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Overclock chips are a single-use element that can be applied to a ship to apply a special buff. After a chip has been placed on the construct, it self-destructs.

At the time of writing, we have both Atmospheric and Space Engine overclocks with engine buffs ranging from 50% (Basic) to 250% (Exotic).
Overclock Chips can be crafted in the same way as other elements. To add our spin to this, these chips can be crafted in Electronics Industry machines respecting the NQ logic of Basic/Uncommon -> T1, Advanced -> T2 etc.
In order to use an Overclock Chip, you must first have the respective handling talent unlocked. An example here is that in order to place a Basic Atmospheric Engine Overclock, you require Atmospheric engine handling 1.
Because of the way talents are applied to elements, these buffs do not stack. This means that if you already have level 5 handling talents which apply a +50% buff to engine power - applying a Basic Overclocking chip (also +50% engine power) does nothing. You will only see benefit from an Uncommon and above overclocking chip which is +100%.
Don't remove the exploded chips from the ship - if you do, you can't! We will not reimburse any element losses because of mis-applied chips.
The buff stays applied to the ship but the chip is destroyed.
The buff increases to the value of the new chip. E.g. Basic applies 50%. I then apply an Uncommon, you get 100%.
No, each chip has it's own +% so if you add multiple chips - the buffs don't stack.