We study the precession caused by electromagnetic radiation on a magnetic dipole located far from the source. As we show, this entails a net rotation of the dipole in the plane orthogonal to the direction of wave propagation, providing an electromagnetic analogue of gyroscopic gravitational memory. Like its gravitational cousin, the precession rate falls off with the square of the distance to the source, and is related to electric-magnetic duality and optical helicity on the celestial sphere. We use a multipolar expansion to compute the memory effect due to localized sources such as moving point charges, and highlight its occurrence in setups that break parity symmetry. Published by the American Physical Society 2024