If you're going strictly on number of transistors, I think we're still going up up and away. If you're talking about performance, which is what most folks really care about, we really are hitting thermal limits especially with consumer hardware.

AMD, Nvidia and intel are all hitting the 'heat wall' with their hardware just trying to cram more into smaller nodes and boost clocks. Nvidia's 4000 series cards are rumored to be 500W cards which is well into 'space heater' territory.