Well, if you read about Java CPU, it is
'A CPU that runs the JVM byte code directly in hardware or firmware'
Clearly, it is designed to handle something that already existed, i.e. Java VM. So, Java CPU must have come after Java VM.
Over a dozen companies now make Java CPU's for the embedded market. The advantage is compact code and high speed. Compact code is especially important in low-cost battery-powered devices. Read
here[
^].