The chip I believe you're referring to is a Coiltronics FP1005R1
inductor. The bit above it (under the thermal pad) would be a MOSFET.
Neither of those components actually "control" anything, rather they're parts of a
Voltage Regulation Module as a whole. A separate chip would be the actual controller, but I don't know where that is on the 6950. As for what it's supplying power for, it may be for the DisplayPorts (which carry a small amount of power for adapters), but I can't be 100% sure.