Index: llvm/lib/MC/MCParser/AsmParser.cpp
===================================================================
--- llvm/lib/MC/MCParser/AsmParser.cpp
+++ llvm/lib/MC/MCParser/AsmParser.cpp
@@ -1125,7 +1125,7 @@
     // semantics in the face of reassignment.
     if (Sym->isVariable()) {
       auto V = Sym->getVariableValue(/*SetUsed*/ false);
-      bool DoInline = isa<MCConstantExpr>(V);
+      bool DoInline = isa<MCConstantExpr>(V) && !Variant;
       if (auto TV = dyn_cast<MCTargetExpr>(V))
         DoInline = TV->inlineAssignedExpr();
       if (DoInline) {
Index: llvm/test/MC/PowerPC/pr38945.s
===================================================================
--- /dev/null
+++ llvm/test/MC/PowerPC/pr38945.s
@@ -0,0 +1,13 @@
+// RUN: llvm-mc -triple=powerpc64-pc-linux %s -o - | FileCheck %s
+
+NUMBER = 0x6ffffff9
+
+        .text
+.globl  main
+main:
+	cmpwi   8,(NUMBER)@l
+	cmpwi   8,NUMBER@l
+
+// CHECK: main:
+// CHECK: cmpwi 8, -7
+// CHECK: cmpwi 8, -7