As other have said, just because computers get faster, does not magically make them able to think.
Evolution of machines/software and how they act is based in code, code which requires a huge amount of man-hours to create and test. Take Watson for example. Yes he beats up on humans in Jeopardy, but they are saying it cost IBM close to $100M and 4 years to get him to that stage. 4 years to get him to play a quiz show. A quiz show which is arguably based on memory (harddrive space), and the ability to convert a question tied into subtleties of english, and turn that into an answer. The amount of work required to "sort of" understand english and all it's subtitles -- as a computer -- is sort of mind blowing. As a programmer, I watched the whole thing and was so completely impressed, will simultaneously watching a loved one who was completely underwhelmed by what was going on. And sadly the only reason he really won was due to the fact that he could press the button faster than the other two. To get any machine to even mimic a human in terms of understanding, and then beyond that, even grasp creativity, is way beyond the scope of anyone right now, or in the foreseeable future. Machines eventually taking over the world is tied more into code and the creativity that humans wield in code, than it is with computer speeds or how hardware evolves. Computers will continue to get faster and faster, but they will more mimic something like star trek computers than anything more sci fi than that really. We will teach them things to do, and they will do it. They won't teach themselves creative things to do, and do it. At least not for a very long time.
The entire problem with the theory that machines will eventually usurp us (in terms of being better than us at _everything_) is that machines are completely and undeniably tied to rules that we have created. Code creates and controls computers, and this code is based on these rules. While we can make the rules flexible, the rules will always be firm at it's most basic of levels. Saying, "Well, a computer can just rewrite it's code and make itself smarter" is far more complex than it seems. While it is fun to imagine, it just isn't possible. Eventually machines will be able to compare and contrast -- choosing something more optimal and expanding on that, but those choices are always tied to code, code which is based on human intelligence. Rules that we create. Will they ever be superhuman? At some things, definitely. But at everything? Naw. Augmented humans becoming superhuman? That is something more in the realm of believable than a pure silicon ruler.
The ability to adapt, expand and be creative is something tied to being human. Can computers be like that? No -- at least not in our lifetimes, or our grandchildren's life times. I only say that because it will take hundreds of years to create the code that allows computers to have all the subtleties of humans. And even then, they will end up being as flawed as we are, because we taught it to act like us.
Anyway -- Just because computer speeds are growing exponentially, doesn't mean we are teaching them just as fast, or coding them to do things just as fast. We make computers faster, so they can do more things for us at the same time, that is it. We don't make computers faster because we are creating code just as fast as we are making them. While computer speeds grow exponentially, our ability to teach them only grows linearly.
The singularity is a fairy tale, like living forever, and god. Just because humans can imagine it, doesn't make it real.
EDIT: This seems too serious, so here's some angry tits: