MSL stands for Moisture Sensitivity Level. It represent the amount of time an IC can be exposed to ambient conditions and still be assembled on a PCB without being damaged.
When the antistatic bag is opened and the ICs are exposed to ambient conditions, the moisture in the air
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If you are debating which package type would fit best to your ASIC project, perhaps this article can help you narrow down the various options. In the semiconductor industry today there are three types of packages recommended for new designs:
QFN
Quad Flat No Leads. These are SMT packages, which