diff --git a/xen/arch/x86/hvm/emulate.c b/xen/arch/x86/hvm/emulate.c
index d0a043b..b182d57 100644
--- a/xen/arch/x86/hvm/emulate.c
+++ b/xen/arch/x86/hvm/emulate.c
@@ -1531,7 +1531,12 @@ static int hvmemul_read_msr(
     uint64_t *val,
     struct x86_emulate_ctxt *ctxt)
 {
-    return hvm_msr_read_intercept(reg, val);
+    int rc = hvm_msr_read_intercept(reg, val);
+
+    if ( rc == X86EMUL_EXCEPTION )
+        x86_emul_hw_exception(TRAP_gp_fault, 0, ctxt);
+
+    return rc;
 }
 
 static int hvmemul_write_msr(
@@ -1539,7 +1544,12 @@ static int hvmemul_write_msr(
     uint64_t val,
     struct x86_emulate_ctxt *ctxt)
 {
-    return hvm_msr_write_intercept(reg, val, 1);
+    int rc = hvm_msr_write_intercept(reg, val, 1);
+
+    if ( rc == X86EMUL_EXCEPTION )
+        x86_emul_hw_exception(TRAP_gp_fault, 0, ctxt);
+
+    return rc;
 }
 
 static int hvmemul_wbinvd(
diff --git a/xen/arch/x86/hvm/hvm.c b/xen/arch/x86/hvm/hvm.c
index ac207e4..863adfc 100644
--- a/xen/arch/x86/hvm/hvm.c
+++ b/xen/arch/x86/hvm/hvm.c
@@ -509,7 +509,11 @@ void hvm_do_resume(struct vcpu *v)
 
         if ( w->do_write.msr )
         {
-            hvm_msr_write_intercept(w->msr, w->value, 0);
+            int rc = hvm_msr_write_intercept(w->msr, w->value, 0);
+
+            if ( rc == X86EMUL_EXCEPTION )
+                hvm_inject_hw_exception(TRAP_gp_fault, 0);
+
             w->do_write.msr = 0;
         }
 
@@ -3896,7 +3900,6 @@ int hvm_msr_read_intercept(unsigned int msr, uint64_t *msr_content)
     return ret;
 
  gp_fault:
-    hvm_inject_hw_exception(TRAP_gp_fault, 0);
     ret = X86EMUL_EXCEPTION;
     *msr_content = -1ull;
     goto out;
@@ -4054,7 +4057,6 @@ int hvm_msr_write_intercept(unsigned int msr, uint64_t msr_content,
     return ret;
 
 gp_fault:
-    hvm_inject_hw_exception(TRAP_gp_fault, 0);
     return X86EMUL_EXCEPTION;
 }
 
diff --git a/xen/arch/x86/hvm/svm/svm.c b/xen/arch/x86/hvm/svm/svm.c
index 1588b2f..810b0d4 100644
--- a/xen/arch/x86/hvm/svm/svm.c
+++ b/xen/arch/x86/hvm/svm/svm.c
@@ -1788,7 +1788,6 @@ static int svm_msr_read_intercept(unsigned int msr, uint64_t *msr_content)
     return X86EMUL_OKAY;
 
  gpf:
-    hvm_inject_hw_exception(TRAP_gp_fault, 0);
     return X86EMUL_EXCEPTION;
 }
 
@@ -1945,7 +1944,6 @@ static int svm_msr_write_intercept(unsigned int msr, uint64_t msr_content)
     return result;
 
  gpf:
-    hvm_inject_hw_exception(TRAP_gp_fault, 0);
     return X86EMUL_EXCEPTION;
 }
 
@@ -1976,6 +1974,8 @@ static void svm_do_msr_access(struct cpu_user_regs *regs)
 
     if ( rc == X86EMUL_OKAY )
         __update_guest_eip(regs, inst_len);
+    else if ( rc == X86EMUL_EXCEPTION )
+        hvm_inject_hw_exception(TRAP_gp_fault, 0);
 }
 
 static void svm_vmexit_do_hlt(struct vmcb_struct *vmcb,
diff --git a/xen/arch/x86/hvm/vmx/vmx.c b/xen/arch/x86/hvm/vmx/vmx.c
index afde634..ddfb410 100644
--- a/xen/arch/x86/hvm/vmx/vmx.c
+++ b/xen/arch/x86/hvm/vmx/vmx.c
@@ -2691,7 +2691,6 @@ static int vmx_msr_read_intercept(unsigned int msr, uint64_t *msr_content)
     return X86EMUL_OKAY;
 
 gp_fault:
-    hvm_inject_hw_exception(TRAP_gp_fault, 0);
     return X86EMUL_EXCEPTION;
 }
 
@@ -2920,7 +2919,6 @@ static int vmx_msr_write_intercept(unsigned int msr, uint64_t msr_content)
     return X86EMUL_OKAY;
 
 gp_fault:
-    hvm_inject_hw_exception(TRAP_gp_fault, 0);
     return X86EMUL_EXCEPTION;
 }
 
@@ -3632,23 +3630,35 @@ void vmx_vmexit_handler(struct cpu_user_regs *regs)
         break;
     case EXIT_REASON_MSR_READ:
     {
-        uint64_t msr_content;
-        if ( hvm_msr_read_intercept(regs->ecx, &msr_content) == X86EMUL_OKAY )
+        uint64_t msr_content = 0;
+
+        switch ( hvm_msr_read_intercept(regs->_ecx, &msr_content) )
         {
-            regs->eax = (uint32_t)msr_content;
-            regs->edx = (uint32_t)(msr_content >> 32);
+        case X86EMUL_OKAY:
+            regs->rax = (uint32_t)msr_content;
+            regs->rdx = (uint32_t)(msr_content >> 32);
             update_guest_eip(); /* Safe: RDMSR */
+            break;
+
+        case X86EMUL_EXCEPTION:
+            hvm_inject_hw_exception(TRAP_gp_fault, 0);
+            break;
         }
         break;
     }
     case EXIT_REASON_MSR_WRITE:
-    {
-        uint64_t msr_content;
-        msr_content = ((uint64_t)regs->edx << 32) | (uint32_t)regs->eax;
-        if ( hvm_msr_write_intercept(regs->ecx, msr_content, 1) == X86EMUL_OKAY )
+        switch ( hvm_msr_write_intercept(
+                     regs->_ecx, (regs->rdx << 32) | regs->_eax, 1) )
+        {
+        case X86EMUL_OKAY:
             update_guest_eip(); /* Safe: WRMSR */
+            break;
+
+        case X86EMUL_EXCEPTION:
+            hvm_inject_hw_exception(TRAP_gp_fault, 0);
+            break;
+        }
         break;
-    }
 
     case EXIT_REASON_VMXOFF:
         if ( nvmx_handle_vmxoff(regs) == X86EMUL_OKAY )
diff --git a/xen/arch/x86/hvm/vmx/vvmx.c b/xen/arch/x86/hvm/vmx/vvmx.c
index e6e9ebd..87f02ef 100644
--- a/xen/arch/x86/hvm/vmx/vvmx.c
+++ b/xen/arch/x86/hvm/vmx/vvmx.c
@@ -1000,6 +1000,7 @@ static void load_shadow_guest_state(struct vcpu *v)
     struct nestedvcpu *nvcpu = &vcpu_nestedhvm(v);
     u32 control;
     u64 cr_gh_mask, cr_read_shadow;
+    int rc;
 
     static const u16 vmentry_fields[] = {
         VM_ENTRY_INTR_INFO,
@@ -1021,8 +1022,12 @@ static void load_shadow_guest_state(struct vcpu *v)
     if ( control & VM_ENTRY_LOAD_GUEST_PAT )
         hvm_set_guest_pat(v, get_vvmcs(v, GUEST_PAT));
     if ( control & VM_ENTRY_LOAD_PERF_GLOBAL_CTRL )
-        hvm_msr_write_intercept(MSR_CORE_PERF_GLOBAL_CTRL,
-                                get_vvmcs(v, GUEST_PERF_GLOBAL_CTRL), 0);
+    {
+        rc = hvm_msr_write_intercept(MSR_CORE_PERF_GLOBAL_CTRL,
+                                     get_vvmcs(v, GUEST_PERF_GLOBAL_CTRL), 0);
+        if ( rc == X86EMUL_EXCEPTION )
+            hvm_inject_hw_exception(TRAP_gp_fault, 0);
+    }
 
     hvm_funcs.set_tsc_offset(v, v->arch.hvm_vcpu.cache_tsc_offset, 0);
 
@@ -1193,7 +1198,7 @@ static void sync_vvmcs_ro(struct vcpu *v)
 
 static void load_vvmcs_host_state(struct vcpu *v)
 {
-    int i;
+    int i, rc;
     u64 r;
     u32 control;
 
@@ -1211,8 +1216,12 @@ static void load_vvmcs_host_state(struct vcpu *v)
     if ( control & VM_EXIT_LOAD_HOST_PAT )
         hvm_set_guest_pat(v, get_vvmcs(v, HOST_PAT));
     if ( control & VM_EXIT_LOAD_PERF_GLOBAL_CTRL )
-        hvm_msr_write_intercept(MSR_CORE_PERF_GLOBAL_CTRL,
-                                get_vvmcs(v, HOST_PERF_GLOBAL_CTRL), 1);
+    {
+        rc = hvm_msr_write_intercept(MSR_CORE_PERF_GLOBAL_CTRL,
+                                     get_vvmcs(v, HOST_PERF_GLOBAL_CTRL), 1);
+        if ( rc == X86EMUL_EXCEPTION )
+            hvm_inject_hw_exception(TRAP_gp_fault, 0);
+    }
 
     hvm_funcs.set_tsc_offset(v, v->arch.hvm_vcpu.cache_tsc_offset, 0);
 
diff --git a/xen/include/asm-x86/hvm/support.h b/xen/include/asm-x86/hvm/support.h
index 3d767d7..2bff1f4 100644
--- a/xen/include/asm-x86/hvm/support.h
+++ b/xen/include/asm-x86/hvm/support.h
@@ -122,13 +122,18 @@ int hvm_set_efer(uint64_t value);
 int hvm_set_cr0(unsigned long value, bool_t may_defer);
 int hvm_set_cr3(unsigned long value, bool_t may_defer);
 int hvm_set_cr4(unsigned long value, bool_t may_defer);
-int hvm_msr_read_intercept(unsigned int msr, uint64_t *msr_content);
-int hvm_msr_write_intercept(
-    unsigned int msr, uint64_t msr_content, bool_t may_defer);
 int hvm_mov_to_cr(unsigned int cr, unsigned int gpr);
 int hvm_mov_from_cr(unsigned int cr, unsigned int gpr);
 void hvm_ud_intercept(struct cpu_user_regs *);
 
+/*
+ * May return X86EMUL_EXCEPTION, at which point the caller is responsible for
+ * injecting a #GP fault.  Used to support speculative reads.
+ */
+int hvm_msr_read_intercept(unsigned int msr, uint64_t *msr_content);
+int hvm_msr_write_intercept(
+    unsigned int msr, uint64_t msr_content, bool_t may_defer);
+
 #endif /* __ASM_X86_HVM_SUPPORT_H__ */
 
 /*
