A device compiler and linker is configured to group instructions into different strands for execution by different threads based on the dependence of those instructions on other, long-latency instructions. A thread may execute a strand that includes long-latency instructions, and then hardware resources previously allocated for the execution of that thread may be de-allocated from the thread and re-allocated to another thread. The other thread may then execute another strand while the long-latency instructions are in flight. With this approach, the other thread is not required to wait for the long-latency instructions to complete before acquiring hardware resources and initiating execution of the other strand, thereby eliminating at least a portion of the time that the other thread would otherwise spend waiting.