Half-metallic magnetism and the search for better spin valves

We use a previously proposed theory for the temperature dependence of tunneling magnetoresistance to shed light on ongoing efforts to optimize spin valves. First we show that a mechanism in which spin valve performance at finite temperatures is limited by uncorrelated thermal fluctuations of magnetization orientations on opposite sides of a tunnel junction is in good agreement with recent studies of the temperature-dependent magnetoresistance of high quality tunnel junctions with MgO barriers. Using this insight, we propose a simple formula which captures the advantages for spin-valve optimization of using materials with a high spin polarization of Fermi-level tunneling electrons, and of using materials with high ferromagnetic transition temperatures. We conclude that half-metallic ferromagnets can yield better spin-value performance than current elemental transition metal ferromagnet/MgO systems only if their ferromagnetic transition temperatures exceed $\sim 950~\mathrm{K}$.