The HTML in modern web apps is just a static resource like images. So when you load a web app, you fetch the HTML (that defines the layouts basically) together with all assets linked and the browser starts executing the JS code. But the data themselves are fetched into the app in the form of JSON and then inserted into the document via templating.
For example, an email web app, when you log into it, fetches you the all HTML of all the UI, but the emails themselves come in via AJAX and JSON and injected into the DOM by JS code.
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