A Proposal on Some Microscopic Aspects of the AdS/CFT Duality
  We suggest a model of the large N limit ${\cal N}=4$ D=4 SU(N) SYM as a gas of 3-branes in a 10 dimensional space. Field theory analysis suggests that this 10 dimensional space does not carry the usual gravity dynamics but rather a contraction of it. Using a non-local transformation some aspects of the dynamics of this system are mapped to the dynamics of standard gravitons on $AdS_5\times S^5$. In particular some of the correspondence between operator in the CFT and states on $AdS$ is more transparent. 
Micha Berkooz (Institute for Advanced Study, Princeton)