tl;dr Moore's law remains important, not because of speed or power improvements, but cost improvements.
The cloud [servers] will grow; the internet of things [clients] will grow. So we'll do that.
He doesn't say this, but the smartphone soirée is over. Imagination laying off workers, iPhone sales down, samsung galaxy s7 sales down. Flagship smartphones are obviously way more powerful than needed for common usages. A $40 smartphone is now so good, it's good enough.
What's the point in intel chasing a ship that has not only sailed, but sunk?