Rumors have been flying around about Xiaomi’s in-house processor with the code name ‘Rifle’, over the past few weeks. The story has now received some credibility, thanks to a report from The Korea Times. According to the report sourced from insiders in the industry, the new chipset will be officially launched this coming month, which perhaps will be May 10, the same day the Xiaomi Max and Mi Band 2 are set to launch.It is still unknown if the upcoming Xiaomi Max will be powered by this new SoC, with rumors so far indicating that that the device will bundle the Snapdragon 820 instead. Presumably, it is this dependence on Qualcomm’s processor, which incited Xiaomi’s interest in creating its very own chipset. If that’s the case, then a couple of the top smartphone manufacturers will soon take the same initiative, if they aren’t already.Interestingly enough, Qualcomm just recently slashed the number of royalties it required Chinese OEMs to submit, in an aim to retain the presence of its chips in the fast growing Chinese smartphone industry, both in terms of production as well as sales. Which is mainly because of their focus on providing high-powered smartphones as half the price of non-Chinese vendors.As local vendors get increasingly competitive, it only makes sense that the Chinese market is planning on cutting costs wherever possible. And withdrawing its reliance on Qualcomm, Samsung as well as Mediatek processors could only be the first step. Not much is known about Xiaomi’s codenamed ‘Rifle’ processor, except that speculations say that it will be built on ARM construction. However, with its unveiling set to happen in the coming two weeks, it won’t be long before we find out its performance level compared to the current SoC. What are your thoughts on Xiaomi’s planned processor? Which chipset do you think is the most powerful? Let us know in the comments below.