Yep. DOD spending is likely to shift, but not be reduced. The major firms are probably going to see some contracts cut or tougher competition from the likes of Anduril in certain domains.
DOD spending in IT-related efforts may also shift, Palantir will be a major contender here.
Here's the budgetary outlook: You'll notice that defense spending is projected to have a slight increase in real terms, or a slight (0.1%) decrease in terms of fraction of GDP.
https://www.cbo.gov/publication/61172