Homonyms are two words that are spelled the same and sound the same but have different meanings. ... A simple example of a homonym is the word "pen." This can mean both "a holding area for animals" and "a writing instrument."
Homonyms of "Chip" is an electronic device and also it can refer to French fry or to a place where a small piece of glass is broken. A Homophone of "chip" is also "cheap".