Yeah, for me when I was learning it was not-obvious, but wikipedia has an article on "Carat notation" I found by searching something like "what does carat mean in a terminal" on google.
Unfortunately, for me when I googled that exact phrase just now it gives a "Featured Snippet" saying it means "the beginning of a line", which is about regexen and and also only sort of right in that context. The wikipedia page is the first real result though.