While "cloud" may be a big part of the future of computing, I think the relationship painted between that and the end of Moore's law is tenuous at best.

I believe a more plausible link exists between the end of Moore's law and the rise of open hardware as explained in this article:

http://www.eetimes.com/document.asp?doc_id=1321796

TL;DR

If eight year old hardware is almost as fast as today's hardware, there is ample time to reverse engineer competitive open hardware.