When you say something is as cheap as chips you mean it's very cheap.
People keep asking my mother which designer created her beautiful party dress. In fact she bought it at a street market. It was as cheap as chips.
Mobile phones used to be very expensive. Today they are as cheap as chips.
Let the chips fall where they may means to allow things to happen no matter what the consequences are.
I know you think investing in that company is risky, but I think we should do it. Let the chips fall where they may.
What the British call 'chips' are known in the United States as 'French fries' - and the packets of flat, thin, fried potato slices that Americans call 'chips' are known as 'crisps' in British English.