When the cosmological constant is considered to be a thermodynamical variable in black hole thermodynamics, analogous to a pressure, its conjugate variable can be thought of as a thermodynamic volume for the black hole. In the AdS/CFT correspondence this interpretation cannot be applied to the CFT on the boundary but, from the point of view of the boundary SU(N ) gauge theory, varying the cosmological constant in the bulk is equivalent to varying the number of colors in the gauge theory. This interpretation is examined in the case of AdS 5 × S 5 , for N = 4 SUSY Yang-Mills at large N , and the variable thermodynamically conjugate to N , a chemical potential for color, is determined. It is shown that the chemical potential in the high temperature phase of the Yang-Mills theory is negative and decreases as temperature increases, as expected. For spherical black holes in the bulk the chemical potential approaches zero as the temperature is lowered below the Hawking-Page temperature and changes sign at a temperature that is within one part in a thousand of the temperature at which the heat capacity diverges.