We revisit the idea that the quantum dynamics of open strings ending on $N$ D3-branes in the large $N$ limit can be described at large `t Hooft coupling by classical closed string theory in the background created by the D3-branes in asymptotically flat spacetime. We study the resulting thermodynamics and compute the Hagedorn temperature and other properties of the D3-brane worldvolume theory in this regime. We also consider the theory in which the D3-branes are replaced by negative branes and show that its thermodynamics is well behaved. We comment on the idea that this theory can be thought of as an irrelevant deformation of $mathcal{N}=4$ SYM, and on its relation to $Tbar T$ deformed $CFT_2$.
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