Qualcomm revealed a new laptop processor to challenge and outperform rival products developed by Intel and Apple, the company announced at an event on Tuesday (24 October) in Hawaii.

The new chip, Snapdragon X, has 12 high-performance cores and can crunch 3.8 megahertz of data, Bloomberg reported.

Qualcomm claims the Snapdragon X is twice as fast as Intel’s 12-core processors and uses 68% less power. The new chip will also have artificial intelligence (AI) capabilities.

The company says the new chip is also able to run 50% faster at peak times than Apple’s M2. Apple has regularly claimed the M2 is the leading computing processor on the market.

“This will make us the new CPU leader in mobile computing,” said Qualcomm Chief Financial Officer Akash Palkhiwala.

Adding: “It will deliver leading performance with low cost and low power.”

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The announcement comes as company’s fight for market share in an increasingly competitive computer processor market. Verdict recently reported that NVIDIA was working on its own central processing unit (CPU), using chip designs from Arm Holdings. People familiar with the matter stated that this could be released as soon as 2025.

The announcement is the latest sign of an increasingly competitive market for computer processors. Nvidia Corp. is working on its own central processing unit — the brains of a PC — using chip designs from Arm Holdings Plc, people familiar with matter said earlier this week. And Advanced Micro Devices Inc., Intel’s longtime rival in computer processors, is developing a new CPU with Arm technology as well.

Qualcomm also announced a new version of the Snapdragon 8 for smartphones. The first of its kind with a processor and other components on a chip designed to handle AI workloads, the company said.

In May, Qualcomm announced group-wide layoffs as part of cost-cutting measures. The company’s decision, which impacted 5% of its staff, was attributed to falling sales.