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Macotakara claims that Apple is presently testing an A5 powered MacBook Air.



From Mac Rumors:
According to this source who saw live A5 MacBook Air actually, this test machine performed better than expected.The A5 processor is an ARM-based processor that Apple uses in the iPad 2. Macotakara is uncertain what operating system this experimental machine was running.

This news comes weeks after another rumor claiming that Apple is planning on transitioning from Intel to ARM-based processors on their laptops in the not too distant future. Most people had dismissed that rumor due to the compatibility issues that would be introduced with such a transition. Another major issue is that while ARM processors are more power efficient, they offer significantly lower performers than their Intel counterparts.
  Apple Testing an ARM (A5) Powered MacBook Air?