Answer:
Life wouldn't really change all that much with the invention of such a chip. It would certainly give us the capacity to study complex subjects in quantum mechanics and the like, but a chip like that would not hit the consumer market for years. We would slowly see a trickle down of improved technologies that resulted from the chip (as we have with every other major discovery in the past), starting with the rich and influential and working its way down to everyone else, but life would not fundamentally change.