We show that for all functions $t(n) \geq n$, every multitape Turing machine running in time $t$ can be simulated in space only $O(\sqrt{t \log t})$. This is a substantial improvement over Hopcroft, Paul, and Valiant's simulation of time $t$ in $O(t/\log t)$ space from 50 years ago [FOCS 1975, JACM 1977]. Among other results, our simulation implies that bounded fan-in circuits of size $s$ can be evaluated on any input in only $\sqrt{s} \cdot poly(\log s)$ space, and that there are explicit problems solvable in $O(n)$ space which require $n^{2-\varepsilon}$ time on a multitape Turing machine for all $\varepsilon > 0$, thereby making a little progress on the $P$ versus $PSPACE$ problem. Our simulation reduces the problem of simulating time-bounded multitape Turing machines to a series of implicitly-defined Tree Evaluation instances with nice parameters, leveraging the remarkable space-efficient algorithm for Tree Evaluation recently found by Cook and Mertz [STOC 2024].

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