A magnetic stack with a multilayer free layer having a switchable magnetization orientation, the free layer comprising a first ferromagnetic portion and a second ferromagnetic portion with an electrically conducting non-magnetic intermediate layer between the first portion and the second portion. The magnetic stack also includes a first ferromagnetic reference layer having a pinned magnetization orientation, a first non-magnetic spacer layer between the free layer and the first reference layer, a second ferromagnetic reference layer having a pinned magnetization orientation, and a second non-magnetic spacer layer between the free layer and the second reference layer.

 
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