That price is even more wholesale than wholesale. Apple designed the chip and manufactures it with TSMC, as one of TSMC's best customers (currently #2 to Nvidia).
Qualcomm offers the Snapdragon X series, which in theory could be competitive on price and performance. But Qualcomm is in the business of selling chipsets, not building ecosystems, so once a Qualcomm chip is out the door, they tend to forget about it. This makes it harder for manufacturers to continue providing software updates that require an up-to-date BSP (board support package). This has historically reduced the long-term value of a Qualcomm-based phone (unsure about other products). It's why, for example, Google developed their Tensor chipset, which is Qualcomm-free, and which allows Google to offer a 7-year update guarantee on the latest Pixel phones.
Disclaimer: I've been out of this part of the industry for years, and I hope the dynamics have improved since then.
When I saw the Googlebook announcement this week I was super excited until I saw that the hardware will be made by the usual crew of under-performers - HP, ASUS, Dell, etc...
Google could (I think) do a lot of it in house like Apple does and make a killer product. They've done it before with the original Pixelbook. This time I was hoping they were going to essentially clone the Neo, put their software on it, and ship an inexpensive, high quality computer.