The document summarizes challenges in continuing to improve single-processor performance and introduces multicore architectures as a solution. It discusses how the conventional wisdom in computer architecture has changed, noting issues like the power wall, memory wall, and limitations to extracting more instruction level parallelism (ILP). To overcome these challenges, architectures are moving to multiple cores per chip to improve parallelism and efficiency. Caches are area- and power-intensive, so multiple cores running at lower voltage and frequency can increase throughput while reducing power.