Meaning of this cmd one-liner that pretty prints %PATH%

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I'm utterly confused by this one-liner from here, that pretty prints the %PATH% variable.

ECHO.%PATH:;= & ECHO.%

Could you break this one-liner up, and explain what each part means?

For example,

  • How is %PATH% split on semicolons?
  • The PATH variable is normally referred to as %PATH%. What's the syntax used here?
  • What doECHO.% and :;= mean?
  • Where is the "for each line, echo it out" logic?

I'd also appreciate it if you could point to any resources that explain the syntax.

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