It is proposed that the CH - dWHN -BFSS matrix model may be interpreted as nonlocal hidden variables theories in which the quantum observables are the eigenvalues of the matrices while their entries are the hidden variables. This is shown by studying the matrix model at finite temperature, with T taken to scale as 1/N. For large but finite N the eigenvalues of the matrices undergo Brownian motion around the N → ∞ limit, with diffusion constant of order 1/N~(1/2). The resulting probability density and current for the eigenvalues are then found to evolve in agreement with the Schroedinger equation, to leading order in 1/N~(1/2), with h proportional to the thermal diffusion constant for the matrix elements. The quantum fluctuations and uncertainties in the positions of the eigenvalues are then consequences of ordinary statistical fluctuations in the values of the matrix elements. The derivation makes use of Nelson's stochastic formulation of quantum theory, which is expressed in terms of a variational principle.
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