What are the specifics for Laravel Query Builder's updateOrInsert function?

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This function is not in the Laravel documentation, I have found it in the source code however I am not completely sure how it should be used. For example, if I am working with products, I want to either insert or update a product in the database based on its UPC. If a product with the same UPC exists, update it with the new values. If not, insert the new values as a new product. How should this be done using this function?

Thank you!

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