LLM Reasoning Is Latent, Not the Chain of Thought

This position paper argues that large language model (LLM) reasoning should be studied as latent-state trajectory formation rather than as faithful surface chain-of-thought (CoT). This matters because claims about faithfulness, interpretability, reasoning benchmarks, and inference-time intervention all depend on what the field takes the primary object of reasoning to be. We ask what that object should be once three often-confounded factors are separated and formalize three competing hypotheses: H1, reasoning is primarily mediated by latent-state trajectories; H2, reasoning is primarily mediated by explicit surface CoT; and H0, most apparent reasoning gains are better explained by generic ...

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