> It knows how to rematerialize

That's very cool, I didn't realize that.

> but the backend is generally more local/has less visibility than the optimizer

I don't really buy that. It's operating on SSA, so it has exactly the same view as LICM in practice (to my knowledge LICM doesn't cross function boundary).

LICM can't possibly know the cost of hoisting. Regalloc does have decent visibility into cost. Hence why this feels like a regalloc remat problem to me