The arrow of time, black holes, and quantum mixing of large N Yang-Mills   theories
  Quantum gravity in an AdS spacetime is described by an SU(N) Yang-Mills theory on a sphere, a bounded many-body system. We argue that in the high temperature phase the theory is intrinsically non-perturbative in the large N limit. At any nonzero value of the 't Hooft coupling $\lambda$, an exponentially large (in N^2) number of free theory states of wide energy range (of order N) mix under the interaction. As a result the planar perturbation theory breaks down. We argue that an arrow of time emerges and the dual string configuration should be interpreted as a stringy black hole. 
Guido Festuccia, Hong Liu