When within the SBI instruction does the output pin go high?

Programming an Arduino UNO (atmega328p) in assembly, trying to bitbang VGA. The "set bit" and "clear bit" instructions, sbi and cbi, take 2 cycles each. When, within those two cycles, does the pin actually go high/low? Is it on the first cycle, the second cycle, or somewhere between those in an indeterminate way?

On the second cycle (at the end of that cycle). The first cycle is used to read the register .

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