In two-sided matching---such as between firms and workers, hospitals and residents, or colleges and students---noise is inevitable. For example, firms evaluate job applicants using limited and imperfect information from resumes and interviews. Given this noise, do the "correct" matches still form? This article addresses this question, in a setting in which (subsets of) colleges share true preferences based on a measure of student value. In a noise-free setting, the highest value students match with their most preferred colleges. However, suppose each college makes offers based on independent noisy estimates of student value. Do the highest-value students still match? In essence, we are interested in how "local" noise introduced in the evaluation processes of individual colleges is aggregated by the market to produce the "global" outcome. Perhaps nothing remarkable happens---individual colleges make noisy decisions, and the set of matched students is "just as noisy." But one can also imagine two types of market-level effects that are more interesting: an attenuating effect, in which noise cancels out, or an amplifying effect, in which noise compounds. We show that in large markets the most extreme versions of both effects can occur. In the basic model we analyze, students each have a true value υ ∈ ℝ. Each college c ranks students according to an estimated value υ + Xc, where Xc is drawn i.i.d. from some distribution D. Given these noisy college preferences and any distribution of student preferences, we analyze the probability that a student with true value υ is matched in the corresponding stable matching. When there is a continuum of students and the number of colleges grows large, we find that: • (Theorem 1) If D is light-tailed (i.e., when the maximum order statistic concentrates), the probability a student matches approaches a step function; all students with true value above a certain cutoff are guaranteed to match, and all students with value below the cutoff are guaranteed not to match, as in the noiseless case. Noise is fully attenuated. • (Theorem 2) If D is long-tailed (i.e., when the hazard rate vanishes), the probability a student matches approaches the same constant independent of their true value. Noise is fully amplified. These results reveal that matching markets can both strongly attenuate and amplify noise, suggesting that either a "wisdom of crowds" or "foolishness of crowds" can occur in matching markets. While we first consider effects when colleges share the same true preferences over students, the results extend to a much broader setting. We show that analogues of Theorems 1 and 2 hold for any large coalition of colleges with the same true preferences, even when this coalition exists within a broader economy where students and other colleges have otherwise arbitrary preferences. Full paper: https://arxiv.org/abs/2402.16771