Let's parse out the major headwinds for the open Internet. The first one is the deprecation of cookies and how this will affect identity. Which other issues do you see as major headwinds for the open Internet?

One major headwind is going to be generative AI, which might not be immediately obvious, but I can explain. A vendor like The Trade Desk relies heavily on traffic from the open Internet. Without traffic, their business suffers. Much of this traffic comes from distribution through search engines, primarily Google search. Here's how it works. A user goes to uses Google search and they find a link to the New York Times. They'll go to the New York Times to read up on a news item. But with generative AI, that's not the case anymore. For every 10 searches in traditional search, in generative AI search, you only have one. The traffic loss will be massive. There are different estimates as to how much traffic loss there will be for independent vendors and how much business they will lose, the estimates are anywhere between 40% and 80%. It will have a massive impact on the amount of traffic that you see on the open Internet. By extension, that will affect the business of adtech vendors. That won't happen next year, but it's going to happen eventually.