IBM and Stanford University on Monday launched a joint research center focused on an area of nanotechnology called spintronics. Information Week is carrying this article which focuses on one of the more immediate applications of spintronics - in the development of Magnetic RAM (or MRAM). Magnetic RAM is non-volatile, and thus can retain loaded data, once the computer has been shut down.
Spintronics is already being used in a few devices, most notably in hard-drives in the market today. More information on this subject can be found here and here.
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