Today IBM announced it has created the world’s smallest magnet using a single atom – and stored one bit of data on it. Currently, hard disk drives use about 100,000 atoms to store a single bit. The ability to read and write one bit on one atom creates new possibilities for developing significantly smaller and denser storage devices, that could someday, for example, enable storing the entire iTunes library of 35 million songs on a device the size of a credit card.