That is the literal definition on the first three Google hits I found. Wikipedia, referencing his original paper: "The observation is named after Gordon Moore

That is the literal definition on the first three Google hits I found. Wikipedia, referencing his original paper: "The observation is named after Gordon Moore, the co-founder of Fairchild Semiconductor and Intel and former CEO of the latter, who in 1965 noted that the number of components per integrated circuit had been doubling every year,[a] 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, a compound annual growth rate (CAGR) of 41%. Moore's empirical evidence did not directly imply that the historical trend would continue, nevertheless, his prediction has held since 1975 and has since become known as a law.