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First of all, memory chips are getting smaller, reducing data paths. New NAND chips are made with 34nm chips, much like modern CPUs.
Second, smarter controllers are striping data between NAND chips to overcome the 16 bit asynchronous IO interface on a single NAND chip. By striping data across multipole chips, like RAID stripes data across multiple mechanical hard drives, the bottleneck on any individual NAND chip is bypassed.