  We computed a set of structures which appear in the four-point function of
protected operators of dimension two in $\mathcal{N}=4$ Super Yang Mills with
$SU(N)$ gauge group, at any order in a large $N$ expansion. They are determined
only by leading order CFT data. By focusing on a specific limit, we made
connection with the dual supergravity amplitude in flat space, where such
structures correspond to iterated $s$-cuts. We made several checks and we
conjecture that the same interpretation holds for supergravity amplitudes on
$AdS_5 \times S^5$.
