On Monday, Samsung and Intrinsity jointly announced one of the fastest processors to date aimed at devices like Apple's iPhone.

The new 1GHz chip co-developed by Austin, Texas-based Intrinsity and Samsung is similar to the processor that currently powers the iPhone 3GS: a 600MHz Samsung processor based on the ARM Cortex A8 design. U.K.-based ARM licenses its low-power chip designs to many of the world's largest chip suppliers including Samsung, Texas Instruments, Qualcomm, and, more recently, Nvidia.

The new Samsung-Intrinsity chip, code-named "Hummingbird," could be bound for a future iPhone or like device. "Yes, I think it's possible," said Tom R. Halfhill, senior analyst at the Microprocessor Report.

More: http://news.cnet.com/8301-13924_3-10296754-64.html