Functionally the same indeterminate "still working" signal as a spinner ring, but the two counter-rotating layers pull more attention. It suits a spot that needs presence — a splash screen, initial boot — while a single ring spinner works better in a tight space like a button.
Built by stacking an outer and inner ring, each with a differently colored border-top, then spinning the outer one forward and the inner one backward at different durations. The counter-rotation between the two reads as heavier and more mechanical than a single ring.
Skip it for loads under 200ms — it'll just flash — and prefer a skeleton for a long wait covering the whole screen. Give the wrapper role="status" and aria-live="polite"; the rings are decorative and can be hidden from screen readers. Under prefers-reduced-motion, consider slowing the rotation or falling back to a single ring.