Stability of the matrix model in operator interpretation

The IIB matrix model is one of the candidates for nonperturbative formulation of string theory, and it is believed that the model contains gravitational degrees of freedom in some manner. In some preceding works, it was proposed that the matrix model describes the curved space where the matrices represent differential operators that are defined on a principal bundle. In this paper, we study the dynamics of the model in this interpretation, and point out the necessity of the principal bundle from the viewpoint of the stability and diffeomorphism invariance. We also compute the one-loop correction which yields a mass term for each field due to the principal bundle. We find that the stability is not violated.