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.