I'm not familiar with the caching mechanism, but here's an educated guess. There are potential optimizations in the CISC -> RISC translation, according to the x86 opcode sequence (reorder operations in order to run some of them in parallel, for example), and it is possible to cache them, sparing cycles in the process, since the processor wouldn't have to analyze the code each time to perform the optimizations.
Edit: apparently, my guess was correct :-) Thanks to Symmetry for the confirmation.
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[0] By modern, I mean "not ancient". The first processor to do that was the Pentium Pro.
Translating them takes energy, and can potentially be the limiting factor in how faster certain programs can be run. That means that recent Intel designs keep a small buffer of uOps that correspond to instructions it's likely to see again quickly. This can help a lot in loops.