Does a 2004 silverado key have a chip?

Does a 2004 silverado key have a chip?
I believe it has what's called passkey 3. There is a transponder embedded in the key head. There is an exciter ring / theft deterrent module mounted around the lock cylinder. When key is inserted, transponder emits proper code to exciter ring which in turn sends a class 2 serial data message to the powertrain control module to allow fuel and ignition operation.