This is documented in Who can view chat history in HipChat Server - depending on the scope of your question, there are two main aspects:
Chat history, messages, and files details the operator point of view - chat messages in general are stored in HipChat Server's virtual machine in the
...from the beginning. We have built up a lot of content in HipChat, with it being a core tool in our distributed company model. While it is true that we didn’t need to move to Slack immediately, we felt it...
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