Kuo does not mention which chip Apple will use, but Gurman has claimed that Apple will use the M3 chip in the iMac. The M3 chip is expected to feature an 8-core GPU and 10-core GPU, and because it is built on a new 3-nanometer process, it will have performance and efficiency improvements.
The current 24-inch iMac came out in 2021, and it is equipped with an M1 chip. Apple has opted not to update the iMac since the debut of the M1 chip, so it is overdue for a refresh.
Gurman has long maintained that Apple has no intention of introducing an M2 version of the iMac, which would be accurate with Kuo's projected timeline. Last week, Japanese site Mac Otakara said that Apple would release a 24-inch iMac with M2 and M2 Pro chips in the near future, but that appears to be inaccurate.