Chip is the popular term for an Integrated Circuit (or IC).

It is a miniaturized electronic component that contains a complete circuit — with millions or even billions of transistors, resistors, and capacitors — manufactured on a small wafer of semiconductor material, usually silicon.

Chips are the "brains" and "hearts" of virtually all modern electronic devices, from computers and cell phones to audio interfaces and digital effects pedals. They are responsible for processing information, storing memory, and controlling the device's functions.