Chain-of-thought (CoT) prompting improves LLM reasoning, but the source is contested: do the intermediate steps help because they carry useful semantic content, or because conditioning on more tokens buys extra computation before the model commits to an answer? We bring two lines of evidence to bear. First, in distribution: we repeatedly sample each model on the same question and pair a shorter with a longer of its own natural generations that follow the same reasoning plan, so nothing is rewritten and both traces are genuinely in-distribution. Across 25 models the extra tokens leave accuracy essentially unchanged for every independently-trained reasoner, and a blind analysis of the surplus tokens shows that what gain exists elsewhere tracks validation- and checking-content, not verbosity per se. Second, as a controlled intervention, we ask whether two traces expressing the same semantic content (the same facts, operations, and intermediate values, verified through directed acyclic graph equivalence) produce different outcomes when one is more verbose, using a dual-validator design across four targets and eight benchmarks with number-redacted completion and stratified bootstrap confidence intervals. Verbose traces do improve accuracy (25 of 32 benchmark-target cells are positive under at least one validator), but the effects are modest (typically 1-4 points) and depend on the quality of the verbose prose, not merely its length. Under maximum numerical redaction the effect is amplified (median 3.24x across four arithmetic benchmarks), and length-matched non-reasoning filler recovers none of it. Both lines converge: what matters is what the extra tokens do (the reasoning and validation content they carry), not how many there are, a picture neither a pure forward-pass-compute nor a pure semantic-content account fully explains.

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