Translation: Corporate America wants to be able to mine Americans’ data, but fears business will be hurt when the government uses it for intelligence purposes.

In fact, behind the speech lies a struggle Mr. Obama nodded at but never addressed head on. It pits corporations that view themselves as the core of America’s soft power around the world — the country’s economic driver and the guardians of its innovative edge — against an intelligence community 100,000 strong that regards its ability to peer into any corner of the digital world, and manipulate it if necessary, as crucial to the country’s security.

In public, the coalition was polite if unenthusiastic about the president’s speech. His proposals, the companies said in a statement, “represent positive progress on key issues,” even while “crucial details remain to be addressed on these issues, and additional steps are needed on other important issues.”

But in the online chat rooms that users and employees of those services inhabit each day, the president’s words were mocked. “If they really cared about the security of US infrastructure, they’d divulge the vulnerabilities they found or bought from the black market that exploit the security of these systems, so those systems can be fixed, and no one else can exploit them with these exploits,” wrote a user called “higherpurpose” on Hacker News.

“Instead they keep them for themselves so they can exploit them,” the user wrote.

In an interview, a senior administration official acknowledged that the administration had weighed what the president could say in public about the delicate problems of encryption, or the N.S.A.’s use of “zero day” flaws in software, the name for security holes that have never been seen before. It is a subject the intelligence agencies have refused to discuss in public, and Mr. Obama determined that it was both too secret, and too fluid, to discuss in the speech, officials said.

In response to questions, the White House said the president had asked his special assistant for cybersecurity, Michael Daniel, and the president’s office of science and technology policy to study a recent advisory panel’s recommendation that the government get out of the business of corrupting the encryption systems created by American companies.

It will not be an easy task. One of the recent disclosures, first reported by Reuters, indicated that the N.S.A. paid millions of dollars to RSA, a major encryption firm, to incorporate a deliberately weakened algorithm into some of its products, giving the government a “back door” to read whatever it wanted. But when the advisory panel concluded that the United States should not “in any way subvert, weaken or make vulnerable generally available commercial software,” the intelligence agencies protested.