The key feature of the Snapdragon 855 chip, launched at an event in Hawaii, is a so-called modem for phones to connect to 5G wireless data networks with mobile data speeds of up to 50 or 100 times faster than current 4G networks.
Mobile carriers are investing in 5G networks and are eager to sell 5G phones and data plans to recoup investment costs.
Qualcomm, the largest supplier of mobile phone chips, said Snapdragon 855 would power Samsung 5G smartphones that Verizon Communications Inc
The modem would also enable "computer vision" to help phones recognise objects and faces, and support a new Qualcomm fingerprint sensor that can read a user's fingerprint through the glass screen of a smartphone.
The Samsung phone would be a major challenge for Apple Inc