Techniques for increasing the performance of virtual machines are disclosed. It can be determined whether a program instruction which is to be executed by the virtual machine is a branch instruction, and whether a basic block of code is present in a code cache. If so, the basic block of code can be executed. The basic block includes code that can be executed for the program instruction. A cache can be used to store the basic block for program instructions that are executed by the virtual machine. The program instruction may be a bytecode and the code cache can be implemented as a native code cache.