Emerging non-volatile memory (NVM) technologies like MRAM and PCRAM combine the speed of SRAM, density of DRAM, and non-volatility of flash memory. While they have attractive features like high density and non-volatility, they also have undesirable features like long write latency and low endurance. Replacing SRAM caches with MRAM can reduce cache misses but harm performance when write intensity is high due to MRAM's slow writes. A hybrid SRAM-MRAM cache can improve this by reducing MRAM write intensities. Emerging NVM also enables unique applications and new memory hierarchies using technologies like hybrid cache/memory architectures.