Miniaturized magnetic devices are ubiquitous in the hard disks of computers
and in tape storage systems. Giant magnetoresistance was discovered as rec
ently as 1988 but already sensors using the effect are being incorporated i
nto read heads for the highest density hard disk systems. As a result of in
tensive research and development, storage density on hard disks has increas
ed dramatically at a rate greater than 60% per year. At sub-micron and nano
-scale dimensions the properties of magnetic devices are strongly affected
by their size and shape in a complex way resulting from the interplay betwe
en different types of magnetic energy. In some cases this causes a deterior
ation in the performance of existing devices, however it has also enabled e
ntirely new devices to be proposed. Arrays of nanomagnets could be used for
ultra-high density storage on hard disks or for fast and dense, non-volati
le, solid state memory. Storage applications are possible because hysteresi
s in the nanomagnets creates two oppositely magnetized states which are sta
ble in zero applied field and can store binary data. Magnetic sensors based
on giant magnetoresistance in layered magnetic structures are among the mo
st sensitive available for operation at room temperature and above. This pa
per describes the physical properties of nanomagnets and their role in pres
ent and future applications.