The news: Walmart and The Trade Desk (TTD) have ended their four-year, exclusive deal requiring advertisers using Walmart shopper data to buy through its DSP. The deal has been quietly revised, per multiple reports, ending exclusivity and allowing Walmart to use other ad-buying platforms. Walmart ended the partnership to invest in markets where TTD doesn’t currently operate, sources familiar with the matter told EMARKETER.

TTD noted that Q2 saw record spending influenced by retail data on both its platform and Walmart’s DSP, adding that both companies remain “fully committed” to the partnership.

Why it matters: Losing any portion of Walmart’s $4.4 billion retail media business would hurt TTD, whose access to Walmart’s data and scale has made it a leading independent alternative to Amazon and Google in programmatic ad buying, especially in streaming TV.

The renegotiation comes as TTD’s stock has dropped over 50% this year, including 35% last week after forecasting slower growth.

Zooming out: Amazon has recently intensified competition by cutting fees on its ad-buying tool to 1%, versus the double-digit rates Walmart advertisers pay to use TTD’s platform, per The Information.