According to the commonmark spec:
Many implementations have also restricted intraword emphasis to the * forms, to avoid unwanted emphasis in words containing internal underscores. (It is best practice to put these in code spans, but users often do not.)
internal emphasis: foo*bar*baz
no emphasis: foo_bar_baz
However, the markdown highlighting mode does treat the second example as emphasised. In fact, in Github I have to escape the first example precisely due to this very common implementation detail.