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Microsoft announces Python formulas in Excel... which have to get sent to the cloud
(techcommunity.microsoft.com)
This is a most excellent place for technology news and articles.
Just like Python doesn't run from the source code through the interpreter all the time (instead, if I'm not mistaken, the interpreter pass converts the code to a binary runtime form, so interpretation of the source is done only once), so does "modern" Java (I put modern between quotes because it's been like that for almost 20 years) convert the code in VM format to binary assembly code in the local system (the technology is called JIT, for Just-In-Time compiler).