To be clear, there is memory already operating at these speeds, but they are not persistent; they need continuous power to “remember.” That makes them work harder, get hotter, use power.
These chips, the PoX, have persistent memory while meeting or exceeding the best computational speeds of current Western technology.
Big step forward.
[edited: per bj comment. I was just scribbling from memory. Careless]
The bold part above, flash, needs to be removed from your sentence. “There is memory already operating at these speeds…” which is volatile DRAM memory. That is why it needs continuous power. All forms of flash memory are non-volatile.