If governments insisted that all hardware should come with a spec that runs on a universal virtual machine, then today I could probably run the old machine on my phone. But alas, thanks again to an unvisionary government, we're stuck with old hardware.
IBM i software was compiled as platform independent binary and converted into machine specific code by the operating system. Ok, it's a propietary spec far from being open etc, but the tech is there and even better than a vm (in certain aspects)
Will your phone:
The actual "wow, my phone is faster than a 5-year-old desktop" makes fun headlines, but is entirely irrelevant.