HP and the Memristor is a good PR story. Unfortunately there is not too much beef behind it.

The Memristor is actually the same as an RRAM element (Resistive Random Access Memory). Companies other than HP have started working on it long before and are significantly ahead. For example Micron recently presented a multi-gigabit prototype chip. But there is still a lot to be done. HP lacks the funds, manpower and manufacturing muscle to really get anywhere in this area.