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We study excitations of LLM geometries. These geometries arise from the backreaction of a condensate of giant gravitons. Excitations of the condensed branes are open strings, which give rise to an emergent Yang-Mills theory at low energy. We study the dynamics of the planar limit of these emergent gauge theories, accumulating evidence that they are planar ${\cal N}=4$ super Yang-Mills. There are three observations supporting this conclusion: (i) we argue for an isomorphism between the planar Hilbert space of the original ${\cal N}=4$ super Yang-Mills and the planar Hilbert space of the emergent gauge theory, (ii) we argue that the OPE coefficients of the planar limit of the emergent gauge theory vanish and (iii) we argue that the planar spectrum of anomalous dimensions of the emergent gauge theory is that of planar ${\cal N}=4$ super Yang-Mills. Despite the fact that the planar limit of the emergent gauge theory is planar ${\cal N}=4$ super Yang-Mills, we explain why the emergent gauge theory is not ${\cal N}=4$ super Yang-Mills theory., Comment: 30 pages plus Appendices

By performing explicit computations of correlation functions, we find evidence that there is a sector of the two matrix model defined by the $SU(2)$ sector of ${\cal N}=4$ super Yang-Mills theory, that can be reduced to eigenvalue dynamics. There is an interesting generalization of the usual Van der Monde determinant that plays a role. The observables we study are the BPS operators of the $SU(2)$ sector and include traces of products of both matrices, which are genuine multi matrix observables. These operators are associated to supergravity solutions of string theory., Comment: 28+1 pages

Large $N$ but non-planar limits of ${\cal N}=4$ super Yang-Mills theory can be described using restricted Schur polynomials. Previous investigations demonstrate that the action of the one loop dilatation operator on restricted Schur operators, with classical dimension of order $N$ and belonging to the $su(2)$ sector, is largely determined by the $su(2)$ ${\cal R}$ symmetry algebra as well as structural features of perturbative field theory. Studies presented so far have used the form of ${\cal R}$ symmetry generators when acting on small perturbations of half-BPS operators. In this article, as a first step towards going beyond small perturbations of the half-BPS operators, we explain how the exact action of symmetry generators on restricted Schur polynomials can be determined., Comment: 22+1 pages