A new double-scaling limit of N=4 super-Yang-Mills theory and pp-wave strings

The metric of a spacetime with a parallel plane (pp)-wave can be obtained in a certain limit of the space AdS5 x S5. According to the AdS/CFT correspondence, the holographic dual of superstring theory on that background should be the analogous limit of N=4 supersymmetric Yang-Mills theory. In this paper we shall show that, contrary to widespread expectation, non-planar diagrams survive this limiting procedure in the gauge theory. Using matrix model techniques as well as combinatorial reasoning it is demonstrated that a subset of diagrams of arbitrary genus survives and that a non-trivial double scaling limit may be defined. We exactly compute two- and three-point functions of chiral primaries in this limit. We also carefully study certain operators conjectured to correspond to string excitations on the pp-wave background. We find non-planar linear mixing of these proposed operators, requiring their redefinition. Finally, we show that the redefined operators receive non-planar corrections to the planar one-loop anomalous dimension