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If I am correct in understanding what I’ve read a virtual machine is essentially a compiler for intermediate code.
But it is never said that Delphi (as an example of unmanaged code) runs in its compiler.
Would it be less confusing to just describe a virtual machine as a compiler?
There’s a compiler that translates source code to VM code (bytecode), and a JIT compiler for VM code -> machine code. The VM is the standard that the source code -> VM compiler targets, not necessarily the specific implementation. It could be implemented with a real machine, in which case it wouldn’t need to do JIT compilation.
A VM is closer to an emulator (or if your JIT is really stupid, an interpreter :))