Spin-current switchable magnetic memory element and method of fabricating the memory element

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A spin-current switchable magnetic memory element (and method of fabricating the memory element) includes a plurality of magnetic layers having a perpendicular magnetic anisotropy component, at least one of the plurality of magnetic layers including an alloy of a rare-earth metal and a transition metal, and at least one barrier layer formed adjacent to at least one of the plurality of magnetic layers.