Freescale Semiconductor has released its MR2A16A chip, which the company says is the first commercial MRAM, or magnetoresistive random access memory, device.

Freescale’s chip promises to read or write data in 35 nanoseconds. In addition, MRAM can hold data even after the computer is turned off. Proponents say it could replace both flash memory, used inside cell phones and cameras, and DRAM, employed inside computers to shuttle data to the processor.