One single universal wavefunction, and every possible outcomes happens in some alternate universe. Does feel a bit sad and superfluous, but also does give some sense to perceived "wave function collapse".
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Interpretations of quantum mechanics are various theoretical frameworks that seek to explain the nature and implications of the mathematical formalism of quantum mechanics, particularly how it relates to observations and the nature of reality. Quantum mechanics has been remarkably successful in predicting experimental outcomes, yet it leaves many philosophical questions unresolved.