We show that if Arthur-Merlin protocols can be derandomized, then there is a Boolean function computable in deterministic exponential-time with access to an NP oracle, that cannot be computed by Boolean circuits of exponential size. More formally, if $\mathrm{prAM}\subseteq \mathrm{P}^{\mathrm{NP}}$ then there is a Boolean function in $\mathrm{E}^{\mathrm{NP}}$ that requires ... more >>>