In quantum mechanics, this is the (position representation of the) kinetic energy operator a quantum system in Cartesian coordinates. Obviously, a derivative operator acting on a (position representation) wave function.
T ^ ≡ P ^ 2 2 M = − ℏ 2 2 M <munderover> ∇ R 2 </munderover>
P ^
T ^
kinetic energy operator
operator representing the kinetic energy of a quantum system