If you look at the volume of software that needs to be produced, and at the trend to include software in more products, and at the entrepreneurial imperative that risk capital is the most expensive resource, it looks very unlikely that handcrafted machine instructions will play a greater role in the future.

Cloud computing and SaaS have extended the deadline for coming up with an answer to "What comes after Moore's Law." But it is much more likely to not be based on every coder learning what us olds learned 40 years ago. Instead, optimization is more likely to get automated. Even what we call "architecture" will become automated. People don't scale well, and the problem is larger than un-automated people can solve.