The document discusses Giant Magnetoresistance (GMR), a significant discovery in physics that led to advancements in nanotechnology and applications like hard disk drives and biosensors. GMR is characterized by a large change in magnetoresistance due to spin-dependent scattering of electrons, which is distinct from traditional magnetoresistance. It highlights the contributions of Peter Grünberg and Albert Fert, who were awarded the Nobel Prize in Physics in 2007 for their work on GMR.