The Coding Assistant Breakdown: More Tokens Please

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Since we called out the Claude Code inflection point on February 5th, we have seen a flurry of model releases. Opus, Mythos, Codex, Gemini, DeepSeek, Kimi, Qwen, GLM, MiniMax, Composer, Muse Spark, and more. Today we will break down all of these major model releases, explain when you can vs can’t trust the benchmarks, and give our predictions for the future of the agentic coding market.First we have to highlight GPT-5.5 from OpenAI. In our view, GPT-5.5 is now materially better at some tasks than all other models. We believe that GPT-5.5 has arrived at the frontier. This is a huge change from November when Opus 4.5 was released. At that time, and for the 6 months since, OpenAI’s coding model was not world class in most metrics, leading to Opus being our daily driver. GPT-5.5 is now integrated in our daily work.Meet the ModelsThere’s been at least one major lab releasing a new checkpoint purpose-built for coding every week for the past 3 months. GLM-5.1, Qwen3.6-Plus, Kimi K2.6, Composer 2, and Gemini 3.1 Pro all emphasize “agentic coding,” “long-horizon tasks,” or similar capabilities in their headlines. February was a particularly busy month.Source: SemiAnalysis Tokenomics DashboardNew checkpoints are cool, but entirely new pre-trains are what really get the people going. Heading into April, the San Francisco rumor mill was ablaze with talk about Capybara and Spud. These are codenames for Anthropic and OpenAI’s newest pre-trains. With the release of GPT-5.5 yesterday, we now have something concrete to discuss.GPT 5.5GPT-5.5 is the first public release based on “Spud”. As O…