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Is the Google Chrome Browser faster than Internet Explorer in JavaScript performance?

On November 19, 2009 Google announced their open source Chrome operating system built around the core tenets of speed, simplicity and security. The presentation started with a slide showing the increasing number of Chrome users – the browser that is used as a base in their OS. The slide also stated that Chrome has “39x faster JavaScript than Internet Explorer.” Is it really that much faster or faster at all? Will their built from scratch “V8 JavaScript Engine” outplay the latest version of the Microsoft browser and will it work almost 40 times faster?