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Application Specific Integrated Circuit (ASIC) is basically an integrated circuit that is designed specifically for an individual purpose or application. Strictly speaking, this also implies that an ASIC is built for one and only one customer. The opposite of an ASIC is a standard product or general-purposed IC, such as a logic gate or a general-purposed microcontroller chip, both of which can be used across a large range of electronic applications. ASICs are usually classified into one of three categories; full custom, semi-custom, and structured

Source: Application Specific Integrated Circuit (ASIC)