> In 1995, a memory access cost roughly the same as a CPU operation
Uhm... no?!
Here's a CS paper from 1993(!) about prefetching from cache(!!) because the cache was slower than the ALU. https://www.eecs.umich.edu/techreports/cse/93/CSE-TR-152-93....
It would perhaps make Java look a little bad to say that, in 1995, the prevailing attitude in certain circles was "If it's too slow, just wait for faster hardware - Moore's Law forever baby!" (Of course, Sun was selling, at the time, relatively fast hardware - the slower the software, the faster the required hardware)