetadata(LLVMContext::MD_invariant_load) != nullptr;
+
+  // The IR notion of invariant_load only guarantees that all *non-faulting*
+  // invariant loads result in the same value.  The MI notion of invariant load
+  // guarantees that the load can be legally moved to any location within its
+  // containing function.  The MI notion of invariant_load is stronger than the
+  // IR notion of invariant_load -- an MI invariant_load is an IR invariant_load
+  // with a guarantee that the location being loaded from is dereferenceable
+  // throughout the function's lifetime.
+
+  bool isInvariant = I.getMetadata(LLVMContext::MD_invariant_load) != nullptr &&
+    isDereferenceablePointer(SV, *DAG.getTarget().getDataLayout());
   unsigned Alignment = I.getAlignment();
 
   AAMDNodes AAInfo;
diff --git a/test/CodeGen/X86/pr23603.ll b/test/CodeGen/X86/pr23603.ll
new file mode 100644
index 00000000000..6f856aedb8d
--- /dev/null
+++ b/test/CodeGen/X86/pr23603.ll
@@ -0,0 +1,24 @@
+; RUN: llc < %s -mtriple=x86_64-apple-darwin | FileCheck %s
+
+declare void @free_v()
+
+define void @f(i32* %x, i32 %c32, i32* %y) {
+; CHECK-LABEL: f
+ entry:
+  %v = load i32, i32* %x, !invariant.load !0
+; CHECK: movl (%rdi), %ebx
+; CHECK: free_v
+; CHECK-NOT: movl (%rdi), %ebx
+  call void @free_v()
+  %c = icmp ne i32 %c32, 0
+  br i1 %c, label %left, label %merge
+
+ left:
+  store i32 %v, i32* %y
+  br label %merge
+
+ merge:
+  ret void
+}
+
+!0 = !{}