In the context of CDMA, a chip is distinct from a bit (binary digits transmitted over the RF link). Each bit is represented by many chips, and if a majority of the chips get through then the bit can be reconstructed properly. The number of chips representing each bit varies depending on the bit rate. When using an 8K vocoder (such as EVRC) there are 128 chips for each bit. Chips don't contain data as such because both the sender and receiver know the spreading pattern used to create them from a bit, and are therefore not directly subject to the laws of Information Theory. Though there are many phones simultaneously using a single frequency to transmit full chiprate, the channel is not saturated unless the bitrate approaches the bandwidth of the carrier.
Cellular Digital
Cellular
Digital