What do you mean? The states are fully observable (current array of tokens), and using an LLM we calculate the probabilities of moving between them. What is not MC about this?
I suggest getting familiar with or brushing up on the differences between a Markov Chain and a Markov Model. The former is a substantial restriction of the latter. The classic by Kemeny and Snell is a good readable reference.
MC have constant and finite context length, their state is the most recent k tuple of emitted alphabets and transition probabilities are invariant (to time and tokens emitted)
I suggest getting familiar with or brushing up on the differences between a Markov Chain and a Markov Model. The former is a substantial restriction of the latter. The classic by Kemeny and Snell is a good readable reference.
MC have constant and finite context length, their state is the most recent k tuple of emitted alphabets and transition probabilities are invariant (to time and tokens emitted)