Abstract—As the instruction issue width of superscalar processors increases, instruction fetch bandwidth requirements will also increase. It will eventually become necessary to fetch multiple basic blocks per clock cycle. Conventional instruction caches hinder this effort because long instruction sequences are not always in contiguous cache locations. Trace caches overcome this limitation by caching traces of the dynamic instruction stream, so instructions that are otherwise noncontiguous appear contiguous. In this paper, we present and evaluate a microarchitecture incorporating a trace cache. The microarchitecture provides high instruction fetch bandwidth with low latency by explicitly sequencing through the program at the higher level of traces, both in terms of 1) control flow prediction and 2) instruction supply. For the SPEC95 integer benchmarks, trace-level sequencing improves performance from 15 percent to 35 percent over an otherwise equally sophisticated, but contiguous, multiple-block fetch mechanism. Most of this performance improvement is due to the trace cache. However, for one benchmark whose performance is limited by branch mispredictions, the performance gain is almost entirely due to improved prediction accuracy.