Jed, serial speed limiting Intel makes sense, and is about the only theory I've heard that does, but now that we move to parallel machines, it seems to me that this theory predicts either that Moore's law falls apart, or that parallel software makes it possible to throw lots of money at the problem and it speeds up.

You don't have to choose one or the other, but it seems to me that you have to raise your error bars. There's an implausibly small window for the quality of parallel software to rise just fast enough to make Moore's law continue, if this is the key bottleneck.