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Do you believe that the only way for The Trade Desk to maintain the current take rates is by affecting the economics of other parties in the programmatic ecosystem?

Absolutely, yes. OpenPath is a real-life example. If I were Magnite or PubMatic today, I'd be upset. From a dollar, 10% to 15% would typically go to PubMatic or Magnite to facilitate deals. If OpenPath is facilitating the deal now, who takes that 10% to 15%?

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