Moore's law (/mɔərz.ˈlɔː/) is the observation that the number of transistors in a dense integrated circuit doubles approximately every two years. The observation is named after Gordon Moore, the co-founder of Fairchild Semiconductor and Intel, whose 1965 paper described a doubling every year in the number of components per integrated circuit, and projected this rate of growth would continue for at least another decade. In 1975, looking forward to the next decade, he revised the forecast to doubling every two years. The period is often quoted as 18 months because of Intel executive David House, who predicted that chip performance would double every 18 months (being a combination of the effect of more transistors and the transistors being faster).