OnePlus Z processor leaked. The budget smartphone will likely face strong competition from the upcoming Google Pixel 4a and the new iPhone SE, but OnePlus will have a significant advantage over these two models.

Max J of All About Samsung (via 9to5Google) posted the news that the OnePlus Z will use the Snapdragon 765G CPU in the following tweet. This is Qualcomm's mid-range Android phone chip, compared to the Snapdragon 865 found in many flagship phones.

But while the 765 has the advantage of built-in 5G capabilities, the 865 requires a separate 5G modem that takes up more space in the handset... The OnePlus Z is likely to cost more against the iPhone SE and Pixel 4a, but this feature alone might be worth it.

Earlier leaks claimed that the new, cheaper OnePlus would feature a MediaTek Dimensity 1000 CPU. However, the new leak seems to indicate that OnePlus has changed its mind, and Max J has leaked other OnePlus information before and has a track record for accuracy.

Compared to the iPhone SE, the OnePlus Z's 765G system-on-a-chip is a mixed bag. In terms of power, it will not be able to match the A13 Bionic chip in the SE. The chip can soundly beat even the top-of-the-line Snapdragon 865 in some tests.

However, the 765 has a 5G modem, and the OnePlus Z is surprisingly future-proof for a mid-range device. iPhone SE will withstand OS updates longer, though, based on the long-term support Apple offers for its phones, access to faster and more reliable 5G signals will not be possible.

A more direct Android competitor is Google's Pixel 4a, which is rumored to cost $399. However, Google's next mid-range smartphone may instead use the non-5G Snapdragon 730 processor, which is less powerful and less promising than the OnePlus Z. The Pixel 5 may also use the same Snapdragon 765 as the OnePlus phone reportedly, but will probably cost more because of other features.

The OnePlus Z is favored for a July release and will likely be priced around $550 to $650. Rumored features besides the chipset include a 6.4-inch display, three rear cameras, a 4,000 mAh battery, and the same 30W wired fast charging that OnePlus has used in other recent devices.