error with nested typed SETF

[oldk1331]

Minimal reproducible example:

(defun GETREFV_U32 (n x)
    (make-array n :initial-element x
               :element-type '(unsigned-byte 32)))

(defmacro SETELT_U32 (v i s)
    `(setf (aref (the (simple-array (unsigned-byte 32) (*)) ,v) ,i)
           ,s))

(DEFUN t1 (M J)
  (BLOCK SEQ
    (SETELT_U32 M J (SETELT_U32 M J 1))
    (RETURN-FROM SEQ NIL))
)

When running t1 with simple arguments:

? (t1 (GETREFV_U32 5 2) 1)
> Error: Error reporting error

If I redefine error handler, I can get:

The value #<BOGUS object @ #xFFFFFFF800000007> is not of the expected type (UNSIGNED-BYTE 32).

The value xFFFFFFF800000007 shows in (disassemble #'t1).

If the type declaration is removed, then there's no error. There's also no error if the nested SETELT_U32 is rewrite as 2 consecutive SETELT_U32 with the help of a temp variable.

So I guess this bug happens somewhere in the compiler's optimizer.