I came across this YouTube video today, which I found educational. I never imagined how many steps were involved in their manufacturing process. Having seen this, one thing is for sure, I'll never again complain about how expensive they are.
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As Nova says, forged wheels use a large press hammer.
But even then those Rays wheels are better than a number of the other Forged wheels where they forge a solid flat or caved face then machine freely whatever spoke shape.
What the material difference is I'll let engineers and science experts battle it out. Just know that not all forged wheels are the same (ignoring even wheels that will call themselves "cold forged"