diff --git a/m2c/evaluate.py b/m2c/evaluate.py
index 043ce9f6..c14c2b67 100644
--- a/m2c/evaluate.py
+++ b/m2c/evaluate.py
@@ -811,25 +811,32 @@ def fold(
         expr: Expression, toplevel: bool, allow_sll: bool
     ) -> Tuple[Expression, int]:
         if isinstance(expr, BinaryOp):
-            lbase, lnum = fold(expr.left, False, (expr.op != "<<"))
-            rbase, rnum = fold(expr.right, False, (expr.op != "<<"))
-            if expr.op == "<<" and isinstance(expr.right, Literal) and allow_sll:
-                # Left-shifts by small numbers are easier to understand if
-                # written as multiplications (they compile to the same thing).
-                if toplevel and lnum == 1 and not (1 <= expr.right.value <= 4):
-                    return (expr, 1)
-                return (lbase, lnum << expr.right.value)
-            if (
-                expr.op == "*"
-                and isinstance(expr.right, Literal)
-                and (allow_sll or expr.right.value % 2 != 0)
-            ):
-                return (lbase, lnum * expr.right.value)
-            if early_unwrap(lbase) == early_unwrap(rbase):
-                if expr.op == "+":
-                    return (lbase, lnum + rnum)
-                if expr.op == "-":
-                    return (lbase, lnum - rnum)
+            if expr.op in ("<<", "*") and isinstance(expr.right, Literal):
+                lbase, lnum = fold(expr.left, False, (expr.op != "<<"))
+                rhs = expr.right.value
+                if expr.op == "<<" and allow_sll:
+                    # At top level, keep left shifts, unless they are by such
+                    # small numbers that they are easier to understand as
+                    # multiplications (they compile to the same thing).
+                    if toplevel and lnum == 1 and not (1 <= rhs <= 4):
+                        return (expr, 1)
+                    return (lbase, lnum << rhs)
+                if expr.op == "*" and (allow_sll or rhs % 2 != 0):
+                    # If we don't allow << to be expanded into multiplication
+                    # because the outer layer is already <<'ing, don't allow
+                    # multiplication by even numbers either, because the power
+                    # of two part of that scalar would have been folded into
+                    # the outer shift unless something weird was up, which we
+                    # want to highlight.
+                    return (lbase, lnum * rhs)
+            if expr.op in ("+", "-") and toplevel:
+                lbase, lnum = fold(expr.left, False, (expr.op != "<<"))
+                rbase, rnum = fold(expr.right, False, (expr.op != "<<"))
+                if early_unwrap(lbase) == early_unwrap(rbase):
+                    if expr.op == "+":
+                        return (lbase, lnum + rnum)
+                    if expr.op == "-":
+                        return (lbase, lnum - rnum)
         if isinstance(expr, UnaryOp) and expr.op == "-" and not toplevel:
             base, num = fold(expr.expr, False, True)
             return (base, -num)
@@ -999,9 +1006,13 @@ def handle_add(args: InstrArgs) -> Expression:
     # addiu instructions can sometimes be emitted as addu instead, when the
     # offset is too large.
     if isinstance(rhs, Literal):
-        return handle_addi_real(output_reg, args.reg_ref(1), lhs, rhs, args)
+        return fold_mul_chains(
+            handle_addi_real(output_reg, args.reg_ref(1), lhs, rhs, args)
+        )
     if isinstance(lhs, Literal):
-        return handle_addi_real(output_reg, args.reg_ref(2), rhs, lhs, args)
+        return fold_mul_chains(
+            handle_addi_real(output_reg, args.reg_ref(2), rhs, lhs, args)
+        )
 
     return handle_add_real(output_reg, lhs, rhs, args)