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The pseudogap metal phase of the hole-doped cuprates can be described bysmall Fermi surfaces of electron-like quasiparticles, which enclose a volumeviolating the Luttinger relation. This violation requires the existence ofadditional fractionalized excitations which can be viewed as fractionalizedremnants of the paramagnon. We fractionalize the paramagnon into bosonicspinons, and present a gauge theory of bosonic spinons, a Higgs field, and anancilla layer of fermions coupled to the original electrons. Along with thesmall Fermi surface metal, this theory displays conventional phases: the Fermiliquid with a low-energy paramagnon mode, and phases with spin density waveorder. We follow the evolution of the electronic photoemission spectrum acrossthese quantum phase transitions. We consider both the two-sublattice N\'eel andincommensurate spin density wave phases.

Spin density wave, Fermi liquid, and fractionalized phases in a theory of antiferromagnetic metals using paramagnons and bosonic spinons