Exact QFT duals of AdS black holes

Recently, it has been more clearly understood that the N=4 superconformal index leads to the microstate counting of the BPS black holes in AdS_5 X S^5. The leading N^2 behavior of the free energy was shown in various ways to match that of the known BPS black hole in the gravity side, but this correspondence has not been realized at the level of the saddle point analysis of the full matrix model for the N=4 index. Here, I will try to clarify how such saddles corresponding to the BPS black holes arise as 'areal' distributions. The talk is based on https://arxiv.org/abs/2111.10720 with Sunjin Choi, Seok Kim, and Eunwoo Lee; https://arxiv.org/abs/2103.01401 with Sunjin Choi and Seok Kim.