1. noun Shares of stock for a large, respectable company (which would be considered a low risk to invest in). You'll make a lot of money from these blue chips, don't worry.

2. adjective Describing such stock shares. The phrase can be hyphenated in this usage. Those blue-chip stocks will make you a lot of money.

3. adjective By extension, describing something that is regarded as very valuable. The phrase can be hyphenated in this usage. This guy's a blue-chip prospect—we have to draft him.