It’s time to stop shrinking. Moore’s Law, the semiconductor industry’s obsession with the shrinking of transistors and their commensurate steady doubling on a chip about every two years, has been the source of a 50-year technical and economic revolution. Whether this scaling paradigm lasts for five more years or 15, it will eventually come to an end. The emphasis in electronics design will have to shift to devices that are not just increasingly infinitesimal but increasingly capable.

Earlier this year, I and my colleagues at Hewlett-Packard Labs, in Palo Alto, Calif., surprised the electronics community with a fascinating candidate for such a device: the memristor. It had been theorized nearly 40 years ago, but because no one had managed to build one, it had long since become an esoteric curiosity. That all changed on 1 May, when my group published the details of the memristor in Nature.

Combined with transistors in a hybrid chip, memristors could radically improve the performance of digital circuits without shrinking transistors. Using transistors more efficiently could in turn give us another decade, at least, of Moore’s Law performance improvement, without requiring the costly and increasingly difficult doublings of transistor density on chips. In the end, memristors might even become the cornerstone of new analog circuits that compute using an architecture much like that of the brain.

For nearly 150 years, the known fundamental passive circuit elements were limited to the capacitor (discovered in 1745), the resistor (1827), and the inductor (1831). Then, in a brilliant but underappreciated 1971 paper, Leon Chua, a professor of electrical engineering at the University of California, Berkeley, predicted the existence of a fourth fundamental device, which he called a memristor. He proved that memristor behavior could not be duplicated by any circuit built using only the other three elements, which is why the memristor is truly fundamental.

Memristor is a contraction of ”memory resistor,” because that is exactly its function: to remember its history. A memristor is a two-terminal device whose resistance depends on the magnitude and polarity of the voltage applied to it and the length of time that voltage has been applied. When you turn off the voltage, the memristor remembers its most recent resistance until the next time you turn it on, whether that happens a day later or a year later.

Think of a resistor as a pipe through which water flows. The water is electric charge. The resistor’s obstruction of the flow of charge is comparable to the diameter of the pipe: the narrower the pipe, the greater the resistance. For the history of circuit design, resistors have had a fixed pipe diameter. But a memristor is a pipe that changes diameter with the amount and direction of water that flows through it. If water flows through this pipe in one direction, it expands (becoming less resistive). But send the water in the opposite direction and the pipe shrinks (becoming more resistive). Further, the memristor remembers its diameter when water last went through. Turn off the flow and the diameter of the pipe ”freezes” until the water is turned back on.

That freezing property suits memristors brilliantly for computer memory. The ability to indefinitely store resistance values means that a memristor can be used as a nonvolatile memory. That might not sound like very much, but go ahead and pop the battery out of your laptop, right now—no saving, no quitting, nothing. You’d lose your work, of course. But if your laptop were built using a memory based on memristors, when you popped the battery back in, your screen would return to life with everything exactly as you left it: no lengthy reboot, no half-dozen auto-recovered files.

But the memristor’s potential goes far beyond instant-on computers to embrace one of the grandest technology challenges: mimicking the functions of a brain. Within a decade, memristors could let us emulate, instead of merely simulate, networks of neurons and synapses. Many research groups have been working toward a brain in silico: IBM’s Blue Brain project, Howard Hughes Medical Institute’s Janelia Farm, and Harvard’s Center for Brain Science are just three. However, even a mouse brain simulation in real time involves solving an astronomical number of coupled partial differential equations. A digital computer capable of coping with this staggering workload would need to be the size of a small city, and powering it would require several dedicated nuclear power plants.