A really good presentation showing why the Xeon Max can't reach full HBM bandwidth: https://www.ixpug.org/images/docs/ISC23/McCalpin_SPR_BW_limi...
He talks about cache misses as 60ns, which glosses over that approximately half of that is missing through L1/L2/L3, then you enter the queue for the memory controller, for the memory channel you need. As a result you only get half the bandwidth if you only have a single request pending per channel.