The document discusses memristors, which were proposed in 1971 as a fourth fundamental circuit element along with resistors, capacitors, and inductors. It provides background on memristors, including how they were first theorized and then created experimentally in 2008. Memristors can "remember" the amount of charge that has previously flowed through the device. The document discusses potential applications of memristors in areas like neural networks, due to their similarity to biological synapses. It concludes that memristors may enable new technologies but their advantages over other memory technologies still need to be fully evaluated.