I have a Gigabyte R7 250X 1GB OC. This chips heats like hell (I don't have a multimeter but I can't hold my finger 2 seconds with minimum pressure). What function that chip has and why is heating ?
Looks like a voltage regulator, so it's not surprising that it would get fairly warm. Graphics card components can routinely run 60° C (140° F) or more when under load and be perfectly fine. For reference, I believe the 250x has a max safe temp of 90° (194° F) for the GPU, which is only 10 degrees C cooler than the boiling point of water at sea level. So the touch test isn't a good indicator of whether or not something is running at safe temps.
It's likely fine but like Kai said, if you're worried about it, point a fan at it or install a little heatsink on it.
Also, I was half expecting a Star Trek reference when I clicked on this post lol.