Yes, hot chips are freshly chipped wood chips. If one leaves them in a pile, they will actually start a fire. I had to hose mine down every day until I got them spread. The pile sent up steam. They will burn weeds/grass/vegetation under them; but not start a fire at 9 inches thick. In a few years they break down into the nicest humus earth. One has to keep them off wanted plants. Use old chips around wanted plants.
I love wood chips because they never hurt my mower blades or get broken or have sharp edges. They just make nice dirt.