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What operating system would be run by PCs using this chip? Are there existing operating systems that support LoongArch?

Hmm no reference to the OpenBSD port. https://www.openbsd.org/loongson.html

This is for the old MIPS based machines, the new ones have a custom ISA called LoongArch

NetBSD may? If not, it probably wouldn't be a terrible lift to get it running there.

NetBSD development is pretty stagnant these days, I doubt they have much support for new machines