I'm sitting in the conference room where this was just announced at the HP Discover conference. The idea is to use photonics for interconnects, so that the limitations of copper don't require physical proximity to memory. And they want to use oxygen atoms with doubly-negative charge (ions) for data storage. The concept is to partner with universities to do some fundamental research and major changes in OS design to have a machine that can scale processor access to 160 PB of memory storage in microseconds.
None of this comprises fundamentally new ideas, but they are working hard to actually make it happen, which is pretty cool.