The function of a chipset is to manage communication between the processor, memory, and other peripheral devices within a computer system. It acts as the central hub that facilitates data flow, enabling various components, such as the CPU, RAM, and storage, to work together efficiently. The chipset determines the system's capabilities, including support for different types of memory, input/output devices, and connectivity options. By optimizing performance and ensuring compatibility among components, the chipset plays a crucial role in a computer's overall functionality, stability, and upgrade options for users.