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I just found this in some code and I can’t find anything on the web or php manual. Most likely since its an irregular character.
Here is one of the lines that uses it.
$showPlayer |= isset($params['node']) && $params['node'];
|=is to|as+=is to+; that is,$a |= $b;is the same as$a = $a | $b;. The|operator is the bitwise OR operator.