It thinks before it speaks.
And it does not think out loud.
Most models narrate every step, then bill you for the narration. Eugeny deliberates in a continuous latent space: the reasoning happens before language, the compute goes into the problem, and the answer arrives as prose once the work is done.
Ask for depth and it takes the depth it needs. Ask for a quick answer and it gives you one, without a detour through a transcript nobody asked for.