A read block is formed from a plurality of TMR elements stacked in the vertical direction. One terminal of each TMR element in the read block is connected to a source line through a read select switch. The source line extends in the Y-direction and is connected to a ground point through a column select switch. The other terminal of each TMR element is independently connected to a corresponding one of read/write bit lines. Each read/write bit line extends in the Y-direction and is connected to a read circuit through the column select switch.