That is true for CPU, how about GPU? Tegra K1 is >1Tflop which would be the total computing power available in 1994.
I now see that I missed the gist of this, which was about mobile performance. The Tegra X1 can do a teraflop, which would put it at #2 on the Top500 List - June 1998.
http://www.anandtech.com/show/9289/the-nvidia-shield-android...
The even more amazing part is the energy usage of these new mobile chips.