Most of the comments seem to focus on the supply side, but I think that demand for faster processors is waning—at least at the consumer level. I used to care what speed my processor was. Now I have to check my system info to remind me what I have in my MacBook Pro. Cloud computing has changed a lot for me as a user.
Building faster processors is extremely expensive, so demand has to be a key concern for manufacturers. I still think there's plenty of demand for faster processors, and I'm sure we'll continue to see lots of innovation, but the issue doesn't seem to be as pressing as it was 10 years ago.
How is that a result of cloud computing? Your browser is often the most resource intensive application you use nowadays.
CPUs have passed a curve where there just aren't any killer applications demanding more CPU power. For me the biggest "wish I had a faster CPU" need has been video encoding, however recently the encoder I use switched to using the GPU for encoding and the speed improved dramatically, so even that need has declined.
Building faster processors is extremely expensive, so demand has to be a key concern for manufacturers. I still think there's plenty of demand for faster processors, and I'm sure we'll continue to see lots of innovation, but the issue doesn't seem to be as pressing as it was 10 years ago.