Racetrack memory is a new type of non-volatile memory that stores data by moving magnetic domains along a nanoscopic wire using electric current. It can read and write data much faster than existing storage technologies and enable devices to store vastly more data at a lower cost. Racetrack memory works by moving magnetic domains along a U-shaped nanowire using spin-polarized electric current and reading/writing the domains as they pass over magnetic sensors. It has the potential to revolutionize data storage and computing by providing vastly higher storage capacities than existing technologies in a smaller space.