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I've noticed some similar trends in my department. Resources seem tighter, and approvals for new ventures are taking significantly longer. It's definitely a different atmosphere than even six months ago. While I haven't heard of outright project cancellations, the emphasis has definitely shifted to 'maintain and optimize' rather than 'expand and innovate.' Hopefully, it's just a typical market adjustment, but the lack of clear communication is unsettling for sure.
Interesting to hear others are feeling this too. My team's been told to focus on hitting existing targets and not to propose anything too ambitious until Q3 at the earliest. The hiring freeze is also very real; we had an open req for weeks that just got closed without explanation. It's making it hard to plan for future growth, and honestly, it's a bit frustrating to feel like you're running in place.