In fact every type can occur and, for instance, very standard foliations such as the Anosov foliation of the unit sphere bundle of a compact Riemann surface of genus > 1 give a factor of
type III1.
This is how Alain Connes ends his 2015 lecture to physicists.
https://alainconnes.org/wp-content/uploads/book94bigpdf.pdf
slowly I decipher his talk! haha
There is an overall motion. ...I always hesitated to give this talk. It's an intuitive idea. It's based on mathematics....the intuitive idea is that there are factorizations with infinite degrees of freedom that they generate their own time and of course it's related to thermodynamics...
I will first explain how quantum mechanics gives the right mathematical
formalism for the notion of ``real variable". The thesis I will try to
present next is that quantum phenomena have an intrinsic variability which
is more fundamental than that of the "passage of time". The latter should
then appear as emerging from quantum formalism and I will give the essential
mathematical ingredients who codify this emergence.
you take 2 x 2 matrices by 2 x 2 matrices and you repeat infinitely many times as type III
factorization. ... in other words these factors have periods, they have periods....
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