Short answer
- Performance – The 12th‑gen Intel Core i5‑1240P (Alder Lake) is newer and generally faster than the 10th‑gen i5‑1035G7 (Ice Lake). It has more cores/threads (6 C/8 T vs. 4 C/4 T), higher boost clocks, and a better‑integrated GPU (Intel Iris Xe‑LP vs. Intel Iris X‑LP).
- Power & efficiency – The 12th‑gen chips are built on a 10 nm process and are designed for thin‑and‑light laptops, so they can be more power‑efficient in idle and light‑workload scenarios. The 10th‑gen i5‑1035G7 is also efficient but the newer architecture delivers a better performance‑per‑watt ratio.
- Memory & connectivity – The 12th‑gen supports DDR5‑3200 (or DDR4‑3200) and PCI‑e 4.0, whereas the 10th‑gen is limited to DDR4‑3200 and PCI‑e 3.0. This gives the newer chip a slight edge in bandwidth‑heavy tasks.
- Price & availability – Because the 12th‑gen is newer, laptops with the i5‑1240P tend to be a bit pricier, but the performance uplift usually justifies the extra cost for most users.
Bottom line: If you’re buying a new laptop and want the best balance of performance, graphics, and future‑proofing, the 12th‑gen i5‑1240P is the clear winner. The 10th‑gen i5‑1035G7 is still a solid choice for budget‑friendly machines or for users who don’t need the extra cores or the newer GPU.