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It can mean several things, depending on whether it is meant literally or as an idiom. Literally, it would mean that the tip of something is red-hot, or glowing with heat. As an idiom, a "tip" is information that can be used in a situation, so a "red-hot" one would be something that is especially important at the moment, something timely and greatly useful.

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Q: What does the expression red hot tip mean?
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