A microscopic expansion for superconformal indices

I discuss a novel expansion of superconformal indices of U(N) gauge theories at finite N. When a holographic description is available, the formula expresses the index as a sum over stacks of "giant graviton" branes in the dual string theory. Surprisingly, the expansion turns out to be exact: the sum over strings and branes seems to capture the degeneracy of states expected from saddle geometries such as BPS black holes, while also reproducing the correct degeneracies at lower orders of charges. Based on 2109.02545 with D. Gaiotto.