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chip 1  (chĭp)n.1. A small broken or cut off piece, as of wood, stone, or glass.2. A crack or flaw caused by the removal of a small piece.3. a. A small disk or counter used in poker and other games to represent money.b. chips Slang Money.4. A small, thin piece of semiconductor bearing numerous circuits integrated into its substrate. A chip smaller than a fingernail can hold millions of circuits. Most of a computer's circuitry is built from chips mounted on circuit boards. Also called microchip.5. a. A thin, usually fried slice of food, especially a potato chip: ate chips with her sandwich.b. A very small piece of food or candy: made cookies with chocolate chips.c. chips Chiefly British French fries.6. Wood, palm leaves, straw, or similar material cut and dried for weaving.7. A fragment of dried animal dung used as fuel.8. Something worthless.9. Sports A chip shot.v. chipped, chip·ping, chips v.tr.1. To chop or cut with an axe or other implement.2. a. To break a small piece from: chip a tooth.b. To break or cut off (a small piece): chip ice from the window.3. To shape or carve by cutting or chopping: chipped her name in the stone.v.intr.1. To become broken off into small pieces.2. Sports