In Java, how does PreparedStatement work for the following query

Programmer Question

I have a query like the following and was wondering what kind of SQL is produced by batching a PreparedStatement.

INSERT INTO table1 (id, version, data)
  VALUES (?, ?, ?)
  ON DUPLICATE KEY UPDATE 
    table1.data = IF(table1.version > table2.version, table1.data, table2.data),
    table1.version = IF(table1.version > table2.version, table1.version, table2.version)

The question is, will it resolve this to a copy of this whole sql string for each row in the batch or will it do something like:

INSERT INTO table1 (id, version, data)
  VALUES (a1, b1, c1), (a2, b2, c2), (a3, b3, c3), ...
  ON DUPLICATE KEY UPDATE 
    table1.data = IF(table1.version > table2.version, table1.data, table2.data),
    table1.version = IF(table1.version > table2.version, table1.version, table2.version)

If not, what is the performance implication and how do I write it in such a way that I can batch many of these INSERT..UPDATE statements using PreparedStatement without incurring a performance penalty?

Find the answer here