The 386 microcode sequencer has a one-cycle pipeline delay: when a jump or RNI (run next instruction) is decoded, the micro-instruction immediately after it has already been fetched and will execute before the jump takes effect. This "delay slot" is a basic property of the sequencer, and the microcode is written to fill it with useful work rather than waste a cycle on a bubble. The examples in the PTSAV section above show this: at 582/5AE, the micro-instruction after LCALL executes before the subroutine begins.
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The problem compounds in pipelines. Each TransformStream adds another layer of promise machinery between source and sink. The spec doesn't define synchronous fast paths, so even when data is available immediately, the promise machinery still runs.