diff --git a/gcc/ChangeLog b/gcc/ChangeLog
index 3a090452a96..491293d77df 100644
--- a/gcc/ChangeLog
+++ b/gcc/ChangeLog
@@ -1,3 +1,13 @@
+2020-05-18  Richard Biener  <rguenther@suse.de>
+
+	PR tree-optimization/95172
+	* tree-ssa-loop-im.c (execute_sm): Get flag whether we
+	eventually need the conditional processing.
+	(execute_sm_exit): When processing an orderd sequence
+	avoid doing any conditional processing.
+	(hoist_memory_references): Pass down whether all edges
+	have ordered processing for a ref to execute_sm.
+
 2020-05-17 Jeff Law  <law@redhat.com>
 
 	* config/h8300/predicates.md (pc_or_label_operand): New predicate.
diff --git a/gcc/testsuite/ChangeLog b/gcc/testsuite/ChangeLog
index 54fbdb08b66..1123599b9a7 100644
--- a/gcc/testsuite/ChangeLog
+++ b/gcc/testsuite/ChangeLog
@@ -1,3 +1,8 @@
+2020-05-18  Richard Biener  <rguenther@suse.de>
+
+	PR tree-optimization/95172
+	* gcc.dg/torture/pr95172.c: New testcase.
+
 2020-05-17  H.J. Lu  <hongjiu.lu@intel.com>
 
 	PR target/95021
diff --git a/gcc/testsuite/gcc.dg/torture/pr95172.c b/gcc/testsuite/gcc.dg/torture/pr95172.c
new file mode 100644
index 00000000000..b39de69f08e
--- /dev/null
+++ b/gcc/testsuite/gcc.dg/torture/pr95172.c
@@ -0,0 +1,17 @@
+/* { dg-do run } */
+
+int a, d;
+int *b = &a;
+short c;
+int main()
+{
+  for (; c <= 4; c--) {
+    for (; d;)
+      ;
+    a = 1;
+    *b = 0;
+  }
+  if (a != 0)
+    __builtin_abort ();
+  return 0;
+}
diff --git a/gcc/tree-ssa-loop-im.c b/gcc/tree-ssa-loop-im.c
index 0d77aaa08a5..63f4ef8883c 100644
--- a/gcc/tree-ssa-loop-im.c
+++ b/gcc/tree-ssa-loop-im.c
@@ -2130,7 +2130,7 @@ struct sm_aux
 
 static void
 execute_sm (class loop *loop, im_mem_ref *ref,
-	    hash_map<im_mem_ref *, sm_aux *> &aux_map)
+	    hash_map<im_mem_ref *, sm_aux *> &aux_map, bool maybe_mt)
 {
   gassign *load;
   struct fmt_data fmt_data;
@@ -2154,8 +2154,9 @@ execute_sm (class loop *loop, im_mem_ref *ref,
   for_each_index (&ref->mem.ref, force_move_till, &fmt_data);
 
   bool always_stored = ref_always_accessed_p (loop, ref, true);
-  if (bb_in_transaction (loop_preheader_edge (loop)->src)
-      || (! flag_store_data_races && ! always_stored))
+  if (maybe_mt
+      && (bb_in_transaction (loop_preheader_edge (loop)->src)
+	  || (! flag_store_data_races && ! always_stored)))
     multi_threaded_model_p = true;
 
   if (multi_threaded_model_p)
@@ -2244,7 +2245,7 @@ execute_sm_exit (class loop *loop, edge ex, vec<seq_entry> &seq,
       else
 	{
 	  sm_aux *aux = *aux_map.get (ref);
-	  if (!aux->store_flag)
+	  if (!aux->store_flag || kind == sm_ord)
 	    {
 	      gassign *store;
 	      store = gimple_build_assign (unshare_expr (ref->mem.ref),
@@ -2630,7 +2631,7 @@ hoist_memory_references (class loop *loop, bitmap mem_refs,
   EXECUTE_IF_SET_IN_BITMAP (mem_refs, 0, i, bi)
     {
       ref = memory_accesses.refs_list[i];
-      execute_sm (loop, ref, aux_map);
+      execute_sm (loop, ref, aux_map, bitmap_bit_p (refs_not_supported, i));
     }
 
   /* Materialize ordered store sequences on exits.  */