What is React memo function?

A function that creates a memoized version of a component
A function that returns a higher-order component
A function that creates a new instance of a component
A function that creates a new element in the DOM

React memo is a higher-order function that creates a memoized version of a component. This memoized version can help improve performance by avoiding unnecessary re-renders of the component. The memo function works by caching the result of the component's render method and comparing it to the previous result. If the result is the same, the component is not re-rendered.

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