  We observe a relation between closed strings tachyons and one-loop
instabilities in non-supersymmetric non-commutative gauge theories. In
particular we analyze the spectra of type IIB string theory on C^3/Z_N orbifold
singularities and the non-commutative field theory that lives on D3 branes
located at the singularity. We find a surprising correspondence between the
existence or not of one-loop low-momentum instabilities in the non-commutative
field theory and the existence or not of tachyons in the closed string twisted
sectors. Moreover, the relevant piece of the non-commutative field theory
effective action is suggestive of an exchange of closed string modes. This
suggests that non-commutative field theories retain some information about the
dynamics of the underlying string configuration. Finally, we also comment on a
possible relation between closed string tachyon condensation and field theory
tachyon condensation.
