"No. There's no way in hell that anyone's seriously suggesting running graphics code in an interpreter. Again, it will be compiled by the graphics driver. (We could call this 'JIT compilation', but this term doesn't seem to have caught on in the context of graphics.)"
JIT compilation, An interpreter is a run time compiler, nothing more, nothing less. JIT compilation is a form of interpretation. No modern interpreter sits and converts to native code line by line during execution, they COMPILE to native code at runtime and then execute that. The only performance benefit of compilation vs interpretation is start-up time once executing compiled code is not necessarily faster. The perl interpreter is a good example. People tend to suck at writing fast perl code but someone who actually understands the language can write a perl solution that will rival or beat a C implementation for most solutions. You can compile perl implementations to native binaries and the interpreter typically compiles to an intermediate byte code, you can compile to that byte code in advance as well and run that with the interpreter in the same way you run java byte code on it's interpreter aka the java virtual machine. The only reason we do the byte code thing at all is that it's a machine code for an imaginary machine that is extremely efficient to interpret.
"Why not call this what it is? It's compilation."
Bytecode is the native machine code language of an imaginary machine, when I say native execution I mean alter the GPU to speak that machine code as it's native instruction set... in the silicon.
An interpreter is a form of compiler that is runs at runtime rather than in advance, JIT compiler is a form of interpreter design, and cloud computing is just the current evolution of clustered computing plugged into an internet connection and clusters in turn are nothing more than the distributed computing platforms built before them. You can make up new words all day long but lets stop pretending these things are NEW are not just the progressive realization of computing concepts that were invented in the 50's. Now get off my lawn.