diff --git a/llvm/lib/Transforms/Scalar/ConstantHoisting.cpp b/llvm/lib/Transforms/Scalar/ConstantHoisting.cpp
--- a/llvm/lib/Transforms/Scalar/ConstantHoisting.cpp
+++ b/llvm/lib/Transforms/Scalar/ConstantHoisting.cpp
@@ -491,7 +491,7 @@
     // `TargetTransformInfo::getIntImmCost`) for instructions which only take
     // constant variables is lower than `TargetTransformInfo::TCC_Basic`. So
     // it's safe for us to collect constant candidates from all IntrinsicInsts.
-    if (canReplaceOperandWithVariable(Inst, Idx) || isa<IntrinsicInst>(Inst)) {
+    if (canReplaceOperandWithVariable(Inst, Idx)) {
       collectConstantCandidates(ConstCandMap, Inst, Idx);
     }
   } // end of for all operands
diff --git a/llvm/lib/Transforms/Utils/Local.cpp b/llvm/lib/Transforms/Utils/Local.cpp
--- a/llvm/lib/Transforms/Utils/Local.cpp
+++ b/llvm/lib/Transforms/Utils/Local.cpp
@@ -2917,21 +2917,27 @@
   default:
     return true;
   case Instruction::Call:
-  case Instruction::Invoke:
+  case Instruction::Invoke: {
     // Can't handle inline asm. Skip it.
     if (isa<InlineAsm>(ImmutableCallSite(I).getCalledValue()))
       return false;
-    // Many arithmetic intrinsics have no issue taking a
-    // variable, however it's hard to distingish these from
-    // specials such as @llvm.frameaddress that require a constant.
-    if (isa<IntrinsicInst>(I))
-      return false;
+
+    ImmutableCallSite CS(I);
+
+    if (OpIdx < CS.getNumArgOperands()) {
+      // Intrinsics and calls that require a constant argument have that
+      // parameter annotated with ImmArg.
+      if (CS.paramHasAttr(OpIdx, Attribute::ImmArg))
+        return false;
+    }
 
     // Constant bundle operands may need to retain their constant-ness for
     // correctness.
-    if (ImmutableCallSite(I).isBundleOperand(OpIdx))
+    if (CS.isBundleOperand(OpIdx))
       return false;
+
     return true;
+  }
   case Instruction::ShuffleVector:
     // Shufflevector masks are constant.
     return OpIdx != 2;