What steps will reproduce the problem? 1. create a simple template that includes an "or" operator with a placeholder on each side 2. compile it with -O4

What is the expected output? What do you see instead?

If the first argument is True, the second should not be evaluated. This is not the case.

There is code in optimizer.py in AnalyzeBinOp to not hoist if the operator is "and", and the same logic should apply to "or".