Examples are disclosed that relate to magnetically aligned switching circuits. One disclosed example provides an electronic component comprising a first terminal, a second terminal, and a deformable host material arranged between the first terminal and the second terminal. Aligned magnetically within the host material is an ensemble of particles each comprising a ferromagnetic material, each particle having greater electrical conductivity than the host material. The ensemble of particles is configured to form at least one complete conduction path from the first terminal to the second terminal.