In the fall of 1994, the departments of Mathematics of Harvard University and the Massachusetts Institute of Technology joined forces to establish an annual seminar devoted to the exposition of Current Developments in Mathematics. For the 1995 seminar, the members of the committee were Raoul Bott, Arthur Jaffe, and Shing-Tung Yau from Harvard, and Michael Hopkins, Isadore Singer and Daniel Stroock from MIT. In choosing speakers, the hosts take a broad look at the fields of geometry, and select geometers who transcend classical perceptions within their field. All speakers are prominent specialists in the fields of algebraic geometry, mathematical physics and other areas. Table of 1. Fermats's last theorem - H. Darmon, F. Diamond and R. Taylor 2. Renormalization ideas in conformal dynamics - M. Lyubich 3. Algebraic K-theory and traces - Ib Madsen 4. The classification of conformal dynamical systems - C.T. McMullen 5. Quantum cohomology and its associativity - G. Tian