A lot of that is the lack of SRAM scaling. There’s still quite a bit of improvements in the back end (metal traces). That aside, if foundries adopted say a 1T-1C SRAM we’d see a pretty rapid density doubling
MRAM is 1T, non-volatile and supposedly has nanosecond-scale write times so it naively seems like it'd be an ideal SRAM replacement. But I guess shrinking MTJ is more difficult than other components or there are some other limitations.
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