  We investigate the problem of counting 1/16 BPS operators in N=4
Super-Yang-Mills theory at weak coupling. We present the complete set of 1/16
BPS operators in the infinite N limit, which agrees with the counting of free
BPS multi-graviton states in the gravity dual AdS5xS5. Further, we conjecture
that all 1/16 BPS operators in N=4 SYM are of the multi-graviton form, and give
numerical evidences for this conjecture. We discuss the implication of our
conjecture and the seeming failure in reproducing the entropy of large 1/16 BPS
black holes in AdS5.
