Depending on metadata cache behavior configuration, if the system is powered off immediately after the first command, then that could indeed happen I think.
As to whether it’s technically possible for it to happen on a system that stays on, I’m not sure, but it’s certainly vanishingly rare and likely requires very specific circumstances—not just a random race condition.
Uhh, if the system powers off immediately after the first command (mv a b), the second command (mv c d) would never run. So where would d come from if the command that created it never executed?