We find that Co/Cu multilayers exhibiting giant magnetoresistance (GMR
) also show giant magneto resistive 1/f noise. The largest component o
f this noise (which peaks at magnetic fields maximizing the GMR deriva
tive) is accurately predicted from a fluctuation-dissipation relation
using the out-of-phase GMR in an ac field. A second noise mechanism, c
onnected with defects in the antiferromagnetic order but not related t
o overall magnetization fluctuations, was found near zero field.