In the video, the 28-year-old singer is seen arriving at an event and she is handed a magical piece of paper that somehow makes her invisible to everyone else there.
Other overt references include "Track 5" graffiti written inside of a subway station - as the song is the fifth from her album Reputation.
According to Page Six, once the video was released, a "top fashion PR pro who's worked with Kenzo playfully posted, "Listen Tay, I feel you".
Watch the final cut of the "Delicate" video below.
As Taylor dances though, fans believe she is spelling out the name Joe - the name of her long-term boyfriend Joe Alwyn, whom she began dating in 2016 - through a series of moves one after another.
She celebrates by throwing off her shoes and dancing to her heart's content - including doing the splits in the rain and dancing atop an underground carriage.
However, in the ad, Margaret simply excuses herself from the same kind of elegant occasion and finds that being alone in a huge venue incredibly thrilling - where she then dances around the venue as well. The clip was filmed in downtown Los Angeles and directed by a frequent collaborator, Joseph Kahn.