Gauge Theory, Geometry and the Large N Limit

We study the relationship between M theory on a nearly lightlike circle and U(N) gauge theory in p+1 dimensions. We define large N limits of these theories in which low energy supergravity is valid. The regularity of these limits implies an infinite series of nonrenormalization theorems for the gauge theory effective action, and the leading large N terms sum to a Born-Infeld form. Compatibility of two different large N limits that describe the same decompactified M theory leads to a conjecture for a relation between two limits of string theories.