What happens to a user's existing Auth Token if a new one has been created via the token authorization flow?

What happens to a user's existing Auth Token if a new one has been created?

There are two answers to this question.

First, if the existing auth token has expired or has been invalidated in any way, then a new auth token is created.

Or

If the existing auth token has not been expired, and is still valid, then the existing auth token has its expiration date extended.

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