It shouldn't. The spec says:
User agents do not generally render
elements that appear in the HEAD as
content.
See the spec
But browsers can do anything they want to.
Added:
It's a loose area in the spec. Eg a browser could:
- Render the element
- Ignore the element
- Load the image from its server but not render it
- Or something else
... and the browser would be compliant.
So see what your favorite browsers do and then use the info as you wish...
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