diff --git a/third_party/amd/backend/compiler.py b/third_party/amd/backend/compiler.py
index 472d2a36dc32..7f158a5b72c9 100644
--- a/third_party/amd/backend/compiler.py
+++ b/third_party/amd/backend/compiler.py
@@ -165,14 +165,27 @@ def load_dialects(self, ctx):
         if HIPBackend.instrumentation:
             HIPBackend.instrumentation.load_dialects(ctx)
 
+    # is_within_2gb() needs to check for a torch subobject and this var tracks torch
+    # availability state: None - not tested, True - torch is present. Anything else -
+    # no torch available. First call to is_within_2gb() checks torch availability
+    # and caches it.
+    _torch_available: None | bool = None
+
     @staticmethod
     def is_within_2gb(arg):
-        import torch
+        if HIPBackend._torch_available is None:
+            try:
+                import torch
+                HIPBackend._torch_available = True
+            except ImportError:
+                HIPBackend._torch_available = False
+        elif HIPBackend._torch_available:
+            import torch
 
         MAX_INT_32 = 2**31 - 1
         if hasattr(arg, "ptr_range"):
             return arg.ptr_range() <= MAX_INT_32
-        if isinstance(arg, torch.Tensor) and hasattr(arg, "untyped_storage"):
+        if HIPBackend._torch_available and isinstance(arg, torch.Tensor) and hasattr(arg, "untyped_storage"):
             return arg.untyped_storage().size() <= MAX_INT_32
         return False