Matrix theory and the AdS/CFT correspondence provide nonperturbative holographic formulations of string theory. In both cases the finite N theories can be thought of as infrared regulated versions of flat space string theory in which removing the cutoff is equivalent to letting N go to infinity. In this paper we consider the nature of this limit. In both cases the holographic mapping becomes completely nonlocal. In matrix theory this corresponds to the growth of D0-brane bound states with N. For the AdS/CFT correspondence there is a similar delocalization of the holographic image of a system as N increases. In this case the limiting theory seems to require a number of degrees of freedom comparable to large N matrix quantum mechanics. ©1999 American Institute of Physics.