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Can I run Qwen2-0.5B on a Mac with 128 GB?

Yes

Its published weights (988 MB) fit in the 96.0 GB a Mac with 128 GB can use, with room for ≈ 128K tokens of context.

Full analysis of Qwen2-0.5B Everything that runs on Mac with 128 GB Get the weights on Hugging Face
hf download Qwen/Qwen2-0.5B

Files and context on Mac with 128 GB

Each file of Qwen2-0.5B (and of GGUF versions the site has analyzed), and how much context fits next to it, with the context cache in 16-bit or 8-bit.

FileSizeOn Mac with 128 GB Context (16-bit)Context (8-bit)
As published988 MBFits128K128K
4-bit (estimate)278 MBFits128K128K

Qwen2-0.5B on other hardware

Popular models that run on Mac with 128 GB

Assumes 75% of the Mac's memory is usable (macOS's default limit for the GPU; it can be raised) and at least 4K tokens of context for one conversation, with the context cache in 16-bit unless noted. Fits leaves at least 20% of that memory for context; Tight leaves less.