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
@@ -160,7 +160,7 @@
 
     if (auto LD = dyn_cast<LoadInst>(V)) {
       auto M = LD->getPointerOperand();
-      if (isGlobalAddr(M) || isLocalAddr(M) || isConstantAddr(M)) {
+      if (isGlobalAddr(M) || isLocalAddr(M)) {
         LLVM_DEBUG(dbgs() << "    is IA\n");
         return true;
       }
diff --git a/llvm/test/CodeGen/AMDGPU/perfhint.ll b/llvm/test/CodeGen/AMDGPU/perfhint.ll
--- a/llvm/test/CodeGen/AMDGPU/perfhint.ll
+++ b/llvm/test/CodeGen/AMDGPU/perfhint.ll
@@ -86,8 +86,8 @@
 }
 
 ; GCN-LABEL: {{^}}test_indirect_through_phi:
-; MemoryBound: 0
-; WaveLimiterHint : 0
+; GCN: MemoryBound: 0
+; GCN: WaveLimiterHint : 0
 define amdgpu_kernel void @test_indirect_through_phi(float addrspace(1)* %arg) {
 bb:
   %load = load float, float addrspace(1)* %arg, align 8