Although it does come from Intellectual Property, they use "IP" the same way game developers and web developers use "asset" for an image, 3d model or sound effe

Although it does come from Intellectual Property, they use "IP" the same way game developers and web developers use "asset" for an image, 3d model or sound effect. Sometimes they even say the plural as "IPs". In semiconductors an IP is often some logic block, often supplied by a third-party to paste into your design, or part of your own company's library. For example on SoCs a cache, a USB PHY, a CPU core, an AES unit, an Ethernet controller, a PCI controller, a video decoder, an audio decoder, etc. A design unit you could imagine selling to be used inside other company's designs. That's why you can "release an IP". I find the use of "IP" for these things a bit distasteful, so I try not to use the term myself, but it's very common in the field.