The maximal giant graviton is a D-brane wrapping a maximal S^3\subset S^5 within \text{AdS}_5\times S^5. It represents an upper bound on the R charge that can be carried by certain bulk states. We study the maximal giant and its half-BPS fluctuations, motivated by a recent proposal \cite{Lee:2023iil} connecting these fluctuations to trace relations in the boundary theory. In a computation of the partition function of half-BPS states, we find that the maximal giant is an unstable saddle point and that its Lefschetz thimble corresponds to the quantization of an imaginary phase space. The states resulting from the quantization of this phase space contribute negatively to the partition function and can be regarded as bulk duals of trace relations. Finally, we study a model for a path integral that would connect together components of the bulk half-BPS field space with different numbers of giants.
