We study excitations of LLM geometries. These geometries arise from the
backreaction of a condensate of giant gravitons. Excitations of the condensed
branes are open strings, which give rise to an emergent Yang-Mills theory at
low energy. We study the dynamics of the planar limit of these emergent gauge
theories, accumulating evidence that they are planar N=4 super
Yang-Mills. There are three observations supporting this conclusion: (i) we
argue for an isomorphism between the planar Hilbert space of the original
N=4 super Yang-Mills and the planar Hilbert space of the emergent
gauge theory, (ii) we argue that the OPE coefficients of the planar limit of
the emergent gauge theory vanish and (iii) we argue that the planar spectrum of
anomalous dimensions of the emergent gauge theory is that of planar N=4 super Yang-Mills. Despite the fact that the planar limit of the emergent
gauge theory is planar N=4 super Yang-Mills, we explain why the
emergent gauge theory is not N=4 super Yang-Mills theory.Comment: 30 pages plus Appendice