Google (GOOG) 2023 Q3 法說會逐字稿

Welcome, everyone. Thank you for standing by for the Alphabet Third Quarter 2023 Earnings Conference Call. (Operator Instructions)

歡迎大家。感謝您出席 Alphabet 2023 年第三季財報電話會議。 （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演講者、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 Third Quarter 2023 Earnings Conference Call. With us today are Sundar Pichai, Philipp Schindler and Ruth Porat.

謝謝。大家下午好，歡迎參加 Alphabet 2023 年第三季財報電話會議。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)。

Now I'll quickly cover the safe harbor. Some of the statements that we make today regarding our business, operations and financial performance may be considered forward-looking. Such statements are based on current expectations and assumptions that are subject to a number of risks and uncertainties. Actual results could differ materially. Please refer to our Form 10-K, including our Risk Factors section and our Form 10-Q. We undertake no obligation to update any forward-looking statement.

現在我將快速覆蓋安全港。我們今天所做的有關我們的業務、營運和財務表現的一些聲明可能被認為是前瞻性的。此類陳述基於當前的預期和假設，受到許多風險和不確定性的影響。實際結果可能存在重大差異。請參閱我們的表格 10-K，包括我們的風險因素部分和表格 10-Q。我們不承擔更新任何前瞻性聲明的義務。

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，該新聞稿透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. I'm pleased with our business results this quarter, which demonstrates strong growth in Search and YouTube and momentum in Cloud. Google turned 25 in September, which offered an opportunity to reflect on our progress over the last quarter century and to look ahead to the opportunities enabled by AI we are so excited and confident about.

謝謝吉姆，大家好。我對本季的業務業績感到滿意，這表明搜尋和 YouTube 的強勁成長以及雲端的勢頭。 9 月，Google 迎來了 25 歲生日，這讓我們有機會反思過去 25 年來的進步，並展望人工智慧帶來的機遇，我們對此感到非常興奮和自信。

Our product momentum continued this quarter, as you saw with Cloud Next made on YouTube and made by Google. It's all part of our focus on making AI more helpful for everyone, and we are making good progress across the 4 areas that we shared last quarter.

我們的產品勢頭在本季繼續保持，正如您在 YouTube 上製作的、由 Google 製作的 Cloud Next 所看到的那樣。這是我們致力於讓人工智慧對每個人更有幫助的一部分，我們在上個季度分享的 4 個領域取得了良好進展。

First, improving knowledge and learning. This includes our work with the Search Generative Experience, which is our experiment to bring generative AI capabilities into Search. We have learned a lot from people trying it, and we have added new capabilities like incorporating videos and images into responses and generating imagery. We have also made it easier to understand and debug generated code. Direct user feedback has been positive with strong growth in adoption. In August, we opened up availability to India and Japan with more countries and languages to come. As we add features and expand into new markets, we are engaging with the broader ecosystem, and we'll continue to prioritize approaches that add value for our users, send valuable traffic to publishers and support a healthy open Internet.

第一，提升知識水準和學習能力。這包括我們在搜尋生成體驗方面的工作，這是我們將生成人工智慧功能引入搜尋的實驗。我們從人們的嘗試中學到了很多東西，並且添加了新功能，例如將視訊和圖像合併到回應中以及生成圖像。我們也使生成的程式碼更容易理解和調試。用戶的直接回饋是正面的，採用率強勁成長。 8 月，我們向印度和日本開放了服務，並將推出更多國家和語言。隨著我們添加功能並擴展到新市場，我們正在參與更廣泛的生態系統，我們將繼續優先考慮為用戶增加價值、向發布商發送有價值的流量並支持健康的開放互聯網的方法。

With generative AI applied to Search, we can serve a wider range of information needs and answer new types of questions, including those that benefit from multiple perspectives. We are surfacing more links with SGE and linking to a wider range of sources on the results page, creating new opportunities for content to be discovered. Of course, ads will continue to play an important role in this new Search experience. People are finding ads helpful here as they provide useful options to take action and connect with businesses. We'll experiment with new formats native to SGE that use generative AI to create relevant, high-quality ads customized to every step of the Search journey.

透過將生成式人工智慧應用於搜索，我們可以滿足更廣泛的資訊需求並回答新類型的問題，包括那些受益於多個視角的問題。我們正在與 SGE 建立更多鏈接，並在結果頁面上鏈接到更廣泛的來源，為發現內容創造新的機會。當然，廣告將繼續在這種新的搜尋體驗中發揮重要作用。人們發現廣告在這裡很有幫助，因為它們提供了採取行動和與企業建立聯繫的有用選項。我們將嘗試 SGE 原生的新格式，使用生成式人工智慧來創建針對搜尋旅程的每一步客製化的相關、高品質廣告。

The second area we are focused on is boosting creativity and productivity. Bard is particularly helpful here. It's a direct interface to a conversational LLM and we think of it as an early experiment and complementary experience to Google Search. Bard can now integrate with Google apps and services showing relevant information from Workspace, Maps, YouTube and Google Flights and Hotels.

我們關注的第二個領域是提高創造力和生產力。巴德在這裡特別有幫助。它是對話式法學碩士的直接介面，我們將其視為早期實驗和對 Google 搜尋的補充體驗。 Bard 現在可以與 Google 應用程式和服務集成，顯示來自 Workspace、地圖、YouTube 以及 Google 航班和飯店的相關資訊。

We've also improved the Google IT feature. It provides other sources to help people evaluate Bard's responses and explore information across the web. Earlier this month, we announced Assistant with Bard, a personal assistant powered by generative AI. It combines Bard's generative and reasoning capabilities with Assistant's personalized help. You can interact with it through text, voice or images. And in the coming months, you'll be able to opt in on Android and iOS mobile devices. Our collaborative tools in Workspace and YouTube are also part of how we boost creativity and productivity, and they are seeing great initial traction.

我們也改進了 Google IT 功能。它提供了其他來源來幫助人們評估巴德的回答並探索網路上的資訊。本月早些時候，我們發布了 Assistant with Bard，這是一款由生成式人工智慧驅動的個人助理。它將 Bard 的生成和推理能力與 Assistant 的個人化幫助相結合。您可以透過文字、語音或圖像與其進行互動。在接下來的幾個月中，您將可以選擇在 Android 和 iOS 行動裝置上加入。我們在 Workspace 和 YouTube 中的協作工具也是我們提高創造力和生產力的一部分，並且它們在最初就受到了巨大的歡迎。

Third, we are enabling developers, businesses and other organizations to build their own transformative products and services. For example, thousands of customers and partners are already using Google Cloud to capture the potential of AI, and we'll share more there in a minute.

第三，我們幫助開發者、企業和其他組織建立自己的變革性產品和服務。例如，成千上萬的客戶和合作夥伴已經在使用 Google Cloud 來挖掘 AI 的潛力，我們稍後將分享更多資訊。

And fourth, we are building and deploying AI responsibly so that everyone can benefit. One area we are focused on is making sure people can more easily identify when they are encountering AI-generated content online, using new technology powered by Google DeepMind SynthID, images generated by Vertex AI can be watermarked in a way that is invisible to the human eye without reducing the image quality. Underlying all this work is the foundational research done by our teams at Google DeepMind and Google Research. We are excited to roll out more of what they've been working on soon.

第四，我們正在負責任地建置和部署人工智慧，以便每個人都能受益。我們關注的一個領域是確保人們在網路上遇到人工智慧生成的內容時能夠更輕鬆地識別，使用由 Google DeepMind SynthID 支援的新技術，Vertex AI 生成的圖像可以以人類不可見的方式加水印眼睛而不降低影像品質。所有這些工作的基礎是我們 Google DeepMind 和 Google Research 團隊所做的基礎研究。我們很高興很快就能推出更多他們正在開發的產品。

As we expand access to our new AI services, we continue to make meaningful investments in support of our AI efforts. 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. Across Alphabet, teams are looking at ways to operate as effectively as possible focused on their biggest priorities.

隨著我們擴大新人工智慧服務的使用範圍，我們將繼續進行有意義的投資來支援我們的人工智慧工作。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。在 Alphabet 中，團隊正在尋找盡可能有效運作的方法，專注於他們最重要的優先事項。

Turning next to YouTube, which saw solid momentum in both its ads and subscription businesses in Q3. NFL Sunday Ticket is now live in receiving excellent reviews. Fans love our multi-view feature, which can live stream up to 4 games on a single screen. We have heard positive feedback from our partners at the NFL about the new features and live stream reliability. This is a clear example of our ability to execute big partnerships with excellence and at scale.

接下來是 YouTube，第三季廣告和訂閱業務均呈現強勁勢頭。 NFL Sunday Ticket 現已上線，好評如潮。粉絲們喜歡我們的多視圖功能，該功能可以在一個螢幕上直播最多 4 場比賽。我們聽到了 NFL 合作夥伴對新功能和直播可靠性的正面回饋。這是我們以卓越和規模執行大型合作夥伴關係的能力的一個明顯例子。

I'm really pleased with the growth and engagement on YouTube Shorts. We continue to work on closing the monetization gap here. Shorts now average over 70 billion daily views and are watched by over 2 billion signed-in users every month. At Made On YouTube in September, we announced new tools that make it easier to create engaging content. Dream Screen is an experimental feature that allows creators to add AI-generated video or image backgrounds to Shorts. And YouTube Create is a new mobile app with a suite of production tools for editing Shorts, longer videos or both.

我對 YouTube Shorts 的成長和參與度感到非常滿意。我們將繼續努力縮小貨幣化差距。 Shorts 目前平均每日觀看次數超過 700 億次，每月有超過 20 億登入用戶觀看。在 9 月的 Made On YouTube 上，我們發布了新工具，可以更輕鬆地創建引人入勝的內容。 Dream Screen 是一項實驗性功能，可讓創作者將 AI 生成的影片或影像背景添加到 Shorts 中。 YouTube Create 是一款新的行動應用程序，具有一套用於編輯短片、較長影片或兩者的製作工具。

Next, Google Cloud. We see continued growth with Q3 revenue of $8.4 billion, up 22%. Today, more than 60% of the world's 1,000 largest companies or Google Cloud customers. At Cloud Next, we showcased amazing innovations across our entire portfolio of infrastructure, data and AI, workspace collaboration and cybersecurity solutions. We offer advanced AI optimized infrastructure to train and serve models at scale. And today, more than half of all funded generative AI start-ups are Google Cloud customers. This includes AI21 Labs, Contextual, Elemental Cognition, Writer and more. We continue to provide the widest choice of accelerator options. Our A3 VMs powered by NVIDIA's H100 GPU are generally available, and we are winning customers with Cloud TPU v5e, our most cost efficient and versatile accelerator to date.

接下來是Google雲端。我們預計第三季營收將持續成長 84 億美元，成長 22%。如今，全球 1000 家最大的公司中有超過 60% 都是 Google Cloud 客戶。在 Cloud Next 大會上，我們展示了整個基礎架構、資料和人工智慧、工作空間協作和網路安全解決方案組合的驚人創新。我們提供先進的人工智慧優化基礎設施來大規模訓練和服務模型。如今，超過一半獲得資助的生成式人工智慧新創公司都是 Google Cloud 客戶。這包括 AI21 實驗室、情境、元素認知、作家等。我們繼續提供最廣泛的加速器選項。我們由 NVIDIA H100 GPU 提供支援的 A3 虛擬機已全面上市，並且我們正在透過 Cloud TPU v5e（我們迄今為止最具成本效益和多功能的加速器）贏得客戶。

On top of our infrastructure, our Vertex AI platform helps customers build, deploy and scale AI-powered applications. We offer more than 100 models, including popular third-party and open source models, as well as tools to quickly build Search in conversation use cases. From Q2 to Q3, the number of active generative AI projects on Vertex AI grew by 7x, including Highmark Health, which is creating more personalized member materials.

在我們的基礎架構之上，我們的 Vertex AI 平台可協助客戶建置、部署和擴展人工智慧驅動的應用程式。我們提供 100 多個模型，包括流行的第三方和開源模型，以及在對話用例中快速建立搜尋的工具。從第二季到第三季度，Vertex AI 上活躍的生成式 AI 專案數量增加了 7 倍，其中包括 Highmark Health，該專案正在創建更個人化的會員資料。

Duet AI was created using Google's leading large foundation models and is specially trained to help users to be more productive on Google Cloud. We continue expanding its capabilities and integrating it across a wide range of cloud products and services. With Duet AI, we are helping leading brands like PayPal and Deutsche Bank boost developer productivity, and we are enabling retailers like Aritzia and Gymshark to gain new insights for better and faster business results. In fact, companies are increasingly using AI for the purpose of finalizing data, and customers are choosing Google Cloud because we are the only large cloud provider with a unified platform to analyze structured and unstructured data.

Duet AI 使用 Google 領先的大型基礎模型創建，並經過專門訓練，可協助使用者在 Google Cloud 上提高工作效率。我們不斷擴展其功能並將其整合到各種雲端產品和服務中。透過 Duet AI，我們正在幫助 PayPal 和德意志銀行等領先品牌提高開發人員的生產力，並幫助 Aritzia 和 Gymshark 等零售商獲得新的見解，從而獲得更好更快的業務成果。事實上，公司越來越多地使用人工智慧來最終確定數據，而客戶選擇谷歌雲端是因為我們是唯一一家擁有統一平台來分析結構化和非結構化數據的大型雲端供應商。

In Workspace, thousands of companies and more than 1 million trusted testers have used Duet AI. They are writing and refining content in Gmail and Docs, creating original images from text within slides, organizing data and sheets and more. These innovations enable us to provide new services and grow our base of 10 million paying customers including enterprises like Grupo Boticário, Unilever and Warner Music.

在 Workspace 中，數千家公司和超過 100 萬名值得信賴的測試人員已經使用 Duet AI。他們在 Gmail 和 Docs 中編寫和完善內容、根據幻燈片中的文字建立原始圖像、組織資料和工作表等。這些創新使我們能夠提供新的服務並擴大我們的 1,000 萬付費客戶群，其中包括 Grupo Boticário、聯合利華和華納音樂等企業。

We also integrated Duet AI across our cybersecurity portfolio to differentiate in the marketplace, providing generative AI-powered assistance in Mandiant Threat Intelligence, Chronicle Security Operations and Security Command Center. This reduces the time security teams spend writing, running and refining searches by 7x. We are the only leading security provider that combines frontline intelligence and expertise, a modern security operations platform and a trusted cloud foundation, all infused with generative AI, helping product customers and partners like BT, Jack Henry and Associates and CoverMyMeds.

我們還將 Duet AI 整合到我們的網路安全產品組合中，以在市場中脫穎而出，為 Mandiant 威脅情報、Chronicle 安全營運和安全指揮中心提供生成式 AI 支援。這將安全團隊編寫、運行和優化搜尋所花費的時間減少了 7 倍。我們是唯一一家將一線情報和專業知識、現代安全營運平台和值得信賴的雲端基礎相結合的領先安全供應商，所有這些都融入了生成式人工智慧，為BT、Jack Henry and Associates 和CoverMyMeds 等產品客戶和合作夥伴提供協助。

Turning to Hardware. We unveiled our new products this month. We introduced our new Pixel 8, Pixel 8 Pro and Pixel Watch 2 to very positive consumer feedback and reviews. Pixel is the fastest-growing smartphone brand in our top markets and the only one that grew in units sold year-over-year. Our portfolio of Pixel products are brought to life, thanks to our combination of foundational technologies AI, Android and Google Tensor. Google Tensor G3 is the third generation of our tailor-built chip. It's designed to power transformative experiences by bringing the latest in Google AI research directly to our newest phones.

轉向硬體。我們在本月推出了新產品。我們推出了新款 Pixel 8、Pixel 8 Pro 和 Pixel Watch 2，並獲得了非常正面的消費者回饋和評論。 Pixel 是我們頂級市場中成長最快的智慧型手機品牌，也是唯一銷售較去年同期成長的品牌。由於我們將 AI、Android 和 Google Tensor 基礎技術結合，我們的 Pixel 產品組合才得以實現。 Google Tensor G3 是我們客製化的第三代晶片。它旨在透過將 Google AI 研究的最新成果直接引入我們最新的手機來推動變革性體驗。

A new AI-powered editing feature in Google photos on Pixel 8 and Pixel 8 Pro remote distractions, generate the best shot from multiple images and reduce distracting sounds in videos. Pixel and our third-party ecosystem are powered by Android. We just released Android 14 with more accessibility features.

Pixel 8 和 Pixel 8 Pro 上的 Google 照片中的新人工智慧編輯功能可以遠端幹擾，從多張影像中產生最佳鏡頭，並減少影片中的干擾聲音。 Pixel 和我們的第三方生態系統均由 Android 提供支援。我們剛剛發布了具有更多輔助功能的 Android 14。

I also want to mention Chromebook Plus, a new category which provides the best of Chrome on great hardware with built-in Google apps and powerful AI capabilities. We also shared that Chromebooks will now get regular automatic updates for 10 years, more than any other operating system.

我還想提一下 Chromebook Plus，這是一個新類別，它在出色的硬體上提供了 Chrome 的最佳功能，並具有內建的 Google 應用程式和強大的 AI 功能。我們還透露，Chromebook 現在將獲得為期 10 年的定期自動更新，比任何其他作業系統都多。

In Other Bets, Waymo is onboarding more riders to its commercial ride-hailing service as it gradually adds over 100,000 people from its San Francisco waitlist. Austin will follow as its next ride-hail city. Wing and Walmart announced a new partnership to provide drone delivery service in the Dallas-Fort Worth area.

在「其他賭注」中，Waymo 正在為其商業叫車服務吸引更多乘客，並逐漸從舊金山的候補名單中增加超過 10 萬人。奧斯汀將成為下一個叫車城市。 Wing 和沃爾瑪宣佈建立新的合作夥伴關係，在達拉斯-沃斯堡地區提供無人機送貨服務。

Before handing over to Philipp, I want to thank our employees around the world who are working to create innovative products and provide great services to people and businesses who use our products. Philipp?

在交給 Philipp 之前，我要感謝我們世界各地的員工，他們致力於創造創新產品，並為使用我們產品的個人和企業提供優質服務。菲利普？

Thanks, Sundar, and hi, everyone. I'll start with our performance for the quarter and then give color into the 3 key priority areas for ads, Google AI, Retail and YouTube, that we've identified on past calls as opportunities for long-term growth and advertising.

謝謝桑達爾，大家好。我將從本季的業績開始，然後對廣告的 3 個關鍵優先領域（Google AI、零售和 YouTube）進行闡述，我們在過去的電話會議中將其確定為長期成長和廣告的機會。

Google Services revenues of $68 billion were up 11% year-on-year. In Google advertising, Search and other revenues grew 11% year-on-year led by solid growth in the retail vertical. In YouTube ads, revenues were up 12% year-on-year driven by growth in both brand and direct response. In Network, revenues declined 3% year-on-year. Google other revenues were up 21% year-on-year led by strong growth in YouTube subscription revenues.

谷歌服務收入達 680 億美元，年增 11%。在零售垂直領域的穩健成長帶動下，Google廣告、搜尋和其他收入較去年同期成長 11%。在 YouTube 廣告中，由於品牌和直接反應的成長，營收年增 12%。網路方面，營收年減3%。在 YouTube 訂閱收入強勁成長的帶動下，Google其他收入年增 21%。

Let's start with Google AI. Recent dramatic advances in everything from foundational research models to LLMs to generative AI are improving our ability to deliver better performance and profitability for advertisers and more helpful, delightful experiences for users.

讓我們從谷歌人工智慧開始。最近，從基礎研究模型到法學碩士再到生成人工智慧，各方面都取得了巨大的進步，這些進步正在提高我們為廣告商提供更好的性能和盈利能力以及為用戶提供更有用、更愉快的體驗的能力。

We covered many innovations last quarter after GML like our conversational experience in Google Ads, significant updates to Performance Max and new campaign types like demand gen. And as Sundar said, we're continuing to experiment with new ad formats on SGE. It's extremely important to us that in this new experience, advertisers still have the opportunity to reach potential customers along their search journeys. I'll highlight more ways we're innovating with the best of Google AI as we double-click into our core business.

上個季度，我們在 GML 之後介紹了許多創新，例如 Google Ads 中的對話體驗、效果最大化廣告系列的重大更新以及需求生成等新的廣告系列類型。正如 Sundar 所說，我們將繼續在 SGE 上嘗試新的廣告格式。對我們來說極為重要的是，在這種新體驗中，廣告主仍有機會在潛在客戶的搜尋過程中接觸到他們。當我們雙擊我們的核心業務時，我將重點介紹我們利用 Google AI 的最佳技術進行創新的更多方式。

In retail, we had a great quarter. In a market where every dollar counts, our proven AI-powered solutions like Search and PMax are helping retailers drive reliable, strong ROI and meet customers wherever they are across the funnel. In Q3, we also started prepping retailers for what will be a long holiday season. Let me share some things.

在零售業，我們度過了一個美好的季度。在每一塊錢都很重要的市場中，我們經過驗證的 AI 驅動解決方案（例如 Search 和 PMax）正在幫助零售商實現可靠、強勁的投資回報率，並在整個通路中滿足客戶的需求。在第三季度，我們也開始讓零售商為漫長的假期做好準備。讓我分享一些事情。

Number one, with the maximum number of days between Thanksgiving and Christmas and expectations for many micro peaks beyond Cyber 5, we're arming businesses with insights and planning tools, including opti score and Performance Planner to uncover new opportunities, plan budgets and targets to stay competitive and be smarter with their inventory and pricing strategy.

第一，考慮到感恩節和聖誕節之間的最長天數以及對Cyber​​ 5 之外的許多微高峰的預期，我們正在為企業提供見解和規劃工具，包括opti Score 和Performance Planner，以發現新的機會、規劃預算和目標保持競爭力並更明智地制定庫存和定價策略。

Number two, consumer expectations are shifting, especially around price and convenience. We've seen 4x deals queries during the holidays versus other periods. 75% of users say they'll shop with those offering free shipping. Retailers are capitalizing on these trends with our differentiated merchant offerings like merchant promotions and fulfillment options. And we're making improvements to significantly boost the number of deals shown to shoppers in Search this holiday season. Look out for more in the coming days about new ways we'll help shoppers browse deals across the web this year.

第二，消費者的期望正在發生變化，特別是在價格和便利性方面。我們發現假期期間的交易查詢量是其他時期的 4 倍。 75% 的用戶表示他們會在提供免費送貨服務的商店購物。零售商正在透過我們差異化的商家產品（例如商家促銷和履行選項）來利用這些趨勢。我們正在做出改進，以顯著增加這個假期季節在搜尋中向購物者顯示的優惠數量。在接下來的幾天裡，請關注更多有關今年我們將幫助購物者在網路上瀏覽優惠的新方法的資訊。

Number three, no surprise, omnichannel is the way to succeed. With our suite of omni product solutions, including local inventory ads, omni bidding and PMax for store goals, retailers, big and small, are capturing demand and incremental store budgets while engaging with high-value customers.

第三，毫不奇怪，全通路是成功之道。透過我們的全方位產品解決方案套件（包括本地庫存廣告、全方位競價和針對商店目標的 PMax），無論大小的零售商都可以在與高價值客戶互動的同時捕獲需求和增量商店預算。

Innovation continues across our shopping and merchant experiences powered by Google AI. Our virtual try-on tool for apparel launched in June and has been a hit with consumers and brands. Users engage with virtual try-on images at a higher rate versus regular brand-provided images.

由 Google AI 提供支援的購物和商家體驗不斷創新。我們的服裝虛擬試穿工具於六月推出，受到了消費者和品牌的歡迎。與常規品牌提供的影像相比，使用者對虛擬試穿影像的參與度更高。

Product Studio is another launch from GML getting positive feedback in pilot mode. It is the best of gen AI to help businesses create unique and tailored imagery for free that they can then scale across their channels. We're seeing early merchant testers using it to seasonalize their content for the holidays.

Product Studio 是 GML 推出的另一款產品，在試點模式中獲得了正面回饋。它是新一代人工智慧的最佳產品，可以幫助企業免費創建獨特且量身定制的圖像，然後可以跨渠道擴展。我們看到早期的商家測試人員使用它來季節性調整他們的假期內容。

Let's shift to YouTube. It's worth repeating our intense focus on creator success, coupled with our multi-format strategy, are at the center of how we think about YouTube's long-term growth. Shorts Connected TV and our subscription offerings are key drivers here, and we're investing across each to solidify YouTube's position as the best place to create, the best place to watch and the best place to deliver results.

讓我們轉向 YouTube。值得重申的是，我們對創作者成功的高度關注，加上我們的多格式策略，是我們考慮 YouTube 長期成長的核心。 Shorts Connected TV 和我們的訂閱服務是這方面的關鍵驅動因素，我們正在對每項服務進行投資，以鞏固 YouTube 作為最佳創作場所、最佳觀看場所和交付成果的最佳場所的地位。

Sundar mentioned watch time and engagement momentum on Shorts as well as our monetization progress. He also covered subscription growth and NFL Sunday Ticket. As for Connected TV, we continue to be the #1 overall streaming destination according to Nielsen. 150 million-plus people are watching YouTube on CTV screens every month in the U.S.

Sundar 提到了 Shorts 的觀看時間和互動勢頭以及我們的創收進展。他還報道了訂閱增長和 NFL 週日門票。至於連網電視，根據尼爾森的數據，我們仍然是排名第一的整體串流媒體目的地。在美國，每月有超過 1.5 億人透過 CTV 螢幕觀看 YouTube。

Whether it's music videos, NFL Sunday Ticket, free movies shorts, a continuous stream of Mr. Beast or some other creator-led content, viewers want choice and variety, and we're giving it to them all in one place. And to help creators and advertisers connect with these billions of viewers across moments, screens and formats, we're bringing Google AI to awesome new creation tools and ad solutions.

無論是音樂錄影帶、NFL 週日門票、免費電影短片、連續不斷的《野獸先生》還是其他一些創作者主導的內容，觀眾都需要選擇和多樣性，而我們將在一個地方為他們提供所有這些內容。為了幫助創作者和廣告商跨時刻、跨螢幕、跨格式與數十億觀眾建立聯繫，我們將 Google AI 引入了令人驚嘆的全新創作工具和廣告解決方案。

AI will do wonders for creation and storytelling. From Dream Screen and YouTube Create, which Sundar talked about, to features that audit up content in multiple languages, flip interim existing assets, remix and clip videos and more, we're just getting started.

人工智慧將為創作和說故事創造奇蹟。從 Sundar 談到的 Dream Screen 和 YouTube Create，到審核多種語言內容、翻轉臨時現有資產、混音和剪輯影片等功能，我們才剛開始。

We're also helping brands break through its speed and scale across the funnel to drive results. Spotlight Moments launched last week. It uses AI to identify trending content around major cultural moments for brand sponsorship opportunities. There's video reach campaigns, which are expanding to in-feed and Shorts, and will be generally available in November. AI is helping advertisers find as many people as possible and their ideal audience for the lowest possible price. Early tests are delivering 54% more reach at 42% lower cost. And then with video view campaigns, AI is serving skippable ads across in-stream, in-feed and Shorts and helping advertisers earn the maximum number of views at the lowest possible cost. So far, they're driving 40% more views on average versus in-stream alone.

我們也幫助品牌突破整個通路的速度和規模，以推動成果。聚光燈時刻於上週推出。它使用人工智慧來識別主要文化時刻的熱門內容，以獲得品牌贊助機會。視頻覆蓋廣告活動正在擴展到資訊流和 Shorts 視頻，並將於 11 月全面推出。人工智慧正在幫助廣告商以盡可能低的價格找到盡可能多的人和他們的理想受眾。早期測試以降低 42% 的成本實現了 54% 的覆蓋範圍擴大。然後，透過影片觀看廣告活動，人工智慧可以在插播廣告、資訊流廣告和 Shorts 短影片中投放可跳過的廣告，幫助廣告商以盡可能低的成本獲得最大數量的觀看次數。到目前為止，與單獨的插播廣告相比，他們的平均觀看次數增加了 40%。

Then for YouTube and other feed-based services, there's our new demand-gen campaign, which launched in April, rolled out worldwide last week and was designed for the needs of today's social marketers to engage people as they stream, scroll and connect. It combines video and image ads in one campaign with access to 3 billion users across YouTube and Google and the ability to optimize and measure across the funnel using Google AI. Demand gen is already driving successful brands like Samsung and Toyota.

然後，對於YouTube 和其他基於資訊流的服務，我們推出了新的需求生成活動，該活動於4 月份推出，上週在全球範圍內推出，旨在滿足當今社交營銷人員在人們流媒體、滾動和連結時吸引他們的需求。它將影片和圖片廣告結合在一個廣告活動中，可存取 YouTube 和 Google 上的 30 億用戶，並能夠使用 Google AI 跨管道進行優化和衡量。需求的成長已經推動了三星和豐田等成功品牌的發展。

Before I wrap, one quick highlight on our close collaboration and commitment to our most important ecosystems and partners. In July, we launched Google News Showcase in the U.S., our curated online news experience and licensing program with more than 150 news publications, 90% of which are local or regional. Globally, over 2,500 news publications have signed on to News Showcase and the product is live in 23 countries today. Our commitment to open access to news and information remains strong.

在結束之前，請快速強調我們對最重要的生態系統和合作夥伴的密切合作和承諾。 7 月，我們在美國推出了 Google News Showcase，這是我們精心策劃的線上新聞體驗和授權計劃，涵蓋 150 多種新聞出版物，其中 90% 是本地或區域性的。在全球範圍內，已有超過 2,500 家新聞出版物簽署了 News Showcase，該產品現已在 23 個國家/地區上線。我們對開放新聞和資訊的承諾仍然堅定。

With that, I'll end with a thank you to our customers and partners around the world for their continued trust and collaboration and our Googlers everywhere for their incredible hard work and dedication.

最後，我要感謝我們世界各地的客戶和合作夥伴的持續信任與協作，並感謝世界各地的 Google 員工的辛勤工作和奉獻精神。

Ruth, over to you.

露絲，交給你了。

Thank you, Philipp. We are very pleased with our financial results for the third quarter, driven by meaningful growth in Search in YouTube and Momentum in Cloud. My comments will be on year-over-year comparisons for the third quarter, unless I state otherwise. I will start with results at the Alphabet level followed by segment results and conclude with our outlook.

謝謝你，菲利普。我們對第三季的財務表現感到非常滿意，這得益於 YouTube 搜尋量和雲動力量的顯著成長。除非我另有說明，我的評論將針對第三季的年比比較。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 third quarter, our consolidated revenues were $76.7 billion, up 11% in both reported and constant currency. Search remained the largest contributor to revenue growth. In terms of expenses, total cost of revenues was $33.2 billion, up 7%, primarily reflecting other cost of revenues of $20.6 billion, which was up 6%. Growth here was primarily driven by content acquisition costs mainly for YouTube subscription offerings.

第三季度，我們的綜合營收為 767 億美元，按報告貨幣和固定匯率計算均成長 11%。搜尋仍然是收入成長的最大貢獻者。在費用方面，總收入成本為 332 億美元，成長 7%，主要反映其他收入成本 206 億美元，成長 6%。這裡的成長主要是由 YouTube 訂閱服務的內容獲取成本所推動的。

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 made starting in the first quarter of the year.

正如我們在財報中指出的那樣，資料中心和其他營運成本的整體成長被我們從今年第一季開始改變預期使用壽命而導致的折舊費用減少所部分抵消。

Operating expenses were $22.1 billion, up 6%, reflecting the following: first, an increase in R&D expenses driven primarily by compensation; second, an increase in G&A expenses, reflecting the impact of charges related to legal matters; and finally, sales and marketing expenses, which were relatively flat to last year.

營運費用為 221 億美元，成長 6%，反映如下：首先，主要由薪酬驅動的研發費用增加；其次，一般管理費用增加，反映了與法律事務相關的費用的影響；最後是銷售和行銷費用，與去年持平。

Operating income was $21.3 billion, up 25%, and our operating margin was 28%. Other income and expense was a loss of $146 million. Net income was $19.7 billion. This reflects an effective tax rate of 7% in the third quarter from an IRS change related to the use of foreign tax credits, which had an outsized impact on the third quarter rate because the change resulted in a catch-up for prior periods.

營業收入為 213 億美元，成長 25%，營業利益率為 28%。其他收入和支出虧損 1.46 億美元。淨利潤為 197 億美元。這反映了國稅局與使用外國稅收抵免相關的變化導致第三季的有效稅率為 7%，這對第三季的稅率產生了巨大影響，因為這項變更導致了前期的追趕。

We delivered free cash flow of $22.6 billion in the third quarter and $78 million for the trailing 12 months. We ended the quarter with $120 billion in cash and marketable securities. As a reminder, our cash balance and free cash flow in the second and third quarters benefited from the deferral of certain tax payments to the fourth quarter of 2023. As noted in our earnings release, on October 16, we made an estimated tax payment of $10.5 billion related to this deferral, which will be reflected in our cash balance and free cash flow in the fourth quarter.

我們第三季的自由現金流為 226 億美元，過去 12 個月的自由現金流為 7,800 萬美元。本季結束時，我們擁有 1200 億美元的現金和有價證券。提醒一下，我們第二季和第三季的現金餘額和自由現金流受益於將某些稅款支付推遲到2023 年第四季。正如我們在收益報告中指出的，10 月16 日，我們預計繳納的稅款為與本次延期相關的 105 億美元將反映在我們第四季的現金餘額和自由現金流中。

Turning to segment results. Within Google Services, revenues were $68 billion, up 11%. Google Search and other advertising revenues of $44 billion in the quarter were up 11% led again by growth in retail. YouTube advertising revenues of $8 billion were up 12% driven by both brand advertising and direct response. Network advertising revenues of $7.7 billion were down 3%. Other revenues were $8.3 billion, up 21%, primarily reflecting growth in YouTube nonadvertising revenues driven by subscriber growth in YouTube TV followed by YouTube Music Premium. TAC was $12.6 billion, up 7%. Google Services operating income was $23.9 billion, up 27%, and the operating margin was 35%.

轉向細分結果。 Google 服務收入為 680 億美元，成長 11%。本季 Google 搜尋和其他廣告收入達到 440 億美元，在零售業成長的帶動下成長了 11%。在品牌廣告和直接回應的推動下，YouTube 廣告收入成長了 12%，達 80 億美元。網路廣告收入為 77 億美元，下降 3%。其他收入為 83 億美元，成長 21%，主要反映了 YouTube 非廣告收入的成長，這是由 YouTube TV 和 YouTube Music Premium 訂閱者成長所推動的。 TAC 為 126 億美元，成長 7%。 Google 服務營業收入為 239 億美元，成長 27%，營業利益率為 35%。

Turning to the Google Cloud segment. Revenues were $8.4 billion for the quarter, up 22%. GCP revenue growth remained strong across geographies, industries and products, although the Q3 year-on-year growth rate reflects the impact of customer optimization efforts. Google Workspace also delivered strong revenue growth, primarily driven by increases in average revenue per seat. Google Cloud had operating income of $266 million, and the operating margin was 3%. As to our Other Bets, for the third quarter, revenues were $297 million and the operating loss was $1.2 billion.

轉向谷歌雲端部分。該季度營收為 84 億美元，成長 22%。儘管第三季同比增長率反映了客戶優化工作的影響，但 GCP 在各個地區、行業和產品的收入成長仍然強勁。 Google Workspace 也實現了強勁的收入成長，這主要是由每個席位平均收入的成長所推動的。谷歌雲端的營業收入為 2.66 億美元，營業利益率為 3%。至於我們的其他押注，第三季的營收為 2.97 億美元，營運虧損為 12 億美元。

Turning to our outlook for the business with respect to Google Services.

談談我們對Google服務業務的展望。

First, within advertising. After a period of historic volatility, we were pleased with the year-on-year revenue growth of Search and YouTube advertising in the third quarter.

首先，在廣告領域。經過一段歷史性的波動之後，我們對第三季搜尋和 YouTube 廣告收入的同比增長感到滿意。

Second, within other revenues. In our YouTube subscription products the substantial growth in revenues primarily reflects subscriber growth. Looking ahead, a full quarter of NFL Sunday Ticket revenues as well as associated content acquisition costs will be reflected in Q4 results compared to only a few weeks in the third quarter.

其次，在其他收入中。在我們的 YouTube 訂閱產品中，收入的大幅成長主要反映了訂閱者的成長。展望未來，整個季度的 NFL 週日門票收入以及相關內容採購成本將反映在第四季度的業績中，而第三季度只有幾週的時間。

Play had solid growth in the third quarter driven primarily by an increase in the number of buyers.

Play 在第三季實現了穩健成長，主要是由於購買者數量的增加。

With respect to Hardware, there is a headwind to revenues in the fourth quarter, reflecting efforts to optimize the portfolio with tighter targeting of our go-to-market investments as well as the ongoing impact from the difference in launch timing for the Pixel 6A and 7A that we mentioned last quarter.

就硬體而言，第四季度的收入出現了逆風，反映出我們透過更嚴格的市場投資目標來優化產品組合的努力，以及 Pixel 6A 和 Pixel 6A 的發佈時間差異所帶來的持續影響。我們上個季度提到的7A。

Turning to Google Cloud. We are pleased with the ongoing customer engagement with GCP and Workspace and the potential benefit of our AI solutions, including infrastructure and services such as Vertex AI and Duet. We continue to invest aggressively given the significant potential we see while remaining focused on profitable growth.

轉向谷歌雲端。我們對客戶與 GCP 和 Workspace 的持續互動以及我們的 AI 解決方案（包括 Vertex AI 和 Duet 等基礎設施和服務）的潛在優勢感到高興。鑑於我們看到的巨大潛力，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're pleased with our operating performance. As we have repeatedly stressed, we remain focused on durably reengineering our cost base to create investment capacity to support our growth priorities, most important of which is with AI. We have a number of work streams in place.

在費用和獲利能力方面，我們對我們的經營業績感到滿意。正如我們一再強調的那樣，我們仍然專注於持久地重新設計我們的成本基礎，以創造投資能力來支持我們的成長重點，其中最重要的是人工智慧。我們有許多工作流程。

First, we are maintaining a slower pace of head count growth, reflecting product prioritization and reallocation of talent to support our most important growth opportunities.

首先，我們保持較慢的員工成長速度，反映出產品優先順序和人才重新分配，以支持我們最重要的成長機會。

Second, we remain focused on optimizing our real estate footprint, including how and where we work to reduce our expense growth. As you can see from our earnings release, we incurred $207 million in accelerated rent and depreciation in the third quarter related to these actions.

其次，我們仍然專注於優化我們的房地產足跡，包括我們如何以及在哪裡努力減少費用成長。正如您從我們的財報中看到的，與這些行動相關的第三季我們產生了 2.07 億美元的加速租金和折舊。

Third, we have engineering work streams underway to improve productivity across Alphabet. Given the magnitude of investment in our technical infrastructure, we have a superb team focused on efficiency of our operations there. We are also making progress in streamlining operations across Alphabet through the use of AI.

第三，我們正在進行工程工作流程，以提高整個 Alphabet 的生產力。鑑於我們對技術基礎設施的投資規模龐大，我們擁有一支專注於營運效率的優秀團隊。我們還透過使用人工智慧在簡化整個 Alphabet 的營運方面取得了進展。

Finally, there are ongoing work streams that are improving the efficiency of our spend with suppliers and vendors through our central procurement organization. And to be clear, across the portfolio of Other Bet companies, we have also been working to identify opportunities to create sharper focus and to operate more efficiently and effectively.

最後，正在進行的工作流程正在透過我們的中央採購組織提高我們與供應商和供應商的支出效率。需要明確的是，在其他 Bet 公司的投資組合中，我們也一直在努力尋找機會，以創造更清晰的焦點並更有效率、更有效地運作。

With respect to sequential quarter-on-quarter trends, two further points. First, cost of sales in the fourth quarter will reflect both higher Hardware costs given Pixel family launches as well as increased CAC for YouTube as previously noted. Second, as usual, we expect sales and marketing expenses to be more heavily weighted to the end of the year, in part to support product launches and the holiday season. Finally, our reported CapEx in Q3 was $8 billion driven overwhelmingly by investment in our technical infrastructure with the largest component for servers followed by data centers, reflecting a meaningful increase in our investments in AI compute.

關於環比連續趨勢，還有兩點。首先，第四季的銷售成本將反映出 Pixel 系列推出後硬體成本的增加以及 YouTube CAC 的增加（如前所述）。其次，與往常一樣，我們預計到年底銷售和行銷費用將更加重要，部分是為了支持產品發布和假期季節。最後，我們報告的第三季資本支出為80 億美元，主要是由對我們的技術基礎設施的投資所推動的，其中最大的元件是伺服器，其次是資料中心，這反映出我們在人工智慧運算方面的投資顯著增加。

The growth in reported cash CapEx in Q3 is somewhat muted due to the timing of supplier payments which can cause variability from quarter-to-quarter. We continue to invest meaningfully in the technical infrastructure needed to support the opportunities we see in AI across Alphabet and expect elevated levels of investment, increasing in the fourth quarter of 2023 and continuing to grow in 2024.

由於供應商付款的時間可能會導致季度與季度之間的變化，第三季報告的現金資本支出的成長有些緩慢。我們繼續對技術基礎設施進行有意義的投資，以支持我們在整個Alphabet 中看到的人工智慧機遇，並預計投資水準將會提高，在2023 年第四季有所增加，並在2024 年繼續成長。

In closing, we remain very excited about the opportunities ahead and committed to deliver sustainable financial value.

最後，我們對未來的機會仍然感到非常興奮，並致力於提供可持續的財務價值。

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) And our first question comes from Brian Nowak with Morgan Stanley.

（操作員說明）我們的第一個問題來自摩根士丹利的布萊恩·諾瓦克（Brian Nowak）。

I have two. The first one, maybe just a little bit of a jump ball. There's somewhat of an investor debate about sort of the incremental return on capital to Search when it comes to AI. I know it's early, but are there any examples that you're seeing with SGE or Bard on higher utility, higher conversion rates, more engagement, just something to sort of show signal around the return that could come from these investments?

我有兩個。第一個，也許只是一點點跳球。當談到人工智慧時，投資者對搜尋資本的增量回報存在一些爭論。我知道現在還為時過早，但是您是否在 SGE 或 Bard 中看到任何關於更高效用、更高轉換率、更多參與度的例子，只是為了顯示這些投資可能帶來的回報訊號？

And the second one, Ruth, I know you've spoken a lot about durably reengineering the cost base. I think in the past, you've talked about how expenses could grow slower than revenue in 2024. Is that sort of still the high level way to think about it? Or is that potentially changing a bit as investments are continuing?

第二個，露絲，我知道你已經談過很多關於持久地重新設計成本基礎的問題。我想過去您曾談到 2024 年支出成長速度可能會慢於收入成長。這仍然是高層的思考方式嗎？或者隨著投資的持續，這種情況可能會發生一些變化嗎？

Ruth, do you want to take the second part? I'll take the first.

露絲，你想看第二部嗎？我就拿第一個吧

Sure. Thanks for that, Brian. So overall, that's sort of a truism, as you know well, looking to grow revenues at a faster rate than expenses as we're focused on delivering sustainable financial value. And so that really takes us to the work streams, which I tried to tick through. Again, those remain the driver. They're the real priority. Those are the efforts that are going to enable us to expense growth. And it's moderated as possible while supporting the investment growth that is so exciting in front of us, in particular, around AI.

當然。謝謝你，布萊恩。因此，總的來說，正如您所知，這是不言而喻的，因為我們專注於提供可持續的財務價值，因此希望收入的成長速度快於支出的成長速度。這確實把我們帶入了工作流程，我試圖勾選它。同樣，這些仍然是驅動因素。他們才是真正的優先事項。這些努力將使我們能夠實現成長。在支持我們面前如此令人興奮的投資成長的同時，它會盡可能地得到緩和，特別是圍繞人工智慧的投資成長。

And to your first part, obviously, we see AI as a foundational platform shift and are excited about the opportunities across our business. It starts with Search. And I've been pretty pleased with how the user feedback has been on SGE. We are rolling it out to more users. Through it all, we are making sure the product works well, and we are generating value for our ecosystem, and that adds transitions well. And I think I view this as, with AI, the opportunity to evolve Search and Assistant over the next decade ahead. And I think as we've always seen, when you continue to invest and build great experiences, you can get value on the other side. And I do think over time, there will be newer paths, just like we have done on YouTube. I think with the AI work, there are subscription models as a possible path as well. And obviously, all of the AI investments we are doing applies across Cloud, too, and I'm pretty optimistic about what's ahead there as well.

對於您的第一部分，顯然，我們將人工智慧視為基礎平台轉變，並對我們業務中的機會感到興奮。它從搜索開始。我對 SGE 上的使用者回饋非常滿意。我們正在向更多用戶推出它。透過這一切，我們確保產品運作良好，並為我們的生態系統創造價值，這很好地促進了轉型。我認為，透過人工智慧，我認為這是未來十年發展搜尋和助理的機會。我認為，正如我們一直看到的那樣，當您繼續投資並創造出色的體驗時，您可以另一方面獲得價值。我確實認為隨著時間的推移，將會出現更新的路徑，就像我們在 YouTube 上所做的那樣。我認為在人工智慧工作中，訂閱模式也是一種可能的路徑。顯然，我們正在進行的所有人工智慧投資也適用於整個雲端運算，我對未來的發展也非常樂觀。

Your next question comes from Doug Anmuth with JPMorgan.

您的下一個問題來自摩根大通的 Doug Anmuth。

One for Sundar and one for Ruth. Sundar, you talked a lot about AI. I was hoping you could talk more about Gemini and how it will differentiate from other models some of the multimodal capabilities and what new experiences or agents do you think it could unlock and how we should think about timing? And then also just on Cloud, hoping you can talk about some of the factors there on the decel in cloud and just what you're seeing in terms of optimizations? And is there any sign of new workload deployments taking place?

一份給桑達爾，一份給露絲。 Sundar，您談論了很多關於人工智慧的內容。我希望您能更多地談論 Gemini，以及它將如何與其他模型區分開來，包括一些多模式功能，以及您認為它可以解鎖哪些新體驗或代理，以及我們應該如何考慮時機？然後也只是在雲端方面，希望您能談談雲中減速的一些因素以及您在優化方面看到的情況？是否有任何跡象表明正在部署新的工作負載？

Thanks. Good questions. On Gemini, obviously, it's effort from our combined Google DeepMind team. I'm very excited at the progress there as we're working through getting the model ready. To me, more importantly, we are just really laying the foundation of what I think of as the next-generation series of models we'll be launching throughout 2024. The pace of innovation is extraordinarily impressive to see. We are creating it from the ground up to be multimodal, highly efficient tool and API integrations and, more importantly, laying the platform to enable future innovations as well.

謝謝。好問題。顯然，在 Gemini 上，這是我們聯合 Google DeepMind 團隊的努力。我對我們正在努力準備模型的進展感到非常興奮。對我來說，更重要的是，我們只是真正為我們將在 2024 年推出的下一代系列車型奠定基礎。創新的步伐令人印象深刻。我們正在從頭開始將其創建為多模式、高效的工具和 API 集成，更重要的是，為未來的創新奠定平台。

And we are developing Gemini in a way that it is going to be available at various sizes and capabilities, and we'll be using it immediately across all our products internally as well as bringing it out to both developers and cloud customers through Vertex. So I view it as a journey, and each generation is going to be better than the other. And we are definitely investing, and the early results are very promising.

我們正在以各種尺寸和功能提供 Gemini 的方式進行開發，我們將立即在內部所有產品中使用它，並透過 Vertex 提供給開發人員和雲端客戶。所以我將其視為一段旅程，每一代人都會比另一個世代更好。我們肯定會投資，而且早期的結果非常有希望。

On Cloud, maybe what I would say is, overall, we had definitely started seeing customers looking to optimize spend. We leaned into it to help customers given some of the challenges they were facing. And so that was a factor. But we are definitely seeing a lot of interest in AI. There are many, many projects underway now. Just on Vertex alone, the number of projects grew over 7x. And so we see signs of stabilization, and I'm optimistic about what's ahead.

在雲端上，也許我想說的是，總的來說，我們肯定已經開始看到客戶尋求優化支出。鑑於客戶面臨的一些挑戰，我們致力於幫助他們。所以這是一個因素。但我們確實看到了人們對人工智慧的濃厚興趣。現在有很多很多項目正在進行中。僅在 Vertex 上，項目數量就增加了 7 倍以上。因此，我們看到了穩定的跡象，我對未來感到樂觀。

Your next question comes from Eric Sheridan with Goldman Sachs.

您的下一個問題來自高盛的艾瑞克·謝裡丹。

Two, if I could. Sundar, you guys led over a year ago, starting with Performance Max. And I wanted to know if we could get your updated thoughts on how AI might impact the broader advertising industry and how you're aligning Alphabet and Google's goals with AI and where it might take the advertising industry in the years ahead. That would be the first question.

兩個，如果可以的話。 Sundar，你們一年多前就從效果最大化廣告開始發揮領導作用。我想知道我們是否可以了解您對人工智慧如何影響更廣泛的廣告行業的最新想法，以及您如何將Alphabet 和Google 的目標與人工智慧結合起來，以及未來幾年它可能會為廣告業帶來什麼影響。這是第一個問題。

And then about a year ago, Philipp and Ruth started talking about some of the brand advertising headwinds that YouTube was facing. As we start to lap those headwinds, how should we be thinking about a broad recovery in brand advertising versus elements of still headwinds that are being faced in the broader ad space, specifically with YouTube?

大約一年前，菲利普和露絲開始談論 YouTube 面臨的一些品牌廣告逆風。當我們開始應對這些逆風時，我們應該如何考慮品牌廣告的廣泛復甦，而不是更廣泛的廣告領域（特別是 YouTube）所面臨的仍然逆風的因素？

So maybe I'd take the first one. We're very pleased with how Performance Max is performing. It gives advertisers really maximum performance across all inventory from, one, really AI-powered campaign, and it's probably the ultimate example of AI in action across our ads product. It's delivering excellent ROI. Those using it achieve like, on average, over 18% more conversions at a similar cost per action. So since rolling it out 2 years ago, we've continued to expand the features, give advertisers additional ways to steer how it works and do a lot of things like account-level negative keywords, other details here.

所以也許我會選擇第一個。我們對效果最大化廣告系列的表現非常滿意。它為廣告主提供了真正由人工智慧驅動的廣告活動中所有廣告資源的最佳效能，這可能是人工智慧在我們的廣告產品中發揮作用的終極例子。它提供了出色的投資回報。使用它的用戶在每次操作成本相似的情況下，平均可以多實現 18% 以上的轉換。因此，自兩年前推出以來，我們不斷擴展其功能，為廣告商提供更多方式來指導其工作方式，並執行許多操作，例如帳戶級否定關鍵字，以及此處的其他詳細資訊。

We launched new life cycle goals, customer life cycle goals, we call them; a revamped asset creation flow that really helps business adapt and scale their most successful creatives. I think that's one to watch. We will also continue to build other new PMax features based on all the advertiser feedback we're seeing. So we're very, very encouraged by the progress here.

我們推出了新的生命週期目標，我們稱之為客戶生命週期目標；經過改進的資產創建流程，真正幫助企業適應並擴展其最成功的創意。我認為這是值得一看的。我們還將根據我們看到的所有廣告商回饋繼續建立其他新的 PMax 功能。因此，我們對這裡的進展感到非常非常鼓舞。

Overall, maybe -- there was a second part to your question a bit, on what we're hearing from the customers out there. Look, driving ROI and efficiency is still top of mind for many, right? It's a rapidly shifting and still quite unpredictable consumer landscape out there. Our AI tools are very well received, AI, gen AI are top of mind for everybody, really. There's a ton of excitement, lots of questions about it. Many understand the value. Nearly 80% of our advertisers already use at least one AI-powered search ads product. And yes, we're hearing a lot of good feedback on, number one, our ads AI Essentials, which are really helping to unlock the power of AI and set up for durable ROI growth on the advertiser side, this is -- those are products like the foundation for data and measurement, things like Google Tech, consent mode and so on; and obviously, Search and PMax, we talked about it; and then all the gen AI products, all those different ones. So there's a whole lot of interest in those products, yes.

總的來說，也許——你的問題還有第二部分，關於我們從客戶那裡聽到的情況。看，提高投資回報率和效率仍然是許多人的首要考慮，對嗎？這是一個快速變化且仍難以預測的消費者格局。我們的人工智慧工具很受歡迎，人工智慧、新一代人工智慧確實是每個人最關心的問題。人們對此感到非常興奮，也有很多問題。許多人了解其中的價值。我們近 80% 的廣告主已經使用至少一種人工智慧驅動的搜尋廣告產品。是的，我們聽到了很多關於我們的廣告 AI Essentials 的良好反饋，這確實有助於釋放 AI 的力量，並為廣告商方面實現持久的投資回報率增長，這些是產品，如數據和測量基礎、 Google Tech、同意模式等；顯然，Search 和 PMax，我們討論過；然後是所有新一代人工智慧產品，所有這些不同的產品。所以人們對這些產品非常感興趣，是的。

And then on to your second question regarding YouTube, as we said, overall year-on-year growth in revenues was driven by both brand advertising and direct response. But very much to your question, yes, there was a stabilization in spending by advertisers. We're really pleased about that. We're particularly pleased about the ongoing performance in the Living Room and on Shorts. And as I said, that's both watch time growth and monetization. I'd say the other thing benefiting YouTube is the retail strength we talked about with Search, retail strength in APAC in both Search and YouTube. And that really began in the second quarter, continued in the third quarter, but that was another contributor. So quite a number of things going on. I feel good about the results the team was able to deliver here.

關於 YouTube 的第二個問題，正如我們所說，收入的整體同比增長是由品牌廣告和直接反應推動的。但對於你的問題來說，是的，廣告商的支出穩定了。我們對此感到非常高興。我們對客廳和 Shorts 中的持續表現感到特別滿意。正如我所說，這既包括觀看時間的成長，也包括貨幣化。我想說的是，YouTube 受益的另一件事是我們在搜尋方面談到的零售實力，即亞太地區搜尋和 YouTube 的零售實力。這確實是從第二季度開始的，並在第三季度繼續，但那是另一個貢獻者。所以發生了很多事情。我對團隊在這裡所取得的成果感到滿意。

Your next question comes from Lloyd Walmsley with UBS.

您的下一個問題來自瑞銀集團 (UBS) 的勞埃德‧沃姆斯利 (Lloyd Walmsley)。

Two, if I can. First, as we just think about the rollout of SGE across the user base, like how far along is that? And how do you balance the product rollout and consumer uptake versus monetization in that transition?

兩個，如果可以的話。首先，當我們考慮 SGE 在用戶群中的推廣時，我們已經走了多遠？在這轉變中，您如何平衡產品推出與消費者接受與貨幣化？

And then the second one, also sort of generative AI related, how quickly are you guys finding new ways of optimizing whether that's shrinking model sizes, chip efficiencies or anything else? And do you think overall capital intensity of the business scales up or do you just find ways to do this more efficiently as usage scales? Anything you could share there would be great.

然後第二個問題，也與產生人工智慧相關，你們找到新的最佳化方法的速度有多快，無論是縮小模型大小、晶片效率還是其他？您認為業務的整體資本密集度是否會擴大，或者您只是找到隨著使用規模擴大而更有效地實現這一目標的方法？你能在那裡分享的任何東西都會很棒。

On the first part about SGE, we are still in very, very early days in terms of how much we have rolled it out, but we have definitely gotten it out to enough people both geographically across user segments and enough to know that the product is working well, it improves the experience and -- but there are areas to improve, which we are fine-tuning. Our true north here is getting at the right user experience we want to, and I'm pretty comfortable seeing the trajectory. And we've always worked through these transitions, be it from desktop to mobile or from now mobile to AI and then to experience. And so it's nothing new. And I feel very comfortable that as we go through it, the strength of our teams, both on the organic side as well as at site, to drive the right experience for users, including ads, will pay dividends. And I think we'll continue to make improvements and make progress there.

關於SGE 的第一部分，就我們推出的程度而言，我們仍處於非常非常早期的階段，但我們肯定已經將其推廣給足夠多的人，無論是跨地域的用戶群還是足夠多的人，讓他們知道該產品是如果運作良好，它可以改善體驗，而且還有一些需要改進的地方，我們正在對其進行微調。我們真正的目標是獲得我們想要的正確的使用者體驗，我很高興看到這個軌跡。我們一直在經歷這些轉變，無論是從桌面到行動，還是從現在的移動到人工智慧，然後到體驗。所以這不是什麼新鮮事。我感到非常放心，當我們經歷這個過程時，我們團隊的力量，無論是在有機方面還是在現場，為用戶提供正確的體驗（包括廣告）將會帶來紅利。我認為我們將繼續改進並取得進展。

On your second question, at a high level, I would say, all through the -- we just celebrated 25 years. And of all the things I was proud about, when I looked at the strength of the work we have done across our infrastructure as a company, our technical infrastructure as a company, and various given stages, at a given moment in time when we adopted new generations of technology, we have looked at the cost of it. But then the curves, the efficiency curves, we have driven on top of it has always been phenomenal to see. And I see the current moment as no different. Already through this year, we are driving significant efficiencies both in our models, in training costs and serving costs and our ability to adapt what's needed to the right use case. And so I think we'll do everything that is needed to make sure we have the leading AI models and infrastructure in the world, bar none, and we'll continue driving efficiencies from there.

關於你的第二個問題，我想說，從高水準來看，我們剛剛慶祝了 25 週年。在所有令我感到自豪的事情中，當我看到我們在公司的基礎設施、公司的技術基礎設施以及各個特定階段、在我們採用的特定時刻所做的工作的強度時，新一代技術，我們已經研究了它的成本。但我們在其之上驅動的曲線、效率曲線始終是驚人的。我認為當下時刻也沒有什麼不同。今年以來，我們在模型、培訓成本和服務成本以及根據正確用例調整所需內容的能力方面都取得了顯著的效率。因此，我認為我們將採取一切必要措施，確保我們擁有世界領先的人工智慧模型和基礎設施，沒有之一，我們將繼續提高效率。

Your next question comes from Michael Nathanson with MoffettNathanson.

您的下一個問題來自 Michael Nathanson 和 MoffettNathanson。

I'm going to ask you guys a multipart question on YouTube TV. So firstly, what were the broader objectives for getting Sunday Ticket? How does it perform versus those objectives? What lessons have you learned from having the NFL Sunday Ticket? How does that affect your appetite for more sports going forward?

我將在 YouTube TV 上問你們一個由多個部分組成的問題。首先，獲得周日門票的更廣泛目標是什麼？與這些目標相比，它的表現如何？您從購買 NFL 週日門票中學到了什麼？這如何影響您對未來更多運動的興趣？

So as Sundar said earlier, we're several weeks into our first season, and we're very pleased with how it's going. I think, in the broader context, you have to look at it as an overall YouTube subscription strategy. The great feedback we've gotten so far in the YouTube experience is very, very significant. People love the navigation. They love multi-view, they love the chats and the polls. And frankly, people are very happy with the lack of latency here. The #1 piece of concrete feedback the team has gotten is actually that people want the ability to pick their own games from multi-view, which is multi-view is the awesome feature we started rolling out on YouTube TV, that gives sense to the ability to basically watch multiple streams at once. And yes, overall, the teams are working hard to build a fantastic experience, and we are really trying to stay focused on getting our first season right and providing the best possible experience really for fans here.

正如桑達爾之前所說，我們的第一季已經開始幾週了，我們對進展非常滿意。我認為，在更廣泛的背景下，你必須將其視為 YouTube 的整體訂閱策略。到目前為止，我們在 YouTube 體驗中獲得的良好回饋非常非常重要。人們喜歡導航。他們喜歡多視圖，喜歡聊天和民意調查。坦白說，人們對這裡沒有延遲感到非常滿意。團隊得到的第一個具體回饋實際上是，人們希望能夠從多視圖中選擇自己的遊戲，而多視圖是我們開始在 YouTube TV 上推出的一項很棒的功能，它讓基本上能夠同時觀看多個流。是的，總的來說，團隊正在努力打造出色的體驗，我們也確實努力專注於讓我們的第一個賽季做好，並為這裡的粉絲提供最好的體驗。

Your next question comes from Justin Post with Bank of America.

您的下一個問題來自美國銀行的賈斯汀·波斯特。

A couple of questions on Q4. Can you provide any color if there's been any pause in advertising around the Middle East conflict in October, anything we should be aware of for Q4?

關於第四季的幾個問題。如果 10 月圍繞中東衝突的廣告暫停，您能否提供任何訊息，我們在第四季度應該注意什麼？

And then second, when we do think about the Sunday Ticket impact, I know you can't give us revenues or expenses, but overall, would that be a headwind to margins in Q4 or something we should be thinking about?

其次，當我們確實考慮週日門票的影響時，我知道您無法向我們提供收入或支出，但總的來說，這會成為第四季度利潤率的阻力還是我們應該考慮的事情？

So look, on the first question, obviously, this is tragic. There are no words to talk about what's going on. And all of our focus has been on supporting our people there and how our products can be as helpful as possible in this very painful time broadly, and so nothing really to add.

所以看，對於第一個問題，顯然，這是悲劇性的。沒有言語可以談論正在發生的事情。我們所有的重點都是支持我們在那裡的員工，以及我們的產品如何在這個非常痛苦的時期盡可能地提供幫助，所以沒有什麼可補充的。

And then in terms of the second question, Sunday Ticket, the only thing I tried to call out there is that clearly, this is the first full quarter of Sunday Ticket that is contributing overall to the subscription revenues that we see. That's in part of other revenues. Also, obviously, it is contributing to higher CAC in the fourth quarter. So we try to make that really clear. And as we look longer term, we expect to generate an attractive return over the life of the deal. We're continuing to invest in support of this and excited about the additional opportunities that come out of it, working with partners to deliver clips and other opportunities.

然後就第二個問題，週日門票，我唯一想指出的是，顯然，這是周日門票的第一個完整季度，它總體上為我們看到的訂閱收入做出了貢獻。這是其他收入的一部分。此外，顯然，它還有助於提高第四季的 CAC。所以我們試著把這一點說得非常清楚。從長遠來看，我們期望在交易期間產生有吸引力的回報。我們將繼續投資支持這項項目，並對由此產生的額外機會感到興奮，並與合作夥伴合作提供剪輯和其他機會。

As we've said, we've heard positive feedback from our partners at the NFL about the new features and live stream reliability. And this is really a clear example of our ability to execute big partnerships with excellence at scale and really leverage a lot of the extraordinary magic at YouTube and across Google, and that's what we're excited about.

正如我們所說，我們已經聽到 NFL 合作夥伴對新功能和直播可靠性的正面回饋。這確實是一個明顯的例子，表明我們有能力大規模執行卓越的大型合作夥伴關係，並真正利用 YouTube 和整個 Google 的許多非凡魔力，這就是我們感到興奮的地方。

Your next question comes from Ken Gawrelski with Wells Fargo.

您的下一個問題來自富國銀行的 Ken Gawrelski。

Two questions, if I may. First, how do you think about the future structure of AI-driven Search capabilities? Will activity remain centralized in a search bar or will it be decentralized and present in many different applications, including on third-party applications? You alluded to Bard being integrated into multiple Google experiences earlier in the call.

如果可以的話，有兩個問題。首先，您如何看待人工智慧驅動的搜尋能力的未來結構？活動會繼續集中在搜尋欄中，還是會分散並出現在許多不同的應用程式中，包括第三方應用程式？您在通話早些時候提到巴德已整合到多種 Google 體驗中。

And then the second question is, any update on the Chrome cookie deprecation plan to begin in 1Q '24? What have you seen so far based on your early testing of Privacy Sandbox? And what advertiser feedback have you received?

第二個問題是，關於將於 24 年第一季開始的 Chrome cookie 棄用計畫有何更新？根據您對 Privacy Sandbox 的早期測試，到目前為止您看到了什麼？您收到了哪些廣告商回饋？

On your first question, look, I broadly think of it as people are looking for information. They always look for it in many, many different ways. We've given the product search example. People can directly go to Amazon, as an example, or come to Google. So if you zoom back and take an information view of the world, there's always been many different ways to get it. And part of our work we do in making Search be world-class and give users what they're looking for is so that we can get as much of that intent as possible. So I don't see that changing. With mobile, there were more ways people could get information, but we worked out to make Search work better in the mobile world. And similarly, a view with AI, there'll be many ways people get information, but it also offers us an opportunity in Search and in Assistant to take it to the next level and answer use cases, which we couldn't have done before, and expand the diverse set of needs where we are sourced. So that's how I see the opportunity ahead.

關於你的第一個問題，我大致認為這是人們在尋找資訊。他們總是以很多很多不同的方式去尋找它。我們已經給出了產品搜尋範例。例如，人們可以直接訪問亞馬遜，或訪問谷歌。因此，如果你回過頭來觀察世界的訊息，你會發現有很多不同的方式來獲取它。我們所做的部分工作是使搜尋成為世界一流的並為用戶提供他們正在尋找的內容，以便我們能夠盡可能多地獲得這種意圖。所以我認為這種情況不會改變。借助行動設備，人們可以透過更多方式獲取信息，但我們致力於讓搜尋在行動世界中發揮更好的作用。同樣，從人工智慧的角度來看，人們獲取資訊的方式有很多種，但它也為我們提供了在搜尋和助理中將其提升到新水平並回答用例的機會，這是我們以前無法做到的，並擴大我們採購來源的多樣化需求。這就是我對未來機會的看法。

And to the second part of your question, yes, Chrome still plans to begin phasing out third-party cookies in the second half of '24. In the last several months, Chrome has really made significant progress on the Privacy Sandbox with APIs for developer testing, and they're now generally available in Chrome. Our ads team is testing these APIs. And as we shared back in April, the preliminary results of our interest-based ads testing showed that a combination of what we call privacy preserving signals and AI optimization actually provides positive results for businesses preparing for a cookie-less future.

對於你問題的第二部分，是的，Chrome 仍然計劃在 24 年下半年開始逐步淘汰第三方 cookie。在過去的幾個月裡，Chrome 在 Privacy Sandbox 上確實取得了重大進展，並提供了開發人員測試的 API，現在它們已在 Chrome 中普遍可用。我們的廣告團隊正在測試這些 API。正如我們在四月份分享的那樣，我們基於興趣的廣告測試的初步結果表明，我們所謂的隱私保護訊號和人工智慧優化的結合實際上為企業為無 cookie 的未來做好準備提供了積極的結果。

We also recently announced that in Q1 of '24, we plan to deprecate third-party cookies for 1% of Chrome users, and this will support developers, obviously, in conducting their real-world experiments to assess the readiness and effectiveness of their products without third-party cookies. And we're overall encouraged by the ecosystem engagement on Privacy Sandbox. We'll continue to work with the industry and regulators in how these technologies can support the transition to, frankly, a more private web.

我們最近也宣布，在 24 年第一季度，我們計劃為 1% 的 Chrome 用戶棄用第三方 Cookie，這顯然將支援開發人員進行實際實驗，以評估其產品的準備情況和有效性沒有第三方cookie 。總體而言，我們對 Privacy Sandbox 生態系統的參與感到鼓舞。坦白說，我們將繼續與產業和監管機構合作，研究這些技術如何支援向更私有的網路過渡。

And our last question comes from Mark Mahaney with Evercore.

我們的最後一個問題來自 Evercore 的 Mark Mahaney。

Two questions, please. Ruth, you talked about these elevated levels of investments in Q4 and in '24. I'm sorry, were you referring to just CapEx or CapEx and total expenses? And then on the comments around stabilization in Cloud, is this something that you just started to see in the September quarter? Or had you seen that starting earlier in the year? And if you just started seeing it in the September quarter, would you have any thoughts on why you would have seen it, like Google Cloud would have seen it maybe later than some of the other hyperscalers?

請教兩個問題。 Ruth，您談到了第四季度和 24 年投資水準的提高。抱歉，您指的是資本支出還是資本支出加總費用？然後關於雲端穩定的評論，這是您在 9 月季度才開始看到的嗎？或者你從今年早些時候就看到過這種情況嗎？如果您在 9 月的季度才開始看到它，您是否會想到為什麼會看到它，就像 Google Cloud 可能會比其他一些超大規模提供者晚看到它一樣？

So I think what you're referring to is my CapEx comment. I was trying to make the point that we are committed to meaningfully investing in CapEx given all the opportunities we see. We do continue to expect elevated levels of investment in our technical infrastructure. It will be increasing in the fourth quarter. And I talked about some of the difference in timing, muted timing, in the third quarter due to the timing of supplier payments and then tried to make it clear that we will continue to grow CapEx in 2024. Or more specifically, to your question, 2024 aggregate CapEx will be above the full year 2023. So that was the main one.

所以我認為你指的是我的資本支出評論。我試圖指出，鑑於我們看到的所有機會，我們致力於對資本支出進行有意義的投資。我們確實繼續預計我們的技術基礎設施投資水準將會提高。第四季將會有所增加。我談到了第三季度由於供應商付款時間而導致的一些時間差異，然後試圖明確表示我們將在 2024 年繼續增加資本支出。或者更具體地說，對於您的問題， 2024 年的總資本支出將高於2023 年全年。這是主要的。

And then as it relates to Cloud, as Sundar said, what we're really excited about is the revenue growth does reflect healthy customer adoption across the portfolio, and that's infrastructure, data analytics and security. And so I can't comment on others, but we feel good about where we're sitting here looking forward, and we'll let you do the forecasting. GCP growth in the third quarter was above the growth rate for Cloud overall, and we feel really good about the work that they're doing there. And then, of course, in addition to that is all of the contribution from Google Workspace.

然後，正如 Sundar 所說，與雲端相關的是，我們真正感到興奮的是收入成長確實反映出客戶對整個產品組合的健康採用，即基礎設施、數據分析和安全性。因此，我無法對其他人發表評論，但我們對我們坐在這裡展望未來感到滿意，我們會讓您進行預測。第三季 GCP 的成長高於雲端整體的成長率，我們對他們在那裡所做的工作感到非常滿意。當然，除此之外還有 Google Workspace 的所有貢獻。

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 in our fourth 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 年第四季的電話會議中再次與您交談。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。您現在可以斷開連線。