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Strictly speaking, $O(f(n))$ is a set of functions. So the value of $O(f(n))$ is simply the set of all functions that grow asymptotically not faster than $f(n)$. The notation $T(n) = O(f(n))$ is just a simplified way to write that $T(n) \in O(f(n))$.
Note that this also clarifies some issues of...