Anyone else feeling the pressure on contractor hours?

Been working as a contractor for Equinix in one of their data center engineering teams for a while now. It's been pretty steady work until the last quarter. Suddenly, my hours have been significantly cut, and a couple of other contractors on my team have been let go with little explanation. Management keeps saying it's 'budget realignments' and 'project reprioritization,' but it feels a bit abrupt. We're still seeing new builds and expansions, so it's not like the company isn't growing. Just feels odd that the contractor workforce is the first place things seem to tighten up. Anyone else in similar contract roles seeing this, or is it just us? Wondering if this is a sign of broader changes coming down the pipeline.