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Actually, the whole issue of whether something is compiled, interpreted, emulated, etc., is pretty funny. Some IBM/360 computers had a very different hardware instruction set from that presented to the programmers. The machine was microprogrammed present the System/360 architecture to the programmers. On some models, you could use a different microprogram and the box would appear to be an IBM 7094.

At another level, some microprocessor chips are microprogrammed to present a different instruction set and register structure. I believe even the current Intel *86 chips are not much like the architecture that is presented to the programmers, though they cannot change the microprogram.
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