diff --git a/Python/optimizer_analysis.c b/Python/optimizer_analysis.c
index 68ef8254b494a4..4dfbc08d993a83 100644
--- a/Python/optimizer_analysis.c
+++ b/Python/optimizer_analysis.c
@@ -164,10 +164,6 @@ abstractcontext_fini(_Py_UOpsAbstractInterpContext *ctx)
         return;
     }
     ctx->curr_frame_depth = 0;
-    int tys = ctx->t_arena.ty_curr_number;
-    for (int i = 0; i < tys; i++) {
-        Py_CLEAR(ctx->t_arena.arena[i].const_val);
-    }
 }
 
 static int
@@ -218,7 +214,8 @@ ctx_frame_pop(
 }
 
 
-// Takes a borrowed reference to const_val, turns that into a strong reference.
+// Only accepts immortal constants or borrowed constants that will be kept alive
+// elsewhere.
 static _Py_UOpsSymType*
 sym_new(_Py_UOpsAbstractInterpContext *ctx,
                                PyObject *const_val)
@@ -230,13 +227,9 @@ sym_new(_Py_UOpsAbstractInterpContext *ctx,
         return NULL;
     }
     ctx->t_arena.ty_curr_number++;
-    self->const_val = NULL;
     self->typ = NULL;
     self->flags = 0;
-
-    if (const_val != NULL) {
-        self->const_val = Py_NewRef(const_val);
-    }
+    self->const_val = const_val;
 
     return self;
 }
@@ -331,7 +324,7 @@ sym_new_known_type(_Py_UOpsAbstractInterpContext *ctx,
     return res;
 }
 
-// Takes a borrowed reference to const_val.
+// Decrefs const_val if it is not immortal and discards it.
 static inline _Py_UOpsSymType*
 sym_new_const(_Py_UOpsAbstractInterpContext *ctx, PyObject *const_val)
 {
@@ -344,9 +337,33 @@ sym_new_const(_Py_UOpsAbstractInterpContext *ctx, PyObject *const_val)
         return NULL;
     }
     sym_set_type(temp, Py_TYPE(const_val));
-    sym_set_flag(temp, TRUE_CONST);
-    sym_set_flag(temp, KNOWN);
-    sym_set_flag(temp, NOT_NULL);
+    sym_set_flag(temp, KNOWN | NOT_NULL);
+    // If the constant is not immortal, discard it.
+    if (_Py_IsImmortal(const_val))  {
+        sym_set_flag(temp, TRUE_CONST);
+    }
+    else {
+        Py_DECREF(const_val);
+        temp->const_val = NULL;
+    }
+    return temp;
+}
+
+// Same as sym_new_const, but borrows const_val, assuming it will be kept alive.
+// Only safe if we know const_val has a strong reference elsewhere.
+static inline _Py_UOpsSymType*
+sym_new_const_borrow(_Py_UOpsAbstractInterpContext *ctx, PyObject *const_val)
+{
+    assert(const_val != NULL);
+    _Py_UOpsSymType *temp = sym_new(
+        ctx,
+        const_val
+    );
+    if (temp == NULL) {
+        return NULL;
+    }
+    sym_set_type(temp, Py_TYPE(const_val));
+    sym_set_flag(temp, KNOWN | NOT_NULL | TRUE_CONST);
     return temp;
 }
 
diff --git a/Python/tier2_redundancy_eliminator_bytecodes.c b/Python/tier2_redundancy_eliminator_bytecodes.c
index ff2b9a42272863..d0bb5dcc172eb2 100644
--- a/Python/tier2_redundancy_eliminator_bytecodes.c
+++ b/Python/tier2_redundancy_eliminator_bytecodes.c
@@ -205,7 +205,7 @@ dummy_func(void) {
     }
 
     op(_LOAD_CONST_INLINE, (ptr/4 -- value)) {
-        OUT_OF_SPACE_IF_NULL(value = sym_new_const(ctx, ptr));
+        OUT_OF_SPACE_IF_NULL(value = sym_new_const_borrow(ctx, ptr));
     }
 
     op(_LOAD_CONST_INLINE_BORROW, (ptr/4 -- value)) {
@@ -213,7 +213,7 @@ dummy_func(void) {
     }
 
     op(_LOAD_CONST_INLINE_WITH_NULL, (ptr/4 -- value, null)) {
-        OUT_OF_SPACE_IF_NULL(value = sym_new_const(ctx, ptr));
+        OUT_OF_SPACE_IF_NULL(value = sym_new_const_borrow(ctx, ptr));
         OUT_OF_SPACE_IF_NULL(null = sym_new_null(ctx));
     }
 
diff --git a/Python/tier2_redundancy_eliminator_cases.c.h b/Python/tier2_redundancy_eliminator_cases.c.h
index 58c11b7a1c87e0..1472e3d05313fb 100644
--- a/Python/tier2_redundancy_eliminator_cases.c.h
+++ b/Python/tier2_redundancy_eliminator_cases.c.h
@@ -1725,7 +1725,7 @@
         case _LOAD_CONST_INLINE: {
             _Py_UOpsSymType *value;
             PyObject *ptr = (PyObject *)this_instr->operand;
-            OUT_OF_SPACE_IF_NULL(value = sym_new_const(ctx, ptr));
+            OUT_OF_SPACE_IF_NULL(value = sym_new_const_borrow(ctx, ptr));
             stack_pointer[0] = value;
             stack_pointer += 1;
             break;
@@ -1744,7 +1744,7 @@
             _Py_UOpsSymType *value;
             _Py_UOpsSymType *null;
             PyObject *ptr = (PyObject *)this_instr->operand;
-            OUT_OF_SPACE_IF_NULL(value = sym_new_const(ctx, ptr));
+            OUT_OF_SPACE_IF_NULL(value = sym_new_const_borrow(ctx, ptr));
             OUT_OF_SPACE_IF_NULL(null = sym_new_null(ctx));
             stack_pointer[0] = value;
             stack_pointer[1] = null;