If I fed a machine the data "A", "B", "C", "+", "=" and "2" then told it to spit out every possible combination it would eventually "discover" the Pythagorean theorem. It doesn't mean that it comprehends trigonometry or even basic arithmetic. I don't know what the Eureka machine is doing but it's nothing outside the capabilities specifically designed by the scientists.
I'm not saying it isn't possible to discover the "Intelligence equation" but its implementation would require much more than pattern recognition. I'd be interested in seeing which results were disregarded and why (nonsense maybe?). What would happen if we fed it data that had no logical coherence whatsoever? What about data on many different subjects? Could it differentiate between them? Or would it instead try to find a pattern than doesn't exist?
On a side note, I dislike how loosely singularity is used these days... but you might be interested in the Omega point, it seems to run along the same thought.