No, the Xiaomi 12 Ultra is unlikely to feature a 200 MP camera
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Over the past few months, there have been multiple rumors claiming that Xiaomi will debut the world's first 200 MP camera on a smartphone. Reports over the last few days look to confirm those rumors and specify that the Xiaomi 12 Ultra, or the Mi 12 Ultra for those who missed Xiaomi's branding change, will be the model with the 200 MP camera. Those reports are misguided.
All of these reports stem from a post by Digital Chat Station on Weibo, with the leaker claiming that one model in the upcoming Xiaomi 12 series will feature the novel 200 MP camera. For some reason, however—likely poor translation—this has been assumed to imply the Xiaomi 12 Ultra. In actuality, it will be the regular Xiaomi 12 that gets the 200 MP camera. Indeed, the cheapest model will get the most impressive-sounding camera hardware.
Translating with Google Translate looks to be the cause of this confusion, as it leaves the interpretation of the leaker's post up in the air. Weibo's own Sogou Translate does a much better job of it and confirms that the lowest-spec Xiaomi 12 phone, the vanilla Xiaomi 12, will feature the 200 MP sensor. As for the Xiaomi 12 Pro and Xiaomi 12 Ultra, well, those two both get 50 MP shooters. We're uncertain if they'll use the same 50 MP camera on the Mi 11 Pro and Mi 11 Ultra, however.
This should come as no surprise, of course. Xiaomi has shied away from using extra-high-res sensors on its Ultra model. The Mi 10 and Mi 10 Pro offered 108 MP cameras but Xiaomi opted for a 50 MP Omnivision sensor on the Mi 10 Ultra. Similarly, while the Mi 11 uses that same 108 MP camera, the Mi 11 Pro and Mi 11 Ultra sport Samsung's 50 MP GN2—a sensor that's a lot better than the 108 MP ISOCELL HMX on the vanilla Mi 11.
Xiaomi recognizes that megapixels don't at all translate into better performance. Its proper flagships will get the best hardware on the market, and the cheaper phone will have to make do with what will likely be a gimmicky, unnecessary CMOS sensor.