PEX stands for Parasitic Extraction (often called just ’extraction’). When we build a circuit on a chip we have an intention in mind, for example an ideal inverter inverts the incoming signal immediately and with no delay. In reality the inverter will have capacitance on both the input (due to the gate) and the output (due to the diode in the drain) and the wiring of the circuit will have both (parallel) capacitance and (series) resistance.| Zero to ASIC Course