We show that the large-N limits of certain conformal field theories in vari
ous dimensions include in their Hilbert space a sector describing supergrav
ity on the product of anti-de Sitter spacetimes, spheres, and other compact
manifolds. This is shown by taking some branes in the full M/string theory
and then taking a low-energy limit where the field theory on the brane dec
ouples from the bulk. We observe that, in this limit, we can still trust th
e near-horizon geometry for large N. The enhanced supersymmetries of the ne
ar-horizon geometry correspond to the extra supersymmetry generators presen
t in the superconformal group (as opposed to just the super-Poincare group)
. The 't Hooft limit of 3 + 1 N = 4 super-Yang-Mills at the conformal point
is shown to contain strings: they are IIB strings. We conjecture that comp
actifications of M/string theory on various anti-de Sitter spacetimes is du
al to various conformal field theories. This leads to a new proposal for a
definition of M-theory which could be extended to include five noncompact d
imensions.