Does MATLAB keep some variables after clearing?

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I have a program that reads in a really large Excel file and creates some large variables. This runs out of storage if I try to run it multiple times in a row, which makes sense, i.e.:

large_program; large_program

will crash. However, what I don't understand is why

large_program; clear all; large_program

will also crash; in order to run it multiple times, I have to restart MATLAB each time. Does MATLAB not actually clear all variables? Or is this a fragmentation of memory thing?

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