Google (GOOG) 2023 Q2 法說會逐字稿

Welcome, everyone. Thank you for standing by for the Alphabet Second Quarter 2023 Earnings Conference Call.

歡迎大家。感謝您耐心等待 Alphabet 2023 年第二季度收益電話會議。

(Operator Instructions)

（操作員說明）

I would now like to hand the conference over to your speaker today, Jim Friedland, Director of Investor Relations. Please go ahead.

現在我想將會議交給今天的發言者、投資者關係總監吉姆·弗里德蘭 (Jim Friedland)。請繼續。

Thank you. Good afternoon, everyone, and welcome to Alphabet's Second Quarter 2023 Earnings Conference Call. With us today are Sundar Pichai, Philipp Schindler and Ruth Porat. Now I'll quickly cover the safe harbor.

謝謝。大家下午好，歡迎參加 Alphabet 2023 年第二季度收益電話會議。今天與我們在一起的有桑達爾·皮查伊 (Sundar Pichai)、菲利普·辛德勒 (Philipp Schindler) 和露絲·波拉特 (Ruth Porat)。現在我將快速覆蓋安全港。

Some of the statements that we make today regarding our business, operations and financial performance may be considered forward-looking, and such statements involve a number of risks and uncertainties that could cause actual results to differ materially. For more information, please refer to the risk factors discussed in our most recent Form 10-K filed with the SEC.

我們今天做出的有關我們的業務、運營和財務業績的一些聲明可能被認為是前瞻性的，並且此類聲明涉及許多風險和不確定性，可能導致實際結果存在重大差異。欲了解更多信息，請參閱我們最近向 SEC 提交的 10-K 表格中討論的風險因素。

During this call, we will present both GAAP and non-GAAP financial measures. A reconciliation of non-GAAP to GAAP measures is included in today's earnings press release, which is distributed and available to the public through our Investor Relations website located at abc.xyz/investor. Our comments will be on year-over-year comparisons unless we state otherwise.

在本次電話會議中，我們將介紹 GAAP 和非 GAAP 財務指標。今天的收益新聞稿中包含了非公認會計準則與公認會計準則衡量標準的對賬，該新聞稿通過我們的投資者關係網站（abc.xyz/investor）向公眾分發和提供。除非另有說明，我們的評論將針對同比比較。

And now I'll turn the call over to Sundar.

現在我將把電話轉給桑達爾。

Thank you, Jim, and hello, everyone. We are holding our call from London today. It's an important hub for us, and I'm excited to spend time with our local teams, including Google DeepMind as well as leaders and partners from across the region.

謝謝吉姆，大家好。我們今天在倫敦舉行電話會議。它對我們來說是一個重要的中心，我很高興能與我們的當地團隊共度時光，包括 Google DeepMind 以及來自該地區的領導者和合作夥伴。

This quarter, we shared great progress at I/O, Brandcast and Google Marketing Live, and we are looking forward to Cloud Next in August. The momentum across the company drove our results this quarter. We delivered solid performance in Search and YouTube and ongoing strong growth in Cloud, where we remain focused on long-term value creation. And we continue our important work to operate more efficiently, creating durable savings to fund investments in our biggest priorities.

本季度，我們在 I/O、Brandcast 和 Google Marketing Live 上分享了巨大的進展，我們期待 8 月份的 Cloud Next。全公司的發展勢頭推動了我們本季度的業績。我們在搜索和 YouTube 領域取得了穩健的業績，並在雲領域持續強勁增長，我們仍然專注於長期價值創造。我們將繼續開展重要工作，以提高運營效率，創造持久的儲蓄，為我們最重要的優先事項的投資提供資金。

Today, I'll talk about this momentum, including our continued leadership in AI and our excitement about the evolution of Search. At I/O, we shared how we are making AI helpful for everyone in 4 important ways: first, improving knowledge and learning. This is our seventh year as an AI-first company, and we intuitively know how to incorporate AI into our products. Large language models make them even more helpful models like PaLM 2 and soon Gemini, which we are building to be multimodal. These advances provide an opportunity to reimagine many of our products, including our most important product, Search. We are in a period of incredible innovation for Search, which has continuously evolved over the years.

今天，我將談論這一勢頭，包括我們在人工智能領域的持續領先地位以及我們對搜索發展的興奮。在 I/O 大會上，我們分享瞭如何通過 4 個重要方式讓人工智能為每個人提供幫助：第一，提高知識和學習能力。這是我們作為人工智能優先公司的第七個年頭，我們直觀地知道如何將人工智能融入到我們的產品中。大型語言模型使它們變得更加有用，例如 PaLM 2 和即將推出的 Gemini，我們正在將其構建為多模態。這些進步為我們提供了重新構想許多產品的機會，包括我們最重要的產品搜索。我們正處於搜索技術令人難以置信的創新時期，多年來搜索技術不斷發展。

This quarter saw our next major evolution with the launch of the Search Generative Experience, or SGE, which uses the power of generative AI to make Search even more natural and intuitive. User feedback has been very positive so far. It can better answer the queries people come to us with today, while also unlocking entirely new types of questions that Search can answer.

本季度，我們推出了搜索生成體驗 (SGE)，這是我們的下一個重大發展，它利用生成式 AI 的力量使搜索更加自然和直觀。到目前為止，用戶的反饋非常積極。它可以更好地回答人們今天向我們提出的問題，同時還解鎖搜索可以回答的全新類型的問題。

For example, we found that generative AI can connect the dots for people as they explore a topic or project, helping them weigh multiple factors and personal preferences before making a purchase or booking a trip. We see this new experience as another jumping off point for exploring the web, enabling users to go deeper to learn about a topic.

例如，我們發現生成式人工智能可以在人們探索某個主題或項目時將各個點聯繫起來，幫助他們在購買或預訂旅行之前權衡多種因素和個人偏好。我們將這種新體驗視為探索網絡的另一個起點，使用戶能夠更深入地了解某個主題。

I'm proud of the engineering excellence underlying our progress. Since the May launch, we've boosted serving efficiency, reducing the time it takes to generate AI snapshots by half. We'll deliver even faster responses over time. We are engaging with the broader ecosystem and will continue to prioritize approaches that send valuable traffic and support a healthy open web.

我為我們進步背後的卓越工程技術感到自豪。自 5 月份推出以來，我們提高了服務效率，將生成 AI 快照所需的時間減少了一半。隨著時間的推移，我們將提供更快的響應。我們正在參與更廣泛的生態系統，並將繼續優先考慮發送有價值流量和支持健康開放網絡的方法。

Ads will continue to play an important role in this new search experience. Many of these new queries are inherently commercial in nature. We have more than 20 years of experience serving ads relevant to users' commercial queries, and SGE enhances our ability to do this even better. We are testing and evolving placements and formats and giving advertisers tools to take advantage of generative AI. Philipp will talk more about how we are using generative AI in our ads products to better serve both advertisers and users.

廣告將繼續在這種新的搜索體驗中發揮重要作用。許多這些新查詢本質上都是商業性的。我們在投放與用戶商業查詢相關的廣告方面擁有 20 多年的經驗，SGE 增強了我們更好地做到這一點的能力。我們正在測試和改進展示位置和格式，並為廣告商提供利用生成式人工智能的工具。 Philipp 將更多地談論我們如何在廣告產品中使用生成式人工智能來更好地服務廣告商和用戶。

Second, we are helping people use AI to boost their creativity and productivity. One example is Bard, our experiment in conversational AI. Since launching in March, it continues to get better. We rolled out a number of exciting features and capabilities earlier this month. Bard is now available in most of the world and over 40 of the most widely spoken languages.

其次，我們正在幫助人們利用人工智能來提高創造力和生產力。 Bard 就是一個例子，這是我們在對話式人工智能方面的實驗。自三月份推出以來，情況持續好轉。本月早些時候，我們推出了許多令人興奮的特性和功能。 Bard 現已在世界大部分地區和 40 多種最廣泛使用的語言中使用。

We also added Google Lens capabilities so you can take an image and ask all kinds of questions, turn it into code and more. This new feature has been really popular, and it's been great to see people sharing their experiences. Bard can now read its responses aloud, and you can adjust them for tone and style. We continue to see great interest in using Bard for coding tasks.

我們還添加了 Google Lens 功能，這樣您就可以拍攝圖像並提出各種問題，將其轉換為代碼等等。這個新功能非常受歡迎，很高興看到人們分享他們的經驗。 Bard 現在可以大聲朗讀其響應，並且您可以調整它們的語氣和風格。我們繼續看到人們對使用 Bard 進行編碼任務表現出極大的興趣。

On productivity, earlier this year, we introduced Duet AI in both Google Cloud and Workspace. It helps people collaborate with AI to code, write and get better insights from data and more. Today, more than 750,000 Workspace users have access to the new features in preview.

在生產力方面，今年早些時候，我們在 Google Cloud 和 Workspace 中引入了 Duet AI。它幫助人們與人工智能協作編碼、編寫並從數據等中獲得更好的見解。如今，超過 750,000 名 Workspace 用戶可以使用預覽版的新功能。

Third, we are making it easier for others to innovate using AI. One way is by providing Google Cloud's high-performance infrastructure, optimized for a range of generative AI models. It's being used by thousands of customers and partners to transform their businesses. I'll give an update on the cloud business in just a moment.

第三，我們正在讓其他人更容易利用人工智能進行創新。一種方法是提供 Google Cloud 的高性能基礎設施，並針對一系列生成式 AI 模型進行了優化。成千上萬的客戶和合作夥伴正在使用它來實現業務轉型。我稍後會介紹雲業務的最新情況。

Finally, we are making sure we develop and deploy AI technology responsibly so that everyone can benefit. Last week, we signed on to joint commitments with other leading AI companies at the White House, building on the principles that have guided our work for many years. To take advantage of the AI opportunities ahead, we have been sharpening our focus as a company, investing responsibly with great discipline and finding areas where we can operate more cost effectively. We have made good progress in data center machine efficiency, which will pay dividends as we continue to invest in AI.

最後，我們確保以負責任的方式開發和部署人工智能技術，以便每個人都能受益。上週，我們在多年來指導我們工作的原則的基礎上，在白宮與其他領先的人工智能公司簽署了聯合承諾。為了充分利用未來的人工智能機遇，我們作為一家公司一直在加強我們的重點，以嚴格的紀律進行負責任的投資，並尋找可以更有效地運營的領域。我們在數據中心機器效率方面取得了良好進展，隨著我們繼續投資人工智能，這將帶來紅利。

We continue to slow our expense growth and pace of hiring and ensure our teams are aligned to our highest priorities. This quarter, we reallocated a number of teams, including aligning Waze's ad sales with our existing business organization. We are combining various engineering efforts across core infrastructure and cloud. Products like Bard and SGE are being built by small fast-moving teams that have been reallocated to these high-priority efforts. Overall, we are actively moving people to higher priority activities within the company, and we continue to optimize our real estate footprint for current and future needs.

我們繼續減緩開支增長和招聘速度，並確保我們的團隊與我們的最高優先事項保持一致。本季度，我們重新分配了多個團隊，包括調整 Waze 的廣告銷售與我們現有的業務組織。我們正在結合核心基礎設施和雲的各種工程工作。 Bard 和 SGE 等產品是由快速行動的小型團隊構建的，這些團隊已被重新分配給這些高優先級的工作。總體而言，我們正在積極將人員轉移到公司內更優先的活動中，並繼續優化我們的房地產佈局以滿足當前和未來的需求。

Next, Google Cloud. We see continued growth with Q2 revenue of $8 billion, up 28%, and operating profit of $395 million. Our AI-optimized infrastructure is a leading platform for training and serving generative AI models. More than 70% of gen AI unicorns are Google Cloud customers, including Cohere, Jasper, Typeface and many more. We provide the widest choice of AI supercomputer options with Google TPUs and advanced NVIDIA GPUs, and recently launched new A3 AI supercomputers powered by NVIDIA's H100. This enables customers like AppLovin to achieve nearly 2x better price performance than industry alternatives.

接下來是谷歌云。我們預計第二季度收入將持續增長 80 億美元，增長 28%，營業利潤達 3.95 億美元。我們的人工智能優化基礎設施是訓練和服務生成人工智能模型的領先平台。超過 70% 的新一代 AI 獨角獸公司都是 Google Cloud 客戶，包括 Cohere、Jasper、Typeface 等。我們通過 Google TPU 和先進的 NVIDIA GPU 提供最廣泛的 AI 超級計算機選項，並於最近推出了由 NVIDIA H100 提供支持的新型 A3 AI 超級計算機。這使得 AppLovin 等客戶的性價比比行業替代品高出近 2 倍。

Our new generative AI offerings are expanding our total addressable market and winning new customers. We are seeing strong demand for the more than 80 models, including third-party and popular open source in our Vertex, Search and Conversational AI platforms with a number of customers growing more than 15x from April to June. Among them, Priceline is improving trip planning capabilities. Carrefour is creating full marketing campaigns in a matter of minutes. And Capgemini is building hundreds of use cases to streamline time-consuming business processes.

我們新的生成式人工智能產品正在擴大我們的總體目標市場並贏得新客戶。我們看到對 80 多個模型的強勁需求，包括我們的 Vertex、搜索和對話式 AI 平台中的第三方和流行的開源模型，從 4 月到 6 月，客戶數量增長了 15 倍以上。其中，Priceline正在提升行程規劃能力。家樂福只需幾分鐘即可創建完整的營銷活動。凱捷正在構建數百個用例來簡化耗時的業務流程。

Our new Anti-Money Laundering AI helps banks like HSBC identify financial crime risk. And our new AI-powered target and lead identification suite is being applied at Cerevel to help enable drug discovery. Our generative AI capabilities also give us an opportunity to win new customers and upsell into our installed base of 9 million paying Google Workspace customers. I mentioned Duet AI earlier. Instacart is using it to improve customer service workflows. And companies like Xtend are scaling sales outreach and optimizing customer service. Customers confidently choose Workspace because of the safety and security we provide their distributed workforces.

我們新的反洗錢人工智能可以幫助匯豐銀行等銀行識別金融犯罪風險。我們新的人工智能驅動的靶點和先導物識別套件正在 Cerevel 得到應用，以幫助實現藥物發現。我們的生成式 AI 功能還使我們有機會贏得新客戶並向我們的 900 萬付費 Google Workspace 客戶群進行追加銷售。我之前提到過 Duet AI。 Instacart 正在使用它來改進客戶服務工作流程。像 Xtend 這樣的公司正在擴大銷售範圍並優化客戶服務。客戶之所以自信地選擇 Workspace，是因為我們為他們的分佈式勞動力提供了安全保障。

Our AI capabilities are helping us differentiate core products like cybersecurity. We have integrated AI throughout our portfolio, winning organizations like Pfizer who are using Google Cloud to transform their security operations. Chronicle security operations suite with Mandiant fully integrated is helping customers stay protected at every stage of the security life cycle.

我們的人工智能能力正在幫助我們區分網絡安全等核心產品。我們將人工智能集成到我們的產品組合中，贏得了像輝瑞這樣使用 Google Cloud 來轉變其安全運營的組織。 Chronicle 安全運營套件與 Mandiant 完全集成，可幫助客戶在安全生命週期的每個階段都受到保護。

In the first half of 2023, we saw a 35% increase in incident response engagements compared to the same period last year.

2023 年上半年，我們的事件響應參與度與去年同期相比增加了 35%。

Finally, our AI capabilities are also expanding our partner ecosystem with hundreds of ISVs and SaaS providers, such as Box, Salesforce and Snorkel and the world's largest consulting firms like Accenture and Deloitte. They've collectively committed to train more than 150,000 people on Google Cloud generative AI.

最後，我們的人工智能能力還擴大了我們的合作夥伴生態系統，與數百家 ISV 和 SaaS 提供商（例如 Box、Salesforce 和 Snorkel）以及全球最大的諮詢公司（例如埃森哲和德勤）合作。他們共同致力於對超過 150,000 人進行 Google Cloud 生成式 AI 培訓。

Turning next to YouTube. Earlier this year, we shared that revenues across YouTube products were nearly $40 billion for the 12 months ending in March. I'm really pleased with how YouTube is growing audiences and driving increased engagement. YouTube Shorts are now watched by over 2 billion logged-in users every month, up from 1.5 billion just 1 year ago. The living room remained our fastest-growing screen in 2022 in terms of watch time. We are reaching more than 150 million people on connected TV screens in the U.S. and seeing growth in momentum internationally.

轉向 YouTube 旁邊。今年早些時候，我們曾分享過截至 3 月份的 12 個月內 YouTube 產品的收入接近 400 億美元。我對 YouTube 如何吸引觀眾並提高參與度感到非常滿意。現在，每月有超過 20 億登錄用戶觀看 YouTube Shorts，而一年前這一數字為 15 億。就觀看時長而言，客廳仍然是 2022 年增長最快的屏幕。我們在美國的聯網電視屏幕上覆蓋了超過 1.5 億人，並且在國際上看到了增長勢頭。

And on Subscriptions, there is good growth. Late last year, we announced over 80 million YouTube Music and Premium subscribers. Sign-ups for NFL Sunday Ticket kicked off in April, and we look forward to hosting our first football season on YouTube this fall.

在訂閱方面，也有良好的增長。去年年底，我們宣布 YouTube Music 和 Premium 訂閱者超過 8000 萬。 NFL Sunday Ticket 的報名已於 4 月開始，我們期待今年秋天在 YouTube 上舉辦我們的第一個橄欖球賽季。

Finally, hardware and Android. Pixel continues to have strong sales momentum. We introduced new Pixel devices at I/O, including Pixel Fold, Pixel Tablet and Pixel 7a, and we've had a great response. Android 14, our latest OS, will incorporate our advances in generative AI to personalize Android phones. The Pixel and Android teams are working together to advance the latest devices. The Pixel Fold is a great example with its many hardware and software innovations.

最後是硬件和Android。 Pixel 繼續保持強勁的銷售勢頭。我們在 I/O 大會上推出了新的 Pixel 設備，包括 Pixel Fold、Pixel Tablet 和 Pixel 7a，並獲得了熱烈反響。我們最新的操作系統 Android 14 將融入我們在生成式 AI 方面的進步，以個性化 Android 手機。 Pixel 和 Android 團隊正在共同努力開發最新設備。 Pixel Fold 就是一個很好的例子，它擁有許多硬件和軟件創新。

Before I close, you may have seen that we just announced some exciting news that Ruth is taking on the important new role of President and Chief Investment Officer. As our longest-serving CFO, she has helped guide the company through an amazing period of growth, a global pandemic and the ongoing economic uncertainty that has followed. I'm excited to continue to work with Ruth, who will lead our 2024 planning and remain as CFO while we do a full search for a successor. So it's business as usual now and no change in approach for the future. I look forward to seeing the impact Ruth will have in our new role, driving our investments, engaging with our stakeholders and creating opportunities for people and communities everywhere.

在我結束之前，您可能已經看到我們剛剛宣布了一些令人興奮的消息，露絲將擔任總裁兼首席投資官這一重要的新角色。作為我們任職時間最長的首席財務官，她幫助引導公司度過了一段驚人的增長時期、全球大流行以及隨之而來的持續的經濟不確定性。我很高興繼續與 Ruth 合作，她將領導我們的 2024 年規劃，並在我們全面尋找繼任者期間繼續擔任首席財務官。所以現在一切照舊，未來的做法不會改變。我期待看到露絲在我們的新角色中所產生的影響，推動我們的投資，與我們的利益相關者互動，並為世界各地的人們和社區創造機會。

To close, I'm energized by the pace of innovation and the momentum across the company with 15 products that each serve 0.5 billion people and 6 that serve over 2 billion each, we have so many opportunities to deliver on our mission.

最後，我對整個公司的創新步伐和勢頭感到鼓舞，其中 15 種產品分別為 5 億人服務，6 種產品分別為超過 20 億人服務，我們有很多機會來實現我們的使命。

Thank you to our employees around the world for their great work this quarter. Over to you, Philipp.

感謝我們世界各地的員工本季度所做的出色工作。交給你了，菲利普。

Thanks, Sundar, and hello, everyone. Happy to be here with you all today. Let's jump right into our performance for the quarter.

謝謝桑達爾，大家好。很高興今天能和大家在一起。讓我們直接進入本季度的業績。

Google Services revenues of $66 billion were up 5% year-on-year. In Google Advertising, Search and Other revenues grew 5% year-on-year, led by solid growth in the retail vertical. In YouTube ads, revenues were up 4% year-on-year, driven by growth in brand, followed by direct response, reflecting further stabilization in advertiser spend. In network, revenues declined 5% year-on-year. Google other revenues were up 24% year-on-year, led by strong growth in YouTube subscriptions revenues.

谷歌服務收入達 660 億美元，同比增長 5%。在零售垂直領域的穩健增長帶動下，谷歌廣告、搜索和其他收入同比增長 5%。在 YouTube 廣告方面，受品牌增長和直接反應的推動，收入同比增長 4%，反映出廣告商支出進一步穩定。網絡方面，收入同比下降5%。在 YouTube 訂閱收入強勁增長的帶動下，谷歌其他收入同比增長 24%。

Let's now take a few minutes to cover our 3 key priority areas. Google AI, Retail and YouTube, which I've laid out in prior quarters as clear opportunities for long-term advertising growth. I'll then turn it over to Ruth for more details on our financial performance.

現在讓我們花幾分鐘時間來討論我們的 3 個關鍵優先領域。谷歌人工智能、零售業和 YouTube，我在前幾個季度將其視為長期廣告增長的明顯機會。然後我會將其交給露絲，了解有關我們財務業績的更多詳細信息。

Q2 was a big quarter for Google AI and our ads products. I/O, GML and Brandcast were a testament to our deep commitment to building cutting-edge tools and solutions that help businesses navigate complexity in real time and deliver the results they need, all while improving the experience for users.

對於 Google AI 和我們的廣告產品來說，第二季度是一個重要的季度。 I/O、GML 和 Brandcast 證明了我們對構建尖端工具和解決方案的堅定承諾，幫助企業實時應對複雜性並提供所需的結果，同時改善用戶體驗。

Sundar covered some of these innovations. I'll share more. It's worth reiterating that while generative AI is now supercharging new and existing ads products with tons of potential ahead, AI has been at the core of our ads business for years. In fact, today, nearly 80% of advertisers already use at least one AI-powered search ads product.

Sundar 介紹了其中一些創新。我會分享更多。值得重申的是，雖然生成式人工智能現在正在為新的和現有的廣告產品提供巨大的潛力，但多年來人工智能一直是我們廣告業務的核心。事實上，如今，近 80% 的廣告商已經使用至少一種人工智能驅動的搜索廣告產品。

Our approach to AI and ads remains grounded in understanding what drives real value for businesses right now and what's most helpful for users. Advertisers tell us they're looking for more assistive experience to get set up with us faster. So at GML, we launched a new conversational experience in Google Ads powered by a LLM tuned specifically from ads data to make campaign construction easier than ever. Advertisers also tell us they want help creating high-quality ads that work in an instant. So we're rolling out a revamped asset creation flow in Performance Max that helps customers adapt and scale their most successful creative concepts in a few clicks.

我們的人工智能和廣告方法仍然立足於了解目前為企業帶來真正價值的因素以及對用戶最有幫助的因素。廣告商告訴我們，他們正在尋找更多的輔助體驗，以便更快地與我們建立聯繫。因此，在 GML，我們在 Google Ads 中推出了一種新的對話體驗，該體驗由專門根據廣告數據進行調整的法學碩士提供支持，使廣告系列的構建比以往任何時候都更加容易。廣告商還告訴我們，他們希望獲得幫助來製作即時生效的高質量廣告。因此，我們在效果最大化廣告系列中推出了改進的資產創建流程，幫助客戶只需點擊幾下鼠標即可調整和擴展他們最成功的創意概念。

And there's even more with PMax. We launched a new asset insights and new search term insights that improve campaign performance understanding and new customer life cycle goals that led advertisers optimize for new and existing customers while maximizing sales.

PMax 還提供更多功能。我們推出了新的資產洞察和新的搜索詞洞察，可提高對營銷活動績效的理解和新的客戶生命週期目標，引導廣告商針對新客戶和現有客戶進行優化，同時最大限度地提高銷售額。

We've long said it's all about reaching the right customer with the right creative at the right time. So later this year, Automatically Created Assets, which are already generating headlines and descriptions for search ads, will start using generative AI to create assets that are even more relevant to customer queries.

我們一直在說，一切都是為了在正確的時間以正確的創意吸引正確的客戶。因此，今年晚些時候，已經為搜索廣告生成標題和描述的自動創建資產將開始使用生成式人工智能來創建與客戶查詢更相關的資產。

Broad match also got updates. AI-based keyword prioritization ensures the right keyword, bid, budget, creative and landing page is chosen when there are multiple overlapping keywords eligible. And then to make it easier for advertisers to optimize visual storytelling and drive consideration in the mid funnel, we're launching 2 new AI-powered ad solutions, Demand Gen and Video View campaigns, and both will include Shorts inventory.

廣泛匹配也得到了更新。基於人工智能的關鍵字優先級可確保在有多個重疊關鍵字符合條件時選擇正確的關鍵字、出價、預算、創意和著陸頁。然後，為了讓廣告商更輕鬆地優化視覺敘事並提高渠道中部的考慮度，我們將推出 2 個新的 AI 驅動的廣告解決方案：Demand Gen 和 Video View 廣告系列，兩者都將包含 Shorts 廣告資源。

Sundar talked earlier about SGE and our early experiments with new ad formats. We're in active conversations with advertisers, publishers and partners to get their input on how to make these solutions work best for them and are excited to test and evolve this experience as we learn more.

Sundar 早些時候談到了 SGE 以及我們對新廣告格式的早期實驗。我們正在與廣告商、出版商和合作夥伴進行積極對話，以了解他們對如何使這些解決方案最適合他們的意見，並且隨著我們了解更多信息，我們很高興能夠測試和發展這種體驗。

Let's pivot to retail, where we had a good quarter. Profitability remains a top theme for retailers, so solutions like PMax that drive bottom line value continue to do well. We also continue to see success in helping businesses unlock efficient growth and deliver on their omnichannel goals.

讓我們轉向零售業，我們在零售業度過了一個不錯的季度。盈利能力仍然是零售商的首要主題，因此 PMax 等推動底線價值的解決方案繼續表現良好。我們還繼續在幫助企業實現高效增長和實現全渠道目標方面取得成功。

Take Ace Hardware, who tapped into AI-powered Search and Omni bidding to capture increased seasonal demand leading up to Memorial Day. This drove increases across online sales, store visits and in-store sales, resulting in 87% year-over-year growth in Omni revenue from Google Ads and led to one of the largest revenue weeks ever for Ace store owners.

以 Ace Hardware 為例，該公司利用人工智能驅動的搜索和全方位出價來捕捉陣亡將士紀念日之前不斷增長的季節性需求。這推動了在線銷售、實體店客流量和店內銷售的增長，導致 Google Ads 帶來的 Omni 收入同比增長 87%，並為 Ace 店主創造了有史以來收入最高的周之一。

Q2 also brought innovation on the consumer and merchant front. We've rolled out a new gen AI-powered virtual try-on tool that brings the fitting room experience online. Shoppers can try on women's tops across a wide array of models from brands like Anthropologie, Everlane, H&M and Loft. Rich, visual, engaging content is a win-win for both consumers and merchants. In fact, product offers with more than one image see a 76% average increase in impressions and a 32% increase in clicks.

第二季度還帶來了消費者和商家方面的創新。我們推出了新一代人工智能驅動的虛擬試穿工具，可實現在線試衣間體驗。購物者可以試穿 Anthropologie、Everlane、H&M 和 Loft 等品牌的各種款式的女式上衣。豐富、視覺化、引人入勝的內容對於消費者和商家來說是雙贏的。事實上，包含不止一張圖片的產品展示次數平均增加 76%，點擊次數平均增加 32%。

Our new product studio uses gen AI to help retailers create tailored eye-catching imagery for free, and we are working towards optimizing for performance. We think this will be a game changer, especially for SMBs who can now create high-quality images to use both across Google and their own sites without spending a lot of time or money.

我們的新產品工作室使用 gen AI 幫助零售商免費創建引人注目的定製圖像，我們正在努力優化性能。我們認為這將改變遊戲規則，特別是對於中小企業來說，他們現在可以創建高質量的圖像，以便在 Google 和自己的網站上使用，而無需花費大量時間或金錢。

As we continue to make Google a valuable place for merchants to grow their businesses and connect with users, Merchant Center next is another win. We've seen 2x growth in the number of businesses using Merchant Center in the past 2 years. And we're now simplifying it by automating inventory management and giving a consolidated view of performance insights. Better tools means better growth for merchants and better experiences for users.

隨著我們繼續讓 Google 成為商家發展業務和與用戶建立聯繫的重要場所，Merchant Center 是我們的又一勝利。過去 2 年，使用 Merchant Center 的企業數量增長了 2 倍。現在，我們通過自動化庫存管理並提供績效洞察的綜合視圖來簡化它。更好的工具意味著商家更好的增長和用戶更好的體驗。

Moving to YouTube. I've said it before, I'll say it again. YouTube starts with our Creators, and it's their success in our multi-format strategy that will drive YouTube's long-term growth. In prior quarters, I've laid out how we think about this. Enabling our Creators to make a living on our platform with more formats and awesome tools leads to more content, which leads to quality consumption of video content, another big focus of the team. And this leads to better opportunities for monetization and for advertisers to support this incredible ecosystem.

轉向 YouTube。我以前已經說過了，我會再說一遍。 YouTube 始於我們的創作者，他們在我們的多格式戰略中取得的成功將推動 YouTube 的長期增長。在之前的幾個季度中，我已經闡述了我們對此的看法。讓我們的創作者能夠在我們的平台上以更多格式和出色的工具謀生，從而帶來更多內容，從而提高視頻內容的質量消費，這是團隊的另一個重點。這為貨幣化和廣告商提供了更好的機會來支持這個令人難以置信的生態系統。

As we think about growth, we're focused on Shorts, Connected TV and our subscription offerings, all of which grew nicely this quarter. Let me double-click into Shorts and CTV.

當我們考慮增長時，我們重點關注 Shorts、聯網電視和我們的訂閱產品，所有這些產品本季度都增長良好。讓我雙擊進入 Shorts 和 CTV。

First, Shorts. Momentum remains strong. Watch time and monetization are moving in the right direction. Last year, we introduced ads on Shorts to help drive performance in direct response campaigns. We have video action, Performance Max and ad campaigns. As of Q2, brand advertisers can start testing Shorts, ads and awareness campaigns. It's still early days, but we're excited by the results.

首先，短褲。勢頭依然強勁。觀看時長和變現正在朝著正確的方向發展。去年，我們在 Shorts 上推出了廣告，以幫助提高直接響應活動的效果。我們有視頻行動、效果最大化廣告系列和廣告系列。從第二季度開始，品牌廣告商可以開始測試 Shorts、廣告和宣傳活動。現在還處於早期階段，但我們對結果感到興奮。

Laneige, Amorepacific's #1 premium skin care brand, was an early adopter. It leaned into video reach campaigns and new creative over a 10-day test to drive a 21% increase in unique users reached from Shorts and in-feed, all in a more efficient CPM.

愛茉莉太平洋第一大優質護膚品牌蘭芝（Laneige）是早期採用者。經過 10 天的測試，該公司依靠視頻覆蓋率營銷活動和新創意，將 Shorts 和信息流覆蓋的唯一用戶數增加了 21%，所有這些都以更高效的每千次展示費用實現。

Second, Connected TV. Substantial engagement by viewers and ROI for advertisers is driving monetization of the living room. We are very pleased with the growth we've seen and how we're delivering the reach, results and relevance that businesses are looking for at scale.

第二，聯網電視。觀眾的大量參與和廣告商的投資回報率正在推動客廳的貨幣化。我們對所看到的增長以及我們如何大規模提供企業所尋求的影響力、成果和相關性感到非常滿意。

At Brandcast, we announced 2 new ad offerings for streaming. First, 30-second unskippable ads are coming to YouTube Select, which is landing 70% plus of impressions on the TV screen. 30-second ads are a TV industry staple, and now YouTube is bringing our advanced audience capabilities and unparalleled reach to the format. We're also exploring new pause experiences so brands can drive awareness or action when you hit pause.

在 Brandcast，我們宣布了 2 種新的流媒體廣告產品。首先，30 秒不可跳過的廣告即將登陸 YouTube Select，電視屏幕上的展示次數佔 70% 以上。 30 秒廣告是電視行業的主流廣告，現在 YouTube 正在為該格式帶來先進的受眾能力和無與倫比的影響力。我們還在探索新的暫停體驗，以便品牌可以在您按下暫停時提高認知度或採取行動。

Looking at YouTube holistically, according to our measurement partners, Nielsen, TransUnion and Ipsos MMA, YouTube delivers higher ROI than TV and other online video on average. Take the Hershey Company. As part of a multiyear partnership to optimize its YouTube strategy, Hershey's brands have been tapping into CTV, efficient AI-powered formats and Made For Platform creative, leading to YouTube becoming its #1 ROI driving media partner, producing a 65% plus increase in ROI from 2018 to 2023.

從整體上看 YouTube，根據我們的衡量合作夥伴 Nielsen、TransUnion 和 Ipsos MMA 的說法，YouTube 的平均投資回報率高於電視和其他在線視頻。以好時公司為例。作為優化 YouTube 戰略的多年合作夥伴關係的一部分，好時品牌一直在利用 CTV、高效的人工智能驅動格式和 Made For Platform 創意，使 YouTube 成為其排名第一的投資回報率驅動媒體合作夥伴，使廣告收入增長了 65% 以上。 2018 年至 2023 年的投資回報率。

One last highlight that bridges the power of YouTube with our continued efforts to bring the best across Google to our partners. With Warner Brothers Discovery, we expanded our multiyear relationship across our entire Android ecosystem, including partnering on the launch of Max, a deepened mutually beneficial relationship on Google TV, and plans to work together on new services. YouTube's expanded deal for Max, inclusive of a Max NFL Sunday Ticket bundle on YouTube TV, also underscores our joint commitment to bring the highest quality content and experiences to our customers.

最後一個亮點是我們不斷努力將 YouTube 的力量與我們的合作夥伴結合起來，將 Google 的最佳功能發揮出來。通過與華納兄弟探索公司的合作，我們在整個 Android 生態系統中擴展了我們的多年合作關係，包括合作推出 Max、在 Google TV 上加深互利關係，併計劃在新服務上進行合作。 YouTube 擴大了 Max 的交易範圍，其中包括 YouTube TV 上的 Max NFL 週日門票捆綁包，這也突顯了我們為客戶帶來最高品質內容和體驗的共同承諾。

I'll close by echoing Sundar with a huge thank you to Googlers everywhere for their incredible passion and hard work and to our customers and partners for their continued collaboration and trust.

最後，我謹與 Sundar 一樣，向世界各地的 Google 員工表示衷心的感謝，感謝他們令人難以置信的熱情和辛勤工作，感謝我們的客戶和合作夥伴的持續合作和信任。

Ruth, over to you.

露絲，交給你了。

Thank you, Philipp. Before I go into the results, first, Sundar, thank you very much for the opportunity. I'm very excited about the new role, and I look forward to it.

謝謝你，菲利普。在我討論結果之前，首先，Sundar，非常感謝你給我這個機會。我對這個新角色感到非常興奮，也很期待。

So turning to the results. We're very pleased with our financial results for the second quarter, which reflect an acceleration of growth in Search and momentum in Cloud. My comments will be on year-over-year comparisons for the second quarter unless I state otherwise. I will start with results at the Alphabet level, followed by segment results and conclude with our outlook.

所以轉向結果。我們對第二季度的財務業績感到非常滿意，這反映出搜索業務的加速增長和雲業務的發展勢頭。除非我另有說明，我的評論將針對第二季度的同比比較。我將從字母表級別的結果開始，然後是部門結果，最後以我們的展望結束。

For the second quarter, our consolidated revenues were $74.6 billion, up 7% or up 9% in constant currency. Search remained the largest contributor to revenue growth. Total cost of revenues was $31.9 billion, up 6%, driven by other cost of revenues of $19.4 billion, which was up 8%. Growth here was driven by content acquisition costs, primarily for YouTube subscription offerings, followed by hardware costs associated with Pixel family launches in the second quarter. As noted in our earnings release, the overall increase in data center and other operations costs was partially offset by a reduction in depreciation expense due to the change in estimated useful lives we discussed last quarter.

第二季度，我們的綜合收入為 746 億美元，增長 7%，按固定匯率計算增長 9%。搜索仍然是收入增長的最大貢獻者。總收入成本為 319 億美元，增長 6%，其中其他收入成本為 194 億美元，增長 8%。這裡的增長是由內容獲取成本（主要是 YouTube 訂閱服務）推動的，其次是與第二季度推出的 Pixel 系列相關的硬件成本。正如我們在財報中指出的那樣，數據中心和其他運營成本的總體增長被我們上季度討論的估計使用壽命變化導致的折舊費用減少所部分抵消。

Operating expenses were $20.9 billion, up 4%. Operating income was $21.8 billion, up 12%, and our operating margin was 29%. I will cover our expense and margin performance in our outlook. Other income and expense was $65 million. Net income was $18.4 billion. We delivered free cash flow of $21.8 billion in the second quarter and $71 billion for the trailing 12 months, reflecting improved operating performance as well as the deferral of certain tax payments to the fourth quarter of 2023 as noted in our earnings release. We ended the quarter with $118 billion in cash and marketable securities.

運營支出為 209 億美元，增長 4%。營業收入為 218 億美元，增長 12%，營業利潤率為 29%。我將在展望中介紹我們的費用和利潤表現。其他收入和支出為 6500 萬美元。淨利潤為 184 億美元。我們在第二季度實現了 218 億美元的自由現金流，在過去 12 個月中實現了 710 億美元的自由現金流，反映了經營業績的改善以及某些稅款支付推遲到 2023 年第四季度，正如我們在收益發布中指出的那樣。本季度結束時，我們擁有 1,180 億美元的現金和有價證券。

Turning to our segment results. Prior period results have been recast for 2 changes that we made as of the first quarter. First, DeepMind is now reported as part of Alphabet's unallocated corporate costs. Second, we updated our cost allocation methodologies. In the second quarter, we then combined the Brain team from Google Research with DeepMind to form Google DeepMind. Costs associated with the Brain team, which were previously included in Google Services, are now reported as part of Alphabet's unallocated corporate costs. We have not recast prior period results to reflect this additional change.

轉向我們的部門業績。上期業績已根據我們截至第一季度所做的 2 項更改進行了重新調整。首先，DeepMind 現在被報告為 Alphabet 未分配公司成本的一部分。其次，我們更新了成本分配方法。第二季度，我們將 Google Research 的 Brain 團隊與 DeepMind 合併，組建了 Google DeepMind。與 Brain 團隊相關的成本以前包含在 Google 服務中，現在作為 Alphabet 未分配企業成本的一部分進行報告。我們尚未重新調整前期業績以反映這一額外變化。

Within Google Services, revenues were $66.3 billion, up 5%. Google Search and other advertising revenues of $42.6 billion in the quarter were up 5%, led by growth in retail. YouTube advertising revenues of $7.7 billion were up 4%, driven by brand advertising, followed by direct response, reflecting further stabilization in spending by advertisers. Network advertising revenues of $7.9 billion were down 5%. Other revenues were $8.1 billion, up 24%, reflecting growth in YouTube non-advertising revenues, primarily from subscription growth in YouTube Music Premium and YouTube TV, followed by growth in hardware revenues, primarily driven by the launch of the Pixel 7a in the second quarter. Finally, Play returned to positive growth in the second quarter. TAC was $12.5 billion, up 3%. Google Services operating income was $23.5 billion, up 8%, and the operating margin was 35%.

Google 服務收入為 663 億美元，增長 5%。在零售業增長的帶動下，本季度 Google 搜索和其他廣告收入增長 5%，達 426 億美元。 YouTube 廣告收入為 77 億美元，增長 4%，主要受到品牌廣告的推動，其次是直接反應，反映出廣告商支出進一步穩定。網絡廣告收入為 79 億美元，下降 5%。其他收入為 81 億美元，增長 24%，反映出 YouTube 非廣告收入的增長，主要來自 YouTube Music Premium 和 YouTube TV 的訂閱增長，其次是硬件收入的增長，主要是由第二季度 Pixel 7a 的推出推動的。四分之一。最終，Play 在第二季度恢復了正增長。 TAC 為 125 億美元，增長 3%。 Google 服務營業收入為 235 億美元，增長 8%，營業利潤率為 35%。

Turning to the Google Cloud segment. Revenues were $8 billion for the quarter, up 28%. GCP revenue growth remained strong across geographies, industries and products. That being said, we saw a continued moderation in the rate of consumption growth as consumers optimize their spend. Google Workspace strong revenue growth was driven by increases in both seats and average revenue per seat. Google Cloud had operating income of $395 million and the operating margin was 5%.

轉向谷歌云部分。該季度收入為 80 億美元，增長 28%。 GCP 在各個地區、行業和產品的收入增長依然強勁。話雖如此，隨著消費者優化支出，我們看到消費增長率持續放緩。 Google Workspace 收入的強勁增長是由席位數和每個席位平均收入的增長推動的。谷歌云的營業收入為 3.95 億美元，營業利潤率為 5%。

As to our Other Bets, for the second quarter, revenues were $285 million, and the operating loss was $813 million. The decrease in operating loss was primarily driven by a reduction in valuation-based compensation liabilities related to certain Other Bets.

至於我們的其他押注，第二季度的收入為 2.85 億美元，運營虧損為 8.13 億美元。營業虧損的減少主要是由於與某些其他投注相關的基於估值的補償負債減少所致。

Turning to our outlook for the business. With respect to Google Services, first, within advertising. We were pleased with the acceleration of Search advertising revenue growth in the second quarter. Our continued ability to generate sustained growth reflects our unparalleled engineering innovation that creates extraordinary experiences for users and capabilities for advertisers and delivered with the deep expertise of our go-to-market team. And in YouTube, we saw ongoing signs of stabilization in advertiser spending. We are prioritizing product focus on increasing quality consumption of video content with both Shorts and in the living room, which is translating into improved monetization.

轉向我們對業務的展望。關於谷歌服務，首先是廣告領域。我們對第二季度搜索廣告收入的加速增長感到高興。我們持續實現持續增長的能力反映了我們無與倫比的工程創新，為用戶創造了非凡的體驗，為廣告商創造了非凡的能力，並通過我們的市場推廣團隊的深厚專業知識來交付。在 YouTube 上，我們看到廣告商支出持續穩定的跡象。我們將產品重點放在提高 Shorts 和客廳視頻內容的質量消費上，這將轉化為更高的盈利能力。

Second, within other revenues. In our YouTube subscription products, the sustained, strong growth in revenues reflects significant subscriber growth. You may have seen that last week, we increased subscription prices for YouTube Music and Premium, which underscores the value of the products. Strong year-on-year growth in hardware revenues was due, in large part, to a timing change given the Pixel 7a was launched in the second quarter, whereas the Pixel 6a launch occurred in the third quarter last year. Looking ahead, the launch timing change will be a headwind to hardware revenue growth in the third quarter. Play returned to positive growth in the second quarter, driven primarily by a solid increase in the number of buyers.

其次，在其他收入中。在我們的 YouTube 訂閱產品中，收入的持續強勁增長反映了訂閱者的顯著增長。您可能已經看到，上週我們提高了 YouTube Music 和 Premium 的訂閱價格，這凸顯了產品的價值。硬件收入同比強勁增長在很大程度上是由於時間變化，因為 Pixel 7a 是在第二季度推出的，而 Pixel 6a 是在去年第三季度推出的。展望未來，發佈時間的變化將成為第三季度硬件收入增長的阻力。遊戲在第二季度恢復正增長，主要是由於買家數量的穩步增長。

Turning to Google Cloud. We are particularly excited about the customer interest in our AI-optimized infrastructure, our large language models, our AI platform services and our new generative AI offerings such as Duet AI for Google Workspace, although we are still clearly in the early days. At the same time, we continue to experience headwinds in the second quarter for moderation in consumption growth as customers optimize their spend. We continue to invest aggressively while remaining focused on profitable growth.

轉向谷歌云。我們對客戶對我們的 AI 優化基礎設施、大型語言模型、AI 平台服務以及新的生成式 AI 產品（例如適用於 Google Workspace 的 Duet AI）的興趣感到特別興奮，儘管我們顯然仍處於早期階段。與此同時，隨著客戶優化支出，我們在第二季度繼續面臨消費增長放緩的不利因素。我們繼續積極投資，同時繼續專注於盈利增長。

In terms of expenses and profitability, we remain very focused on durably reengineering our cost base. Most evident to date are the actions we have taken to reduce the pace of headcount growth, including the workforce reductions we announced in the first quarter and a slower pace of organic hiring, in part given our focus on reallocating talent from within to fuel our growth priorities.

在費用和盈利能力方面，我們仍然非常注重持久地重新設計我們的成本基礎。迄今為止最明顯的是我們為減緩員工數量增長速度而採取的行動，包括我們在第一季度宣布的裁員和放慢內部招聘速度，部分原因是我們專注於從內部重新分配人才以推動我們的增長優先事項。

A quick comment on the sequential improvement in operating margins in the second quarter. There are 2 factors to note. First, the benefit from an acceleration in search advertising revenue growth in the second quarter. Second, the vast majority of the charges related to our workforce reduction and optimization of our global office space were taken in Q1. Finally, as it relates to CapEx, in Q2, the largest component was for servers, which included a meaningful increase in our investments in AI compute. The sequential step up in the second quarter was lower than anticipated for 2 reasons.

對第二季度營業利潤率連續改善的快速評論。有兩個因素需要注意。首先，受益於第二季度搜索廣告收入增長加速。其次，與我們裁員和優化全球辦公空間相關的絕大多數費用是在第一季度收取的。最後，與資本支出相關，第二季度最大的組成部分是服務器，其中包括我們在人工智能計算方面的投資大幅增加。第二季度的環比增幅低於預期，原因有兩個。

First, with respect to office facilities, we continue to moderate the pace of fit-outs and ground-up construction to reflect the slower expected pace of headcount growth.

首先，在辦公設施方面，我們繼續放緩裝修和地面建設的步伐，以反映預期的員工增長速度放緩。

Second, there were delays in certain data center construction projects. We expect elevated levels of investment in our technical infrastructure increasing through the back half of 2023 and continuing to grow in 2024. The primary driver is to support the opportunities we see in AI across Alphabet, including investments in GPUs and proprietary TPUs as well as data center capacity. With all that said, we remain committed to durably reengineering our cost base in order to help create capacity for these investments in support of long-term, sustainable financial value.

二是部分數據中心建設項目出現延誤。我們預計，到 2023 年下半年，對技術基礎設施的投資水平將不斷提高，並在 2024 年繼續增長。主要驅動力是支持我們在整個 Alphabet 中看到的人工智能機遇，包括對 GPU 和專有 TPU 以及數據的投資中心容量。儘管如此，我們仍然致力於持久地重新設計我們的成本基礎，以幫助創造這些投資的能力，以支持長期、可持續的財務價值。

Thank you. Sundar, Philipp and I will now take your questions.

謝謝。桑達爾、菲利普和我現在將回答你們的問題。

(Operator Instructions)

（操作員說明）

Our first question comes from Brian Nowak of Morgan Stanley.

我們的第一個問題來自摩根士丹利的布萊恩·諾瓦克。

I have 2. The first one for Sundar. I'd be curious to learn about some of your early learnings and surprises around consumer behavior on how people are using Bard versus Search. And what new behaviors or consumer utility are you most excited about as you think about what Gemini could provide for people over the course of the next year or so?

我有 2 個。第一個給 Sundar。我很想了解您對消費者行為的一些早期了解和驚喜，以及人們如何使用 Bard 與 Search。當您想到 Gemini 在未來一年左右的時間裡可以為人們提供什麼時，您最興奮的是哪些新行為或消費者效用？

And then the second one for Ruth. Ruth, congrats on the new position. One question just about the durable expense comment. I think last quarter, you talked about the idea that expenses could grow slower than revenue in 2024. Is that still the right way to think about it? And just to confirm, does that include the impact of depreciation in those comments?

然後是露絲的第二個。露絲，恭喜你獲得新職位。一個關於持久費用評論的問題。我想上個季度，您談到了 2024 年支出增長速度可能慢於收入增長的想法。這仍然是正確的思考方式嗎？只是為了確認一下，這些評論中是否包括貶值的影響？

Thanks, Brian. I'll take the first part. It's definitely early days, but both across Bard and Search Generative Experience, feedback has been very positive from our users. I think we are definitely now able to serve, I would say, deeper and broader information use cases, which is very exciting. I wouldn't say surprised. So for example, people really using it to -- for coding, something we understood, but it's definitely on the new side. There's a lot of excitement around, we integrated Google Lens into Bard. We have known how big Google Lens can be. We see that in the visual searches we get and how much it has grown over the last 2 years, and so we've been doing this for a while. But definitely, that, in Bard, has been super well received. So which gives me a sense that as given Gemini is being built from the ground up to be multimodal, I think that's an area that's going to excite users. When I go back many years ago when we did universal search, whenever, for users, we can abstract different content types and put them in a seamless way, they tend to receive it well. And so I'm definitely excited about what's ahead.

謝謝，布萊恩。我將採取第一部分。雖然現在還處於早期階段，但無論是 Bard 還是搜索生成體驗，我們的用戶反饋都非常積極。我認為我們現在肯定能夠提供更深入、更廣泛的信息用例，這是非常令人興奮的。我不會說驚訝。例如，人們確實用它來編碼，這是我們理解的，但它絕對是新的一面。令人興奮的是，我們將 Google Lens 集成到了 Bard 中。我們已經知道 Google Lens 有多大。我們在視覺搜索中看到了這一點，以及它在過去兩年中增長了多少，所以我們已經這樣做了一段時間了。但毫無疑問，這在巴德受到了非常熱烈的歡迎。因此，這給我一種感覺，鑑於 Gemini 正在從頭開始構建為多模式，我認為這是一個會讓用戶興奮的領域。當我回到很多年前，當我們進行通用搜索時，無論何時，對於用戶來說，我們可以抽像出不同的內容類型並以無縫的方式將它們放在一起，他們往往會很好地接受它。所以我對未來感到非常興奮。

And on your second question, Brian. We are really pleased with the operating performance in the second quarter. We've been saying for some time that we are focused on revenue growth ahead of expense growth and achieved that for the first in some time, and that is cost of sales plus operating expense overall. And we do remain very focused on durably reengineering our cost base. There are a lot of stream -- work streams that are in flight, and I mentioned a couple of them in opening comments. This remains a major priority as Sundar and I both commented on.

關於你的第二個問題，布萊恩。我們對第二季度的經營業績非常滿意。一段時間以來，我們一直在說，我們的重點是收入增長，而不是費用增長，並且在一段時間內首次實現了這一目標，即銷售成本加上總體運營費用。我們仍然非常專注於持久地重新設計我們的成本基礎。有很多正在運行的工作流，我在開場評論中提到了其中的幾個。正如我和桑達爾所評論的，這仍然是一個主要優先事項。

The next question comes from Eric Sheridan of Goldman Sachs.

下一個問題來自高盛的埃里克·謝里丹。

Maybe one for Sundar and one also for Ruth. Sundar, can you talk a little bit about elements of open source versus closed and things like custom silicon and how you're thinking about AI offerings broadly developing over the next couple of years and what you see as some of the key differentiation points that Google, either through the cloud business or the consumer offerings, are going to bring to market, and how we should think about differentiation playing out to a greater degree in AI in the years ahead. That would be number one.

也許一份給桑達爾，一份也給露絲。 Sundar，您能談談開源與封閉的元素以及定制芯片之類的東西嗎？您如何看待未來幾年廣泛開發的人工智能產品，以及您認為谷歌的一些關鍵差異點，無論是通過雲業務還是消費者產品，都將推向市場，以及我們應該如何考慮未來幾年人工智能領域更大程度的差異化。那將是第一。

And then, Ruth, I'll echo Brian's congrats as well on the new role. Maybe both of you could talk to why this type of role might be important at this point in time for Alphabet? And Ruth, what you're looking to sort of drive into the organization from this new role as you move into it in the fall.

然後，露絲，我也會向布萊恩表達對新角色的祝賀。也許你們倆可以談談為什麼這種類型的角色在此時對於 Alphabet 來說可能很重要？露絲，當你在秋季進入這個新職位時，你希望在某種程度上推動這個組織的發展。

Thanks, Eric. On the first part, obviously, a big topic. I would broadly say, the investments for AI, when you look at the type of deep computer science work, the talent we have worked hard to bring to the company and from the ground up, the infrastructure we have built from the earliest days, Google has been a company. We've thought about the switches in our data centers, wherever we think we can do the best and get an advantage by innovating, we have chosen to do so. We have done that on AI, on the silicon side. But what's important to us is really stay focused on our users and customers and support all the innovations that's needed. So for example, with cloud, we've been -- we've really embraced open architecture. We have embraced customers wanting to be multi-cloud when it makes sense for them. So similarly, you would see with AI, we will embrace -- we will offer not just our first-party models, we'll offer third-party models, including open source models. I think open source has a critical role to play in this ecosystem.

謝謝，埃里克。顯然，第一部分是一個大話題。我想說的是，對人工智能的投資，當你看看深度計算機科學工作的類型時，我們努力為公司帶來的人才，從頭開始，我們從最早開始構建的基礎設施，谷歌已經是一家公司了。我們已經考慮過數據中心的交換機，只要我們認為可以做到最好並通過創新獲得優勢，我們就選擇這樣做。我們已經在人工智能、芯片方面做到了這一點。但對我們來說重要的是真正關注我們的用戶和客戶並支持所有需要的創新。例如，對於雲，我們已經真正擁抱了開放架構。當客戶需要多雲時，我們已經接受了他們的需求。同樣，你會看到人工智能，我們將擁抱——我們不僅提供我們的第一方模型，我們還將提供第三方模型，包括開源模型。我認為開源在這個生態系統中發揮著至關重要的作用。

Google contributes, we are one of the largest contributors to -- if you look at hugging phase and in terms of the contribution there, when you look at projects like Android, Chromium and so on, Kubernetes and so on. So we'll embrace that and we'll stay at the cutting edge of technology, and I think that will serve us well for the long term.

Google 做出了貢獻，我們是最大的貢獻者之一——如果你看看擁抱階段以及那裡的貢獻，當你看看 Android、Chromium 等、Kubernetes 等項目時。因此，我們將擁抱這一點，並保持在技術的最前沿，我認為這將從長遠來看對我們有好處。

On the second part of your question, first of all, I'm very grateful and thankful to all the work that Ruth has done for the company. It's too invaluable to capture in words. I am super thrilled that she's going to continue on an impactful new role. And the scale of our company, with the broad changes in technology, I think it's more important than ever before to engage on these issues globally at scale and advocate on the economic opportunity of the investments we make across Alphabet and Google. And I'm glad that she's going to continue as CFO. And so no changes there, and we'll take the time to find a successor, and Ruth will be closely involved, not just on that, but also our long-range planning, including 2024.

關於你問題的第二部分，首先我非常感謝並感謝Ruth為公司所做的一切工作。它的價值無法用言語來表達。我非常高興她將繼續扮演一個有影響力的新角色。我們公司的規模，隨著技術的廣泛變化，我認為在全球範圍內大規模參與這些問題並倡導我們在 Alphabet 和 Google 上進行的投資的經濟機會比以往任何時候都更加重要。我很高興她將繼續擔任首席財務官。因此，那裡不會有任何變化，我們將花時間尋找繼任者，露絲將密切參與，不僅是在這方面，而且是我們的長期規劃，包括 2024 年。

Ruth, anything to add?

露絲，有什麼要補充的嗎？

Just to underscore, when you ask the point about impact, one of the places Sundar and I have discussed quite a bit is landing well the 2024 capital plan and the multiyear plan and completing all of the very important efforts we have underway. We're excited about what they mean, setting the company up well to be able to invest for long-term growth. And so we're continuing to execute against those. And then I think Sundar summarized it well. We see technology can make such a difference in the lives of so many and there's lives of economies. And to be able to focus on the impact on economic growth and the opportunity for people, for organizations for countries, I think, is a privilege. I'm really excited about it, in particular, with this amazing company. And so focusing there as well as the investments that we make across Alphabet to drive economic growth globally across numerous sectors.

需要強調的是，當你問及影響時，我和桑達爾討論過很多的地方之一就是很好地落實 2024 年資本計劃和多年計劃，並完成我們正在進行的所有非常重要的努力。我們對它們的含義感到興奮，讓公司能夠做好投資以實現長期增長。因此，我們將繼續針對這些問題採取行動。然後我認為桑達爾總結得很好。我們看到技術可以為許多人的生活以及經濟體的生活帶來如此大的變化。我認為，能夠關注對經濟增長的影響以及人們、組織和國家的機會，是一種榮幸。我對此感到非常興奮，特別是對於這家了不起的公司。因此，我們將重點放在這一點以及我們在 Alphabet 上進行的投資，以推動全球多個行業的經濟增長。

The next question comes from Doug Anmuth of JPMorgan.

下一個問題來自摩根大通的道格·安穆斯。

One for Sundar and one for Ruth. For Sundar, curious, how do you think about timing for more broadly integrating generative AI into Search? And more specifically, what are some of the things you'll need to see to do that?

一份給桑達爾，一份給露絲。 Sundar 很好奇，您如何看待將生成式人工智能更廣泛地集成到搜索中的時機？更具體地說，您需要注意哪些事項才能做到這一點？

And then, Ruth, just on CapEx, the 2Q CapEx is lower than expected, as you explained. Do you still expect modestly higher CapEx in '23 versus '22? And then I know it's getting a little bit ahead, but how should we think about kind of timing of that real estate and office optimization efforts through '23 and then also into '24?

然後，露絲，就資本支出而言，第二季度資本支出低於預期，正如您所解釋的。您是否仍然預計 23 年的資本支出會比 22 年略高？然後我知道它已經有點超前了，但是我們應該如何考慮從 23 年到 24 年房地產和辦公室優化工作的時機？

Look, on the Search Generative Experience, we definitely wanted to make sure we're thinking deeply from first principles, while it's exciting new technology, we've constantly been bringing in AI innovations into Search for the past few years, and this is the next step in that journey. But it is a big change so we thought about from first principles. It really gives us a chance to now not always be constrained in the way Search was working before, allowed us to think outside the box. And I see that play out in experience. So I would say we are ahead of where I thought we'd be at this point in time.

看，在搜索生成體驗方面，我們確實希望確保我們從基本原則出發進行深入思考，雖然這是令人興奮的新技術，但在過去幾年中，我們不斷將人工智能創新引入搜索，這就是該旅程的下一步。但這是一個很大的變化，所以我們從首要原則出發進行思考。它確實給了我們一個機會，讓我們不再總是受到以前搜索工作方式的限制，讓我們能夠跳出框框思考。我看到這在經驗中發揮作用。所以我想說，我們目前已經領先於我的預期。

The feedback has been very positive. We've just improved our efficiency pretty dramatically since the product launch. The latency has improved significantly. We are keeping a very high bar, and -- but I would say we are ahead on all the metrics in terms of how we look at it internally. And so I couldn't be more pleased with it. And so you will see us continue to bring it to more and more users. And over time, this will just be how Search works. And so while it's -- we are taking deliberate steps, we are building the next major evolution in Search, and I'm pleased with how it's going so far.

反饋非常積極。自產品推出以來，我們的效率顯著提高。延遲顯著改善。我們保持著非常高的標準，而且——但我想說，就我們內部的看法而言，我們在所有指標上都處於領先地位。所以我對此感到非常滿意。因此，您將看到我們繼續將其帶給越來越多的用戶。隨著時間的推移，這將成為搜索的工作方式。因此，雖然我們正在採取深思熟慮的步驟，但我們正在構建搜索的下一個重大發展，我對迄今為止的進展感到滿意。

In terms of CapEx, I tried to lay out sort of the cadence of CapEx, and the point was an important one that the sequential step-up in the second quarter was lower than anticipated for the 2 reasons I noted: one, the work that we're doing around office facilities; and then the delays in certain data center construction projects. That's why we wanted to be really clear that we do expect elevated levels of investment in our technical infrastructure, and that would be increasing through the back half of 2023, consistent with the comments we've made previously that we expected 2023 to be higher given the slower start at the front half of the year and then continuing to grow into 2024.

在資本支出方面，我試圖列出資本支出的節奏，重要的是，第二季度的連續增長低於預期，原因有兩個：一是我們在辦公設施周圍做；然後是某些數據中心建設項目的延誤。這就是為什麼我們想要明確表示，我們確實預計技術基礎設施的投資水平將會提高，並且到 2023 年下半年將會增加，這與我們之前的評論一致，即我們預計 2023 年投資水平將會更高。上半年開始較慢，然後持續增長到 2024 年。

And the primary driver of this, as you know well, is to support the opportunities we see in AI across the company, including the investments that we've already talked about, proprietary TPUs, all that we're doing with GPUs as well as data center capacity. And as we continue to see the pace of innovation accelerate, we just want to make sure we're positioned to address the opportunity across Alphabet.

正如您所知，這一點的主要驅動力是支持我們在整個公司的人工智能領域看到的機會，包括我們已經討論過的投資、專有的 TPU、我們在 GPU 方面所做的一切以及數據中心容量。隨著我們不斷看到創新步伐加快，我們只想確保我們能夠抓住整個 Alphabet 的機遇。

And to your -- the other part of your question, when we look at real estate optimization, that's one of many work streams that are important when we talk about durably reengineering our cost base to create capacity for investments and support long-term sustainable financial value, and we're continuing to work against that.

對於您的問題的另一部分，當我們考慮房地產優化時，當我們談論持久地重新設計我們的成本基礎以創造投資能力並支持長期可持續的財務時，這是重要的許多工作流程之一價值，我們將繼續努力反對這一點。

The next question comes from Lloyd Walmsley of UBS.

下一個問題來自瑞銀集團的勞埃德·沃爾姆斯利。

I wanted to just follow up on the -- some of the SGE questions and just get a sense -- I know it's early, but what are you seeing in terms of monetization? And how do you guys think about that as you scale up the deployment of SGE? Is that -- I think there's a lot of concern out there that maybe in the short term, it's a bit of a headwind. But over the longer term, maybe query growth from a more useful product can kind of make up for that. But how do you guys see that playing out? And what can you share there?

我想跟進一些 SGE 問題並了解一下 - 我知道現在還為時過早，但您在貨幣化方面看到了什麼？當你們擴大 SGE 的部署時，你們對此有何看法？我認為有很多人擔心，也許在短期內，這有點不利。但從長遠來看，也許來自更有用的產品的查詢增長可以彌補這一點。但你們如何看待這種情況的發生呢？您可以在那里分享什麼？

Maybe I can give some color here. We have obviously been focused on bringing this experience and making sure it works well for users. And it's very clear to me, first of all, as a user myself, there are certain queries for which the answers are so significantly better. It's a clear quality win. And so I think we are definitely headed in the right direction, and we can see it in our metrics and the feedback we are getting from our users as well.

也許我可以在這裡給一些顏色。顯然，我們一直專注於帶來這種體驗並確保它對用戶來說效果良好。我很清楚，首先，作為一名用戶，某些查詢的答案明顯更好。這是明顯的質量勝利。因此，我認為我們肯定正朝著正確的方向前進，我們可以從我們的指標以及從用戶那裡得到的反饋中看到這一點。

And the thing that doesn't change with these experiences is that many -- a lot of user journeys are commercial in nature. There are inherent commercial user needs. And what's exciting to me is that SGE gives us an opportunity to serve those needs again, better, right, than better. So it's clearly an exciting area. And as part of that, the fundamentals don't change. Users have commercial needs, and they are looking for choices, and there are merchants and advertisers looking to provide those choices.

這些體驗沒有改變的是，很多用戶旅程本質上都是商業性的。有固有的商業用戶需求。令我興奮的是，SGE 為我們提供了再次滿足這些需求的機會，而且更好，對，比更好更好。所以這顯然是一個令人興奮的領域。作為其中的一部分，基本面不會改變。用戶有商業需求，他們正在尋找選擇，並且有商家和廣告商希望提供這些選擇。

So those fundamentals are true in SGE as well. And we have a number of experiments in flight, including ads, and we are pleased with the early results we are seeing. And so we will continue to evolve the experience, but I'm comfortable at what we are seeing, and we have a lot of experience working through these transitions, and we'll bring all those learnings here as well.

因此，這些基本面在上海黃金交易所也同樣適用。我們正在進行許多實驗，包括廣告，我們對所看到的早期結果感到滿意。因此，我們將繼續改進體驗，但我對我們所看到的感到滿意，並且我們在經歷這些轉變方面擁有豐富的經驗，我們也將把所有這些經驗帶到這裡。

The next question comes from Justin Post of Bank of America.

下一個問題來自美國銀行的賈斯汀·波斯特。

Great. Just ask about the Cloud. It really looks like revenue growth stabilized despite optimization. So could you talk about the pipeline and the client wins in the quarter, how you felt about those. And then any uptick are you seeing related to AI spending in the total revenues this quarter or in the second half?

偉大的。就問一下云的事吧。儘管進行了優化，但看起來收入增長確實穩定了。那麼您能否談談本季度的渠道和客戶獲勝情況，以及您對此有何感受。那麼，您是否看到本季度或下半年總收入中與人工智能相關的支出有所上升？

Thanks, Justin. Okay. It is an exciting moment overall in Cloud because there is definitely a lot of interest from customers on AI, and they definitely are engaging in many more conversations with us. So I would say, without commenting on the short term, but when I think about it long term, I view the AI opportunity as expanding our total addressable market and allows us to win new customers. Scale of investments that we can directly bring to Cloud now. As I said earlier, we have over 80 models across Vertex, Enterprise Search and Conversational AI, and we are taking all of them, translating it into deep industry solutions. So I'm excited about it.

謝謝，賈斯汀。好的。總體而言，這在雲領域是一個激動人心的時刻，因為客戶對人工智能肯定很感興趣，而且他們肯定正在與我們進行更多對話。所以我想說，不評論短期，但當我從長遠考慮時，我認為人工智能機會擴大了我們的總目標市場，並使我們能夠贏得新客戶。我們現在可以直接帶入雲的投資規模。正如我之前所說，我們在 Vertex、企業搜索和對話式 AI 領域擁有 80 多個模型，我們正在將所有這些模型轉化為深入的行業解決方案。所以我對此很興奮。

Second, it gives us an opportunity to upsell and cross-sell into our installed base. So for example, if you think about Duet AI in Google Workspace now, it's a collection of all our generative AI-powered collaboration features. We can bring it and make it available to more than 9 million paying Google Workspace customers. Similarly, Duet AI in Google Cloud, again, allows us to go back to our installed base and engage in deeper conversations.

其次，它為我們提供了向我們的安裝基礎進行追加銷售和交叉銷售的機會。舉例來說，如果您現在考慮 Google Workspace 中的 Duet AI，它是我們所有由 AI 驅動的生成式協作功能的集合。我們可以將其提供給超過 900 萬付費 Google Workspace 客戶。同樣，谷歌云中的 Duet AI 再次讓我們能夠回到我們的安裝基礎並進行更深入的對話。

And finally, I think AI helps us differentiate our core products. For example, if you take a look at cybersecurity, we are deeply incorporating AI to drive profound changes there. So overall, I'm excited, and I view this as a long-term opportunity. And all the investments we are doing in AI across Alphabet, including the work we are doing in Google DeepMind and Google Research on Gemini and so on are directly applicable to Cloud as well. So excited about it.

最後，我認為人工智能可以幫助我們區分我們的核心產品。例如，如果你看一下網絡安全，我們正在深度融入人工智能來推動那裡的深刻變革。總的來說，我很興奮，我認為這是一個長期的機會。我們在 Alphabet 上所做的所有人工智能投資，包括我們在 Google DeepMind 和 Google Research on Gemini 等方面所做的工作也直接適用於雲。對此感到非常興奮。

Great. Maybe one follow-up for Ruth. Did the infrastructure cloud grow faster than Workspaces again this quarter?

偉大的。也許是露絲的後續行動。本季度基礎設施雲的增長速度是否再次快於工作空間？

So we -- I don't think we commented on that. And yes, in the second quarter, GCP growth was above the growth rate for cloud overall.

所以我們——我認為我們沒有對此發表評論。是的，在第二季度，GCP 的增長高於雲整體的增長率。

The next question comes from Michael Nathanson of MoffettNathanson.

下一個問題來自 MoffettNathanson 的 Michael Nathanson。

One for Philipp and one for Sundar. Philipp, can you talk about the ad market? If you step back, you're seeing real size now of weakness in linear TV, ad agencies, small and digital companies were all slowing, and the macro backdrop is definitely cloudy, yet you guys have accelerated your growth this quarter. What factors are you looking at? Do you see that would identify why are you growing while others are really struggling and slowing down?

一份給菲利普，一份給桑達爾。 Philipp，您能談談廣告市場嗎？如果你退後一步，你會發現線性電視、廣告公司、小型和數字公司現在的疲軟程度都在放緩，宏觀背景肯定是陰雲密布，但你們本季度卻加速了增長。您正在考慮哪些因素？您是否認為這可以確定為什麼您在成長，而其他人卻在苦苦掙扎和放慢腳步？

And then Sundar, I think you spent over $100 billion on R&D over the past 5 years, and yet there's a narrative that it's so competitive and so expensive to compete going forward. Can you talk a bit about how you're visiting that R&D spend? Any near-term cadence updates you can give us for growth? And any factors that could change the growth going forward for research and development spending for you guys?

然後，Sundar，我認為您在過去 5 年裡在研發上花費了超過 1000 億美元，但有一種說法稱，未來的競爭如此激烈且成本如此之高。您能談談您如何看待研發支出嗎？您可以向我們提供任何關於增長的近期節奏更新嗎？有哪些因素可能會改變你們研發支出的未來增長？

Maybe I can comment on the -- how we think about R&D. And look, if anything, I think 2 things. We are always committed to driving deep computer science research and innovation. That's the foundation on which the company is built. And taking that and applying it and building new products and services and generating value is the virtuous cycle. And so nothing changes in that fundamental thesis.

也許我可以評論一下我們對研發的看法。看看，如果有的話，我認為有兩件事。我們始終致力於推動計算機科學研究和創新。這是公司建立的基礎。吸收並應用它，開發新產品和服務並創造價值，這就是良性循環。所以這個基本論點沒有任何改變。

We are definitely both, as Ruth mentioned, on AI investments, we are going to be committed to making sure we invest to realize the opportunity. But all the work we are doing on efficiency and optimization applies to on the AI side as well. And so we're bringing all that lens there, so we do this responsibly. But no overall changes in our philosophy or approach there. And maybe I'll let Philipp comment on the overall market dynamics.

正如露絲提到的，在人工智能投資方面，我們肯定都是一樣的，我們將致力於確保我們的投資能夠實現這個機會。但我們在效率和優化方面所做的所有工作也適用於人工智能方面。所以我們把所有的鏡頭都帶到那裡，所以我們負責任地這樣做。但我們的理念或方法沒有整體改變。也許我會讓菲利普評論一下整體市場動態。

Yes. Look, I can't comment on others, but our focus continues, obviously, to be helping customers through whatever uncertainty or complexity they're facing, and a lot of companies are focused on profitability, driving efficiencies, and they're carefully evaluating the effectiveness of their budgets. And our goal is really to help them maximize efficiency and drive strong ROI.

是的。看，我無法對其他人發表評論，但顯然，我們的重點仍然是幫助客戶應對他們所面臨的任何不確定性或複雜性，並且許多公司都專注於盈利能力、提高效率，並且他們正在仔細評估他們的預算的有效性。我們的目標實際上是幫助他們最大限度地提高效率並帶來豐厚的投資回報率。

And I think we have the proven AI-powered tools and solutions to actually do it. I called out Search and Other revenues being led by solid growth in the retail vertical. We talked about the DR and brand side, on the YouTube side. I think those are the key points I would make.

我認為我們擁有經過驗證的人工智能驅動的工具和解決方案來實際做到這一點。我指出搜索和其他收入是由零售垂直領域的穩健增長帶動的。我們討論了 YouTube 方面的 DR 和品牌方面。我認為這些是我要提出的關鍵點。

The next question comes from Ken Gawrelski of Wells Fargo.

下一個問題來自富國銀行的 Ken Gawrelski。

Can I ask on Performance Max? You've had great success there. Could you talk about any vertical or use case expansions? And how long until we possibly get to the point of more automated AI-generated creative in production?

我可以詢問效果最大化廣告系列嗎？你在那裡取得了巨大的成功。您能談談任何垂直或用例擴展嗎？我們需要多長時間才能達到更自動化的人工智能生成創意的生產階段？

Yes. Look, this is a great question. AI is a foundational component that really allows us to help users, advertisers, (inaudible) partners at scale. And we've been on a journey for years, right, to take the key components of advertising, whether it's bidding, targeting and creatives as well as innovation, frankly, in the core advertiser and publisher experiences and improve them dramatically through AI.

是的。看，這是一個很好的問題。人工智能是一個基礎組件，它確實使我們能夠大規模地幫助用戶、廣告商和（聽不清）合作夥伴。坦率地說，我們多年來一直致力於在核心廣告客戶和發布商體驗中採用廣告的關鍵組成部分，無論是出價、定位和創意以及創新，並通過人工智能大幅改進它們。

And Performance Max is an example of how all this comes together at scale for advertisers. They provide us with a business goal set of assets, and we can then take care of the rest to meet consumer demand and really deliver on advertiser ROI. And as you heard it at GML, we've seen over many quarters, we continue to build new AI features really on top of this.

效果最大化廣告系列就是一個例子，展示瞭如何為廣告客戶大規模整合所有這些功能。它們為我們提供了一組業務目標資產，然後我們可以處理其餘的事情，以滿足消費者的需求並真正實現廣告商的投資回報率。正如您在 GML 聽到的那樣，我們在許多個季度中都看到，我們在此基礎上繼續構建新的人工智能功能。

I think I talked a bit in my prepared remarks about where we're taking some of our products from a gen AI perspective. And if you take a look at some of the things we announced there, it's fair to say, whether you look at our revamped asset creation flow in Performance Max, whether you look at Automatically Created Assets, whether you look at Product Studio and so on, then we're on a right path to deliver some really exciting new innovation in automated -- let me call it, asset creation in the broader sense.

我想我在準備好的發言中談到了我們從人工智能的角度來看我們的一些產品。如果您查看我們在那裡宣布的一些內容，可以公平地說，無論您查看性能最大化廣告系列中改進的資產創建流程，無論您查看自動創建的資產，還是查看 Product Studio 等等，那麼我們就走在一條正確的道路上，在自動化方面提供一些真正令人興奮的新創新——讓我稱之為更廣泛意義上的資產創造。

Our last question comes from Mark Mahaney of Evercore.

我們的最後一個問題來自 Evercore 的 Mark Mahaney。

Okay. Actually, I'll follow up on that last question, Philipp. You pointed out AI has been used to improve the advertising mousetrap at Google for many years. Do you view generative AI as just a material accelerant of your ability to improve return on ad spend for the millions of marketers who use Google?

好的。事實上，我會​​跟進最後一個問題，菲利普。您指出，人工智能多年來一直被用來改善谷歌的廣告捕鼠器。您是否認為生成式人工智能只是您為數百萬使用 Google 的營銷人員提高廣告支出回報能力的物質促進劑？

And if you think about where generative AI would have the most impact, could you peel it part what's your guess now over the next couple of years where it's going to have the most impact on the creative -- on the audience creation, on the campaign optimization? Where do you think the most impact will come from generative AI just for all the -- your advertising customers?

如果你想一下生成式人工智能在哪些方面會產生最大的影響，你能否將其部分剝離出來，你現在的猜測是，在接下來的幾年裡，它將對創意、受眾創造、營銷活動產生最大的影響優化？您認為生成式人工智能對所有廣告客戶的最大影響將來自哪裡？

Look, as I said earlier, generative AI is supercharging new and existing ads products with really tons of potential ahead. And we're really helping advertisers here make better decisions, solve problems, enhance creativity. And I covered this earlier. For example, we launched a new conversational experience in Google Ads, the asset creation flow in PMax. I mentioned the Automatically Created Assets, the Product Studio and so on.

瞧，正如我之前所說，生成式人工智能正在為新的和現有的廣告產品提供強大的動力，未來潛力巨大。我們確實在幫助廣告商做出更好的決策、解決問題、增強創造力。我之前已經介紹過這一點。例如，我們在 Google Ads 中推出了新的對話體驗，在 PMax 中推出了資產創建流程。我提到了自動創建的資產、產品工作室等等。

When I talk to customers, they're very excited about AI. And understandably, have some questions. One of the top questions is, for example, what's the next best step I should take. And this is a key reason why we launched our Google Ads AI Essentials, which was a big announcement at GML. It's a checklist of simple steps customers can take right now to unlock the power of AI, and it has to do with the foundation of data and measurement. It has to do with taking action with our AI-powered products and really is a mindset shift to set up organizations for AI success.

當我與客戶交談時，他們對人工智能感到非常興奮。可以理解的是，有一些問題。例如，最重要的問題之一是我應該採取的下一個最佳步驟是什麼。這就是我們推出 Google Ads AI Essentials 的關鍵原因，這是 GML 上的一項重大公告。這是客戶現在可以採取的簡單步驟清單，以釋放人工智能的力量，它與數據和測量的基礎有關。這與對我們的人工智能產品採取行動有關，實際上是建立人工智能成功組織的思維方式轉變。

So those are just some of the examples. If you extrapolate those going forward, those are some of the examples where I see a lot of upside, apart from the points that Sundar already mentioned.

這些只是其中的一些例子。如果你推斷未來的情況，除了桑達爾已經提到的觀點之外，這些都是我看到很多好處的例子。

And I think all of this is before we have multimodal capabilities really in the mix. And so looking at the early innovations there, I think it's going to be an exciting couple of years ahead. Thanks, Mark.

我認為所有這一切都是在我們真正具備多式聯運能力之前發生的。因此，看看那裡的早期創新，我認為未來幾年將是令人興奮的。謝謝，馬克。

Congratulations, Ruth.

恭喜，露絲。

And that concludes our question-and-answer session for today. I'd like to turn the conference back over to Jim Friedland for any further remarks.

我們今天的問答環節到此結束。我想將會議轉回吉姆·弗里德蘭（Jim Friedland）以供進一步評論。

Thanks, everyone, for joining us today. We look forward to speaking with you again on our third quarter 2023 call. Thank you, and have a good evening.

謝謝大家今天加入我們。我們期待在 2023 年第三季度的電話會議上再次與您交談。謝謝您，祝您晚上愉快。

Thank you, everyone. This concludes today's conference call. Thank you for participating. You may now disconnect.

謝謝大家。今天的電話會議到此結束。感謝您的參與。您現在可以斷開連接。