Towards quantum black hole microstates

We study the cohomology of local BPS operators in $\mathcal{N}=4$ Yang-Mills theory. The finite $N$ cohomologies consist of the graviton part (subject to the stringy exclusion principle) and the rest which may describe black hole microstates in quantum AdS/CFT. We construct an infinite tower of non-graviton cohomologies in the $SU(2)$ theory and study to what extent they simulate quantum black holes. We find signals for partial no-hair behaviors by showing that certain gravitons are forbidden to dress these cohomologies. This is in qualitative agreement with the perturbative hairs allowed around black holes, which also leads us to a natural setup to construct hairy BPS black holes. The cohomologies are simpler to study in the BMN matrix model truncation of the classical field theory.