Originally it was the Programming Languages Theory group at Rice University.

Then, around the time of creation of Racket, the team branched out beyond 
Theory, so we decided the T might stand also for Technology, Tools, etc.

Eventually we decided it just stood for Programming Languages Team.

Then we branched out of Rice, and created local PLT groups. By then, PLT 
had ceased to mean anything specific at all: all those child PLTs were in 
homage to the original one of that name.

These days, "PLT" seems to be widely used on the interwebs to mean 
"programming language theory" in a generic sense (not tied to any 
particular group), which I still find jarring. But many of us still call 
our groups PLT (https://www2.ccs.neu.edu/racket/, 
https://plt.eecs.northwestern.edu/, https://www.cs.utah.edu/plt/, 
https://cs.brown.edu/research/plt/, etc.).

Shriram

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