optimizing runtimes (usually bytecode) can beat statically compiled code, because they can profile the code over time, like the JVM.

... which isn't going to close the cold startup execution gap, which all the benchmarks/lies/benchmarks will measure, but it is a legitimate thing.

I believe Intel CPUs actually sort of are #2. All your x86 is converted to microcode ops, sometimes optimized on the fly (I remember Intel discussing "micro ops fusion" a decade ago I think).