The new chip, which TI calls its Digital RF Processor (RF stands for radio frequency) or DRP, incorporates all the major functions of a mobile phone onto a single chip.More info at Forbes
The only things the chip doesn't do is store the programs that run on the phone--that's what flash memory is for--and manage the power flow from the battery.
TI launched single-chip mobile phone solution

Texas Instruments announced the launch of a new single-chip that features all major mobile phone functions. Nokia has already announced a deal with TI to make cell phones based on this chip.