In many computer programming languages, it's a power sign. So 2^3 is two cubed. Because standard keyboards in the past only did ASCII.
Nowadays, if you know how to get special symbols, you can write superscripts and degree symbols in UTF-8, but people like me still put 2^3 because it works in Perl, or C etc.
and I can paste an answer right from "bc" command-line calculator.
Another one is 2**3 which works in FORTRAN
Also sqrt(2) for the square root of two, because we can't find the square root symbol, and
asin(), acos(), atan() for arcsine, arccosine and arctangent (or sin^-1) etc.