How does React memoization work under the hood?

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I'm curious how React memoization works under the hood.

Specifically, I want to understand the tradeoff between runtime performance gains and memory usage. I want to know what is that total memory usage, and what is the behaviour of the memoization algorithm when React.memo's dependencies are unstable? If a dependency changes, are multiple copies of the rendered component stored in memory, or just the most recent?

Thanks!

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