Moore’s law states that the number of transistors on a microchip will appromixately double every two years. Essentially space doubles every two years, which many then equate to a fractionating of storage price every couple of years. For example, think about 5 years ago… how much would an 8gb USB drive cost (did it even exist?).
The challenge of Moore’s Law that IBM was facing is that we are actually nearing our limits with the current data storage methods, and therefore the technology would most likely soon default on this law.
With this new advance, IBM was able to store data in an amazingly small amount of space… as the article puts it, “The computer you’re working on stores one bit of data in about 1 million atoms. With atomic-scale magnetic memory, 12 is the new million.”