A lot has changed in the America's Cup since I last was following it. Sails? We don't need no stinkin' sails! These guys know a thing ot two about aero and hydrodynamics!
The vessels are catamarans with hydrofoils and they literally fly:
Calculated To Win: Supercomputers Power America's Cup : All Tech Considered : NPR
Here's a new concept called "apparent wind" - this is what allows them to
sail faster than the wind: