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Giant magnetoresistance (GMR) is observed in a new type of nanostructured material consisting of magnetic multilayered nanowires formed by electrodeposition into nanometer‐sized pores of a template polymer membrane. The composition of these nanowires is modulated over nanometer length scales with distinct magnetic and nonmagnetic metallic layers. Magnetoresistance measurements with the current perpendicular to the layers were performed on the array of parallel nanowires. GMR of about 15% was observed at room temperature on Co/Cu multilayered nanowires. © 1994 American Institute of Physics.