Instead of doing MAC using 16 bit wide hardware, they do it all bit serial, so that they can fit far more computing into the same chip area, trading a bit of the speed they get from all that local RAM into efficiencies in usage. It also makes it easy to do FP8 support, or any other bit size required.
I expect another few orders of magnitude improvement in the cost of compute over the next decade. Moore's law isn't dead yet.