Intel has Xeon Phi which was a spin-off of their first attempt at GPU so they have a lot of tech in place they can reuse already. They don't need to go with GDDRx/HBMx designs that require large dies.
https://www.qualcomm.com/news/onq/2023/11/introducing-qualco...
It would be interesting if those saying that a regular GPU with 128GB of VRAM cannot be made would explain how Qualcomm was able to make this card. It is not a big stretch to imagine a GPU with the same memory configuration. Note that Qualcomm did not use HBM for this.
They already replied with an answer.