alt Hacker NewsI 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)
LLMs definitely also have finite context length. And if we consider padding, it is also constant. The k is huge compared to most Markov chains used historically, but it doesn't make it less finite.