In this article very fast [more than tera (10(12)) Hz] and very small (less than a few nm) devices, atom relay transistors (ART) and molecular single electron switching transistors (MOSES) are proposed and the progress of the research towards the verification of these ideas is reported; These devices are anticipated to supersede the metal-oxide-semiconductor field effect transistor for future information processing. Atom/molecule manipulation technology using the scanning tunneling microscope (STM) would be the key factor in achieving these devices. The basic technology developments toward the realization of ART and MOSES are reported, including a beam assisted scanning tunneling microscope for insulator observation, needle formation and tip imaging for atomic-scale evaluation of the STM tip apex, a micromachine STM for single molecule manipulation and atom wire fabrication technology development on a silicon (100) hydrogen terminated surface.