It is proposed that theCH−dWHN−BFSSmatrix model may be interpreted as non-local hidden variables theories in which the quantum observables are the eigenvalues of the matrices while their entries are the hidden variables. This is shown by studying the matrix model at finite temperature, withTtaken to scale as1/N.For large but finiteNthe eigenvalues of the matrices undergo Brownian motion around theN→∞limit, with diffusion constant of order1/N.The resulting probability density and current for the eigenvalues are then found to evolve in agreement with the Schroedinger equation, to leading order in1/N,with ℏ proportional to the thermal diffusion constant for the matrix elements. The quantum fluctuations and uncertainties in the positions of the eigenvalues are then consequences of ordinary statistical fluctuations in the values of the matrix elements. The derivation makes use of Nelson’s stochastic formulation of quantum theory, which is expressed in terms of a variational principle. ©2002 American Institute of Physics.