Bootstrapped and regtested on x86_64-pc-linux-gnu, does this look
OK for trunk?

-- >8 --

Since when in a template context we end up just discarding the result
of build_new_1, we don't have to bother with much of the code generation
it performs.  This patch makes the function exit early, returning a dummy
non-erroneous result, once we've done pretty much all ahead of time checks
that we could have.  In passing avoid building up 'outer_nelts_check' in
a template context too.

gcc/cp/ChangeLog:

        * init.cc (build_new_1): Don't build 'outer_nelts_check' when
        in a template context.  Exit early returning void_node when
        in a template context.  Simplify the remainder of the function
        accordingly.
---
 gcc/cp/init.cc | 36 +++++++++++-------------------------
 1 file changed, 11 insertions(+), 25 deletions(-)

diff --git a/gcc/cp/init.cc b/gcc/cp/init.cc
index 6444f0a8518..fab1126ca65 100644
--- a/gcc/cp/init.cc
+++ b/gcc/cp/init.cc
@@ -3281,7 +3281,7 @@ build_new_1 (vec<tree, va_gc> **placement, tree type, 
tree nelts,
              return error_mark_node;
            }
        }
-      else
+      else if (!processing_template_decl)
        {
          /* When a runtime check is necessary because the array size
             isn't constant, keep only the top-most seven bits (starting
@@ -3467,10 +3467,15 @@ build_new_1 (vec<tree, va_gc> **placement, tree type, 
tree nelts,
        }
     }
 
+  if (processing_template_decl)
+    /* We've done pretty much all we can to check this non-dependent new-expr
+       ahead of time.  Any further work is unnecessary since (build_new just
+       discards the result) and/or unsuitable inside a template context.  */
+    return void_node;
+
   /* If we found a simple case of PLACEMENT_EXPR above, then copy it
      into a temporary variable.  */
-  if (!processing_template_decl
-      && TREE_CODE (alloc_call) == CALL_EXPR
+  if (TREE_CODE (alloc_call) == CALL_EXPR
       && call_expr_nargs (alloc_call) == 2
       && TREE_CODE (TREE_TYPE (CALL_EXPR_ARG (alloc_call, 0))) == INTEGER_TYPE
       && TYPE_PTR_P (TREE_TYPE (CALL_EXPR_ARG (alloc_call, 1))))
@@ -3609,25 +3614,7 @@ build_new_1 (vec<tree, va_gc> **placement, tree type, 
tree nelts,
          explicit_value_init_p = true;
        }
 
-      if (processing_template_decl)
-       {
-         /* Avoid an ICE when converting to a base in build_simple_base_path.
-            We'll throw this all away anyway, and build_new will create
-            a NEW_EXPR.  */
-         tree t = fold_convert (build_pointer_type (elt_type), data_addr);
-         /* build_value_init doesn't work in templates, and we don't need
-            the initializer anyway since we're going to throw it away and
-            rebuild it at instantiation time, so just build up a single
-            constructor call to get any appropriate diagnostics.  */
-         init_expr = cp_build_fold_indirect_ref (t);
-         if (type_build_ctor_call (elt_type))
-           init_expr = build_special_member_call (init_expr,
-                                                  complete_ctor_identifier,
-                                                  init, elt_type,
-                                                  LOOKUP_NORMAL,
-                                                  complain);
-       }
-      else if (array_p)
+      if (array_p)
        {
          tree vecinit = NULL_TREE;
          const size_t len = vec_safe_length (*init);
@@ -3721,8 +3708,7 @@ build_new_1 (vec<tree, va_gc> **placement, tree type, 
tree nelts,
             object being initialized, replace them now and don't try to
             preevaluate.  */
          bool had_placeholder = false;
-         if (!processing_template_decl
-             && TREE_CODE (init_expr) == INIT_EXPR)
+         if (TREE_CODE (init_expr) == INIT_EXPR)
            TREE_OPERAND (init_expr, 1)
              = replace_placeholders (TREE_OPERAND (init_expr, 1),
                                      TREE_OPERAND (init_expr, 0),
@@ -3760,7 +3746,7 @@ build_new_1 (vec<tree, va_gc> **placement, tree type, 
tree nelts,
                  alloc_fn,
                  complain));
 
-      if (cleanup && init_expr && !processing_template_decl)
+      if (cleanup && init_expr)
        /* Ack!  First we allocate the memory.  Then we set our sentry
           variable to true, and expand a cleanup that deletes the
           memory if sentry is true.  Then we run the constructor, and
-- 
2.42.0.482.g2e8e77cbac

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