Dense Associative Memories (Dense AMs) are energy-based neural networks that share many desirable features of celebrated Hopfield Networks but have superior information storage capabilities. In contrast to conventional Hopfield Networks, which were popular in the 1980s, DenseAMs have a very large memory storage capacity - possibly exponential in the size of the network. This aspect makes them appealing tools for many problems in AI and neurobiology. In this talk I will describe two theories of how DenseAMs might be built in biological “hardware”. According to the first theory, DenseAMs arise as effective theories after integrating out a large number of neuronal degrees of freedom. According to the second theory, astrocytes, a particular type of glia cells, serve as core computational units enabling large memory storage capabilities. This second theory challenges a common point of view in the neuroscience community that astrocytes play the role of only passive house-keeping support structures in the brain. In contrast, it suggests that astrocytes might be actively involved in brain computation and memory storage and retrieval. This story is an illustration of how computational principles originating in physics may provide insights into novel AI architectures and brain computation.