The giant magnetoresistance mechanism is spin-dependent conduction through the two ferromagnets. Exchange splitting gives majority and minority bands different density of states values at the Fermi energy. Scattering into those bands, together with interface scattering, produces different resistances for the two spin channels. The relevant quantity is the spin-dependent transport/scattering rate, not simply a count of all available states.
For parallel layer magnetizations, one global spin channel encounters relatively weak scattering in both Co and NiFe, providing a low-resistance path. For antiparallel magnetizations, each global spin channel encounters one more strongly scattering ferromagnet, so both paths are comparatively resistive. The channels conduct in parallel while each crosses the layers in series. This is current-perpendicular-to-plane magnetoresistance, because the current crosses the interfaces.[ref]
Nobel Lecture: Origin, development, and future of spintronics by Albert Fert. Spin-dependent conduction and the distinction between CPP and CIP transport
In the simplest two-current resistor model, with equal magnetic layers having channel resistances and spacer resistance per channel,Real Co/NiFe layers need not have equal parameters, but the same-sign spin asymmetries normally give . Their different magnetic coercivities allow the two configurations to be selected separately.
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