  Matrix theory and the AdS/CFT correspondence provide nonperturbative
holographic formulations of string theory. In both cases the finite N theories
can be thought of as infrared regulated versions of flat space string theory in
which removing the cutoff is equivalent to letting N go to infinity.
  In this paper we consider the nature of this limit. In both cases the
holographic mapping becomes completely nonlocal. In matrix theory this
corresponds to the growth of D0-brane bound states with N. For the AdS/CFT
correspondence there is a similar delocalization of the holographic image of a
system as N increases. In this case the limiting theory seems to require a
number of degrees of freedom comparable to large N matrix quantum mechanics.
