Spin transfer torque (STT) switching-based magnetic random access memory (MRAM) is gaining significant industrial and academic attention due to its potential application as a non-volatile memory device in computing devices, smartphones, and so on. STT-MRAM devices with in-plane magnetization configuration have been marketed as niche products. Devices with out-of-plane magnetization are being considered for embedded memory as the first step. Aggressive goals include replacing dynamic random access memory (DRAM) with STT-MRAM. This review article introduces the basics of STT-MRAM and describes the recent progress in overcoming certain challenges such as reduction of power consumption and increase of storage density, which will make it a strong competitor for DRAM.
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