diff --git a/BUILD.gn b/BUILD.gn
index 79c6dbdbe7..fe27de8330 100644
--- a/BUILD.gn
+++ b/BUILD.gn
@@ -107,7 +107,7 @@ declare_args() {
   v8_enable_verify_csa = false
 
   # Enable pointer compression (sets -dV8_COMPRESS_POINTERS).
-  v8_enable_pointer_compression = false
+  v8_enable_pointer_compression = ""
   v8_enable_31bit_smis_on_64bit_arch = false
 
   # Sets -dOBJECT_PRINT.
@@ -223,6 +223,10 @@ if (v8_check_microtasks_scopes_consistency == "") {
 if (v8_enable_snapshot_native_code_counters == "") {
   v8_enable_snapshot_native_code_counters = v8_enable_debugging_features
 }
+if (v8_enable_pointer_compression == "") {
+  # TODO(v8:v7703): temporarily enable pointer compression on arm64
+  v8_enable_pointer_compression = v8_current_cpu == "arm64"
+}
 if (v8_enable_shared_ro_heap == "") {
   v8_enable_shared_ro_heap = !v8_enable_pointer_compression && v8_use_snapshot
 }
diff --git a/infra/mb/mb_config.pyl b/infra/mb/mb_config.pyl
index d5d192fb20..0bdbdf5e78 100644
--- a/infra/mb/mb_config.pyl
+++ b/infra/mb/mb_config.pyl
@@ -369,8 +369,11 @@
     'release_simulate_arm64': [
       'release_bot', 'simulate_arm64'],
     'release_simulate_arm64_pointer_compression': [
+      # TODO(v8:v7703): Make pointer compression bots testing non pointer
+      # compression mode while pointer compression is temporarily enabled
+      # on arm64
       'release_bot', 'simulate_arm64', 'dcheck_always_on',
-      'v8_enable_slow_dchecks', 'v8_enable_pointer_compression'],
+      'v8_enable_slow_dchecks', 'v8_disable_pointer_compression'],
     'release_simulate_arm64_msan': [
       'release_bot', 'simulate_arm64', 'msan'],
     'release_simulate_arm64_msan_minimal_symbols': [
@@ -819,6 +822,10 @@
       'gn_args': 'v8_enable_pointer_compression=true',
     },
 
+    'v8_disable_pointer_compression': {
+      'gn_args': 'v8_enable_pointer_compression=false',
+    },
+
     'v8_enable_test_features': {
       'gn_args': 'v8_enable_test_features=true',
     },
diff --git a/test/mjsunit/mjsunit.status b/test/mjsunit/mjsunit.status
index 84586f20cf..d8526796fd 100644
--- a/test/mjsunit/mjsunit.status
+++ b/test/mjsunit/mjsunit.status
@@ -785,7 +785,6 @@
   'icu-date-lord-howe': [SKIP],
   'regress/regress-6288': [SKIP],
   # OOM:
-  'regress/regress-748069': [FAIL],
   'regress/regress-752764': [FAIL],
   # Flaky OOM:
   'regress/regress-779407': [SKIP],