We describe the phase diagram of electrons on a fully connected lattice with random hopping, subject to a random Heisenberg spin exchange interaction between any pair of sites and a constraint of no double occupancy. A perturbative renormalization group analysis yields a critical point with fractionalized excitations at a nonzero critical value pc of the hole doping p away from the half-filled insulator. We compute the renormalization group to two loops, but some exponents are obtained to all loop order. We argue that the critical point pc is flanked by confining phases: a disordered Fermi liquid with carrier density 1+p for p>pc and a metallic spin glass with carrier density p for p<pc. Additional evidence for the critical behavior is obtained from a large-M analysis of a model which extends the SU(2) spin symmetry to SU(M). We discuss the relationship of the vicinity of this deconfined quantum critical point to key aspects of cuprate phenomenology.6 MoreReceived 24 December 2019Revised 18 February 2020Accepted 23 March 2020DOI:https://doi.org/10.1103/PhysRevX.10.021033Published by the American Physical Society under the terms of the Creative Commons Attribution 4.0 International license. Further distribution of this work must maintain attribution to the author(s) and the published article’s title, journal citation, and DOI.Published by the American Physical SocietyPhysics Subject Headings (PhySH)Research AreasQuantum criticalityQuantum phase transitionsPhysical SystemsCupratesTechniquesSachdev-Ye-Kitaev modelCondensed Matter, Materials & Applied Physics