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So the chip is new? Did you try yanking the chip out and then driving it? Are you sure you got all the resin off the connector on the PCM? That job is tougher than removing the turbo if you ask me!!
My guess would be air filter. I had a similiar (but not as Bad) problem.
I used to hit 25 psi stock. Now with II's and stock turbo I can hit 34 easily.