I believe the chip will have other compounds, altering toxicity. Whether or not this is a problem seems undetermined, although arsenic almost certainly is bad for you. I do not believe the company has directly addressed this question, nor has it been asked of them, to my knowledge.

The environment, health and safety aspects of gallium arsenide sources (such as trimethylgallium and arsine) and industrial hygiene monitoring studies of metalorganic precursors have been reported.[22] California lists gallium arsenide as a carcinogen.[23] However, there is no evidence for a primary carcinogenic effect of GaAs

http://en.wikipedia.org/wiki/Gallium_arsenide

Gallium arsenide (GaAs), indium arsenide (InAs), and aluminium gallium arsenide (AlGaAs) are semiconductor applications. Although the increased use of these materials has raised concerns about occupational exposure to them, there is little information regarding the adverse health effects to workers arising from exposure to these particles. However, available data indicate these semiconductor materials can be toxic in animals. Although acute and chronic toxicity of the lung, reproductive organs, and kidney are associated with exposure to these semiconductor materials, in particular, chronic toxicity should pay much attention owing to low solubility of these materials. Between InAs, GaAs, and AlGaAs, InAs was the most toxic material to the lung followed by GaAs and AlGaAs when given intratracheally. This was probably due to difference in the toxicity of the counter-element of arsenic in semiconductor materials, such as indium, gallium, or aluminium, and not arsenic itself. It appeared that indium, gallium, or aluminium was toxic when released from the particles, though the physical character of the particles also contributes to toxic effect. Although there is no evidence of the carcinogenicity of InAs or AlGaAs, GaAs and InP, which are semiconductor materials, showed the clear evidence of carcinogenic potential. It is necessary to pay much greater attention to the human exposure of semiconductor materials.

http://www.ncbi.nlm.nih.gov/pubmed/15276420

The National Institute for Occupational Safety and Health (NIOSH) is requesting assistance in reducing the potential risk of developing cancer in workers exposed to gallium arsenide particulates in the microelectronics industry. Three recent experimental animal studies have indicated that gallium arsenide dissociates in the body to release gallium and arsenic. The arsenic is inorganic, biologically available, and distributed throughout the body. Inorganic arsenic has been determined by NIOSH to be a carcinogen, whereas gallium, based on available data, is believed to be of low toxicity. Engineering controls, proper work practices, and appropriate personal protective equipment should be used to prevent or greatly reduce the potential for exposure to gallium arsenide. Safety and health officials, editors of appropriate trade journals, and manufacturers of gallium arsenide semiconductor devices are requested to bring these recommendations to the attention of employers, managers, and workers.

http://www.cdc.gov/niosh/docs/88-100/