\[\left( \frac{1}{2} \right)^{- 8} \cdot 32^{2} \cdot 4^{- 8} = 2^{8} \cdot \left( 2^{5} \right)^{2} \cdot \left( 2^{2} \right)^{- 8} =\]
\[= 2^{8} \cdot 2^{10} \cdot 2^{- 16} = 2^{8 + 10 - 16} = 2^{2} = 4\]