What is Chip ?
Chip is (noun) 1. a long thin piece of potato fried in oil He ordered chicken and chips and a glass of beer. 2. US a thin slice of potato, fried till crisp and eaten cold as a snack He ordered a beer and a packet of chips. (NOTE: The British term is crisp.) 3. a small piece of something hard, such as wood or stone Chips of stone flew all over the studio as he was carving the statue. 4. have a chip on your shoulder to feel constantly annoyed because you feel you have lost an advantage He’s got a chip on his shoulder because his brother has a better job than he has. 5. a piece of plastic or metal which represents money in gambling The croupier raked the chips across the board. when the chips are down when the situation is serious and important decisions have to be made (informal.)(verb) to break a small piece off something hard He banged the cup down on the plate and chipped it. (NOTE: chipping – chipped)
source: Easier English, Student Dictionary Upper Intermediate Level