diff --git a/llvm/lib/Target/AMDGPU/AMDGPUPerfHintAnalysis.cpp b/llvm/lib/Target/AMDGPU/AMDGPUPerfHintAnalysis.cpp
--- a/llvm/lib/Target/AMDGPU/AMDGPUPerfHintAnalysis.cpp
+++ b/llvm/lib/Target/AMDGPU/AMDGPUPerfHintAnalysis.cpp
@@ -333,6 +333,10 @@
   // Do not treat local-addr memory access as large stride.
   if (isLocalAddr(MO))
     return MAI;
+  // Do not treat constant-addr memory access as large stride because K$
+  // behavior is very different from L0$.
+  if (isConstantAddr(MO))
+    return MAI;
 
   MAI.V = MO;
   MAI.Base = GetPointerBaseWithConstantOffset(MO, MAI.Offset, *DL);