The complexity for minimum component costs has increased at a rate of roughly a factor of two per year … Certainly over the short term this rate can be expected to continue, if not to increase. Over the longer term, the rate of increase is a bit more uncertain, although there is no reason to believe it will not remain nearly constant for at least 10 years. That means by 1975, the number of components per integrated circuit for minimum cost will be 65,000. I believe that such a large circuit can be built on a single wafer.
Moore’s original statement that transistor counts had doubled every year can be found in his publication “Cramming more components onto integrated circuits”, Electronics Magazine 19 April 1965.
The term “Moore’s Law” was coined around 1970 by the Caltech professor, VLSI pioneer, and entrepreneur Carver Mead. Moore may have heard Douglas Engelbart, a co-inventor of today’s mechanical computer mouse, discuss the projected downscaling of integrated circuit size in a 1960 lecture.
In 1975, Moore altered his projection to a doubling every two years. Despite popular misconception, he is adamant that he did not predict a doubling “every 18 months.” However, an Intel colleague had factored in the increasing performance of transistors to conclude that integrated circuits would double in performance every 18 months.
In April 2005, Intel offered $10,000 to purchase a copy of the original Electronics Magazine. David Clark, an engineer living in the UK, was the first to find a copy and offer it to Intel.