Where is the IT industry going?

I am not sure what to think of the IT industry anymore. I once thought of it as a thriving live organism that would could never be beaten. But, with one quick slash, it has been all but brought to its knees. Sometimes I think, maybe I should stick with my original plan, Architecture. What do you all think? Will the Computer Industry build itself back up to the proportions it once was a few years ago? Do you think the all Mighty MS can help build it back up again, or is this a chance for brother Bill to make his stand and beat everyone out?