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