Sandia National Labs is one of the few places in the country (on the planet?) doing blue-sky research. My first thought was similar to yours--If it doesn't have storage, what can I realistically even do with it!?

But sometimes you just have to let the academics cook for a few decades and then something fantastical pops out the other end. If we ever make something that is truely AGI, its architecture is probably going to look more like this SpiNNaker machine than anything we are currently using.