I'm getting started with Flink and had a very fundamental doubt.

1) Where does Flink capture/store intermediate state?

For example, two streams of data have a common key. The streams can lag in
time (second, hours or even days). My understanding is that Flink somehow
needs to store the data from the first (faster) stream so that it can match
and join the data with the second(slower) stream.

2) Is there a mechanism to trigger/schedule a delayed event in Flink?

Thanks
-Soumya

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