This is way outside my expertise so might be a dumb question, but how does the target model verify candidate tokens? Naively, I would assume it must perform its normal auto regressive decoding to know what the “correct” token is in order to have something to compare the candidate token with. But obviously that would defeat the purpose of speculative decoding so there must be some other way.

Also, what is the difference between “target model” and “target-model,” if any? I feel like half the instances of that phrase included the hyphen and half didn’t.

The target model is the original LLM that is large and expensive. It can verify candidate tokens in a single forward pass. It means you give all the context + candidate tokens that passes in parallel in the backbone, then you pass the language head (a matmul transformation to produce the token distribution) on all the candidate tokens and you can keep or drop tokens based on how many "quality" you want.