A Formal Comparison Between Chain of Thought and Latent Thought

Chain of thought (CoT) elicits reasoning in large language models by explicitly generating intermediate tokens. In contrast, latent thought reasoning operates directly in the continuous latent space, enabling computation beyond discrete linguistic representations. While both approaches exploit iterative computation, their comparative capabilities remain underexplored. In this work, we present a formal analysis showing that latent thought admits efficient parallel computation, in contrast to the inherently sequential nature of CoT. Conversely, CoT enables approximate counting through stochastic decoding. These separations suggest the tasks for which depth-driven recursion is more suitable, thereby offering practical guidance for choosing between reasoning paradigms.