Claude's thinking summaries are off by default now

A Reddit teardown puts the cost of Claude's thinking summaries at 0.06% to 0.12% of Anthropic's $47 billion in annual revenue. The bigger number is on the compute side: the summarization pass adds roughly 33% to decode load on every request with thinking, and decode is the part that hits a ceiling when capacity is tight.

In Claude Code, the beta header redact-thinking-2026-02-12 pulled thinking out of the terminal display, and version 2.1.90 on April 1 stopped generating summaries in interactive sessions entirely. You can get them back with showThinkingSummaries: true in settings.json. On claude.ai, the display disappeared around July 24.

The author is clear that tying the shutoff to a capacity crunch is his own inference. Fable 5 landed in Max and Team Premium on July 20 with half the usual limits, and the claude.ai change followed about four days later.