So I have this server function

'use server';

export async function simulateWithDelay(
  index: number,
): Promise<{ index: number; time: string }> {
  console.log(`calling ${index} ` + new Date().toLocaleTimeString());
  return new Promise((resolve) => {
    setTimeout(() => {
      resolve({ index: index, time: new Date().toLocaleTimeString() });
    }, 5000);
  });
}

And a context provider:

export function AppContextProvider({ children }: { children: ReactNode }) {

  useEffect(() => {
    simulateWithDelay(1).then(console.log);
    simulateWithDelay(2).then(console.log);
  }, []);

  return (
    <AppContext.Provider>
      {children}
    </AppContext.Provider>
  );
}

However, in the browser console I only see:
{index: 1, time: ‘5:40:48 PM’}

..and in the server console:
calling 1 5:40:43 PM

If I change to async/await pattern or chain the promises like:

    useEffect(() => {
    simulateWithDelay(1).then(x => {
      console.log(x);
      simulateWithDelay(2).then(console.log);    
    });
  }, []);

Both Promises are resolved as expected.