Yep. This has interesting magnetic properties.

In magnetic materials, you must calculate separately the current with spin up and spin down and there ara meny interesting applications. My favorite is[1] https://en.wikipedia.org/wiki/Giant_magnetoresistance

[1] Was. Because it has used for hard disks (see the applications section). Now SSD ruins the interesting anecdote.

Oh wow, I had the same misread and the same gut reaction.