diff --git a/src/cmd/asm/internal/asm/testdata/ppc64.s b/src/cmd/asm/internal/asm/testdata/ppc64.s
index 6de8b13709..a8b9e33db3 100644
--- a/src/cmd/asm/internal/asm/testdata/ppc64.s
+++ b/src/cmd/asm/internal/asm/testdata/ppc64.s
@@ -32,11 +32,17 @@ TEXT asmtest(SB),DUPOK|NOSPLIT,$0
 	MOVW $2147483649, R5            // 6405800060a50001 or 0600800038a00001
 	MOVD $2147483649, R5            // 6405800060a50001 or 0600800038a00001
 	// Hex constant 0xFFFFFFFF80000001
-	MOVD $-2147483647, R5    	// 3ca0800060a50001 or 0603800038a00001
-	// Hex constant 0xFFFFFFFE00000000 (load of constant on < power10, pli on >= power10
-	MOVD $-8589934592, R5   	// 3ca00000e8a50000 or 0602000038a00000
-	// Hex constant 0xFFFFFFFE00000000
-	ADD $-8589934592, R5   		// 3fe0fffe63ff00007bff83e463ff00007cbf2a14 or 0602000038a50000
+	MOVD $-2147483647, R5           // 3ca0800060a50001 or 0603800038a00001
+	// Hex constant 0xFFFFFFFE00000002 (load of constant on < power10, pli on >= power10
+	MOVD $-8589934590, R5           // 3ca00000e8a50000 or 0602000038a00002
+
+	// TODO: These are preprocessed by the assembler into MOVD $const>>shift, R5; SLD $shift, R5.
+	//       This only captures the MOVD. Should the SLD be appended to the encoding by the test?
+	// Hex constant 0x20004000000
+	MOVD $2199090364416, R5         // 60058001
+	// Hex constant 0xFFFFFE0004000000
+	MOVD $-2198956146688, R5        // 38a08001
+
 	MOVD 8(R3), R4                  // e8830008
 	MOVD (R3)(R4), R5               // 7ca4182a
 	MOVD (R3)(R0), R5               // 7ca0182a
@@ -168,6 +174,8 @@ TEXT asmtest(SB),DUPOK|NOSPLIT,$0
 	ADD $-32767, R5, R4             // 38858001
 	ADD $-32768, R6                 // 38c68000
 	ADD $-32768, R6, R5             // 38a68000
+	// Hex constant 0xFFFFFFFE00000000
+	ADD $-8589934592, R5            // 3fe0fffe63ff00007bff83e463ff00007cbf2a14 or 0602000038a50000
 
 	//TODO: this compiles to add r5,r6,r0. It should be addi r5,r6,0.
 	//      this is OK since r0 == $0, but the latter is preferred.
diff --git a/src/cmd/internal/obj/ppc64/obj9.go b/src/cmd/internal/obj/ppc64/obj9.go
index 7cd4dc2396..df0c36cde0 100644
--- a/src/cmd/internal/obj/ppc64/obj9.go
+++ b/src/cmd/internal/obj/ppc64/obj9.go
@@ -36,6 +36,7 @@ import (
 	"cmd/internal/sys"
 	"internal/abi"
 	"log"
+	"math/bits"
 )
 
 func progedit(ctxt *obj.Link, p *obj.Prog, newprog obj.ProgAlloc) {
@@ -80,19 +81,34 @@ func progedit(ctxt *obj.Link, p *obj.Prog, newprog obj.ProgAlloc) {
 		}
 
 	case AMOVD:
-		// 32b constants (signed and unsigned) can be generated via 1 or 2 instructions.
+		// 32b constants (signed and unsigned) can be generated via 1 or 2 instructions. They can be assembled directly.
 		isS32 := int64(int32(p.From.Offset)) == p.From.Offset
 		isU32 := uint64(uint32(p.From.Offset)) == uint64(p.From.Offset)
 
 		// If prefixed instructions are supported, a 34b signed constant can be generated by one pli instruction.
 		isS34 := pfxEnabled && (p.From.Offset<<30)>>30 == p.From.Offset
-
-		// If the constant cannot be generated with 2 or less instructions, it must be placed in memory and loaded.
 		if p.From.Type == obj.TYPE_CONST && p.From.Name == obj.NAME_NONE && p.From.Reg == 0 && !isS32 && !isU32 && !isS34 {
-			p.From.Type = obj.TYPE_MEM
-			p.From.Sym = ctxt.Int64Sym(p.From.Offset)
-			p.From.Name = obj.NAME_EXTERN
-			p.From.Offset = 0
+
+			// Is this a shifted 16b constant? If so, rewrite it to avoid a creating and loading a constant.
+			val := p.From.Offset
+			shift := bits.TrailingZeros64(uint64(val))
+			mask := 0xFFFF << shift
+			if val&int64(mask) == val || (val>>(shift+16) == -1 && (val>>shift)<<shift == val) {
+				// Rewrite this value into MOVD $const>>shift, Rto; SLD $shift, Rto
+				q := obj.Appendp(p, c.newprog)
+				q.As = ASLD
+				q.From.Type = obj.TYPE_CONST
+				q.From.Offset = int64(shift)
+				q.To = p.To
+				p.From.Offset >>= shift
+				p = q
+			} else {
+				// Load the constant from memory.
+				p.From.Type = obj.TYPE_MEM
+				p.From.Sym = ctxt.Int64Sym(p.From.Offset)
+				p.From.Name = obj.NAME_EXTERN
+				p.From.Offset = 0
+			}
 		}
 	}
 
diff --git a/test/codegen/constants.go b/test/codegen/constants.go
new file mode 100644
index 0000000000..756aeda5f7
--- /dev/null
+++ b/test/codegen/constants.go
@@ -0,0 +1,25 @@
+// asmcheck
+
+// Copyright 2023 The Go Authors. All rights reserved.
+// Use of this source code is governed by a BSD-style
+// license that can be found in the LICENSE file.
+
+package codegen
+
+func shifted16BitConstants(out [64]uint64) {
+	// ppc64x: "MOVD\t[$]8193,", "SLD\t[$]27,"
+	out[0] = 0x0000010008000000
+	// ppc64x: "MOVD\t[$]-32767", "SLD\t[$]26,"
+	out[1] = 0xFFFFFE0004000000
+	// ppc64x: "MOVD\t[$]-1", "SLD\t[$]48,"
+	out[2] = 0xFFFF000000000000
+	// ppc64x: "MOVD\t[$]65535", "SLD\t[$]44,"
+	out[3] = 0x0FFFF00000000000
+
+	// ppc64x: "MOVD\t[$]i64.fffff00000000001[(]SB[)]"
+	out[4] = 0xFFFFF00000000001
+	// ppc64x: "MOVD\t[$]i64.fffff80000000001[(]SB[)]"
+	out[5] = 0xFFFFF80000000001
+	// ppc64x: "MOVD\t[$]i64.0ffff80000000000[(]SB[)]"
+	out[6] = 0x0FFFF80000000000
+}