Short answer
Memory. But also remember that the browser already caches the information in the client.
Long answer
First of all, the bundle will be cached by the browser as it's said in the Bundling and Minification page:
Once you update one file in a bundle, a new token is generated for the
bundle query string parameter and the full bundle must be downloaded
the next time a client requests a page containing the bundle. In
traditional markup where each asset is listed individually, only the
changed file would be downloaded. Assets that change frequently may
not be good candidates for bundling.
Bundling and minification primarily improve the first page request load time.
Once a webpage has been requested, the browser caches the assets (JavaScript,
CSS and images) so bundling and minification won’t provide any performance
boost when requesting the same page, or pages on the same site
requesting the same assets. If you don’t set the expires header
correctly on your assets, and you don’t use bundling and minification,
the browsers freshness heuristics will mark the assets stale after a
few days and the browser will require a validation request for each
asset
And also shown here, in the image taken from the same page, where they tested with Fiddler:

So far we are safe as it's cached by the browser.
However, I went a bit further and created a small test project with this code in the Controller:
public ActionResult Index()
{
return View(HttpRuntime.Cache);
}
And this code in the View:
<p>
@Html.DisplayForModel()
</p>
Which gave me the following results:
First run:
:ViewCacheEntry:System.Web.Mvc.RazorViewEngine, System.Web.Mvc, Version=5.2.3.0, Culture=neutral, PublicKeyToken=31bf3856ad364e35:View:Index:Home:::__AppStartPage__~/_appstart.cshtml
:ViewCacheEntry:System.Web.Mvc.RazorViewEngine, System.Web.Mvc, Version=5.2.3.0, Culture=neutral, PublicKeyToken=31bf3856ad364e35:View:Index:Home::Mobile:__AppStartPage__~/_appstart.vbhtml
Second run:
:ViewCacheEntry:System.Web.Mvc.RazorViewEngine, System.Web.Mvc, Version=5.2.3.0, Culture=neutral, PublicKeyToken=31bf3856ad364e35:Partial:_LoginPartial:Home::Mobile:
:ViewCacheEntry:System.Web.Mvc.RazorViewEngine, System.Web.Mvc, Version=5.2.3.0, Culture=neutral, PublicKeyToken=31bf3856ad364e35:View:Index:Home:::System.Web.Optimization.Bundle:~/bundles/modernizr
:ViewCacheEntry:System.Web.Mvc.RazorViewEngine, System.Web.Mvc, Version=5.2.3.0, Culture=neutral, PublicKeyToken=31bf3856ad364e35:Partial:_LoginPartial:Home:::System.Web.Optimization.Bundle:~/bundles/bootstrap__AppStartPage__~/_appstart.cshtml
:ViewCacheEntry:System.Web.Mvc.RazorViewEngine, System.Web.Mvc, Version=5.2.3.0, Culture=neutral, PublicKeyToken=31bf3856ad364e35:View:Index:Home::Mobile:System.Web.Optimization.Bundle:~/bundles/jquerySystem.Web.Optimization.Bundle:~/Content/css__AppStartPage__~/_appstart.vbhtml
On the second run you will see that modernizr, bootstrap, jquery and css (my bundles!) are in the cache. That would explain why if we load the same page in 2 different browsers we will get the same query string, even after being loaded 5mins apart:
- Edge:

- Firefox Dev Edition:
