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It doesn't imply that, it's just measuring the amount of compute.

But if it was an agent swarm wouldn't we expect something like 300k hours of ChatGPT pro compute equivalent instead of 3?

Not necessarily, could be agent swarm with low N

At some point that stops being a "swarm" and just a handful of subagents. E.g. 6 agents running for 30 minutes each isn't really a swarm in my eyes.