It's not an increase in capacity of per-GPU "GPU memory" (the HBM directly connected to the H100 here is up to 96GB, where the previous generation was 80GB), but rather reflects the product of two things:
1. Each node here is a more tightly-coupled CPU+GPU two-chip pairing, and the CPU side has a significantly larger pool of 480GB of LPDDR ("regular" RAM). So each GPU is part of a node that includes up to 480+96GB of total memory.
2. There are way more nodes: 256, up from 8.