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。感謝您參加 Alphabet 2023 年第二季財報電話會議。

(Operator Instructions)

（操作員指示）

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人、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 年第二季財報電話會議。今天和我們在一起的有 Sundar Pichai、Philipp Schindler 和 Ruth Porat。現在我將快速介紹安全港。

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.

我們今天就我們的業務、營運和財務表現所做的一些陳述可能被視為前瞻性的，而此類陳述涉及許多風險和不確定性，可能導致實際結果大不相同。欲了解更多信息，請參閱我們最近向美國證券交易委員會提交的 10-K 表中討論的風險因素。

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 GAAP 與 GAAP 指標的對賬，該新聞稿透過我們的投資者關係網站 abc.xyz/investor 發布並向公眾開放。除非另有說明，否則我們的評論將基於同比比較。

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

現在我將把電話轉給 Sundar。

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.

謝謝你，吉姆，大家好。我們今天正在倫敦召開電話會議。這是我們的重要中心，我很高興能與我們的當地團隊共度時光，包括 Google DeepMind 以及來自該地區各地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，並期待 8 月的 Cloud Next。整個公司的勢頭推動了我們本季的業績。我們在搜尋和 YouTube 領域表現穩健，在雲端運算領域持續保持強勁成長，我們仍專注於長期價值創造。我們將繼續進行重要工作，提高營運效率，創造持久的儲蓄，為我們最重要的優先事項提供資金支持。

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，包括我們在人工智慧領域的持續領導地位以及我們對搜尋發展的興奮之情。在 I/O 大會上，我們分享如何透過 4 個重要方式讓 AI 造福每個人。一是提升知識學習能力。這是我們作為一家 AI 優先公司的第七年，我們直觀地知道如何將 AI 融入我們的產品中。大型語言模型使它們成為更有用的模型，例如 PaLM 2 和即將推出的 Gemini，我們正在將它們建立為多模式模型。這些進步為重新構想我們的許多產品提供了機會，包括我們最重要的產品「搜尋」。我們正處於搜尋領域令人難以置信的創新時期，多年來搜尋領域一直在不斷發展。

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.

本季我們迎來了下一個重大發展，推出了搜尋生成體驗 (SGE)，它利用生成 AI 的力量使搜尋更加自然和直觀。到目前為止，用戶的回饋非常積極。它可以更好地回答人們今天向我們提出的問題，同時還可以解鎖搜尋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慧可以在人們探索某個主題或專案時為他們連接各個點，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路的另一個起點，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.

我為我們進步所依賴的卓越工程技術感到自豪。自 5 月推出以來，我們提高了服務效率，將產生 AI 快照所需的時間縮短了一半。隨著時間的推移，我們將提供更快的回應。我們正在與更廣泛的生態系統合作，並將繼續優先考慮發送有價值的流量和支持健康開放網路的方法。

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尋體驗中發揮重要作用。許多新查詢本質上都是商業性的。我們在提供與用戶商業查詢相關的廣告方面擁有 20 多年的經驗，而 SGE 增強了我們做得更好的能力。我們正在測試和改進展示位置和格式，並為廣告主提供利用生成式人工智慧的工具。 Philipp 將詳細介紹我們如何在廣告產品中使用生成式人工智慧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.

第二，我們正在幫助人們利用人工智慧來提高他們的創造力和生產力。其中一個例子就是 Bard，我們在對話式人工智慧方面的實驗。自三月推出以來，它一直在不斷改進。本月初，我們推出了許多令人興奮的功能和性能。巴德現已在世界大部分地區和 40 多種最廣泛使用的語言中提供。

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，以便您可以拍攝圖像並提出各種問題、將其轉換為程式碼等等。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 現在可以大聲讀出它的回應，並且您可以調整其語氣和風格。我們繼續看到人們對使用 Bard 進行編碼任務的極大興趣。

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慧協作進行編碼、編寫並從數據等中獲得更好的洞察力。今天，超過 75 萬名 Workspace 用戶可以預覽這些新功能。

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慧進行創新。一種方法是提供一系列生成式 AI 模型最佳化的 Google Cloud 高效能基礎架構。成千上萬的客戶和合作夥伴正在使用它來轉變他們的業務。我馬上就會介紹雲端業務的最新情況。

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，我們要確保負責任地開發和部署人工智慧技術，以便每個人都能受益。上週，我們在白宮與其他領先的人工智慧公司簽署了聯合承諾，以指導我們多年工作的原則為基礎。為了抓住未來的人工智慧機遇，我們作為一家公司一直在加強關注，以嚴格的紀律進行負責任的投資，並尋找能夠更具成本效益地運作的領域。我們在資料中心機器效率方面取得了良好的進展，這將隨著我們繼續投資人工智慧而帶來回報。

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.

我們將繼續減緩費用成長和招募速度，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，我們重新分配了一些團隊，包括將 Waze 的廣告銷售與我們現有的業務組織進行調整。我們正在整合核心基礎設施和雲端的各種工程努力。 Bard 和 SGE 等產品是由小型、快速行動的團隊開發的，這些團隊已被重新分配到這些高優先級的工作中。總體而言，我們正在積極地將人員轉移到公司內部優先順序更高的活動，並且我們將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 Google Cloud。我們預計第二季營收將持續成長，達到 80 億美元，成長 28%，營業利潤達到 3.95 億美元。我們針對 AI 優化的基礎設施是訓練和服務產生 AI 模型的領先平台。超過 70% 的新一代人工智慧獨角獸都是 Google Cloud 的客戶，其中包括 Cohere、Jasper、Typeface 等等。我們透過 Google TPU 和先進的 NVIDIA GPU 提供最廣泛的 AI 超級電腦選項，並且最近推出了由 NVIDIA 的 H100 驅動的新型 A3 AI 超級電腦。這使得 AppLovin 等客戶能夠實現比行業其他產品高出近 2 倍的性價比。

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.

我們新的生成式人工智慧產品正在擴大我們的整體目標市場並贏得新客戶。我們看到對 80 多種模型的強勁需求，包括 Vertex、搜尋和對話式 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。

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.

其中，Priceline正在提升行程規劃功能。家樂福只需幾分鐘即可創建完整的行銷活動。凱捷正在建立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 Extend 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慧可協助匯豐銀行等銀行識別金融犯罪風險。我們的全新人工智慧標靶和先導化合物識別套件正在 Cerevel 中得到應用，以幫助實現藥物發現。我們的生成式人工智慧功能也讓我們有機會贏得新客戶，並向現有的 900 萬付費 Google Workspace 客戶群進行追加銷售。我之前提到過 Duet AI。 Instacart 正在使用它來改善客戶服務工作流程。而像 Extend 這樣的公司正在擴大銷售範圍並優化客戶服務。客戶放心地選擇 Workspace，因為我們為他們的分散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. In the first half of 2023, we saw a 35% increase in incident response engagements compared to the same period last year.

我們的人工智慧能力正在幫助我們區分網路安全等核心產品。我們已將人工智慧融入我們的整個產品組合中，並贏得了輝瑞等使用 Google Cloud 轉變其安全運營的組織的青睞。 Chronicle Security Operations 套件與 Mandiant 完全集成，可協助客戶在安全生命週期的每個階段都受到保護。 2023 年上半年，與去年同期相比，我們的事件回應參與度增加了 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，我們的人工智慧能力也正在擴大我們的合作夥伴生態系統，其中包括數百家 ISV 和 SaaS 供應商，如 Box、Salesforce 和 Snorkel，以及埃森哲和德勤等全球最大的顧問公司。他們共同承諾在 Google Cloud 生成式 AI 上培訓超過 15 萬人。

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.

接下來轉到 YouTube。今年早些時候，我們曾表示，截至 3 月的 12 個月內，YouTube 產品的收入接近 400 億美元。我對 YouTube 不斷擴大的觀眾群和提升的參與度感到非常高興。目前，每月有超過 20 億登入用戶觀看 YouTube Shorts，而一年前這一數字僅為 15 億。就觀看時間而言，客廳仍然是 2022 年成長最快的螢幕。我們在美國連網電視螢幕上的觀眾人數已超過 1.5 億，且國際上的成長勢頭強勁。

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.

訂閱業務也呈現良好的成長動能。去年年底，我們宣布 YouTube Music 和 Premium 訂閱用戶已超過 8,000 萬人。 NFL Sunday Ticket 的報名於四月開始，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，硬體和 Android。 Pixel 持續保持強勁的銷售動能。我們在 I/O 上推出了新的 Pixel 設備，包括 Pixel Fold、Pixel Tablet 和 Pixel 7a，並獲得了熱烈的反響。我們最新的作業系統 Android 14 將融入我們在生成式人工智慧方面的進步，以實現 Android 手機的個人化。 Pixel 和 Android 團隊正在合作推動最新設備的發展。 Pixel Fold 憑藉其眾多的硬體和軟體創新就是一個很好的例子。

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 her new role, driving our investments, engaging with our stakeholders and creating opportunities for people and communities everywhere.

在我結束演講之前，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長這一重要的新職位。作為我們任職時間最長的財務官，她幫助公司度過了一段驚人的增長期、一場全球疫情以及隨之而來的持續的經濟不確定性。我很高興能繼續與露絲合作，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財務長。所以現在一切照常，未來的做法也不會改變。我期待看到露絲在新崗位上發揮的作用，推動我們的投資，與我們的利害關係人互動，並為世界各地的人民和社區創造機會。

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，整個公司的創新步伐和發展勢頭令我振奮。我們擁有 15 種產品，每種產品服務 5 億人，還有 6 種產品服務超過 20 億人，我們有如此多的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，Sundar，大家好。很高興今天能和大家在一起。讓我們直接了解本季的業績。

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.

谷歌服務營收為 660 億美元，年增 5%。谷歌廣告、搜尋和其他業務收入年增 5%，其中零售垂直業務的穩健成長尤為突出。 YouTube 廣告收入年增 4%，這得益於品牌的成長，其次是直接反應，反映了廣告商支出的進一步穩定。網路業務營收較去年同期下降5%。谷歌其他營收年增 24%，其中 YouTube 訂閱收入強勁成長。

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來討論我們的三個關鍵優先領域。谷歌人工智慧、零售和 YouTube，我在前幾個季度已經指出它們是長期廣告成長的明確機會。然後，我將把話題交給露絲，讓她詳細介紹我們的財務表現。

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.

第二季對於 Google AI 和我們的廣告產品來說是一個重要的季度。 I/O、GML 和 Brandcast 證明了我們致力於建立尖端工具和解決方案的堅定承諾，這些工具和解決方案可幫助企業即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 介紹了其中的一些創新。我會分享更多。值得重申的是，雖然生成式人工智慧正在為新的和現有的廣告產品注入強大的動力，並具有巨大的潛力，但多年來，人工智慧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慧搜尋廣告產品。

Our approach to AI in 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.

我們對廣告中人工智慧的態度仍然是基於對當前什麼能為企業帶來真正的價值以及什麼對用戶最有幫助的理解。廣告商告訴我們，他們正在尋求更多的輔助體驗，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資料調整的 LLM 提供支持，使廣告系列建立比以往更加簡單。

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.

廣告商也告訴我們，他們希望我們幫助他們製作出可以立即見效的高品質廣告。因此，我們在 Performance Max 中推出了改進的資產創建流程，幫助客戶只需點擊幾下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 let advertisers optimize for new and existing customers while maximizing sales.

PMax 還具有更多功能。我們推出了新的資產洞察和新的搜尋字詞洞察，以提高對廣告活動效果的理解和新的客戶生命週期目標，讓廣告主能夠針對新舊客戶進行最佳化，同時最大化銷售額。

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.

我們早就說過，一切都是在正確的時間用正確的創意接觸正確的客戶。因此，今年晚些時候，已經為搜尋廣告產生標題和描述的自動創建資產將開始使用生成式人工智慧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。基於人工智慧的關鍵字優先排序可確保在有多個重疊關鍵字時選擇正確的關鍵字、出價、預算、創意和登陸頁面。然後，為了讓廣告商更輕鬆地優化視覺敘事並在中期漏斗中推動考慮，我們推出了 2 個新的 AI 驅動廣告解決方案，即需求生成 (Demand Gen) 和視頻觀看活動 (Video View Campaigns)，兩者都將包含 Shorts 庫存。

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 之前談到了 SGE 以及我們早期對新廣告格式的實驗。我們正在與廣告商、出版商和合作夥伴進行積極對話，以獲得他們的意見，使這些解決方案最適合他們，並且很高興在了解更多資訊的同時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，我們在這個季度表現良好。獲利能力仍然是零售商的首要主題，因此像 PMax 這樣能夠推動底線價值的解決方案繼續表現良好。我們也持續看到在幫助企業實現高效成長和全通路目標方面取得的成功。

Take Ace Hardware, who tapped into AI-powered Search and omnibidding 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，該公司利用人工智慧搜尋和全向競價來滿足陣亡將士紀念日前日益增長的季節性需求。這推動了線上銷售、商店流量和店內銷售的成長，導致來自 Google Ads 的 Omni 收入年增 87%，並成為 Ace 店主有史以來收入最高的一周。

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.

第二季也為消費者和商家帶來了創新。我們推出了新一代人工智慧虛擬試穿工具，將試衣間體驗帶到線上。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、直覺、引人入勝的內容對於消費者和商家來說是雙贏的。事實上，包含多張圖片的產品展示次數平均增加 76%，點擊次數增加 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客製化的、引人注目的圖像，並且我們正在努力優化效能。我們認為這將改變遊戲規則，特別是對於中小企業而言，他們現在可以創建高品質的圖像，以便在 Google 和他們自己的網站上使用，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.

隨著我們繼續將 Google 打造為商家拓展業務和與用戶建立聯繫的寶貴平台，Merchant Center Next 又取得了勝利。我們發現，在過去的兩年中，使用 Merchant Center 的企業數量增加了 2 倍。現在，我們透過自動化庫存管理和提供績效洞察的綜合視圖來簡化這一過程。更好的工具意味著商家更好的成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 and 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.

前往 YouTube。我以前說過，現在再說一次。 YouTube 始於我們的創作者，他們的成功和我們的多格式策略將推動 YouTube 的長期發展。在前幾個季度中，我已經闡述了我們對此的看法。讓我們的創作者能夠透過我們的平台以更多的格式和出色的工具謀生，從而產生更多的內容，從而帶來高品質的影片內容消費，這是團隊的另一個主要關注點。這為盈利和廣告商支持這個令人難以置信的生態系統帶來了更好的機會。

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.

當我們考慮成長時，我們專注於 Shorts、連網電視和我們的訂閱服務，這些服務在本季度都實現了良好的成長。讓我雙擊 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 via video action, performance max and app campaigns. As of Q2, brand advertisers can start testing Shorts Ads in awareness campaigns. It's still early days, but we're excited by the results.

首先，短褲。發展勢頭依然強勁。觀看時間和貨幣化正在朝著正確的方向發展。去年，我們在 Shorts 上推出了廣告，以幫助透過影片行動、效果最大化和應用廣告系列提高直接回應廣告活動的效果。從第二季開始，品牌廣告主可以開始在宣傳活動中測試 Shorts Ads。雖然現在還處於早期階段，但我們對結果感到非常興奮。

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.

愛茉莉太平洋集團旗下排名第一的高端護膚品牌 Laneige 是早期採用者。在為期 10 天的測試中，該公司傾向於採用影片覆蓋活動和新創意，以更有效率的 CPM 推動 Shorts 和 In-feed 覆蓋的獨立用戶數量增加 21%。

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，連網電視。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。我們對所看到的成長以及我們如何實現企業所尋求的覆蓋範圍、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 款新的串流廣告產品。首先，YouTube Select 即將推出 30 秒不可跳過的廣告，該廣告在電視螢幕上的展示次數佔比超過 70%。 30 秒廣告是電視行業的主流，現在 YouTube 為該格式帶來了先進的受眾功能和無與倫比的覆蓋範圍。我們也正在探索新的暫停體驗，以便品牌可以在您暫停時提高知名度或採取行動。

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，根據我們的測量合作夥伴尼爾森、TransUnion 和 Ipsos MMA 的調查，YouTube 的投資回報率平均高於電視和其他線上影片。以好時公司為例。作為優化其 YouTube 策略的多年合作的一部分，好時旗下品牌一直在利用 CTV、高效的人工智慧格式和專為平台打造的創意，從而使 YouTube 成為其第一大投資回報率驅動媒體合作夥伴，從​​ 2018 年到 2023 年，投資回報率提高了 65% 以上。

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 surfaces. 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.

最後一個亮點是將 YouTube 的強大功能與我們持續努力相結合，為合作夥伴帶來 Google 的最佳產品。透過與華納兄弟探索頻道的合作，我們擴大了在整個 Android 生態系統中的多年合作關係，包括合作推出 Max、在 Google TV 上建立深化互惠互利的關係，以及計劃在新的平台上開展合作。 YouTube 與 Max 的擴展協議，包括 YouTube TV 上的 Max NFL 週日門票套餐，也強調了我們共同致力於為客戶帶來最高品質的內容和體驗。

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，我要與 Sundar 一起向世界各地的 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，也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。在介紹結果之前，首先，Sundar，非常感謝您給我這個機會。我對這個新角色感到非常興奮，並且非常期待。

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.

現在來看看結果。我們對第二季的財務表現非常滿意，這反映出搜尋業務的成長加速和雲端運算業務的發展勢頭。除非我另有說明，否則我的評論將基於第二季的年比比較。我將從字母層級的結果開始，然後是細分結果，最後是我們的展望。

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.

第二季度，我們的綜合營收為 746 億美元，成長 7%，以固定匯率計算成長 9%。搜尋仍然是收入成長的最大貢獻者。總收入成本為 319 億美元，成長 6%，其中其他收入成本為 194 億美元，成長 8%。這裡的成長是由內容獲取成本推動的，主要是 YouTube 訂閱服務，其次是第二季與 Pixel 系列發布相關的硬體成本。

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.

正如我們在收益報告中指出的那樣，數據中心和其他營運成本的總體增加被我們上個季度討論的估計使用壽命變化導致的折舊費用減少部分抵消。

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.

營運支出為 209 億美元，成長 4%。營業收入為 218 億美元，成長 12%，營業利益率為 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。淨收入為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，這反映了經營業績的改善以及某些稅款的繳納推遲到 2023 年第四季度，正如我們的收益報告中所述。本季結束時，我們的現金和有價證券總額為 1,180 億美元。

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.

談到我們的分部表現。我們根據第一季所做的兩項變更對前期業績進行了重新調整。首先，DeepMind 現在被報告為 Alphabet 未分配的公司成本的一部分。其次，我們更新了成本分配方法。隨後在第二季度，我們將 Google Research 的 Brain 團隊與 DeepMind 合併，成立了 Google DeepMind。與 Brain 團隊相關的成本之前包含在 Google 服務中，現在則是作為 Alphabet 未分配的公司成本的一部分進行報告。我們尚未重塑前期績效來反映這項額外變化。

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%.

谷歌服務業務營收為 663 億美元，成長 5%。本季度，Google搜尋和其他廣告收入為 426 億美元，成長 5%，主要得益於零售業的成長。 YouTube 廣告收入達到 77 億美元，成長 4%，這主要得益於品牌廣告，其次是直接反應，反映出廣告商支出進一步穩定。網路廣告收入79億美元，下降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%.

其他收入為 81 億美元，成長 24%，反映了 YouTube 非廣告收入的成長，主要來自 YouTube Music Premium 和 YouTube TV 的訂閱成長，其次是硬體收入的成長，主要得益於第二季推出 Pixel 7a。最終，Play 在第二季度恢復了正成長。 TAC 為 125 億美元，成長 3%。谷歌服務營運收入為 235 億美元，成長 8%，營運利潤率為 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 Google Cloud 部分。本季營收為 80 億美元，成長 28%。 GCP 各地區、各產業及各產品的營收成長依然強勁。話雖如此，隨著消費者優化支出，我們看到消費成長率持續放緩。 Google Workspace 的強勁收入成長得益於席位數和每席位平均收入的增加。 Google Cloud 的營業收入為 3.95 億美元，營業利益率為 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.

至於我們的其他投資，第二季的營收為 2.85 億美元，營運虧損為 8.13 億美元。營業虧損的減少主要是由於與某些「其他投資」相關的基於估值的薪酬負債的減少。

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.

談談我們對業務的展望。關於Google服務，首先是在廣告方面。我們對第二季搜尋廣告收入成長的加速感到高興。我們持續實現持續成長的能力反映了我們無與倫比的工程創新，這種創新為用戶創造了非凡的體驗，為廣告商創造了功能，並藉助我們行銷團隊的深厚專業知識實現了這一目標。在 YouTube 上，我們看到廣告支出持續呈現穩定的跡象。我們的產品重點是透過 Shorts 和客廳提高影片內容的優質消費，從而提高獲利能力。

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.

第二，其他收入範圍內。在我們的 YouTube 訂閱產品中，營收的持續強勁成長反映了訂閱用戶的顯著成長。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。硬體收入較去年同期強勁成長很大程度上是由於時間變化，Pixel 7a 是在第二季推出的，而 Pixel 6a 是在去年第三季推出的。展望未來，發佈時間的改變將對第三季的硬體收入成長造成阻力。受買家數量穩定成長的推動，第二季遊戲市場恢復了正成長。

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 Google Cloud。儘管我們顯然仍處於早期階段，但客戶對我們的 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）的興趣讓我們感到特別興奮。同時，由於客戶優化支出，我們在第二季持續面臨消費成長放緩的阻力。我們將繼續積極投資，同時繼續專注於獲利成長。

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人數成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緩有機招聘的速度，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成長重點。

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的連續改善進行簡要評論。有兩個因素需要注意。首先，受惠於第二季搜尋廣告收入成長加速。其次，與我們裁員和優化全球辦公空間相關的絕大部分費用都是在第一季計入的。最後，就資本支出而言，第二季最大的組成部分是伺服器，其中包括對人工智慧運算的投資大幅增加。第二季的季增幅低於預期，原因有二。

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，就辦公設施而言，我們持續放慢裝修和從頭開始建造的速度，以反映預期員工數量成長速度放緩。

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.

二是部分資料中心建設工程延誤。我們預計，到 2023 年下半年，我們對技術基礎設施的投資將會增加，並在 2024 年繼續成長。主要驅動力是支援我們在 Alphabet 中看到的人工智慧機遇，包括對 GPU 和專有 TPU 以及資料中心容量的投資。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，以幫助為這些投資創造能力，並支持長期、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)

（操作員指示）

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 Brian Nowak。

I have 2. The first one for Sundar. 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。第一個是給 Sundar 的。 Sundar，我很好奇地想了解您早期對消費者行為的一些了解和驚奇之處，了解人們是如何使用 Bard 還是 Search。當您考慮 Gemini 在未來一年左右能為人們提供什麼時，您最興奮的是什麼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?

然後第二個是給露絲的。露絲，恭喜你獲得新職位。一個問題是關於耐用品費用的評論。我記得上個季度您談到了到 2024 年支出成長速度可能低於收入成長速度的想法。這種想法仍然正確嗎？只是為了確認一下，這些評論是否包括折舊的影響？

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。我將選擇第一部分。現在肯定還處於早期階段，但無論是在 Bard 還是 Search Generative Experience，我們用戶的回饋都非常正面。我認為我們現在肯定能夠提供更深層、更廣泛的資訊用例，這非常令人興奮。我不會感到驚訝。例如，人們確實用它來進行編碼，這是我們理解的東西，但它絕對是新的。我們非常興奮，我們將 Google Lens 整合到了 Bard 中。我們已經知道 Google Lens 有多大。我們從所獲得的視覺搜尋中看到了這一點，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。但毫無疑問，在巴德學院，這一點受到了熱烈歡迎。所以這讓我感覺到——鑑於 Gemini 從一開始就被構建為多模式，我認為這是一個會讓用戶興奮的領域。當我回顧多年前我們進行通用搜尋時，每當我們可以為用戶抽像出不同的內容類型並以無縫的方式將它們放在一起時，他們往往會很好地接受它。因此我對未來充滿期待。

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.

關於您的第二個問題，布萊恩，我們對第二季的營運表現非常滿意。我們一直在說，我們關注的是收入成長，而不是費用成長，並且在一段時間內首次實現了這一目標，這就是銷售成本加上營運費用的總體。我們確實仍然非常注重持久地重新設計我們的成本基礎。有很多工作流程正在進行中，我在開場白中提到了其中的幾個。正如 Sundar 和我都評論的那樣，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艾瑞克·謝裡丹。

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.

也許一個是給 Sundar 的，另一個是給 Ruth 的。 Sundar，您能否談談開源與封閉的元素以及定制矽片之類的東西，以及您如何看待未來幾年人工智能產品的廣泛發展，以及您認為谷歌透過雲端業務或消費者產品將推向市場的某些關鍵差異點，以及我們應該如何看待未來幾年人工智能中差異化發揮更大的作用。那將是第一位的。

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，我也會像布萊恩一樣對這個新角色表示祝賀。也許你們兩個可以談談為什麼這種角色對 Alphabet 來說在目前這個階段很重要？露絲，當您在秋季擔任這個新職位時，您希望為組織帶來什麼？

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.

謝謝，埃里克。關於第一部分，顯然是一個大話題。我想概括地說，對於人工智慧的投資，當你看到深度電腦科學工作的類型、我們努力為公司帶來的人才以及從頭開始構建的基礎設施時，從谷歌成立之初，我們就考慮過數據中心的交換機。只要我們認為可以透過創新做到最好並獲得優勢，我們就會選擇這樣做。

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.

我們在人工智慧、矽片方面已經做到了這一點。但對我們來說，真正重要的是專注於我們的用戶和客戶，並支持所有需要的創新。舉例來說，對於雲，我們已經真正接受了開放式架構。當客戶希望使用多雲技術時，我們會積極回應他們的要求。因此，同樣地，你會看到，有了人工智慧，我們就會擁抱它——我們不僅會提供我們的第一方模型，還會提供第三方模型，包括開源模型。我認為開源在這個生態系統中扮演著至關重要的角色。

Google contributes -- we are one of the largest contributors to -- if you look at Hugging Face 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.

谷歌的貢獻——我們是最大的貢獻者之一——如果你看看 Hugging Face 及其貢獻，請看看 Android、Chromium、Kubernetes 等專案。因此，我們將接受這一點，並始終處於技術前沿，我認為從長遠來看，這將對我們有利。

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Ruth為公司所做的一切工作。它的價值難以用語言來形容。我非常高興她將繼續擔任這個有影響力的新角色。鑑於我們公司的規模以及技術的廣泛變化，我認為在全球範圍內大規模地參與這些問題並倡導我們在 Alphabet 和 Google 上進行的投資所帶來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財務長。因此沒有什麼變化，我們會花時間尋找繼任者，露絲將密切參與，不僅在這個方面，還包括我們的長期規劃，包括 2024 年的規劃。

Ruth, anything to add?

露絲，還有什麼要補充的嗎？

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，當你問到影響時，Sundar 和我討論過的一個方面是順利完成 2024 年資本計劃和多年期計劃，並完成我們正在進行的所有非常重要的努力。我們對他們的意義感到非常興奮，這將為公司做好長期成長投資的準備。因此，我們將繼續執行這些目標。我認為 Sundar 對此進行了很好的總結。我們看到科技可以為許多人的生活和經濟體的生活帶來巨大的改變。我認為，能夠關注對經濟成長的影響以及對人民、對組織、對國家的機會是一種榮幸。我對此感到非常興奮，尤其是能和這家出色的公司合作。因此，我們將重點關注這一點以及我們在 Alphabet 上進行的投資，以推動全球眾多領域的經濟成長。

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 (Doug Anmuth)。

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?

一個給 Sundar，一個給 Ruth。對於 Sundar 來說，我很好奇，您如何看待將生成式人工智慧更廣泛地融入搜尋的時機？更具體地說，為了實現這一目標，您需要注意哪些事項？

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，正如您所解釋的，第二季的資本支出低於預期。您是否仍預期 23 年的資本支出會比 22 年略高？然後我知道它有點超前，但是我們應該如何考慮在 23 年以及 24 年期間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，在搜尋生成體驗方面，我們肯定希望確保我們從第一原則出發進行深入思考。雖然這是一項令人興奮的新技術，但在過去幾年裡，我們一直在不斷將人工智慧創新引入搜尋領域，而這是這趟旅程的下一步。但這是一個很大的變化，所以我們從第一原則開始思考。它確實給了我們一個機會，讓我們不再總是受到以前搜尋工作方式的限制，讓我們能夠跳脫固有的思維模式。我從經驗中看到了這一點。所以我想說，我們現在的水準已經超出了我的預期。

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.

反饋非常正面。自產品推出以來，我們的效率已顯著提高。延遲已顯著改善。我們保持著非常高的標準，而且——但我想說，從內部角度來看，我們在所有指標上都處於領先地位。所以我對此非常滿意。因此，您會看到我們繼續將它帶給越來越多的用戶。隨著時間的推移，這將成為搜尋的工作方式。因此，我們正在採取深思熟慮的步驟，建立搜尋領域的下一個重大變革，我對目前的進展感到滿意。

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，重要的一點是，第二季度的環比增幅低於預期，我指出有兩個原因：一是我們在辦公設施方面所做的工作；以及某些數據中心建設項目的延遲。這就是為什麼我們要非常明確地表明，我們確實預計對技術基礎設施的投資水平會有所提高，而且到 2023 年下半年，這一水平還會繼續增加，這與我們之前的評論一致，即考慮到上半年開局較慢，我們預計 2023 年的投資會更高，然後會持續增長到 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.

如您所知，這樣做的主要驅動力是支援我們在整個公司範圍內看到的人工智慧機遇，包括我們已經討論過的投資、專有 TPU、我們在 GPU 方面所做的一切以及資料中心容量。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 Alphabet 的機會。

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.

至於您問題的另一部分，當我們考慮房地產優化時，這是我們在談論持久地重新設計成本基礎以創造投資能力和支持長期可持續的財務價值時重要的眾多工作流之一，我們將繼續為此而努力。

The next question comes from Lloyd Walmsley of UBS.

下一個問題來自瑞銀的 Lloyd Walmsley。

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?

我只是想跟進一下——一些關於 SGE 的問題，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？在擴大 SGE 部署時，你們是如何看待這個問題的？是的——我認為很多人擔心，短期內這可能會帶來一些不利因素。但從長遠來看，也許來自更有用的產品的查詢成長可以彌補這一點。但你們覺得結果會怎麼樣呢？您能分享什麼呢？

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出一些顏色。我們顯然一直致力於帶來這種體驗並確保它能很好地為用戶服務。首先，作為一個用戶，我很清楚，對於某些查詢，答案會好得多。這顯然是一場品質的勝利。因此我認為我們肯定朝著正確的方向前進，我們可以從我們的指標和從用戶那裡得到的回饋中看到這一點。

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? 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.

這些體驗不變的是，許多使用者旅程本質上都是商業性的。存在固有的商業用戶需求。令我興奮的是，SGE 為我們提供了更好地滿足這些需求的機會，對嗎？更好的。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，而商家和廣告商則希望提供這些選擇。

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.

因此這些基本原則對上海黃金交易所也是正確的。我們正在進行多項實驗，包括廣告，我們對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，我們在處理這些轉變方面擁有豐富的經驗，我們也會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 (Justin Post)。

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 feel 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。只要詢問雲即可。儘管進行了優化，但收入成長確實看起來趨於穩定。那麼，您能談談本季的通路和客戶勝利嗎，您對此有何感想？那麼，您是否看到本季或下半年總收入中與人工智慧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。這對雲端運算來說是一個令人興奮的時刻，因為客戶對人工智慧確實有很多興趣，而且他們確實在與我們進行更多的對話。所以我想說，我不評論短期內的情況，但當我從長遠考慮時，我認為人工智慧的機會可以擴大我們的整體可尋址市場，並讓我們贏得新客戶。我們現在可以直接帶入雲端的投資規模。正如我之前所說，我們在 Vertex、企業、搜尋和對話式 AI 領域擁有 80 多個模型，我們正在將它們全部轉化為深度產業解決方案。所以我對此感到很興奮。

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，它為我們提供了向現有客戶群進行追加銷售和交叉銷售的機會。例如，如果您現在考慮 Google Workspace 中的 Duet AI，它是我們所有由生成式 AI 驅動的協作功能的集合。我們可以提供給超過 900 萬付費 Google Workspace 客戶。同樣，Google Cloud 中的 Duet AI 再次允許我們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，我認為人工智慧幫助我們區分我們的核心產品。例如，如果你看一下網路安全，我們正在深度融入人工智慧來推動該領域的深刻變革。所以總的來說，我很興奮，我認為這是一個長期的機會。我們在 Alphabet 的人工智慧領域所做的所有投資，包括我們在 Google DeepMind 和 Google Research on Gemini 等方面所做的工作，也直接適用於雲端運算。我對此感到非常興奮。

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

偉大的。也許是露絲的一個後續行動。本季基礎架構雲的成長速度是否再次快於 Workspaces？

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 的成長速度高於雲端運算的整體成長率。

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 signs 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 you are growing while others are really struggling and slowing down?

一個給 Philipp，一個給 Sundar。菲利普，您能談談廣告市場嗎？如果你退一步來看，你現在會看到線性電視、廣告公司、小型和數位公司疲軟的真正跡象，它們都在放緩，宏觀背景肯定不明朗，但你們本季度卻加速了成長。您認為哪些因素可以決定為什麼你們在成長，而其他企業卻在苦苦掙扎、發展緩慢？

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，我認為你們在過去 5 年中在研發上花費了超過 1000 億美元，但有一種說法是，未來的競爭非常激烈，成本也非常高。能否談談您如何看待研發支出？您能為我們提供任何近期的成長節奏更新嗎？有哪些因素可能會改變你們未來研發支出的成長？

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。看看吧，如果有的話，我認為有兩件事。我們始終致力於推動深度電腦科學研究和創新。這就是公司建立的基礎。將其付諸實踐，打造新產品和服務並創造價值，形成良性循環。因此，這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 that 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.

正如露絲所提到的那樣，在人工智慧投資方面，我們肯定會致力於確保我們的投資能夠實現這一機會。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慧方面。因此，我們將所有鏡頭都帶到那裡，以便負責任地完成這項工作。但我們的理念或方法並沒有整體改變。也許我會讓菲利普對整體市場動態發表評論。

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。聽著，我無法評論其他人，但我們的重點顯然仍然是幫助客戶解決他們所面臨的任何不確定性或複雜性，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實現強勁的投資回報率。

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慧工具和解決方案來真正做到這一點。我指出，搜尋和其他收入主要由零售垂直領域的穩健成長所帶動。我們討論了 YouTube 方面的 DR 和品牌方面。我認為這些就是我要提出的重點。

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?

我可以在 Performance Max 上提問嗎？你在那裡取得了巨大的成功。您能談談任何垂直或用例擴充嗎？我們還要多久才能實現更自動化的人工智慧創意生產呢？

Yes. Look, this is a great question. AI is a foundational component that really allows us to help users, advertisers, [publishers] and 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。瞧，這是一個很好的問題。人工智慧是一個基礎元件，它確實使我們能夠大規模地幫助用戶、廣告商、[出版商]和合作夥伴。多年來，我們一直在努力將廣告的關鍵組成部分（無論是競價、定位、創意還是創新）融入核心廣告商和出版商的體驗中，並透過人工智慧大幅改善它們。

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.

而 Performance Max 就是一個例子，它展示了所有這些如何大規模地為廣告商結合在一起。他們為我們提供了一套業務目標資產，然後我們可以處理其餘事務以滿足消費者需求並真正實現廣告商的投資回報。正如您在 GML 上聽到的那樣，我們已經看到過去多個季度以來，我們一直在此基礎上繼續建立新的 AI 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已經從人工智慧的角度談過我們將如何發展我們的一些產品。如果你看一下我們在那裡宣布的一些事情，那麼可以公平地說，無論你是看我們在 Performance Max 中改進的資產創建流程，還是看自動創建的資產，還是看產品工作室等等，我們都在正確的道路上提供一些真正令人興奮的自動化新創新——讓我稱之為廣義上的資產創建。

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。實際上，我會跟進最後一個問題，菲利普。您指出，多年來，人工智慧一直被用來改進Google的廣告捕鼠器。您是否認為生成式人工智慧只是您為數百萬使用 Google 的行銷人員提高廣告支出回報率的能力的物質加速器？

And if you think about where generative AI would have the most impact, could you peel it apart 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?

如果您思考一下生成式人工智慧將在哪些方面產生最大的影響，您能否將其分解開來，您現在猜測在未來幾年內它將在哪些方面對創意、受眾創造、活動優化產生最大的影響？您認為生成式人工智慧對於您的所有廣告客戶來說將產生哪些最大的影響？

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.

正如我之前所說，生成式人工智慧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。我們確實在幫助這裡的廣告商做出更好的決策、解決問題、增強創造力。我之前也討論過這個問題。例如，我們在 Google Ads 中推出了一種新的對話體驗，即資產建立流程。在 PMax 中，我提到了自動建立的資產、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，他們對人工智慧非常興奮，並且理所當然地有一些疑問。例如，最重要的問題之一是，我下一步應該採取什麼最佳措施。這就是我們推出 Google Ads AI Essentials 的關鍵原因，也是 GML 的重大聲明。這是客戶現在可以採取的簡單步驟清單，以釋放人工智慧的力量，它與數據和測量的基礎有關。這與利用我們的人工智慧產品採取行動有關，實際上是一種思維轉變，旨在為人工智慧的成功建立組織。

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.

這些只是一些例子。如果你推論這些情況會繼續發展，那麼除了 Sundar 已經提到的觀點之外，這些都是我看到的許多好處的例子。

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.

我認為所有這些都發生在我們真正具備多模式能力之前。因此，看看那裡的早期創新，我認為未來幾年將會是令人興奮的幾年。謝謝，馬克。

Congratulations, Ruth.

恭喜你，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.

今天的問答環節到此結束。我想將會議交還給吉姆‧弗里德蘭 (Jim Friedland)，請他發表進一步的評論。

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.

感謝大家今天加入我們。我們期待在 2023 年第三季電話會議上再次與您交談。謝謝，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。您現在可以斷開連線。