I have one problem with Singularity theory: intelligence cannot make a robot escape the laws of physics. With electronic computers I don't think we'll manage to have the power to reproduce even one complete human brain, which would be the condition for reaching super-human intelligence in the first place. The author doesn't understand Moore's Law, and then everything he says pretty much collapses from there.
Suppose we manage to create a computer with human intelligence capable of designing more intelligent computers. More intelligence isn't about programming but about hardware resources. Otherwise we'd be capable to do this on a small calculator except we don't. We can only concentrate so much computing power into a small space before wasting stupidly high amounts of energy into heat that needs to be evacuated, as shown with any supercomputer in the world. And that's only the beginning. Super-computers are not (and could not be) designed to be an efficient implementation of neural nets (which is the structure of the human brain and any human-like AI program). That effectively means the term "cps" in this context is a meaningless construct, as any traditional computer would be doing a lot of overhead for each "neuron operation". On top of that, exponential intelligence requires resources growing exponentially at an actually faster rate. Why? Because as I said, you can't concentrate infinite computing power in the same place, eventually you have to build larger and larger computers in order to keep the heat manageable. The fact that your computer gets bigger means the information going from one end to the other end will take more time to arrive. Signals move at around c/2 in copper wires. That's fast, but it's a serious limitation significantly impacting the design of all modern computers nonetheless.
Note though that I can totally imagine it happening with devices specifically designed to be actual networks, not multicore processors. That brings a host of other problems though, and we're technically nowhere near it.