From Longman Business Dictionary
microchipmi·cro·chip /ˈmaɪkrəʊˌtʃɪp-kroʊ-/ noun [countableC]COMPUTING a very small piece of SILICON containing a set of electronic parts which is used in computers and other machinesSYN CHIP, MICROCHIPThe company plans to introduce a new microchip by the end of the year.