Hi and thanks for your question about using fresh chips as mulch. Unless you dig it into the soil, it will not deplete nitrogen from the soil. It acts as a water filter, soil shade, weed suppressant and general all around good guy. Over time, like five years maybe, the chips will decompose and you will need to add new ones but by then, they will not be taking nitrogen out of the soil but just adding nutrients of their own.

Here is more than you ever wanted to know about myths relating to mulch. Check out #6!
https://gardenprofessors.com/maddening-mulch-myths/
It's really a win/win technique!