diff --git a/llvm/lib/Transforms/IPO/GlobalOpt.cpp b/llvm/lib/Transforms/IPO/GlobalOpt.cpp
index ff096b41ff64..094ac815a6d4 100644
--- a/llvm/lib/Transforms/IPO/GlobalOpt.cpp
+++ b/llvm/lib/Transforms/IPO/GlobalOpt.cpp
@@ -1821,11 +1821,14 @@ hasOnlyColdCalls(Function &F,
         Function *CalledFn = CI->getCalledFunction();
         if (!CalledFn)
           return false;
-        if (!CalledFn->hasLocalLinkage())
-          return false;
         // Skip over intrinsics since they won't remain as function calls.
+        // Important to do this check before the linkage check below so we
+        // won't bail out on debug intrinsics, possibly making the generated
+        // code dependent on the presence of debug info.
         if (CalledFn->getIntrinsicID() != Intrinsic::not_intrinsic)
           continue;
+        if (!CalledFn->hasLocalLinkage())
+          return false;
         // Check if it's valid to use coldcc calling convention.
         if (!hasChangeableCC(CalledFn) || CalledFn->isVarArg() ||
             CalledFn->hasAddressTaken())
diff --git a/llvm/test/Transforms/GlobalOpt/PowerPC/coldcc_coldsites.ll b/llvm/test/Transforms/GlobalOpt/PowerPC/coldcc_coldsites.ll
index 2aba30b40ec8..38628d5de638 100644
--- a/llvm/test/Transforms/GlobalOpt/PowerPC/coldcc_coldsites.ll
+++ b/llvm/test/Transforms/GlobalOpt/PowerPC/coldcc_coldsites.ll
@@ -1,7 +1,9 @@
+; RUN: opt -strip-debug -S < %s | opt -passes=globalopt -mtriple=powerpc64le-unknown-linux-gnu -ppc-enable-coldcc -S | FileCheck %s -check-prefix=COLDCC
+; RUN: opt -strip-debug -S < %s | opt -passes=globalopt -S | FileCheck %s -check-prefix=CHECK
 ; RUN: opt -passes=globalopt -mtriple=powerpc64le-unknown-linux-gnu -ppc-enable-coldcc -S < %s | FileCheck %s -check-prefix=COLDCC
 ; RUN: opt -passes=globalopt -S < %s | FileCheck %s -check-prefix=CHECK
 
-define signext i32 @caller(i32 signext %a, i32 signext %b, i32 signext %lim, i32 signext %i) local_unnamed_addr #0 !prof !30 {
+define signext i32 @caller(i32 signext %a, i32 signext %b, i32 signext %lim, i32 signext %i, ptr %k) local_unnamed_addr #0 !prof !30 {
 entry:
 ; COLDCC: call coldcc signext i32 @callee
 ; CHECK: call fastcc signext i32 @callee
@@ -11,6 +13,7 @@ entry:
   br i1 %cmp, label %if.then, label %if.end, !prof !31
 
 if.then:                                          ; preds = %entry
+  call void @llvm.dbg.declare(metadata ptr %k, metadata !101, metadata !DIExpression()), !dbg !122
   %call = tail call signext i32 @callee(i32 signext %a, i32 signext %b)
   br label %if.end
 
@@ -45,7 +48,15 @@ for.body:                                         ; preds = %for.body, %entry
   %exitcond = icmp eq i32 %inc, 10000000
   br i1 %exitcond, label %for.cond.cleanup, label %for.body, !prof !34
 }
+
+; Function Attrs: nocallback nofree nosync nounwind readnone speculatable willreturn
+declare void @llvm.dbg.declare(metadata, metadata, metadata)  #2
+
 attributes #0 = { noinline }
+attributes #2 = { nocallback nofree nosync nounwind readnone speculatable willreturn }
+
+!llvm.dbg.cu = !{!117}
+!llvm.module.flags = !{!100}
 
 !0 = !{i32 1, !"ProfileSummary", !1}
 !1 = !{!2, !3, !4, !5, !6, !7, !8, !9}
@@ -79,3 +90,16 @@ attributes #0 = { noinline }
 !32 = !{i32 59}
 !33 = !{!"function_entry_count", i64 1}
 !34 = !{!"branch_weights", i32 2, i32 10000001}
+
+!100 = !{i32 2, !"Debug Info Version", i32 3}
+!101 = !DILocalVariable(name: "k", arg: 1, scope: !102, file: !103, line: 13, type: !119)
+!102 = distinct !DISubprogram(name: "h", scope: !103, file: !103, line: 13, type: !104, scopeLine: 13, flags: DIFlagAllCallsDescribed, spFlags: DISPFlagLocalToUnit | DISPFlagDefinition | DISPFlagOptimized, unit: !117, retainedNodes: !121)
+!103 = !DIFile(filename: "foo2.c", directory: "/bar")
+!104 = !DISubroutineType(types: !105)
+!105 = !{!119}
+!117 = distinct !DICompileUnit(language: DW_LANG_C99, file: !103, producer: "clang version 16", isOptimized: true, runtimeVersion: 0, emissionKind: FullDebug, retainedTypes: !118, globals: !120, splitDebugInlining: false, nameTableKind: None)
+!118 = !{!119}
+!119 = !DIBasicType(name: "int", size: 16, encoding: DW_ATE_signed)
+!120 = !{}
+!121 = !{!101}
+!122 = !DILocation(line: 13, column: 27, scope: !102)
diff --git a/llvm/test/Transforms/GlobalOpt/dbg-intrinsic-loopanalysis.ll b/llvm/test/Transforms/GlobalOpt/dbg-intrinsic-loopanalysis.ll
new file mode 100644
index 000000000000..2e82fe5bba59
--- /dev/null
+++ b/llvm/test/Transforms/GlobalOpt/dbg-intrinsic-loopanalysis.ll
@@ -0,0 +1,46 @@
+; RUN: opt -passes="globalopt" < %s -o /dev/null -debug-pass-manager 2>&1 | FileCheck %s
+; RUN: opt -strip-debug -S < %s | opt -passes="globalopt" -o /dev/null -debug-pass-manager 2>&1 | FileCheck %s
+
+; Make sure that the call to dbg.declare does not prevent running BlockFrequency
+; and (especially) Loop Analysis.
+; Later passes (e.g. instcombine) may behave in different ways depending on if
+; LoopInfo is available or not. Therefore, letting GlobalOpt run or not run
+; LoopAnalysis depending on the presence of a dbg.declare may make the compiler
+; generate different code with and without debug info.
+
+; CHECK: Running pass: GlobalOptPass on [module]
+; CHECK: Running analysis: BlockFrequencyAnalysis on h
+; CHECK: Running analysis: LoopAnalysis on h
+
+define i16 @h(ptr %k) {
+entry:
+  call void @llvm.dbg.declare(metadata ptr %k, metadata !1, metadata !DIExpression()), !dbg !22
+  %call = call i16 @gaz()
+  ret i16 %call
+}
+
+; Function Attrs: nocallback nofree nosync nounwind readnone speculatable willreturn
+declare void @llvm.dbg.declare(metadata, metadata, metadata)  #0
+
+define internal i16 @gaz() {
+entry:
+  ret i16 0
+}
+
+attributes #0 = { nocallback nofree nosync nounwind readnone speculatable willreturn }
+
+!llvm.dbg.cu = !{!17}
+!llvm.module.flags = !{!0}
+
+!0 = !{i32 2, !"Debug Info Version", i32 3}
+!1 = !DILocalVariable(name: "k", arg: 1, scope: !2, file: !3, line: 13, type: !19)
+!2 = distinct !DISubprogram(name: "h", scope: !3, file: !3, line: 13, type: !4, scopeLine: 13, flags: DIFlagAllCallsDescribed, spFlags: DISPFlagLocalToUnit | DISPFlagDefinition | DISPFlagOptimized, unit: !17, retainedNodes: !21)
+!3 = !DIFile(filename: "foo2.c", directory: "/bar")
+!4 = !DISubroutineType(types: !5)
+!5 = !{!19}
+!17 = distinct !DICompileUnit(language: DW_LANG_C99, file: !3, producer: "clang version 16", isOptimized: true, runtimeVersion: 0, emissionKind: FullDebug, retainedTypes: !18, globals: !20, splitDebugInlining: false, nameTableKind: None)
+!18 = !{!19}
+!19 = !DIBasicType(name: "int", size: 16, encoding: DW_ATE_signed)
+!20 = !{}
+!21 = !{!1}
+!22 = !DILocation(line: 13, column: 27, scope: !2)