If your Excel worksheet has a lot of Smart View formulas (e.g. more than ten thousand HsGetValue), you may find that each cell with a Smart View formula shows "Error" after you refresh the worksheet. I think Excel encountered an error during the refresh process and does not update any of the cells. The workaround is to type Ctrl+Alt+F9 which "calculates all worksheets in all open workbooks, regardless of whether they have changed since the last calculation" (see Excel shortcut and function keys). This method of recalculation isn't visible in the Excel Formulas, Calculation menu.
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