I was thinking... I think DOSEMU2 execute program in VM86 mode.
That way, direct IN/OUT generate an interrupt that can be intercepted to
emulate hardware.
It is a bit unclear how QEMU/VirtualBox works... I have read, that newer CPU
emulate a full CPU.
But I don't know the details... and how much they can intercept direct I/O
while showing the program to be in real mode,
rather than in VM86 mode.
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