Assuming thermals are dealt with, I can very easily see AMD responding to that by replacing the DRAM layer with a up to 32GB HBM layer on their design and retire DRAM for good... Just because they can...
What I don't like here is eventually both companies will end up eating DRAM sticks and placing them inside the CPU, and we'll be stuck with whatever amount of RAM we bought with our CPU. I don't know if this will be ultimately good or bad, I mean it's great performance-wise as RAM will be so close to the CPU but knowing intel, they will probably bundle cheaper CPU's with really low amounts of RAM so that we buy the really expensive CPUs to get RAM...