I am not sure if I should be impressed until they reveal more details. 160 TB over 40 nodes is 4 TB per node, which assuming 512 GB dimms requires only 8 dimms (4 per socket) or with 256 GB dimms 16 dimms (8 per socket). How fast is the interconnect? 100Gb/s? So far it sounds like an common high memory HPC cluster unit with really unknown technical parameters.
Isn't the idea that a single process can address all 160TB of memory as if it were local? Of course you can cobble together that much memory when you're programming a distributed system of communicating processes. The interesting part would be programming it as if for one computer.
I did not find information about the bandwidth or latency of such architecture.