In one embodiment, a processor comprises a plurality of pipeline stages and a first circuit operable at a first pipeline stage of the plurality of pipeline stages. The first circuit is configured to maintain a plurality of program counters (PCs), each of which corresponds to one of a plurality of threads that the processor is configured to have concurrently in process with respect to the plurality of pipeline stages. The first circuit is configured to provide a first PC to a second pipeline stage of the plurality of pipeline stages. The first PC is derived from one of the plurality of PCs that corresponds to a first thread of the plurality of threads, and a first instruction entering the second pipeline stage is from the first thread.