They are just what they sound like and they're caused from just running and can be as small as a sixtieenth of an inch to a half inch or larger. Horses usually develop them in their knees but any joint is susceptible. Often they just float and don't interfere with the horse's performance but when they cause inflamation arthroscopic surgery is usually performed to remove the chips. It's not inexpensive so the small stables often procrastinate. recuperation is not unlike the human athlete. In a field of 10 horses in the claiming ranks, I would guess a third have some chips.