With opposite magnetic moments, a fixed global spin is the low-resistivity species in one ferromagnetic layer and the high-resistivity species in the other. Thus both spin channels have the same four-layer averaged resistivity
(1)
Each channel's square resistance is , and the two channels run in parallel. Therefore
(2)
Both channels encounter the strongly scattering magnetic layer; neither retains the uniformly favourable path available for parallel magnetizations.

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