Density functional calculations are used to investigate the doping dependence of the electronic structure and magnetic properties in hexagonal NaCoO. The electronic structure is found to be highly two dimensional, even without accounting for the structural changes associated with hydration. At the local spin density approximation level, a weak itinerant ferromagnetic state is predicted for all doping levels in the range to , with competing but weaker itinerant antiferromagnetic solutions. The Fermi surface, as expected, consists of simple rounded hexagonal cylinders, with additional small pockets depending on the lattice parameter. Comparison with experiment implies substantial magnetic quantum fluctuations. Based on the Fermi surface size and the ferromagnetic tendency of this material,it is speculated that a triplet superconducting state analogous to that in SrRuO may exist here.

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