Code fragments that implement each opcode in the core interpreter loop are additionally compiled in the way that each fragment is compiled into a relocatable bi

Code fragments that implement each opcode in the core interpreter loop are additionally compiled in the way that each fragment is compiled into a relocatable binary. Once processed in that way, the runtime code generator can join required fragments by patching relocations, essentially doing the job of dynamic linkers. So it is compiling your Python code, but the compiled result is composed of pre-baked fragments with patches.