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We identify five positions on whether large language models (LLMs) and chatbots can be said to exhibit semantic understanding. These positions differ in whether they attribute semantics to LLMs and/or chatbots trained on feedback, what kind of semantics they attribute (inferential or referential), and in virtue of what they attribute referential semantics (internal or external causes). This allows for 2^^4=16 logically possible positions, but we have only seen people argue for five of these. Based on a pairwise comparison of these five positions, we conclude that the better theory of semantics in large language models is, in fact, a sixth combination: Both large language models and chatbots have inferential and referential semantics, grounded in both internal and external causes.