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The design and implementation of two application specific integrated circuits used to build an ATM switch are described. The chip set is composed of the CMC which is an input/output processor of ATM cells implemented on a BICMOS 0.7 /spl mu/m technology and the ICM, a 0.7 /spl mu/m CMOS IC, that performs cell switching at 68 MHz. The ATM switch exploits parallelism and segmentation to perform 2.5 Gb/s switching per input/output. The main advantage of the high-speed link rates in the range of Gb/s, is the exploitation of statistical gain with bursty high peak rate sources. Another feature of the high speed ATM switches is that the number of interface devices and stages is reduced on an ATM network. To demonstrate the usefulness of the switch, an evaluation of the network efficiency improvement by using statistical gain is presented in the paper.