The Nothing Phone (1) generated a lot of noise and hype when it was first announced, however, many baulked at the decidedly mid-range specifications it came with. Primarily, the Snapdragon 7-series processor that housed the brains of the device.
Thankfully it seems the team at Nothing has heeded this call from enthusiasts and is taking the fight to the flagships with its second foray into the mobile world. The Nothing Phone (2) was confirmed today at Mobile World Congress 2023 to be coming with one of the Snapdragon 8-series processors, however, the exact one is yet to be announced. Given the fact that the first generation Nothing Phone started at £399 (~$483), it"s unlikely that we would see the latest and greatest Gen 2 processors included without the new device being significantly more expensive.
Which processor that Nothing chooses to go with from the Snapdragon 8-series range will ultimately determine how much more expensive the Phone (2) is comparatively to the Phone (1). The fact that Nothing has kept full details private at this time is consistent with previous behaviour, where it has been very secretive with key details about upcoming products.
Source: Android Authority