diff --git a/llvm/lib/Transforms/IPO/HotColdSplitting.cpp b/llvm/lib/Transforms/IPO/HotColdSplitting.cpp
index 79a5a9b80a9d..49937a727fe4 100644
--- a/llvm/lib/Transforms/IPO/HotColdSplitting.cpp
+++ b/llvm/lib/Transforms/IPO/HotColdSplitting.cpp
@@ -659,6 +659,11 @@ bool HotColdSplitting::outlineColdRegions(Function &F, bool HasProfileSummary) {
     } while (!Region.empty());
   }
 
+  // We need to explicitly clear the assumption cache since the value tracking
+  // may now be invalid as part of the function has changed.
+  if (Changed)
+    if (AssumptionCache *AC = LookupAC(F))
+      AC->clear();
   return Changed;
 }
 
diff --git a/llvm/test/Transforms/HotColdSplit/assumption-cache-invalidation.ll b/llvm/test/Transforms/HotColdSplit/assumption-cache-invalidation.ll
new file mode 100644
index 000000000000..811b50783a5c
--- /dev/null
+++ b/llvm/test/Transforms/HotColdSplit/assumption-cache-invalidation.ll
@@ -0,0 +1,38 @@
+; RUN: opt -instcombine -hotcoldsplit -instsimplify %s -o /dev/null
+
+target datalayout = "e-m:e-i8:8:32-i16:16:32-i64:64-i128:128-n32:64-S128"
+target triple = "aarch64"
+
+%a = type { i64, i64 }
+%b = type { i64 }
+
+define void @f() {
+entry:
+  %0 = getelementptr inbounds %a, %a* null, i64 0, i32 1
+  br label %label
+
+label:
+  %1 = bitcast i64* %0 to %b**
+  %2 = load %b*, %b** %1, align 8
+  %3 = getelementptr inbounds %b, %b* %2, i64 undef, i32 0
+  %4 = load i64, i64* %3, align 8
+  %5 = icmp ugt i64 %4, 1
+  br i1 %5, label %if.then, label %if.else
+
+if.then:
+  unreachable
+
+if.else:
+  call void @g(i8* undef)
+  %6 = load i64, i64* undef, align 8
+  %7 = and i64 %6, -16
+  %8 = inttoptr i64 %7 to i8*
+  %9 = icmp eq i64 %4, 0
+  call void @llvm.assume(i1 %9)
+  unreachable
+}
+
+declare void @g(i8*)
+
+declare void @llvm.assume(i1)
+