“The singularity is supposed to begin shortly after engineers build the first computer with greater-than-human intelligence. That achievement will trigger a series of cycles in which superintelligent machines beget even smarter machine progeny, going from generation to generation in weeks or days rather than decades or years. The availability of all that cheap, mass-produced brilliance will spark explosive economic growth, an unending, hypersonic, technoindustrial rampage that by comparison will make the Industrial Revolution look like a bingo game.” – http://spectrum.ieee.org/jun08/6311
IEEE Online Spectrum has a special report on the Singularity. This is an idea promoted by science fiction writer and futurists. It does also contain some parts of likelihood. This is a very good series of articles that I recommend reading. http://spectrum.ieee.org/singularity.