We argue that the holographic description of four-dimensional BPS black holes naturally includes multi-center solutions. This suggests that the holographic dual to the gauge theory is not a single AdS_2 times S^2 but a coherent ensemble of them. We verify this in a particular class of examples, where the two-dimensional Yang-Mills theory gives a holographic description of the black holes obtained by branes wrapping Calabi-Yau cycles. Using the free fermionic formulation, we show that O(e^{-N}) non-perturbative effects entangle the two Fermi surfaces. In an Euclidean description, the wave-function of the multi-center black holes gets mapped to the Hartle-Hawking wave-function of baby universes. This provides a concrete realization, within string theory, of effects that can be interpreted as the creation of baby universes. We find that, at least in the case we study, the baby universes do not lead to a loss of quantum coherence, in accord with general arguments.
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