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A few days ago, Xiaomi announced that it'll be using the next Snapdragon 8 in its flagship devices and signed a 15-year agreement to continue doing so with Qualcomm. Xiaomi's in-house design is not for the high-end.
Yet the XRING O1 is better than Qualcomm 8 Elite in CPU, and better than A18 Pro in GPU, according to youtuber geekerwan who first predicted Switch 2's performance
 
Xiaomi apparently has access to TSMC’s 3 nm node, and they aren’t on the naughty list like Huawei so they have a leg up on their Chinese competitors. The chip runs fairly slow (1.8 GHz) but has 10 cores according to Geekbench. This is for relevance and control on Xiaomi’s part. I doubt that Xiaomi is willing to pay extra to TSMC (and deal with yield issues) for the early 2 nm tapeout or other bleeding edge processes.
1.8GHz is only for the efficiency core X725, the performance cores X925 could hit 3.9GHz
 
No mention of instruction set. I assume it's ARM, but it could be RISC-V (does Android run on RISC-V?).
 
"...the company still stressed its design achievement." More like its industrial espionage achievement lol.
 
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