Judging from the way the technology industry hypes itself, tech has a bright future, and always will. This week is a different matter.

On Monday IBM reported a 21 percent profit decline. Intel came out with lower than expected earnings on Tuesday, along with word that it would lay off 12,000 people. That same day Yahoo, which is trying to sell core parts of itself, reported declining revenue and cash flow.

Then on Thursday, Microsoft said its most recent quarter resulted in slightly lower revenue and sharply lower net income. Alphabet, the parent of Google, reported increased revenue and profit, but still disappointed Wall Street by earning less than expected. Google’s own transition to selling cloud services has moved slowly.

It might seem O.K. to sneer at the companies that increasingly run much of our lives, but a deeper reading of the reports shows an industry in transition, and perhaps getting ready to get even bigger.