What component stores temporary data and clears its content during a power failure?

The component that stores temporary data and clears its content during a power failure is a RAM chip.

RAM, or Random Access Memory, is designed for rapid read and write access to a storage medium that is volatile, meaning it loses all stored information when power is turned off. This temporary storage is essential for the functionality of computers, as it allows the CPU to quickly access data and execute processes while the system is running. When the computer is powered on, data is loaded from more permanent storage solutions like hard drives or SSDs into RAM for quick access. In contrast, hard disk drives and solid-state drives are types of permanent storage that retain data even when powered off, while flash drives, although they can store data temporarily, are also non-volatile and retain content without an active power source.