With Samsung's recent blunder involving the Galaxy Note 7, one smartphone manufacturer is capitalizing on this mistake. Chinese smartphone giant OnePlus is poised to assert its presence in the smartphone industry. Chipmaker Qualcomm has confirmed that a new OnePlus-branded phone is on its way and it is running on the former's Snapdragon 821 chipset.

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OnePlus released the OnePlus 3 about five months ago. Qualcomm's latest tease has left many in the tech community bewildered as to what the company and OnePlus are cooking.

There are rumors that the upcoming OnePlus smartphone will be an upgrade or a new iteration of one of the company's current lineup. Others speculate that it might be an upgraded model of the OnePlus 3, a new version that uses Qualcomm's Snapdragon 821 chipset.

According to Tech Crunch, OnePlus might be gearing up to release the new smartphone during the holiday season. With this target schedule, many analysts agree that it will not take long until the company officially rolls out the mysterious smartphone.

As a reference, the Snapdragon 821 is the same chipset that powers Google's Pixel smartphones. However, Google's pair of chipsets have the same clock speed as the Snapdragon 820. On the other hand, OnePlus has confirmed that the company will be using the full processing potential of the Snapdragon 821 which is currently rated at 2.35GHz, according to 9to5Google.

OnePlus recently confirmed that it would unveil the mysterious smartphone on Nov. 15. The event will take place at 1 p.m Eastern Standard Time and will be streamed on Facebook's Live platform.