Stock chip won't cause that. You most likely have a vacuum leak somewhere. The IAC is self adjusting, and you can't "set" it.
When people talk about setting the IAC, the procedure is to close off the IAC port by pulling the pintle outward, re-installing the IAC, and leaving the connector disconnected - then you set base idle by way of the stop screw. Remember you MUST shut the car off before re-connecting the IAC connector. And NEVER pull the IAC connector when the ignition is turned on.