Javascript, and most other languages, run code sequentially.
Therefore, they will not both run at the same time.
In fact, it is not possible to run two different pieces of Javascript code at the same time. However, in many other languages, it is possible using threads.
However, if they make AJAX calls, the corresponding server-side code called by both functions will run simultaneously.
To prevent that, you'll need to make the first function accept a callback parameter and pass it the second function.