  The current understanding of M(atrix) theory is that in the large N limit
certain supersymmetric Yang Mills theories become equivalent to M-theory in the
infinite momentum frame. In this paper the conjecture is put forward that the
equivalence between M and M(atrix) theory is not limited to the large N limit
but is valid for finite N. It is argued that a light cone description of
M-theory exists in which one of the light like coordinates is periodically
identified. In the light cone literature this is called Discrete Light Cone
Quantization (DLCQ). In this framework an exact light cone description exists
for each quantized value N of longitudinal momentum. The new conjecture states
that the sector of the DLCQ of M-theory is exactly described by a U(N) matrix
theory. Evidence is presented for the conjecture.
