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$ProcessorType is a string giving the architecture of processor on which Mathematica is being run.
Typical values are "x86", "680x0", "SPARC", "MIPS", "PA-RISC" and "AXP".
$ProcessorType specifies the basic instruction set used by the CPU of your computer.
Computers with the same $ProcessorType may not be binary compatible.
See the Mathematica book: Section 2.13.5.
See also: $MachineType, $OperatingSystem, $System.