It took me a while to track this down and I figured I'd save someone else the time. By default, CMake uses the 32-bit toolchain on Windows, even if generating a 64-bit solution. Given the size of Clang's code base, this can lead to quite a few link errors with the linker running out of memory. If you pass -Thost=x64 when generating the Visual Studio solution, then the resulting project files will use the 64-bit toolchain and the toolchain no longer runs out of memory.
The same wording is being used in D33546 for LLVM's side of things.