diff -up gcc/cse.c.orig gcc/cse.c
--- gcc/cse.c.orig	2003-08-11 00:02:24.000000000 +0200
+++ gcc/cse.c	2003-07-31 23:49:21.000000000 +0200
@@ -6682,7 +6682,8 @@ invalidate_skipped_set (dest, set, data)
 	 a BLKmode or nonscalar memory reference or a reference to a
 	 variable address.  */
       && (MEM_IN_STRUCT_P (dest) || GET_MODE (dest) == BLKmode
-	  || cse_rtx_varies_p (XEXP (dest, 0), 0)))
+	  || cse_rtx_varies_p (XEXP (dest, 0), 0))
+      && !MEM_EXPR (dest))
     {
       invalidate_memory ();
       return;