Spiky Strings and Giant Holes

We analyse semiclassical strings in AdS in the limit of one large spin. In this limit, classical string dynamics is described by a finite number of collective coordinates corresponding to spikes or cusps of the string. The semiclassical spectrum consists of two branches of excitations corresponding to "large" and "small" spikes respectively. We propose that these states are dual to the excitations known as large and small holes in the spin chain description of N=4 SUSY Yang-Mills. The dynamics of large spikes in classical string theory can be mapped to that of a classical spin chain of fixed length. In turn, small spikes correspond to classical solitons propagating on the background formed by the large spikes. We derive the dispersion relation for these excitations directly in the finite gap formalism.