diff --git a/src/core/cpu_core.cpp b/src/core/cpu_core.cpp
index 2505ea0fb..c67e7191a 100644
--- a/src/core/cpu_core.cpp
+++ b/src/core/cpu_core.cpp
@@ -939,7 +939,7 @@ restart_instruction:
       WriteReg(inst.i.rt, value);
 
       if constexpr (pgxp_mode >= PGXPMode::CPU)
-        PGXP::CPU_LUI(inst.bits, value);
+        PGXP::CPU_LUI(inst.bits);
     }
     break;
 
diff --git a/src/core/cpu_recompiler_code_generator.cpp b/src/core/cpu_recompiler_code_generator.cpp
index e423d1a65..12a2eed94 100644
--- a/src/core/cpu_recompiler_code_generator.cpp
+++ b/src/core/cpu_recompiler_code_generator.cpp
@@ -2274,16 +2274,11 @@ bool CodeGenerator::Compile_lui(const CodeBlockInstruction& cbi)
 {
   InstructionPrologue(cbi, 1);
 
+  if (g_settings.UsingPGXPCPUMode())
+    EmitFunctionCall(nullptr, &PGXP::CPU_LUI, Value::FromConstantU32(cbi.instruction.bits));
+
   // rt <- (imm << 16)
   const u32 value = cbi.instruction.i.imm_zext32() << 16;
-
-  if (g_settings.UsingPGXPCPUMode())
-  {
-    // TODO: rtVal can be skipped here, and probably worthwhile given this is a common instruction.
-    EmitFunctionCall(nullptr, &PGXP::CPU_LUI, Value::FromConstantU32(cbi.instruction.bits),
-                     Value::FromConstantU32(value));
-  }
-
   m_register_cache.WriteGuestRegister(cbi.instruction.i.rt, Value::FromConstantU32(value));
   SpeculativeWriteReg(cbi.instruction.i.rt, value);
 
diff --git a/src/core/pgxp.cpp b/src/core/pgxp.cpp
index 66e2d8188..8a2ca79f8 100644
--- a/src/core/pgxp.cpp
+++ b/src/core/pgxp.cpp
@@ -1045,13 +1045,13 @@ void CPU_SLTIU(u32 instr, u32 rtVal, u32 rsVal)
 ////////////////////////////////////
 // Load Upper
 ////////////////////////////////////
-void CPU_LUI(u32 instr, u32 rtVal)
+void CPU_LUI(u32 instr)
 {
   // Rt = Imm << 16
   CPU_reg[rt(instr)] = PGXP_value_zero;
   CPU_reg[rt(instr)].y = (float)(s16)imm(instr);
   CPU_reg[rt(instr)].hFlags = VALID_HALF;
-  CPU_reg[rt(instr)].value = rtVal;
+  CPU_reg[rt(instr)].value = static_cast<u32>(imm(instr)) << 16;
   CPU_reg[rt(instr)].flags = VALID_01;
 }
 
diff --git a/src/core/pgxp.h b/src/core/pgxp.h
index ec3851427..04399bfb6 100644
--- a/src/core/pgxp.h
+++ b/src/core/pgxp.h
@@ -63,7 +63,7 @@ void CPU_SLTI(u32 instr, u32 rtVal, u32 rsVal);
 void CPU_SLTIU(u32 instr, u32 rtVal, u32 rsVal);
 
 // Load Upper
-void CPU_LUI(u32 instr, u32 rtVal);
+void CPU_LUI(u32 instr);
 
 // Register Arithmetic
 void CPU_ADD(u32 instr, u32 rdVal, u32 rsVal, u32 rtVal);