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Comment by toast0

6 hours ago

So... Win32 runs in virtual mode. In 2025, we don't think of that as a Virtual Machine, but it totally is. Hardware access is trapped by the CPU and processed by the OS/DPMI server.

No, in 386 mode 3.x and 9x the System VM and other DPMI clients runs in protected mode.

Virtual 8086 mode, as its name somewhat suggests, only runs real mode code.