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I discuss D0-brane quantum mechanics as a nonperturbative formulation of string theory, in particular the relation among the Banks-Fischler-Shenker-Susskind matrix model, the Maldacena conjecture for D0-branes, and type IIA/M-theory duality. Some features of the quantum mechanics of D0-branes are also discussed.
Joseph Polchinski (Fri,) studied this question.