Video file location

Does anyone know if videos from theater save on your computer or just online. If it's on your pc do you know where? thanks.

I'm like 90% sure that it's saved online.. you don't see any FPS drops while recording, no?
Also, recording takes a lot of HDD space (lossless capture) so you'd notice if it was stored on your computer :3

and another reason to back that 90% is, that we are allowed to watch other players play different games, ones that we weren't in, would they be stored on your PC...nahhh =P