Could someone explain, is there any advantage of producing a 130nm custom SoC compared to using a lower node FPGA for the same design?
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Current consumption. FPGAs are quite energy intensive compared to ASICs.
Also for analog stuff you can't use FPGAs. And if you need an ASIC anyways for that why not include the digital part as well?
The crossover point where ASICs become less expensive than FPGAs is also lower than you might think even including mask costs, provided it's on an older process node.