Magnetic element with insulating veils and fabricating method thereof

An improved and novel device and fabrication method for a magnetic element, and more particularly a magnetic element (10) including a first electrode (14), a second electrode (18) and a spacer layer (16). The first electrode (14) and the second electrode (18) include ferromagnetic layers (26 and 28). A spacer layer (16) is located between the ferromagnetic layer (26) of the first electrode (14) and the ferromagnetic layer (28) of the second electrode (16) for permitting tunneling current in a direction generally perpendicular to the ferromagnetic layers (26 and 28). The device includes insulative veils (34) characterized as electrically isolating the first electrode (14) and the second electrode (18), the insulative veils (34) including non-magnetic and insulating dielectric properties. Additionally disclosed is a method of fabricating the magnetic element (10) with insulative veils (34) that have been transformed from having conductive properties to insulative properties through oxygen plasma ashing techniques.