* Noun: A small piece of something, especially food. (Ex: "He ate a chip of chocolate.")
* Verb: To cut or break into small pieces. (Ex: "Chip the ice off the windshield.")
* Noun: A small integrated circuit. (Ex: "The computer uses a new kind of chip.")
To know the exact part of speech, you need to look at the sentence it's used in and how it functions.