How does dependency resolution work with bake file?

[moltar]

For example, if I have:

FROM foo AS base
## do some heavy lifting here, like deps installs


FROM base AS build1
## builds sub project 1


FROM base AS build2
## builds sub project 2

Will the bake command first build base and then proceed to build build1 and build2 in parallel?

Or will it build both build1 and build2 in parallel, effectively executing base twice?

It appears to be doing the latter from the logs, but I wonder if it's just how logs are presented. And, perhaps, under the hood, is just one build happening for base?