Fans have theorized that the song is about the animosity between the two because of the capitalization of the three letters and the lyrics regarding bullying.

Exclusive: According to Taylor Swift, "My fans are my well-wishers, not my haters. They love my relationship with Travis Kelce because he makes me happy." I hear you shout a resounding YES if you're one of my fans and you want our connection to last and be solid...

The lyrics of Swift’s song “thanK you aIMee,” which discuss bullying, together with the title’s capitalization of the first three letters (KIM), gave listeners the impression that the song was a jab at the creator of SKIMS.

Exclusive: According to Taylor Swift, "My fans are my well-wishers, not my haters. They love my relationship with Travis Kelce because he makes me happy." I hear you shout a resounding YES if you're one of my fans and you want our connection to last and be solid...
A source tells PEOPLE of Kardashian’s response to the track: “She’s over it and thinks Taylor should move on.”

Kardashian “doesn’t get why [Swift] keeps harping on it,” the source says. “It’s been literally years.”In the chorus of “thanK you aIMee,” Swift sings, “All that time you were throwing’ punches, I was building’ somethin’ / And I can’t forgive the way you made me feel / Screamed ‘F— you, Aimee’ to the night sky, as the blood was gushin’/ But I can’t forget the way you made me heal.”