What is Moore's Law referring to in computing?

Moore's Law refers to the observation made by Gordon Moore, co-founder of Intel, that the number of transistors on a microchip doubles approximately every two years, leading to a corresponding increase in computing performance and a decrease in relative cost. This principle suggests that computer processing power effectively doubles approximately every 18 months, which has become a guiding prediction for the growth of technology in the computing industry.

This doubling typically results in significant enhancements in speed, capabilities, and efficiency of computer systems. As a result, hardware becomes more powerful and affordable over time, enabling more complex applications and better performance in various computing tasks. The momentum of Moore's Law has been a driving force behind major innovations in technology and has greatly influenced the design and development of modern electronic devices.

The other options describe trends in technology, but they do not accurately represent Moore’s Law, which is specifically about the exponential growth of processing power in microchips.