We conjecture an equivalence between the Gromov–Witten theory of 3-folds and the holomorphic Chern–Simons theory of Donaldson and Thomas. For Calabi–Yau 3-folds, the equivalence is defined by the change of variables $e^{iu}=-q$, where $u$ is the genus parameter of Gromov–Witten theory and $q$ is the Euler characteristic parameter of Donaldson–Thomas theory. The conjecture is proven for local Calabi–Yau toric surfaces.