Certain materials have an electrical conductivity that is extremely sensiti
ve to an applied magnetic field; this phenomenon, termed 'giant magnetoresi
stance'(1-3), can be used in sensor applications. Typically, such a device
comprises several ferromagnetic layers, separated by non-magnetic spacer la
yer(s)-a so-called 'super-lattice' geometry(1-3). In the absence of a magne
tic field, the ferromagnetic layers may be magnetized in opposite direction
s by interlayer exchange coupling, while an applied external magnetic field
causes the magnetization directions to become parallel. Because the resist
ivity depends on the magnetization direction, an applied field that changes
the magnetic configuration may be detected simply by measuring the change
in resistance. In order to detect weak fields, the energy difference betwee
n different magnetization directions should be small; this is usually achie
ved by using many non-magnetic atomic spacer layers. Here we show, using fi
rst-principles theory, that materials combinations such as Fe/V/Co multilay
ers can produce a non-collinear magnetic state in which the magnetization d
irection between Fe and Co layers differs by about 90 degrees. This state i
s energetically almost degenerate with the collinear magnetic states, even
though the number of non-magnetic vanadium spacer layers is quite small.