Fair point, but there are some trends in technology that it doesn't take into account.
As technology becomes more centralized, the computing power of your phone or laptop becomes much less important than the power of Google's and Amazon's data centers. Your devices essentially become clients for computation done in the cloud.
Technological advancements generally don't require increases in the client's computing power anymore.
It's the case now, but the trend toward the client+server model (terminal+mainframe, app+cloud, whatever it's named any given decade) versus the local model (personal computers, etc.) will probably be somewhat cyclical as fads are across industries. The contributing factors are wildly unpredictable... networks (or the internet) existing, privacy tolerance, battery breakthroughs, wealth distribution, who knows. We're cool with thin clients now, but it could go out of fashion the moment some confidentiality breach, mainstream, hits home a little too hard (for example).
As technology becomes more centralized, the computing power of your phone or laptop becomes much less important than the power of Google's and Amazon's data centers. Your devices essentially become clients for computation done in the cloud.
Technological advancements generally don't require increases in the client's computing power anymore.