Syntax:
VALUES(col_name)

In an INSERT ... ON DUPLICATE KEY UPDATE statement, you can use the
VALUES(col_name) function in the UPDATE clause to refer to column
values from the INSERT portion of the statement. In other words,
VALUES(col_name) in the UPDATE clause refers to the value of col_name
that would be inserted, had no duplicate-key conflict occurred. This
function is especially useful in multiple-row inserts. The VALUES()
function is meaningful only in the ON DUPLICATE KEY UPDATE clause of
INSERT statements and returns NULL otherwise. See
https://dev.mysql.com/doc/refman/8.0/en/insert-on-duplicate.html.

URL: https://dev.mysql.com/doc/refman/8.0/en/miscellaneous-functions.html

