This document discusses the PN junction diode. It begins by explaining how a PN junction forms when P-type and N-type semiconductors are placed side by side. It then discusses the current-voltage characteristics of diodes in different operating regions: equilibrium (open circuit), forward bias, and reverse bias. The document goes on to explain the diffusion and drift currents that occur in the depletion region of a PN junction in equilibrium, and how these currents cancel out, resulting in no net current flow. It also discusses how the built-in voltage arises across the junction in equilibrium due to the diffusion potential.