An integrated circuit, or IC, is manufactured by depositing microscopic-sized components onto a silicon wafer. after, a plastic case is molded on, with leading exiting. The technology behind IC manufacturing is complex with engineers devoting considerable time and effort to the process. The end result is hundreds, if not thousands, of components such as transistors or resistors fit into an area the size of a pinhead.
Because the silicon wafer is a "chip," engineers and technicians started referring to the IC as "chips." The jargon caught on, so as of 2011, all ICs are called by their jargon name, which is chips. The end result is ICs are chips, and vice-versa.
Every profession has its variation on the word "chip." Say "chip" to an electronics technician, and he knows you're talking about an IC. Say the same word to a woodworker, and he'll think you're talking about a wood chip. Say the word to a casino dealer, and she'll think you're talking about a round place marker. It all depends on how and where the word is used.
ICs are called chips. You may see references to "IC chips." Perhaps you may come across terminology such as "TTL Chip." This is an integrated circuit, or IC chip. TTL stands for transistor-transistor-logic, which is a specialized IC chip used in computer applications.