The next-generation Qualcomm chipset brings improvements across the board to Android devices. By switching over to the ARMv9 instructions set and a new naming scheme, it is in a way a clean break from previous designs. First, commercially available phones with the new chip are expected before the end of the year.

CPU:

Introducing the Snapdragon 8 Gen1 – a digit representing the class (8 being flagship) and a generation. Qualcomm has released its first 4nm chipset and is the first to use this new process technology.
ARMv9 cores have been used in place of the three cluster design, however, the CPU retains its three cluster design. As a result, the core will run at a frequency of 3.0GHz and be a Cortex-X2. A Cortex-A710-based performance core will run at 2.5GHz alongside four A510-based efficiency cores.
According to Qualcomm, the new CPU will be 20% faster than the Snapdragon 888 while also consuming 30% less power.

GPU:

Thanks to its new architecture, the new Adreno GPU promises a 30% performance boost and up to 25% power savings. Among the three Elite Gaming features created by Qualcomm, one will enable developers to strike a balance between performance and power efficiency.
In addition to utilizing the same amount of power, the Adreno Frame Motion Engine allows the GPU to render games at a doubled frame rate. It can, alternatively, maintain FPS while reducing power consumption by half.
Desktop-class volumetric rendering is another new feature. Level designers seem to enjoy volumetric lighting for dramatic lighting effects, such as the God rays. There is also a new feature called Variable Rate Shading Pro, an image-based VRS that should simplify the integration of VRS into more games. Several of the largest game developers have partnered with Qualcomm to make sure their games take full advantage of the hardware.

Connectivity & Security:

Snapdragon 8 Gen 1 has an integrated X65 5G modem, which operates both in sub-6 and mmWave bands and can reach peak theoretical speeds of 10 Gbps. Uplink carrier aggregation is also supported for the first time.
WiFi 6 and 6E are supported locally, and Bluetooth has been improved. CD Lossless Audio can now be streamed over Bluetooth LE. Bluetooth LE Audio is supported, which is a significant upgrade over existing technology. A source can broadcast one or several audio streams to an unlimited number of receivers using Broadcast Audio. It is also possible to record in stereo and play it back.
A Trust Management Engine has also been introduced by Qualcomm, which sits beneath the hypervisor (which was introduced with the 888). No matter how compromised the security zones above the TME are, they will remain secure.

Xiaomi & Realme announces its first flagship:

Further, both Xiaomi and Realme took social media to announce their first-ever flagship smartphone powered by Snapdragon 8 Gen 1.
As per the post by Realme CEO, they will announce the first flagship powered by Snapdragon 8 Gen 1 processor with Realme GT 2 Pro. The company claims that Realme GT 2 Pro will be a high-end flagship phone which will exceed all our expectations. Do note that this time Realme flagship will no longer be affordable after all.
Further, Xiaomi too announces its first-ever flagship powering Qualcomm’s latest chipset today. Yes, the new Xiaomi 12 will be the company’s first flagship powered by Snapdragon 8 Gen 1 chipset. The company also mentioned that Xiaomi 12 will be launching later this month itself. Sadly, the exact launch date of the new Xiaomi 12 is still not revealed.
Further, Xiaomi also shared the video where we can see that Xiaomi 12 has already entered mass production.