Virtualization isn't emulation, but emulation can be used for the same effect, to run VM images. That's where VMware started: The original VMware product start

Virtualization isn't emulation, but emulation can be used for the same effect, to run VM images. That's where VMware started: The original VMware product started the whole x86 VM field before Intel provided any virtualization capabilities. VMware's first product, able to run Windows VMs smoothly in a window, was amazing compared to what had come before, and they did it before there were any x86 features for virtualization, using clever code scanning and emulation techniques. It's not at all obvious that they couldn't use similar clever techniques again, combined with Rosetta 2 style JIT - if they wanted to.