1. A computing system comprising: a physical computing device comprising one or more processors and memory, wherein the one or more processors are configured to execute instructions that, upon execution, configure the physical computing device to: execute a virtual machine monitor in a first memory allocated to the virtual machine monitor, the virtual machine monitor configured to: receive an update notification for the virtual machine monitor, the update notification including update data configured to update the virtual machine monitor; cause a virtual machine instance hosted by the physical computing device to suspend operation, wherein the virtual machine instance is in a first state of operation; execute the update data in the first memory to update the virtual machine monitor, wherein the execution of the update data implements an updated virtual machine monitor within the first memory; wherein the updated virtual machine monitor is configured to: retrieve state information associated with the first state of operation of the virtual machine instance; and cause the virtual machine instance to resume operation, wherein the virtual machine instance resumes operation in the first state of operation based, at least in part, on the state information.