The motherboard is the main circuit board in a computer system that connects and allows communication between key components like the CPU and memory. It provides slots and connectors for other peripherals as well. A chipset, which first appeared in 1986, is a group of microchips designed to work together to control core computer functions like clock generation, bus control, interrupts, and DMA. Modern chipsets integrate these functions into a single chip to reduce complexity and space on the motherboard.