According to Wikipedia, "The clipboard is a buffer that some operating systems provide for short-term storage and transfer within and between application programs. The clipboard is usually temporary and unnamed, and its contents reside in the computer's RAM."
Microsoft's version has been around since "Windows for Workgroups V3.1" which was first released in the spring of 1992. Back then it was called "clipbook" and held only one item in temporary storage (system memory). By the time Windows 10 came along Clipbook had been renamed "Clipboard" could store multiple items. As of 2021, Clipboard can store up to 25 blocks (or clips) of data. The data can be up to 2 gigabytes in size or up to the amount of virtual memory (RAM) of a particular computer, whichever amount is less. More technically, most data are stored as 'reference points' rather than the data itself so you can copy most anything, any size up to the maximum as explained above. (I know most likely you didn't understand the size limitations, but so what? Do you know how a catalytic converter works? Neither do I. Has that lack of knowledge diminished your ability to survive in this world? Yeah, me neither.)
So that's all the explanation you get, but if you prefer to believe it's magic, that's just as good an explanation. After all, I think that is how planes can fly high in the sky and I [used to be] a licensed private pilot (when I could still see well enough to fly a plane). Okie Dokie! Magic it is!
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