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Yeah, I'm seeing similar. Not SRE, but in a related engineering org. The "standard Q3 slowdown" line is classic management speak, I've heard it at two other companies before major restructuring. Start polishing the resume, quietly. Maybe reach out to your network, just to get a feel for what's out there. Better to be prepared than blindsided, especially after being there for four years – you've earned some goodwill.
Honestly, chill out a bit. Tech goes through cycles. Remember the insane boom of 2021/2022? That wasn't sustainable either. Datadog is still a solid company with a strong product. Headcount freezes are common when they want to rein in spending and focus on efficiency. Unless you see actual layoffs happening, I wouldn't panic just yet. Focus on your work and making yourself indispensable. Q3 *is* typically slower.