No you don“t need to buy a new chip. If youve never flashed your TSOP on your 1.4 than ive got the ultimate solution 4 you.
Ive had the same problem and ive used a plasticbag with some icecubes in it. make sure the bag is dry and place it for a minute on your TSOP. Then put your powercord back in your Xbox and hit the power button.
If youre lucky your Xbox starts and you can Flash your TSOP with a X2 Bios or something like that.
Ive got a Winbond TSOP on my 1.4 and ive used a the latest Eurasia Disc to flash it. Before that ive Softmodded my Box via Hotswap and NDURE.