diff --git a/llvm/lib/Transforms/Scalar/LICM.cpp b/llvm/lib/Transforms/Scalar/LICM.cpp
--- a/llvm/lib/Transforms/Scalar/LICM.cpp
+++ b/llvm/lib/Transforms/Scalar/LICM.cpp
@@ -1068,6 +1068,10 @@
       return false;
     Addr = BC->getOperand(0);
   }
+  // If we've ended up at a global/constant, bail. We shouldn't be looking at
+  // uselists for non-local Values in a loop pass.
+  if (isa<Constant>(Addr))
+    return false;
 
   unsigned UsesVisited = 0;
   // Traverse all uses of the load operand value, to see if invariant.start is
diff --git a/llvm/test/Transforms/LICM/hoisting.ll b/llvm/test/Transforms/LICM/hoisting.ll
--- a/llvm/test/Transforms/LICM/hoisting.ll
+++ b/llvm/test/Transforms/LICM/hoisting.ll
@@ -602,16 +602,16 @@
 
 @a = external global i8
 
-; FIXME: Don't hoist invariant loads of globals.
+; Don't hoist invariant loads of globals.
 define void @test_fence6() {
 ; CHECK-LABEL: @test_fence6(
 ; CHECK-NEXT:  entry:
 ; CHECK-NEXT:    [[I:%.*]] = call {}* @llvm.invariant.start.p0i8(i64 1, i8* @a)
+; CHECK-NEXT:    br label [[F:%.*]]
+; CHECK:       f:
 ; CHECK-NEXT:    [[TMP0:%.*]] = load i8, i8* @a, align 1
 ; CHECK-NEXT:    [[TMP1:%.*]] = and i8 [[TMP0]], 0
 ; CHECK-NEXT:    [[T:%.*]] = icmp eq i8 [[TMP1]], 0
-; CHECK-NEXT:    br label [[F:%.*]]
-; CHECK:       f:
 ; CHECK-NEXT:    tail call void @g(i1 [[T]])
 ; CHECK-NEXT:    br label [[F]]
 ;