Apple has performed a minor miracle with its new M1 chip. It has 8 CPU cores, 8 graphics cores, and RAM all on one chip. It has a 5-nanometer process, which is better than the current Intel and AMD processors. It might not be possible to make smaller circuits without developing new materials. So far, there isn't much progress in this area.
What is surprising is that this same chip can run on the Macbook Air, which has no active cooling. This is essentially a mobile processor.
You can buy high-end desktop processors that are more powerful, but this System On a Chip is at least 22% faster than my 2017 (14 nanometer Intel quad-core I-5) iMac desktop according to a benchmark that I saw. That is not a reason for me to replace my desktop, but compared to their previous mobile processors, this thing is pretty impressive.
Reportedly Apple is going to come out with something better for their desktop computers. It would make sense that a desktop processor would be more powerful.
The only downside is that they can't run Intel-based programs natively, but have a software solution for running those programs. I'm not sure about Windows compatibility, but I heard something about being able to run some Windows programs through emulation.