A device for magnetically annealing magnetoresistive elements formed on wafers includes a heated chuck and a delivery mechanism for individually placing the wafers individually on the chuck one at a time. A coil is adjacent to the chuck and generates a magnetic field after the wafer is heated to a Néel temperature of an anti-ferromagnetic layer. A control system regulates the temperature of the heated chuck, the strength of the magnetic field, and a time period during which each chuck is heated to control the annealing process. The annealed elements are incorporated in the fabrication of magnetic memory devices.