\[= \left( 2^{4} - 1 \right)\left( 2^{4} + 1 \right)\left( 2^{8} + 1 \right) - 2^{16} =\]
\[= \left( 2^{8} - 1 \right)\left( 2^{8} + 1 \right) - 2^{16} =\]
\[= 2^{16} - 1 - 2^{16} = - 1.\]