Notation Confusion: Norm 2 or something else?

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Hello! Thanks for taking the time to look at this post. I was wondering if this is notation norm 2. I normally see norm 2 with a subscript but the 2 is superscript here. Thanks!

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Using norm $2$ in this context should be denoted by $\|Ax-b\|_2$. Therefore, my guess is that $\|Ax-b\|^2$ is the square of a norm, for some arbitrary norm.