Short Definition
A token is a unit of text, code, audio, or other input representation that a model processes.
Intuition
Models do not usually read raw words exactly as humans do. They read chunks produced by a tokenizer or modality encoder.
Technical Definition
A token is a discrete element from a vocabulary or encoded stream that is mapped to an embedding before model processing.
Example
The word "unbelievable" might be split into multiple subword tokens.
Common Misunderstandings
A token is not always a full word.
Token counts affect cost, latency, and context length.