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CNET GLOSSARY: Terms for the techie
EEPROM
electrically erasable programmable read-only memory With normal ROM chips you have to replace the chip (or chips) when the BIOS instructions are updated. With EEPROM chips, a program tells the chip's controller to erase its contents and download the new BIOS code. This allows a manufacturer to easily distribute BIOS updates. One type of EEPROM is called flash memory. 
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