diff --git a/aiter/ops/gemm_op_a16w16.py b/aiter/ops/gemm_op_a16w16.py
index 70d2a7083d..8ea6729799 100644
--- a/aiter/ops/gemm_op_a16w16.py
+++ b/aiter/ops/gemm_op_a16w16.py
@@ -38,6 +38,9 @@ def _get_semaphore_workspace_keyed(device: torch.device, stream_id: int) -> Tens
     return torch.zeros(_SEMA_SHAPE, dtype=torch.uint32, device=device)
 
 
+_captured_semaphore_keepalive: list[Tensor] = []
+
+
 def get_semaphore_workspace(device: torch.device) -> Tensor:
     """Return a per-(device, stream) zero-initialized semaphore workspace.
 
@@ -53,7 +56,19 @@ def get_semaphore_workspace(device: torch.device) -> Tensor:
     Workspace size is small (~4 KB) and stream count per process is typically
     < 8, so the LRU cap of 64 leaves plenty of headroom before any in-flight
     workspace risks being evicted.
+
+    Under CUDA graph capture this returns a fresh workspace per launch instead
+    of the cached one: a captured graph bakes in the pointer and replays on a
+    stream other than the capture stream, so the cached counter can be left
+    non-zero and the reduction never fires. Allocating under capture also
+    records the zero-fill as a graph node, re-establishing the counter==0 entry
+    invariant on every replay. It is retained for the process lifetime because
+    aiter cannot observe when a graph dies.
     """
+    if torch.cuda.is_current_stream_capturing():
+        w = torch.zeros(_SEMA_SHAPE, dtype=torch.uint32, device=device)
+        _captured_semaphore_keepalive.append(w)
+        return w
     stream = torch.cuda.current_stream(device)
     return _get_semaphore_workspace_keyed(device, stream.cuda_stream)
 
diff --git a/op_tests/test_gemm_a16w16_graph.py b/op_tests/test_gemm_a16w16_graph.py
new file mode 100644
index 0000000000..eb1382d6ea
--- /dev/null
+++ b/op_tests/test_gemm_a16w16_graph.py
@@ -0,0 +1,76 @@
+# SPDX-License-Identifier: MIT
+# Copyright (C) 2024-2026, Advanced Micro Devices, Inc. All rights reserved.
+
+"""Regression test for the ASM split-K semaphore under graph replay."""
+
+import os
+import subprocess
+import sys
+
+import pytest
+import torch
+
+from aiter.jit.utils.chip_info import get_gfx_runtime
+
+_CHILD_ENV = "AITER_ASM_SPLITK_GRAPH_CHILD"
+_KERNEL = "_ZN5aiter39bf16gemm_fp32bf16_tn_64x64_splitk_cleanE"
+
+
+def _run_child() -> None:
+    from aiter.ops.gemm_op_a16w16 import (
+        gemm_a16w16_asm,
+        get_semaphore_workspace,
+    )
+
+    torch.manual_seed(0)
+    device = torch.device("cuda:0")
+    x = torch.randn(64, 5120, dtype=torch.bfloat16, device=device)
+    weight = torch.randn(256, 5120, dtype=torch.bfloat16, device=device)
+
+    eager = torch.empty(64, 256, dtype=torch.float32, device=device)
+    gemm_a16w16_asm(x, weight, eager, splitK=13, kernelName=_KERNEL)
+    torch.cuda.synchronize()
+
+    capture_stream = torch.cuda.Stream(device=device)
+    with torch.cuda.stream(capture_stream):
+        stale = get_semaphore_workspace(device)
+        stale.fill_(2)
+    capture_stream.synchronize()
+
+    first = torch.empty_like(eager)
+    second = torch.empty_like(eager)
+    graph = torch.cuda.CUDAGraph()
+    with torch.cuda.graph(graph, stream=capture_stream):
+        gemm_a16w16_asm(x, weight, first, splitK=13, kernelName=_KERNEL)
+        gemm_a16w16_asm(x, weight, second, splitK=13, kernelName=_KERNEL)
+
+    for _ in range(4):
+        graph.replay()
+    torch.cuda.synchronize()
+    torch.testing.assert_close(first, eager, rtol=1e-2, atol=1e-2)
+    torch.testing.assert_close(second, eager, rtol=1e-2, atol=1e-2)
+
+
+@pytest.mark.skipif(not torch.cuda.is_available(), reason="requires a ROCm GPU")
+def test_asm_splitk_graph_replay_uses_fresh_semaphores() -> None:
+    if get_gfx_runtime() != "gfx950":
+        pytest.skip("the production regression was observed on gfx950")
+
+    env = os.environ.copy()
+    env[_CHILD_ENV] = "1"
+    proc = subprocess.run(
+        [sys.executable, __file__],
+        capture_output=True,
+        env=env,
+        text=True,
+        timeout=120,
+        check=False,
+    )
+    assert proc.returncode == 0, (
+        "captured ASM split-K GEMM hung or returned an incorrect result "
+        f"(exit {proc.returncode})\nstdout:\n{proc.stdout}\nstderr:\n{proc.stderr}"
+    )
+
+
+if __name__ == "__main__" and os.environ.get(_CHILD_ENV) == "1":
+    _run_child()