Google (GOOG) 2023 Q4 法說會逐字稿

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

歡迎大家。感謝您出席 Alphabet 2023 年第四季財報電話會議。 （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 Fourth 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 年第四季財報電話會議。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 Forms 10-K and 10-Q, including the risk factors discussed in our upcoming Form 10-K filing for the year ended December 31, 2023. 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 10-K 表格和 10-Q 表格，包括我們即將提交的截至 2023 年 12 月 31 日的年度 10-K 表格中討論的風險因素。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。

Hello, everyone. Our results reflect strong momentum and product innovation continuing into 2024. Today, I'm going to talk about four main topics. One, our investments in AI, including how it's helping Search; two, subscriptions, which reached $15 billion in annual revenue, up 5x since 2019. Subscriptions is growing strongly powered by YouTube Premium and Music, YouTube TV and Google One. Three, Cloud, which crossed $9 billion in revenues this quarter and saw accelerated growth driven by our GenAI and product leadership; and four, our investments and focus to meet the growth opportunities ahead.

大家好。我們的結果反映了 2024 年持續的強勁勢頭和產品創新。今天，我將討論四個主要主題。第一，我們對人工智慧的投資，包括它如何幫助搜尋；二是訂閱，年收入達到 150 億美元，自 2019 年以來增長了 5 倍。訂閱在 YouTube Premium 和音樂、YouTube TV 和 Google One 的強勁推動下不斷增長。第三，雲，本季營收突破 90 億美元，並在我們的 GenAI 和產品領先地位的推動下加速成長；第四，我們的投資和重點是為了迎接未來的成長機會。

First, AI and Search. As you know, we have long led the way in using AI to improve many of our products from Search to Ads to most of our consumer and enterprise products, helping billions of people already. Last year brought new excitement around GenAI, and I'm proud of how we responded responsibly with deep advances in foundation models and a number of great launches.

首先，人工智慧和搜尋。如您所知，我們長期以來一直在使用人工智慧來改進我們的許多產品（從搜尋到廣告，再到我們的大多數消費者和企業產品）方面處於領先地位，已經幫助了數十億人。去年，GenAI 帶來了新的興奮，我為我們如何以負責任的方式做出反應，在基礎模型方面取得了深入進展並推出了許多偉大的產品，對此我感到自豪。

We closed the year by launching the Gemini era, a new industry-leading series of models that will fuel the next generation of advances. Gemini is the first realization of the vision we had when we formed Google DeepMind, bringing together our 2 world-class research teams. It's engineered to understand and combine text, images, audio, video and code in a natively multimodal way, and it can run on everything from mobile devices to data centers.

我們透過推出 Gemini 時代來結束這一年，這是一個領先業界的新系列模型，將推動下一代進步。 Gemini 是我們成立 Google DeepMind 時的願景的第一個實現，它匯集了我們的 2 個世界級研究團隊。它旨在以原生多模式方式理解和組合文字、圖像、音訊、視訊和程式碼，並且可以在從行動裝置到資料中心的所有裝置上運行。

Gemini gives us a great foundation. It's already demonstrating state-of-the-art capabilities, and it's only going to get better. Gemini Ultra is coming soon. The team is already working on the next versions and bringing it to our products.

雙子座為我們提供了良好的基礎。它已經展示了最先進的功能，而且只會變得更好。 Gemini Ultra 即將推出。該團隊已經在開發下一個版本並將其引入我們的產品中。

That starts with Search. We are already experimenting with Gemini in Search, where it's making our Search Generative Experience, or SGE, faster for users. We have seen a 40% reduction in latency in English in the U.S. I'm happy with what we are seeing in the earliest days of SGE. It's available through Search Labs in 7 languages.

這從搜尋開始。我們已經在搜尋中試驗 Gemini，它使我們的搜尋生成體驗 (SGE) 為用戶帶來更快的體驗。我們發現美國的英語延遲減少了 40%。我對 SGE 初期所看到的情況感到滿意。它可以透過搜尋實驗室以 7 種語言獲得。

By applying generative AI to Search, we are able to serve a wider range of information needs and answer new types of questions, including those that benefit from multiple perspectives. People are finding it particularly useful for more complex questions like comparisons or longer queries. It's also helpful in areas where people are looking for deeper understanding, such as education or even gift ideas.

透過將生成式人工智慧應用於搜索，我們能夠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。人們發現它對於比較或較長查詢等更複雜的問題特別有用。它對於人們尋求更深入理解的領域也很有幫助，例如教育甚至禮物創意。

We are improving satisfaction, including answers for more conversational and intricate queries. As I mentioned earlier, we are surfacing more links with SGE and linking to a wider range of sources on the results page, and we'll continue to prioritize approaches that add value for our users and send valuable traffic to publishers.

我們正在提高滿意度，包括回答更多對話式和複雜的問題。正如我之前提到的，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，我們將繼續優先考慮為用戶增加價值並向發布商發送有價值流量的方法。

Beyond SGE, we are continuing to use AI to make searching more accessible and intuitive. Circle to Search lets you search what you see on Android phones with a simple gesture without switching apps. It's available starting this week on Pixel 8 and Pixel 8 Pro and the new Samsung Galaxy S24 Series.

除了 SGE 之外，我們還將繼續使用人工智慧來使搜尋變得更加方便和直觀。透過“圓圈搜尋”，您可以透過簡單的手勢搜尋在 Android 手機上看到的內容，而無需切換應用程式。該功能將於本週開始在 Pixel 8 和 Pixel 8 Pro 以及新款三星 Galaxy S24 系列上上市。

And Lens now offers generative AI overviews. You can add text to a visual search to ask questions about anything you see and get AI-powered insights in the moment. In addition to Search, we are also seeing a lot of interest in our AI-powered solutions for advertisers. That includes our new conversational experience that uses Gemini to accelerate the creation of Search campaigns.

Lens 現在提供生成式 AI 概述。您可以將文字添加到視覺搜尋中，以詢問有關您看到的任何內容的問題，並立即獲得人工智慧驅動的見解。除了搜尋之外，我們還發現廣告商對我們的人工智慧解決方案很感興趣。這包括我們使用 Gemini 來加速搜尋廣告系列創建的新對話體驗。

Then there is Bard, our conversational AI tool that complements Search. It's now powered by Gemini Pro and is much more capable at things like understanding, summarizing, reasoning, coding and planning. It's now in over 40 languages and over 230 countries around the world. Looking ahead, we'll be rolling out an even more advanced version for subscribers powered by Gemini Ultra.

然後是 Bard，我們的對話式人工智慧工具，可以補充搜尋。現在它由 Gemini Pro 提供支持，在理解、總結、推理、編碼和規劃等方面的能力更強。現在它有 40 多種語言版本，在全球 230 多個國家/地區發行。展望未來，我們將為訂閱者推出由 Gemini Ultra 提供支援的更高級版本。

That's a good segue to subscriptions. As I said earlier, it's now a $15 billion business annually. YouTube is the key driver of our subscription revenues. Available in over 100 countries and regions, YouTube Music and Premium have real momentum. They're engaging passionate users and driving great returns for the music industry and creators.

這是訂閱的一個很好的延續。正如我之前所說，它現在是一個每年價值 150 億美元的業務。 YouTube 是我們訂閱收入的主要動力。 YouTube Music 和 Premium 已在 100 多個國家和地區推出，勢頭強勁。他們吸引了熱情的用戶，並為音樂產業和創作者帶來了豐厚的回報。

YouTube TV is also doing well. We've had great consumer feedback on the viewing experience. People love the navigation, multiview and unlimited DVR. NFL Sunday Ticket has found its perfect home on YouTube, and Philipp will talk about that more.

YouTube TV 的表現也不錯。我們收到了消費者對觀看體驗的良好回饋。人們喜歡導航、多視圖和無限 DVR。 NFL Sunday Ticket 在 YouTube 上找到了完美的歸宿，菲利普將對此進行更多討論。

Let me also talk about our subscription service, Google One. It's doing incredibly well with strong user growth. It provides expanded storage, unlocks exclusive features in Google products and allows us to build a strong relationship with our most engaged users. Google One is growing very well, and we are just about to cross 100 million subscribers. From here, we are going to bring in more AI features and look forward to more strong growth to come.

我還要談談我們的訂閱服務 Google One。隨著用戶的強勁成長，它的表現非常好。它提供了擴展的儲存空間，解鎖了 Google 產品的專有功能，並使我們能夠與最活躍的用戶建立牢固的關係。 Google One 發展得非常好，我們的訂閱者數量即將突破 1 億。從這裡開始，我們將引入更多人工智慧功能，並期待未來更強勁的成長。

Next, Google Cloud. Throughout 2023, we introduced thousands of product advances, including broad GenAI capabilities across our AI infrastructure, our Vertex AI platform and our new Duet AI agents. In Q4, our product and GenAI leadership enabled us to win and expand relationships with many leading brands, including Hugging Face, McDonald's, Motorola Mobility and Verizon.

接下來是Google雲端。在整個 2023 年，我們推出了數千項產品進步，包括跨 AI 基礎設施、Vertex AI 平台和新的 Duet AI 代理的廣泛 GenAI 功能。在第四季度，我們的產品和 GenAI 領導力使我們贏得並擴大了與許多領先品牌的關係，包括 Hugging Face、麥當勞、摩托羅拉移動和 Verizon。

Google Cloud offers our AI Hypercomputer, a groundbreaking supercomputing architecture that combines our powerful TPUs and GPUs, AI software and multi-slice and multi-host technology to provide performance and cost advantages for training and serving models. Customers like Anthropic, Character.AI, Essential AI and Mistral AI are building and serving models on it.

Google Cloud 提供 AI 超級計算機，這是一個突破性的超級運算架構，結合了我們強大的 TPU 和 GPU、AI 軟體以及多切片和多主機技術，為訓練和服務模型提供效能和成本優勢。 Anthropic、Character.AI、Essential AI 和 Mistral AI 等客戶正在其上建立模型並提供服務。

For developers building GenAI applications, we offer Vertex AI, a comprehensive enterprise AI platform. It helps customers like Deutsche Telekom and Moody's discover, customize, augment and deploy over 130 GenAI models, including PaLM, MedPaLM, Sec-PaLM and Gemini as well as popular open source and partner models. Vertex AI has seen strong adoption with the API request increasing nearly 6x from H1 to H2 last year.

對於建立 GenAI 應用程式的開發人員，我們提供 Vertex AI，這是一個全面的企業 AI 平台。它幫助德國電信和穆迪等客戶發現、客製化、增強和部署超過 130 個 GenAI 模型，包括 PaLM、MedPaLM、Sec-PaLM 和 Gemini 以及流行的開源和合作夥伴模型。 Vertex AI 得到了廣泛採用，去年上半年到下半年 API 請求增加了近 6 倍。

Using Vertex AI, Samsung recently announced its Galaxy S24 Series smartphone with Gemini and Imagen 2, our advanced text-to-image model. Shutterstock has added Imagen 2 to their AI image generator, enabling users to turn simple text prompts into unique visuals. And Victoria's Secret & Co. will look to personalize and improve the customer experience with Gemini, Vertex AI, Search and Conversations.

三星最近使用 Vertex AI 推出了配備 Gemini 和 Imagen 2（我們的高級文字到圖像模型）的 Galaxy S24 系列智慧型手機。 Shutterstock 已將 Imagen 2 添加到其 AI 圖像生成器中，使用戶能夠將簡單的文字提示轉變為獨特的視覺效果。 Victoria's Secret & Co. 將尋求透過 Gemini、Vertex AI、搜尋和對話來個人化和改善客戶體驗。

Customers are increasingly choosing Duet AI, our packaged AI agents for Google Workspace and Google Cloud Platform, to boost productivity and improve their operations. Since its launch, thousands of companies and more than 1 million trusted testers have used Duet AI. It will incorporate Gemini soon.

客戶越來越多地選擇 Duet AI（我們為 Google Workspace 和 Google Cloud Platform 提供的打包 AI 代理）來提高生產力並改善營運。自推出以來，已有數千家公司和超過 100 萬名值得信賴的測試人員使用 Duet AI。它將很快併入雙子座。

In Workspace, Duet AI is helping employees benefit from improved productivity and creativity at thousands of paying customers around the world, including Singapore Post, Uber and Woolworths. In Google Cloud Platform, Duet AI assists software developers and cybersecurity analysts. Duet AI for Developers is the only GenAI offering to support the complete development and operations life cycle, fine-tuned with the customer's own core purpose and policies. It's helping Wayfair, GE Appliances and Commerzbank write better software, faster with AI code completion, code generation and chat support. With Duet AI and Security Operations, we are helping cybersecurity teams at Fiserv, Spotify and Pfizer.

在 Workspace 中，Duet AI 正在幫助全球數千名付費客戶（包括新加坡郵政、Uber 和 Woolworths）的員工提高生產力和創造力。在 Google Cloud Platform 中，Duet AI 協助軟體開發人員和網路安全分析師。 Duet AI for Developers 是唯一支援整個開發和營運生命週期的 GenAI 產品，並根據客戶自己的核心目的和政策進行微調。它透過人工智慧程式碼完成、程式碼產生和聊天支援來幫助 Wayfair、GE Appliances 和德國商業銀行更快地編寫更好的軟體。透過 Duet AI 和安全運營，我們正在為 Fiserv、Spotify 和輝瑞的網路安全團隊提供協助。

Our robust growth has been driven by strong direct and indirect channels. With ISVs, we have nearly tripled the number of co-sell deals from 2022 to 2023. In our ecosystem, there are nearly 90,000 Google Cloud GenAI-enabled consultants. And Accenture has teamed up with Google Cloud to create a joint generative AI center of excellence.

我們的強勁成長是由強大的直接和間接管道推動的。從 2022 年到 2023 年，我們與 ISV 的聯合銷售交易數量幾乎增加了兩倍。在我們的生態系統中，有近 90,000 名支援 Google Cloud GenAI 的顧問。埃森哲與Google雲端合作創建了聯合生成人工智慧卓越中心。

Next, let me turn to our focus and discipline as we pursue the opportunities ahead. Search, YouTube and Cloud are supported by our state-of-the-art compute infrastructure. This infrastructure is also key to realizing our big AI ambitions. It's a major differentiator for us. We continue to invest responsibly in our data centers and compute to support this new wave of growth in AI-powered services for us and for our customers. Through this, we are being disciplined in how we run the company.

接下來，讓我談談我們在追求未來機會時的重點和紀律。搜尋、YouTube 和雲端由我們最先進的運算基礎設施提供支援。這項基礎設施也是實現我們人工智慧宏偉目標的關鍵。這對我們來說是一個主要的差異化因素。我們繼續負責任地投資我們的資料中心和計算，以支援我們和我們的客戶的人工智慧服務的新一波成長。透過這種方式，我們在公司的運作方式上受到了約束。

You've heard me talk about our efforts to durably reengineer our cost base and to improve our velocity and efficiency. That work continues. Teams are working to focus on key priorities and execute fast, removing layers and simplifying their organizational structures. As just one example, our devices team has brought together different teams from across Nest, Fitbit and other teams into a new functional structure. This will help us pull resources and drive progress across our Pixel portfolio. Across different teams, we have wound down some nonpriority projects, which will help us invest and operate well in our growth areas.

您已經聽過我談論我們為持久地重新設計我們的成本基礎並提高我們的速度和效率所做的努力。這項工作仍在繼續。團隊正在努力專注於關鍵優先事項並快速執行，消除層級並簡化組織結構。舉一個例子，我們的設備團隊將來自 Nest、Fitbit 和其他團隊的不同團隊聚集到一個新的職能結構中。這將有助於我們調動資源並推動 Pixel 產品組合的進步。在不同的團隊中，我們已經減少了一些非優先項目，這將有助於我們在成長領域中進行良好的投資和營運。

We are also improving our machine utilization, building on our years of experience in driving cost efficiencies in our computing infrastructure and operations. And through our supplier efficiency efforts and automation of certain processes, we have made major improvements in areas like procurement, achieving significant savings.

我們也利用多年在提高運算基礎設施和營運成本效率方面的經驗，提高機器利用率。透過我們在供應商效率方面的努力和某些流程的自動化，我們在採購等領域取得了重大改進，實現了顯著的節省。

That's a snapshot of the quarter. Before I close, a couple of other highlights. Pixel 8, our AI-first phone, was awarded Phone of the Year by numerous outlets. It now uses Gemini Nano with features like Magic Compose for Google Messages and more to come.

這是本季的快照。在結束之前，我還有其他一些亮點。 Pixel 8 是我們的人工智慧手機，被許多媒體評為年度手機。它現在使用 Gemini Nano 以及 Magic Compose for Google Messages 等功能以及未來的更多功能。

In our Other Bets portfolio of companies, Waymo, which is deeply focused on safety, reached over 1 million fully autonomous ride-hailing trips. And Isomorphic Labs entered into strategic partnerships with Eli Lilly and Novartis to apply AI to treat diseases, which has great potential.

在我們的「其他賭注」公司組合中，Waymo 非常注重安全，其全自動叫車行程已超過 100 萬次。而Isomorphic Labs與禮來公司、諾華公司建立策略夥伴關係，應用AI治療疾病，潛力巨大。

2023 was a year of profound innovation and product momentum. Thank you to our many partners. We succeed when our partners do, and we are grateful for the work we do together. From our partners across the Android ecosystem who are on display at CES to our deep relationships with retailers, small businesses and advertising partners, to the next generation of AI start-ups and developers and many more. I also want to thank all of our employees for their hard work throughout 2023 and the start of the new year. I'm excited for what's ahead in 2024. Philipp?

2023 年是創新和產品動力強勁的一年。感謝我們眾多的合作夥伴。當我們的合作夥伴成功時，我們就會成功，我們對我們共同所做的工作心存感激。從我們在 CES 上展示的整個 Android 生態系統的合作夥伴，到我們與零售商、小型企業和廣告合作夥伴的深厚關係，再到下一代人工智慧新創公司和開發人員等等。我還要感謝我們所有員工在 2023 年和新年伊始的辛勤工作。我對 2024 年的前景感到興奮。 Philipp？

Thanks, Sundar, and hi, everyone. Google Services revenues of $76 billion were up 12% year-on-year. In Google advertising, Search and other revenues grew 13% year-on-year, led again by solid growth in the retail vertical. We had particular strength in retail in APAC, a trend that began in the second quarter of 2023 and continued through the end of the year.

謝謝桑達爾，大家好。谷歌服務收入達 760 億美元，年增 12%。在Google廣告、搜尋和其他收入方面，零售垂直領域的強勁成長再次帶動了Google廣告、搜尋和其他收入年增 13%。我們在亞太地區的零售業具有特別的優勢，這一趨勢始於 2023 年第二季並持續到年底。

YouTube ads revenue were up 16% year-on-year driven by growth in both direct response and brand. And network revenues declined 2% year-on-year. In subscriptions, platforms and devices, which was previously named Google Other, year-on-year revenues increased 23% driven by strong growth in subscriptions.

在直接回應和品牌成長的推動下，YouTube 廣告收入較去年同期成長 16%。網路收入較去年同期下降2%。在訂閱、平台和裝置領域（之前被稱為「Google 其他」），在訂閱強勁成長的推動下，營收年增了 23%。

Now for some color on the quarter and where we see continued upside for long-term advertising growth. Over the last few calls, I have consistently highlighted how we're putting Google AI to work for our customers to deliver profitability and help them achieve their goals in a do-more-with-less environment.

現在我們來了解本季的一些情況，以及我們認為長期廣告成長的持續上升空間。在過去的幾次電話會議中，我一直強調我們如何利用 Google AI 為我們的客戶提供獲利能力，並幫助他們在事半功倍的環境中實現目標。

From a product perspective, in Q4, Performance Max remained a bright spot. We're also excited about demand gen momentum. This is our big bet to help social advertisers find and convert consumers via immersive, relevant visual creatives across YouTube, including YouTube Shorts, Gmail and Discover. In a single campaign, you get access to over 3 billion users as they stream, scroll, connect and decide what to buy. Tens of thousands of advertisers are testing and on average seeing 6% more conversions per dollar versus image-only ads and discovery campaigns.

從產品角度來看，第四季度，效果最大化廣告仍然是一個亮點。我們也對需求產生的動能感到興奮。這是我們的一大賭注，旨在透過 YouTube Shorts、Gmail 和 Discover 等 YouTube 上的沉浸式相關視覺創意，幫助社群廣告商找到並轉換消費者。在一次行銷活動中，您可以接觸到超過 30 億的用戶，他們可以透過串流、滾動、連接並決定購買什麼產品。數以萬計的廣告商正在進行測試，發現與純圖片廣告和發現活動相比，每美元的轉換次數平均增加了 6%。

As we look ahead, we're also starting to put generative AI in the hands of more and more businesses to help them build better campaigns and even better performing ads. Automatically created assets help advertisers show more relevant search ads by creating tailored headlines and descriptions based on each ad's context. Adoption was up with strong feedback in Q4. In addition to now being available in 8 languages, more advanced GenAI-powered capabilities are coming to ACA.

展望未來，我們也開始將生成式人工智慧交給越來越多的企業，幫助他們打造更好的行銷活動，甚至效果更好的廣告。自動建立的資源可以根據每個廣告的上下文建立客製化的標題和描述，從而幫助廣告商顯示更相關的搜尋廣告。第四季的強烈回饋使得採用率上升。除了現在提供 8 種語言版本外，ACA 還將推出更先進的 GenAI 支援功能。

And then last week's big news was that Gemini will power new conversational experience in Google Ads. This is open and beta to U.S. and U.K. advertisers. Early tests show advertisers are building higher-quality search campaigns with less effort, especially SMBs who are 42% more likely to publish a campaign with good or excellent ad strength. We can't wait to see how this continues to drive performance and level the playing field for advertisers of all sizes.

上週的大新聞是 Gemini 將在 Google Ads 中提供新的對話體驗。這是對美國和英國廣告商開放的測試版。早期測試表明，廣告商正在以更少的精力建立更高品質的搜尋廣告系列，尤其是中小型企業，他們發布具有良好或出色廣告效果的廣告系列的可能性高出 42%。我們迫不及待地想看看這將如何繼續提高業績並為各種規模的廣告商提供公平的競爭環境。

As we shared last quarter, Ads will continue to play an important role in the new search experience, and we'll continue to experiment with new formats native to SGE. SGE is creating new opportunities for us to improve commercial journeys for people by showing relevant ads alongside search results. We've also found that people are finding ads either above or below the AI-powered overview helpful as they provide useful options for people to take action and connect with businesses.

正如我們上季度分享的那樣，廣告將繼續在新的搜尋體驗中發揮重要作用，我們將繼續嘗試 SGE 原生的新格式。 SGE 正在為我們創造新的機會，透過在搜尋結果旁邊展示相關廣告來改善人們的商業旅程。我們還發現，人們發現人工智慧概述上方或下方的廣告很有幫助，因為它們為人們採取行動並與企業建立聯繫提供了有用的選項。

Looking at our strong Search performance for the fourth quarter. Retail was a highlight. We continue to see a stronger start to the season up to and including Cyber Five. In Q3, we indicated that we were seeing early trends of consumers being very price-conscious, and we saw this play out in Q4. With promotional demand at an all-time high, deal seekers using Google had access to 2x the deals in the U.S. versus last season as well as a better shopping experience. Launches included a one-stop shop deals destination, new filters like [Get it Fast] and AI-generated gifting recommendations in SGE. These new features drove incremental query growth during key shopping moments like Cyber Five.

看看我們第四季強勁的搜尋表現。零售業是一大亮點。我們繼續看到本賽季的強勁開局，包括《網路五人組》。在第三季度，我們表示我們看到消費者對價格非常敏感的早期趨勢，並且我們在第四季度看到了這種情況。由於促銷需求空前高漲，使用 Google 的優惠尋求者在美國獲得的優惠數量是上一季的 2 倍，並且獲得了更好的購物體驗。推出的產品包括一站式購物優惠目的地、[快速取得] 等新過濾器以及 SGE 中人工智慧產生的禮品推薦。這些新功能推動了網路五號等關鍵購物時刻的查詢增量成長。

Our proven AI-powered ad solutions were also a win for retailers looking to accelerate omni growth and capture holiday demand. Quick examples include a large U.S. big-box retailer who drove a 60%-plus increase in omni ROAS and a 22%-plus increase in store traffic using Performance Max during Cyber Five; and a well-known global fashion brand, who drove a 15%-plus higher omnichannel conversion rate versus regular shopping traffic by showcasing its store pickup offering across top markets through pickup later on shopping ads.

我們經過驗證的人工智慧廣告解決方案對於尋求加速全方位成長和抓住假日需求的零售商來說也是一場勝利。簡單的例子包括一家美國大型零售商，在「網路五」期間使用效果最大化廣告系列，將全向廣告支出回報率 (ROAS) 提高了 60% 以上，商店客流量提高了 22% 以上；一家全球知名時尚品牌透過購物廣告中的「稍後提貨」方式在頂級市場展示其門市自提服務，從而將全通路轉換率提高了 15% 以上。

Moving on to YouTube. We're obviously pleased with YouTube's advertising revenue growth in Q4 and also significant growth in our subscription revenue. I'll reiterate what I have said before: YouTube's success starts with creator success. We give millions of creators more ways to create content and connect with fans and more ways to make money and build their own businesses than any other platform. More creators means more content, which leads to more viewers. And via ads and subscriptions, these viewers fund our creators and drive the eyeballs and engagement our advertisers want.

轉向 YouTube。我們顯然對 YouTube 第四季的廣告收入成長以及我們的訂閱收入的顯著成長感到滿意。我要重申我之前說過的話：YouTube 的成功始於創作者的成功。與其他平台相比，我們為數百萬創作者提供了更多創作內容和與粉絲聯繫的方式，以及更多賺錢和建立自己業務的方式。更多的創作者意味著更多的內容，進而帶來更多的觀眾。透過廣告和訂閱，這些觀眾為我們的創作者提供資金，並吸引我們廣告商想要的眼球和參與度。

To keep this momentum going, we're focused on delivering value across 4 pillars: creation, viewers, monetization and responsibility. First, creation, which increasingly takes place on mobile devices. We've invested in a full suite of tools, including our new YouTube Create app for Shorts, to help people make everything from 15-second Shorts to 15-minute videos to 15-hour live streams with a production studio in the palm of their hands.

為了保持這一勢頭，我們專注於在四大支柱上提供價值：創作、觀眾、貨幣化和責任。首先，創作越來越多地發生在行動裝置上。我們投資了一整套工具，包括我們新的 YouTube Create Shorts 應用程序，幫助人們製作各種內容，從 15 秒的 Shorts 短片到 15 分鐘的視頻，再到 15 小時的直播，製作工作室盡在掌握手。

GenAI is supercharging these capabilities. Anyone with a phone can swap in a new backdrop, remove background extras, translate their video into dozens of languages, all without a big studio budget. We're excited about our first products in this area from Dream Screen for AI-generated backgrounds to Aloud for AI-powered dubbing. There is more to come.

GenAI 正在增強這些功能。任何擁有手機的人都可以更換新的背景、刪除背景附加內容、將影片翻譯成數十種語言，而所有這些都不需要工作室的大量預算。我們對這一領域的首款產品感到非常興奮，從用於人工智慧生成背景的 Dream Screen 到用於人工智慧配音的 Aloud。還有更多的事情要做。

Number two, viewers. We continue to grow watch time across YouTube with strong growth in Shorts and connected TV. Shorts remains a top priority. We have 2 billion-plus logged-in users every month, and we are averaging 70 billion in daily views. Connected TVs, or what we refer to as the living room, is where viewership is growing the fastest. We're investing to make this experience even better with interactive features tailored to TVs, plus the content people love: our creators, NFL Sunday Ticket and the range of live sports and studio content via YouTube TV and Primetime Channels. Put this all together and YouTube is the must-have app on every connected TV.

第二，觀眾。隨著 Shorts 影片和連網電視的強勁成長，我們在 YouTube 上的觀看時間持續成長。短褲仍然是重中之重。我們每月有超過 20 億的登入用戶，平均每日瀏覽量為 700 億。連網電視，或我們所說的客廳，是收視率成長最快的地方。我們正在投資，透過為電視量身定制的互動功能以及人們喜愛的內容，讓這種體驗變得更好：我們的創作者、NFL Sunday Ticket 以及透過YouTube TV 和Primetime 頻道提供的一系列體育直播和工作室內容。綜上所述，YouTube 是每台連網電視上必備的應用程式。

Monetization is pillar #3 and realized through a combination of ad-supported and subscription offerings. Advertising generates the bulk of our revenue, and we continue to invest heavily here. We've rolled out CTV-first formats like 30-second nonskippable ads and pause experiences as well as an industry-first send-to-phone experience that lets people use a second screen to engage with ads.

貨幣化是第三支柱，透過廣告支援和訂閱服務的結合來實現。廣告創造了我們的大部分收入，我們將繼續在這方面進行大量投資。我們推出了 CTV 優先格式，例如 30 秒不可跳過的廣告和暫停體驗，以及業界首創的發送至電話體驗，讓人們可以使用第二個螢幕與廣告互動。

For Shorts, we've developed new formats that are less interruptive to viewers. It's early. We're learning but excited by the opportunities for ads this can unlock. Shorts monetization continues to progress nicely.

對於 Shorts，我們開發了新的格式，可以減少對觀眾的干擾。現在還早。我們正在學習，但對由此帶來的廣告機會感到興奮。 Shorts 貨幣化持續取得良好進展。

Our AI-powered video formats from video reach and video view campaigns to demand gen and video action continue to make advertiser dollars go further and drive results across the funnel. We're also introducing new and existing advertisers to YouTube via sports content. 90-plus upfront and scatter advertisers, including Unilever, are partnering with YouTube in our first year across NFL Sunday Ticket in-game advertising opportunities.

我們由人工智慧驅動的影片格式，從影片覆蓋範圍和影片觀看活動到需求產生和影片行動，繼續使廣告商的資金走得更遠，並推動整個漏斗的結果。我們也透過體育內容向 YouTube 引入新的和現有的廣告客戶。第一年，包括聯合利華在內的 90 多家前期和分散式廣告商正在與 YouTube 合作，提供 NFL Sunday Ticket 遊戲內廣告機會。

Our subscription offerings are also growing at a healthy clip. YouTube Music and Premium performed well. Premium users are delivering more value to our partners and YouTube than even ad-supported users do. On average, each additional Premium sign-up boost earnings for creators, music and media partners and YouTube itself. And we've made Premium even more attractive with new features, bundles and other enhancements.

我們的訂閱服務也在健康成長。 YouTube Music 和 Premium 表現良好。高級用戶為我們的合作夥伴和 YouTube 帶來的價值甚至比廣告支援的用戶還要多。平均而言，每增加一個 Premium 註冊都會增加創作者、音樂和媒體合作夥伴以及 YouTube 本身的收入。我們透過新功能、捆綁包和其他增強功能使高級版更具吸引力。

We're also pleased with our first season of NFL Sunday Ticket. It gave creators new opportunities to create content and feed user engagement across traditional user content and professional sports content. Feedback on the user experience, including multiview, has been great. We're excited to continue to innovate here.

我們對第一季 NFL 週日門票也很滿意。它為創作者提供了新的機會來創建內容並提高傳統用戶內容和專業體育內容的用戶參與度。對使用者體驗（包括多視圖）的回饋非常好。我們很高興能夠在這裡繼續創新。

Responsibility is our fourth pillar, and it underlines everything we do across YouTube. We continue to focus relentlessly on this. As always, deepening our relationships with key partners to bring them the best of Google is a key priority for us, and we continue to do this across industries in Q4.

責任是我們的第四個支柱，它強調了我們在 YouTube 上所做的一切。我們將繼續不懈地關注這一點。像往常一樣，加深與主要合作夥伴的關係，讓他們充分利用 Google 是我們的首要任務，第四季度我們將繼續在各個行業中這樣做。

We just talked about the NFL. Sundar mentioned Samsung, among others earlier. Another highlight was our expanded partnership with Porsche to enhance customers' digital experiences with a deeper in-vehicle integration of Google built-in services, including Google Maps and Play. Whether it's continued collaboration with our partners and key ecosystems, we're putting Google AI to work for more customers. I'm excited about the opportunities for continued impact in 2024.

我們剛剛談論了 NFL。桑達爾早些時候提到了三星等公司。另一個亮點是我們與保時捷擴大了合作夥伴關係，透過更深入地車載整合 Google 內建服務（包括 Google 地圖和 Play）來增強客戶的數位體驗。無論是與我們的合作夥伴和關鍵生態系統的持續合作，我們都在讓 Google AI 為更多客戶服務。我對 2024 年繼續發揮影響力的機會感到興奮。

I'll wrap with a huge note of gratitude to our customers and partners. Our success is only possible because of their success and then to our Googlers for their outstanding work and focus this year.

最後，我要對我們的客戶和合作夥伴表達衷心的感謝。我們的成功只有歸功於他們的成功，以及今年我們的 Google 員工的出色工作和專注。

Ruth, over to you.

露絲，交給你了。

Thank you, Philipp. We are very pleased with our full year results with 2023 Alphabet revenues of $307 billion, up 9% versus 2022, which added $25 billion to revenues for the year. We ended with a strong fourth quarter with consolidated revenues of $86.3 billion, up 13% versus last year in both reported and constant currency.

謝謝你，菲利普。我們對全年業績感到非常滿意，2023 年 Alphabet 收入為 3,070 億美元，比 2022 年成長 9%，全年營收增加 250 億美元。我們第四季的綜合營收表現強勁，達到 863 億美元，以報告貨幣和固定匯率計算，比去年增長 13%。

Search remained the largest contributor to revenue growth. My comments will be on year-over-year comparisons for the fourth quarter, unless I state otherwise.

搜尋仍然是收入成長的最大貢獻者。除非我另有說明，我的評論將針對第四季度的年比比較。

Total cost of revenues was $37.6 billion, up 6%. Other cost of revenues was $23.6 billion, up 5%, with the increase driven primarily by content acquisition costs associated with YouTube subscription offerings. The growth rate also reflects the offsetting benefit of lapping $1.2 billion in inventory-related charges that we called out in the fourth quarter last year as well as a reduction in depreciation expense due to changes in estimated useful lives we made starting in the first quarter of 2023.

總收入成本為 376 億美元，成長 6%。其他收入成本為 236 億美元，成長 5%，成長主要是由與 YouTube 訂閱服務相關的內容取得成本所推動的。成長率也反映了我們在去年第四季提出的 12 億美元庫存相關費用的抵銷效益，以及由於我們從第一季度開始調整預計使用壽命而導致的折舊費用減少。2023 年。

In terms of total expenses, the year-on-year comparisons reflect an additional $1.2 billion in exit charges that we took in the fourth quarter of 2023 in connection with actions to optimize our global office space. As you can see in our earnings release, these charges were allocated across the expense lines in other cost of revenues and OpEx based on associated head count.

就總費用而言，年比比較反映了我們在 2023 年第四季因優化全球辦公空間而額外收取的 12 億美元退出費用。正如您在我們的收益報告中所看到的，這些費用根據相關人員數量在其他收入成本和營運支出的費用項目中進行分配。

Operating expenses were $25 billion, up 11%, primarily reflecting an increase in R&D expenses, which were driven by the real estate charges, followed by compensation. Operating income was $23.7 billion, up 30%, and our operating margin was 27%. Net income was $20.7 billion, and EPS was $1.64. We delivered free cash flow of $7.9 billion, which was affected by the timing of the $10.5 billion tax payment we made on October 16 that we called out previously related to the deferral of certain tax payments to the fourth quarter.

營運費用為 250 億美元，成長 11%，主要反映研發費用的增加，這是由房地產費用和薪資推動的。營業收入為 237 億美元，成長 30%，營業利益率為 27%。淨利潤為 207 億美元，每股收益為 1.64 美元。我們交付了 79 億美元的自由現金流，這是受到我們 10 月 16 日支付的 105 億美元稅款時間的影響，我們之前稱該稅款與將某些稅款推遲到第四季度有關。

For the full year 2023, free cash flow was $69 billion. We repurchased a total of $62 billion of our Class A and Class C shares in 2023 and ended the year with $111 billion in cash and marketable securities.

2023 年全年自由現金流為 690 億美元。 2023 年，我們回購了總計 620 億美元的 A 類和 C 類股票，截至年底，我們擁有 1,110 億美元的現金和有價證券。

Turning to segment results. Within Google Services, revenues were $76.3 billion, up 12%. Google Search and other advertising revenues of $48 billion in the quarter were up 13%, led again by growth in retail. YouTube advertising revenues of $9.2 billion were up 16% driven by both direct response and brand advertising. Network advertising revenues of $8.3 billion were down 2%.

轉向細分結果。 Google 服務收入為 763 億美元，成長 12%。本季 Google 搜尋和其他廣告收入達到 480 億美元，成長 13%，零售業成長再次帶動。在直接回應和品牌廣告的推動下，YouTube 廣告收入成長了 16%，達到 92 億美元。網路廣告收入為 83 億美元，下降 2%。

Subscriptions, platforms and devices revenues, which we previously referred to as other revenues, were $10.8 billion, up 23%, primarily reflecting growth in YouTube subscription revenues. TAC was $14 billion, up 8%. Google Services' operating income was $26.7 billion, up 32%, and the operating margin was 35%.

訂閱、平台和設備收入（我們之前稱為其他收入）為 108 億美元，成長 23%，主要反映了 YouTube 訂閱收入的成長。 TAC 為 140 億美元，成長 8%。谷歌服務的營業收入為267億美元，成長32%，營業利益率為35%。

Turning to the Google Cloud segment. Revenues were $9.2 billion for the quarter, up 26%. We're very pleased with the momentum of GCP with an increasing contribution from AI. Google Workspace also delivered strong revenue growth primarily driven by increases in average revenue per seat. Google Cloud delivered operating income of $864 million and an operating margin of 9%.

轉向谷歌雲端部分。該季度營收為 92 億美元，成長 26%。我們對 GCP 的發展勢頭以及 AI 不斷增加的貢獻感到非常滿意。 Google Workspace 也實現了強勁的收入成長，這主要得益於每個席位平均收入的成長。 Google Cloud 實現營業收入 8.64 億美元，營業利益率為 9%。

As to our Other Bets, for the full year 2023, revenues were $1.5 billion and the operating loss was $4.1 billion. Results in the fourth quarter benefited from a milestone payment in one of the Other Bets.

至於我們的其他押注，2023 年全年營收為 15 億美元，營運虧損為 41 億美元。第四季度的業績得益於其他賭注之一的里程碑付款。

Turning to our outlook for the business. With respect to Google Services, first, within advertising. We were pleased with the sequential revenue growth of Search and YouTube advertising throughout 2023, which reflects the extraordinary work across our teams to drive improved experiences for users and attractive ROI for advertisers. As we enter 2024 with advertising revenues of more than $100 billion higher than 2019, we remain focused on sustaining healthy growth on this larger base.

轉向我們對業務的展望。關於Google服務，首先是廣告領域。我們對 2023 年搜尋和 YouTube 廣告收入的環比增長感到滿意，這反映出我們團隊在推動改善用戶體驗和為廣告商帶來有吸引力的投資回報率方面所做的出色工作。進入 2024 年，廣告收入比 2019 年增加超過 1000 億美元，我們仍然致力於在更大的基礎上保持健康成長。

Second, within subscriptions, platforms and devices, our total revenues from subscription products reached $15 billion for the full year 2023 driven primarily by substantial growth in subscribers for our YouTube subscription offerings. The substantial increase in our subscription revenues over the past few years demonstrates the ability of our teams to deliver high value-add offerings and provides a strong base on which to build, including through YouTube and newer services like Google One.

其次，在訂閱、平台和裝置方面，我們的訂閱產品總收入在 2023 年全年達到 150 億美元，這主要是由於 YouTube 訂閱產品的訂閱者大幅成長。過去幾年我們訂閱收入的大幅成長證明了我們團隊提供高附加價值產品的能力，並為我們的發展奠定了堅實的基礎，包括透過 YouTube 和 Google One 等較新的服務。

Play had solid growth again in the fourth quarter driven primarily by an increase in the number of buyers. In devices, we continue to make sizable investments with increased emphasis on our Pixel family, particularly with AI-powered innovation while driving further efficiencies across the portfolio.

Play 在第四季再次實現穩健成長，主要是由於購買者數量的增加。在設備方面，我們持續進行大量投資，並更加重視 Pixel 系列，特別是人工智慧驅動的創新，同時進一步提高整個產品組合的效率。

Turning to Google Cloud. We are pleased with operating performance in the year. Full year revenues of $33 billion were up 26% versus prior year, ending with strong Q4 performance. The Cloud team is intensely focused on bringing the benefits of Gemini, our industry-leading AI technology, to enterprises and governments globally, and we are gratified with the level of engagement. The strong demand we are seeing for our vertically integrated AI portfolio is creating new opportunities for Google Cloud across every product area.

轉向谷歌雲端。我們對今年的經營業績感到滿意。全年營收達 330 億美元，較上年成長 26%，第四季表現強勁。雲端團隊專注於將我們業界領先的人工智慧技術 Gemini 的優勢帶給全球企業和政府，我們對參與程度感到滿意。我們看到對垂直整合的人工智慧產品組合的強勁需求正在為Google雲端在每個產品領域創造新的機會。

In terms of profitability, the improvement in 2023 reflects sustained focus across the team with the intent to maintain healthy profitability while we continue to invest to support long-term growth.

就獲利能力而言，2023 年的改善反映了整個團隊的持續關注，旨在保持健康的獲利能力，同時繼續投資以支持長期成長。

Turning to margins and expenses. As we have repeatedly stressed, we remain committed to our framework to durably reengineer our cost base as we invest to support our growth priorities. Key contributors to moderating our expense growth include: first, product and process prioritization to ensure we have the right resources behind our most important opportunities and to reallocate resources where we can; second, organizational efficiency and structure. We're focused on removing layers to simplify execution and drive velocity.

轉向利潤和費用。正如我們一再強調的那樣，我們仍然致力於我們的框架，在我們投資支持我們的成長優先事項時持久地重新設計我們的成本基礎。減緩費用成長的關鍵因素包括：首先，產品和流程的優先級，以確保我們在最重要的機會背後擁有正確的資源，並盡可能重新分配資源；第二，組織效率和結構。我們專注於消除層數以簡化執行並提高速度。

Both product prioritization and the organization design efforts result in a slower pace of hiring, as you can see with our head count down year-on-year, reflecting the reductions we announced in the first quarter of 2023 and a much slower pace of hiring. We will continue to invest in top technical and engineering talent.

產品優先順序和組織設計工作都會導致招聘速度放緩，正如您在我們的員工人數同比減少中看到的那樣，這反映了我們在 2023 年第一季宣布的裁員以及招聘速度大幅放緩。我們將繼續投資頂尖技術和工程人才。

Finally, we continue to execute the other work streams to slow expense growth, including improving efficiency in our technical infrastructure, streamlining operations across Alphabet through the use of AI, increasing efficiency of our spend with suppliers and vendors through our central procurement organization and optimizing our real estate portfolio.

最後，我們繼續執行其他工作流程以減緩費用成長，包括提高技術基礎設施的效率、透過使用人工智慧簡化Alphabet 的營運、透過中央採購組織提高我們與供應商和供應商的支出效率以及優化我們的服務。房地產投資組合。

With respect to CapEx, our reported CapEx in the fourth quarter was $11 billion, driven overwhelmingly by investment in our technical infrastructure with the largest component for servers followed by data centers. The step-up in CapEx in Q4 reflects our outlook for the extraordinary applications of AI to deliver for users, advertisers, developers, cloud enterprise customers and governments globally and the long-term growth opportunities that offers. In 2024, we expect investment in CapEx will be notably larger than in 2023.

就資本支出而言，我們報告的第四季度資本支出為 110 億美元，這主要是由對我們的技術基礎設施的投資推動的，其中最大的組件是伺服器，其次是數據中心。第四季資本支出的成長反映了我們對人工智慧為全球用戶、廣告商、開發者、雲端企業客戶和政府提供的非凡應用的展望，以及由此帶來的長期成長機會。 2024 年，我們預期資本支出投資將顯著大於 2023 年。

With regard to Other Bets, we've been working to sharpen our investment focus while capturing the upside given compelling technology breakthroughs across the portfolio. For example, last week, Alphabet's X announced that it would be moving to spin out more projects as independent companies through external capital, giving X the opportunity to bring more focus to the breakthrough technologies it is working on to address some of the world's most pressing challenges.

至於其他押注，我們一直在努力加強我們的投資重​​點，同時考慮到整個投資組合中引人注目的技術突破，抓住優勢。例如，上週，Alphabet 旗下的 X 宣布將透過外部資本以獨立公司的形式推出更多項目，這讓 X 有機會更專注於其正在開發的突破性技術，以解決世界上一些最緊迫的問題挑戰。

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 for Philipp. Philipp, the first one is about sort of a lot of the new generative AI advertising tools. You obviously have a lot of irons in the fire here. You've been talking about some of the early momentum with tens of thousands of advertisers.

我有兩個給菲利普。 Philipp，第一個是關於許多新的生成人工智慧廣告工具。顯然這裡有很多熨斗。您一直在談論與數以萬計的廣告商的一些早期勢頭。

The question is, can you sort of walk us through some of the hurdles and gating factors that we should be thinking through that dictate the pace at which these tools can really be rolled out broadly just so we and advertisers can kind of get an understanding for when they could have a bigger impact on the whole business? And then secondly, how do you think about the long-term sales force intensity of the advertising business as you roll more AI-based tools like PMax impacting the overall ad allocation?

問題是，您能否帶我們了解一些我們應該考慮的障礙和限制因素，這些障礙和限制因素決定了這些工具真正廣泛推廣的速度，以便我們和廣告商能夠了解他們什麼時候可以對整個業務產生更大的影響？其次，當您推出更多基於人工智慧的工具（例如 PMax）影響整體廣告分配時，您如何看待廣告業務的長期銷售人員強度？

Yes. Thank you so much. So I've covered this a little bit on previous quarters. AI has been at the core of our advertising products for a very, very long time. And the recent advances are really allowing us to drive more value for advertisers across a large range of different areas: bidding, targeting, creative as well as our core advertiser and publisher experiences.

是的。太感謝了。我在前幾季對此進行了一些介紹。很長一段時間以來，人工智慧一直是我們廣告產品的核心。最近的進步確實使我們能夠在眾多不同領域為廣告商帶來更多價值：出價、定位、創意以及我們的核心廣告商和發布商體驗。

We are seeing in core search ads, for example, the bidding side, the value-based bidding as a very significant one; on the targeting side, the broad match; on creative, responsive search ads automatically created ads assets. And we are very happy with the progress we're seeing in those areas.

例如，我們在核心搜尋廣告中看到，在競價方面，基於價值的競價是非常重要的；在目標方面，廣泛匹配；在創意、響應式搜尋廣告上自動建立廣告資源。我們對這些領域所取得的進展感到非常高興。

I think I mentioned in one of the previous calls that one, you asked about hurdles and gating factors. The AI essentials play neutral in this, trying to get everybody ready to really take full advantage of those tools. We talked about the progress on PMax as well that we're very happy with in Q4. So overall, I think we are on track with what we're expecting here.

我想我在之前的一次電話會議中提到過，您詢問了障礙和限制因素。人工智慧要素在這方面發揮中立作用，試圖讓每個人都做好準備，真正充分利用這些工具。我們還討論了 PMax 的進展，我們對第四季度感到非常滿意。總的來說，我認為我們正在實現我們的預期。

On the sales force intensity side, we have done a few reallocations or let me call it portfolio adjustments. As you know, we have 2 large different teams. One is our LCS, large customer solutions team that's really focused on transformational growth for our largest and most sophisticated customers. And we have our -- we call them GCS, Global Customer Solutions team, which is the channel where really every customer starts from some of our largest customers now to also the millions of smaller ones and SMBs.

在銷售人員強度方面，我們進行了一些重新分配，或者讓我稱之為投資組合調整。如您所知，我們有兩個不同的大型團隊。其中之一是我們的 LCS，大型客戶解決方案團隊，真正專注於為我們最大、最成熟的客戶轉型成長。我們有我們的——我們稱之為 GCS，全球客戶解決方案團隊，這是真正每個客戶從我們現在的一些最大客戶到數百萬小型客戶和中小企業的管道。

The GCS is really then scaling growth by dynamically delivering really the right treatment for every customer. And important to note, it's also our fastest-growing channel, and it delivered particularly strong growth in Q4. So we have done adjustments here to focus more resources on the GCS side.

GCS 透過動態地為每位客戶提供真正正確的治療來真正擴大成長。值得注意的是，它也是我們成長最快的管道，並且在第四季度實現了特別強勁的成長。所以我們這裡做了一些調整，把更多的資源集中到GCS這邊。

But I also want to be clear, when we restructure, there's always an opportunity to be more efficient and smarter in how we service and grow our customers. We're not restructuring because AI is taking away roles that's important here. But we see significant opportunities here with our AI-powered solution to actually deliver incredible ROI at scale, and that's why we're doing some of those adjustments. So I look at sales force intensity as a stronger focus going forward on the channels I mentioned here.

但我也想澄清，當我們重組時，總有機會更有效率、更明智地服務和發展客戶。我們不會進行重組，因為人工智慧正在取代這裡的重要角色。但我們在這裡看到了人工智慧驅動的解決方案的重大機會，可以真正大規模地提供令人難以置信的投資回報率，這就是我們正在進行一些調整的原因。因此，我將銷售人員強度視為對我在這裡提到的管道的更加關注。

Our next question comes from Doug Anmuth with JPMorgan.

我們的下一個問題來自摩根大通的 Doug Anmuth。

One for Ruth and one for Philipp. Ruth, you're now into year 2 of durably reengineering your cost structure. Can you just help us assess your progress so far? And are there any guideposts that we should be thinking about going forward?

一份給露絲，一份給菲利普。露絲，您現在已進入持續重新設計成本結構的第二年。您能幫我們評估一下您迄今為止的進展嗎？我們是否應該考慮未來的路標？

And then Philipp, can you talk more about NFL Sunday Ticket and just what your key learnings were in year 1? How are you thinking about the returns on the investment on both from an advertising perspective and then also subscribers to both Sunday Ticket and YouTube TV?

然後 Philipp，您能多談談 NFL Sunday Ticket 以及您在第一年學到的主要知識嗎？從廣告角度以及 Sunday Ticket 和 YouTube TV 訂閱者的角度來看，您如何看待投資回報？

Thanks for the question. So we are very pleased with the progress we're continuing to make, and we are very committed to the framework to durably reengineer our cost base really as we're investing to support the growth priorities. I tried to call out a number of them in opening comments, but really, as you're looking at the work being done across Google, across Alphabet, it does start with product and process prioritization to make sure we've got the right resources behind the most important opportunities, and then that creates the opportunity for reallocating resources where we can.

謝謝你的提問。因此，我們對我們繼續取得的進展感到非常滿意，並且我們非常致力於在我們投資支持成長優先事項時持久地重新設計我們的成本基礎的框架。我試圖在開場評論中指出其中的一些內容，但實際上，當你看到整個 Google、整個 Alphabet 正在完成的工作時，它確實從產品和流程優先級開始，以確保我們擁有正確的資源背後最重要的機會，然後這創造了我們可以重新分配資源的機會。

Then we talked a lot about this quarter about organizational efficiency and structure, and we're focused on removing layers to simplify execution and drive velocity. The combination of those 2, product prioritization and organizational design work, has resulted in the slower pace of hiring. You can see that in our head count numbers down year-on-year. You can see it in some of the -- in the results that we delivered in the fourth quarter.

然後我們在本季度討論了很多有關組織效率和結構的內容，我們的重點是消除層級以簡化執行並提高速度。產品優先順序和組織設計工作這兩個因素的結合導致了招募速度的放緩。您可以從我們的員工人數同比下降中看到這一點。您可以在我們第四季度交付的一些結果中看到這一點。

You can -- and it also goes to the announcements around first quarter and much lower pace of hiring. At this point in the quarter, we do estimate that severance-related expense will be roughly $700 million in the first quarter as we've continued these efforts. But as I said in opening comments, we will continue to invest in top engineering.

你可以——而且第一季左右的公告和招聘速度要低得多。在本季的此時，我們確實估計，隨著我們繼續這些努力，第一季與遣散費相關的費用將約為 7 億美元。但正如我在開場評論中所說，我們將繼續投資於頂級工程。

So that's sort of the big one, if you start with product prioritization and organizational design, which is why also I made the note about the severance-related expense, which helps pave the way as we're continuing to do the work that we're doing. But then we have a host of other work streams, which I talked about, everything with improving efficiency in our technical infrastructure, which is a very large ongoing effort; streamlining operations across Alphabet through use of AI; all the work we're doing with our suppliers and vendors; the work we're doing optimizing our real estate portfolio. So when we've described durably reengineering, it's about continuing to build on work that started, and that is ongoing.

因此，如果你從產品優先級和組織設計開始，這就是一件大事，這就是為什麼我也記錄了與遣散費相關的費用，這有助於為我們繼續開展我們的工作鋪平道路。正在做。但我們還有許多其他工作流程，我談過，一切都與提高我們技術基礎設施的效率有關，這是一項非常大的持續努力；透過使用人工智慧簡化 Alphabet 的營運；我們與供應商和供應商所做的所有工作；我們正在做的優化房地產投資組合的工作。因此，當我們描述持久的重新設計時，它是指繼續在已經開始的工作的基礎上繼續進行，並且正在進行中。

So on the NFL Sunday Ticket side, look, as I said earlier, NFL Sunday Ticket supports our long-term strategy and really help solidify YouTube's position as a must-have app on everyone's TV set.

因此，在 NFL Sunday Ticket 方面，正如我之前所說，NFL Sunday Ticket 支持我們的長期策略，並真正有助於鞏固 YouTube 作為每個人電視上必備應用程式的地位。

You asked about some of the learnings. Maybe I'll start with the viewing experience. We've received great feedback so far. People like the navigation, multiview, the chat, the lack of latency, really, really positive feedback on this one. You asked about the ads and the subs. Maybe I'll start with the subscribers.

你問了一些學習的情況。也許我會從觀看體驗開始。到目前為止，我們已經收到了很好的回饋。人們喜歡導航、多視圖、聊天、無延遲，對此真的非常非常積極的回饋。您詢問了廣告和字幕。也許我會從訂閱者開始。

We're pleased with the NFL Sunday Ticket sign-ups in our first season both as part of the YouTube TV bundle and as a stand-alone offering on YouTube Primetime Channels. Remember, you can access them via both. Nothing more to share on the sub side today on this one.

我們對第一季 NFL 週日門票的註冊情況感到非常滿意，無論是作為 YouTube 電視捆綁包的一部分還是作為 YouTube 黃金時段頻道上的獨立產品。請記住，您可以透過兩者存取它們。今天就這一點而言，沒有什麼可以分享的。

On the ad side, as you know, advertisers can buy from an NFL lineup as part of our YouTube Select portfolio. And this actually allows advertisers to reach football fans across YouTube's pretty unique breadth of NFL content, independently of whether you're viewing live NFL games or on YouTube TV or Primetime Channels or watching NFL highlights, post-game commentary on YouTube channels.

在廣告方面，如您所知，廣告商可以從 NFL 陣容中購買，作為我們 YouTube Select 產品組合的一部分。這實際上使廣告商能夠透過 YouTube 相當獨特的 NFL 內容覆蓋橄欖球迷，無論您是在 YouTube TV 或 Primetime 頻道上觀看現場 NFL 比賽，還是在 YouTube 頻道上觀看 NFL 集錦、賽後評論。

And we saw solid demand across the ad market around our YouTube Sunday Ticket offering here. We're excited about the partnership ahead or the partnerships ahead. This is our first season. And I mentioned over 90 upfront and scatter advertisers partnered with YouTube in our first year across NFL Sunday Ticket in-game opportunities, which we really appreciate.

我們看到廣告市場對我們的 YouTube Sunday Ticket 服務有著強勁的需求。我們對未來的合作夥伴關係感到興奮。這是我們的第一個賽季。我還提到，在我們推出 NFL Sunday Ticket 遊戲內機會的第一年，就有 90 多家前期和分散廣告商與 YouTube 合作，對此我們深表感謝。

Our next question comes from Eric Sheridan with Goldman Sachs.

我們的下一個問題來自高盛的艾瑞克·謝裡丹。

Two, if I could. Sundar, a bigger-picture question, coming back to your comments earlier in the call on Search Generative Experience. When you think about the evolution of product over the next couple of years, how do you envision more traditional search and things like the Google Assistant continuing to evolve in a world of Search Generative Experience and Bard? And what that might mean for elements of commercial and noncommercial search and how use cases might change in the years ahead?

兩個，如果可以的話。 Sundar，一個更宏觀的問題，回到您之前在搜尋生成體驗電話會議中的評論。當您思考未來幾年產品的演變時，您如何設想更傳統的搜尋以及 Google Assistant 之類的東西在搜尋生成體驗和 Bard 的世界中繼續發展？這對於商業和非商業搜尋元素意味著什麼，以及未來幾年用例可能會發生怎樣的變化？

And then Ruth, I just want to make sure we understood some of the messaging from the release and the public comments around one-timers in the quarter itself. It seems as if they were not allocated to the segments but are more elements of Other Bets and Alphabet-level activities. I just want to confirm whether elements of those one-timers were captured in the P&L statement and whether there were also any elements of legal one-timers that would be called out this quarter as well.

然後露絲，我只是想確保我們理解本季發布的一些資訊以及圍繞一次性產品的公眾評論。看起來它們似乎沒有分配給細分市場，而是更多其他投注和字母級別活動的元素。我只是想確認損益表中是否包含了這些一次性交易者的要素，以及本季是否也有任何合法一次性交易者的要素。

Thanks, Eric. Great question. Look, it is an exciting time. Clearly, as I said, as we are incorporating SGE in the product, the early feedback is positive. And we've been iterating on it, and it clearly works for certain type of queries very well. We are expanding the set of queries where it works very well. It definitely is answering a certain category of queries for the first time in a better way. So that gives us direction to proceed as well.

謝謝，埃里克。很好的問題。看，這是一個令人興奮的時刻。顯然，正如我所說，當我們將 SGE 納入產品時，早期的回饋是正面的。我們一直在迭代它，它顯然非常適合某些類型的查詢。我們正在擴展它運行良好的查詢集。它肯定是第一次以更好的方式回答特定類別的查詢。這也為我們提供了前進的方向。

Overall, one of the things I think people underestimate about Search is the breadth of Search, the amount of queries we see constantly on a new day, which we haven't seen before. And so the trick here is to deliver that high-quality experience across the breadth of what we see in Search.

總的來說，我認為人們低估搜尋的一件事是搜尋的廣度，即我們在新的一天不斷看到的查詢量，這是我們以前從未見過的。因此，這裡的技巧是在我們在搜尋中看到的各個方面提供高品質的體驗。

And over time, we think Assistant will be very complementary. And we will again use generative AI there, particularly with our most advanced models in Bard and allows us to act more like an agent over time, if I were to think about the future and maybe go beyond answers and follow through for users even more. So that is the -- directionally, what the opportunity set is. Obviously, a lot of execution ahead. But it's an area where I think we have a deep sense of what to do. And all the work we have taken so far, the feedback has been super positive.

隨著時間的推移，我們認為 Assistant 將具有很強的互補性。我們將再次在那裡使用生成式人工智慧，特別是在Bard 中使用我們最先進的模型，並且隨著時間的推移，如果我要思考未來，並且可能超越答案並為用戶提供更多後續服務，我們就可以更像一個代理。這就是——從方向上來說，機會集是什麼。顯然，前面還有大量的執行工作。但我認為我們對在這個領域應該做什麼有著深刻的認識。到目前為止我們所做的所有工作，回饋都是非常正面的。

And then in terms of your other question, so on the real estate charge of $1.2 billion in exit charges related to real estate, that is in Alphabet-level activities. But the other comment I was making in opening comments is when you go through the various line items, R&D, et cetera, you see it spread there. And we have a table and IR can walk anybody through the technicals on that just to understand how it then gets arrayed across the various lines in the P&L.

然後就你的另一個問題而言，關於與房地產相關的 12 億美元退出費用，這是在 Alphabet 級別的活動中。但我在開場評論中提出的另一個評論是，當你瀏覽各個專案、研發等時，你會看到它在那裡傳播。我們有一張表格，IR 可以引導任何人了解該表格的技術細節，以了解它如何排列在損益表的各個行中。

Our next question comes from Michael Nathanson with MoffettNathanson.

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

I have two for Philipp, I think. Given the importance of connected TV engagement in YouTube, can you talk about the opportunity outside the U.S. for connected TV? And what the company is doing at large to drive more adoption of YouTube or connected TVs given the Google operating system? And can you talk about outside the U.S.?

我想我有兩個是給菲利普的。鑑於 YouTube 中連網電視參與度的重要性，您能否談談美國以外連網電視的機會？鑑於 Google 作業系統，該公司正在採取哪些措施來推動 YouTube 或連網電視的更多採用？能談談美國以外的情況嗎？

And then you've been consistent about the strength of Shorts over the past year. Can you talk a bit about the modernization challenges? Do you still see the headwinds that you saw at the beginning? Anything you could share about the density of the auction or advertising interest on Shorts. So help us with whether or not that's still a headwind to growth.

在過去的一年裡，您對 Shorts 的實力一直保持一致的看法。您能談談現代化挑戰嗎？您還看到一開始看到的逆風嗎？您可以分享任何有關 Shorts 上的拍賣密度或廣告興趣的資訊。請幫助我們了解這是否仍然是成長的阻力。

Yes. Thank you so much for your question. On the connected TV side, I mentioned it actually continues to perform really well. I said before, YouTube is the leader in U.S. streaming watch time and it's not just one audience group diving deep it's really all audiences. On the international side, it's something we are closely looking at. There's nothing specific I have to add at this moment in time on this one.

是的。非常感謝你的提問。在連網電視方面，我提到它實際上仍然表現良好。我之前說過，YouTube 是美國串流觀看時間的領先者，它不僅僅是一個深入的受眾群體，而是所有受眾。在國際方面，這是我們正在密切關注的事情。目前我對此沒有什麼具體要補充的。

On the Shorts monetization side, look, we built Shorts to respond to the huge demand from both creators and viewers for short-form video. And we're very pleased with the growth we've seen. I mentioned 2 billion-plus logged-in users every month, 70 billion in daily views. Specifically to the monetization question, Shorts monetization continues to progress nicely. In fact, actually, since we introduced revenue sharing for Shorts, the total creator earnings generated from Shorts have increased every month, and we expect this to continue. And similar, obviously, to our long-form videos, we're really committed here to a long-term partnership. And you heard me say this before, right, when creators succeed, we succeed.

在 Shorts 盈利方面，您看，我們製作 Shorts 是為了滿足創作者和觀眾對短視頻的巨大需求。我們對所看到的成長感到非常滿意。我提到每月有超過 20 億的登入用戶，每日瀏覽量超過 700 億。具體到獲利問題，Shorts 獲利持續取得良好進展。事實上，自從我們推出 Shorts 收入分成以來，Shorts 創造的創作者總收入每個月都在增加，而且我們預計這種情況會持續下去。顯然，與我們的長影片類似，我們真正致力於建立長期合作夥伴關係。你以前聽過我說過，對吧，當創作者成功時，我們也成功。

Our next question comes from Stephen Ju with UBS.

我們的下一個問題來自瑞銀集團的 Stephen Ju。

So Philipp, this is not a new question, but it's also been about 2 years since PMax was launched. But it seems like there's been this long lineage of product development and rollout of things like smart bidding in your history, which I believe at the time was designed to help smaller advertisers more easily run search advertising.

Philipp，這不是一個新問題，但自 PMax 推出以來也已經過去了大約 2 年。但在你們的歷史中，產品開發和智慧競價等產品的推出似乎已經有很長的歷史了，我相信當時的目的是幫助小型廣告商更輕鬆地投放搜尋廣告。

And today, you're helping me to generate creative as well as manage my spend and maximize ROI across multiple Google Services. So how are you feeling about enabling SMBs who otherwise could not advertise with you before? And what kind of TAM expansion tailwind does that create for your revenue growth over the longer term?

今天，您幫助我創造創意、管理支出並最大限度地提高多項 Google 服務的投資回報率。那麼，對於以前無法向您投放廣告的中小型企業提供協助，您有何感想？從長遠來看，這將為您的收入成長帶來什麼樣的 TAM 擴張順風？

Look, as you know, SMBs are a huge focus for us. We mentioned this several times before. They're part of our GCS channel, not only there's more in this. But they've been under a ton of change over the last few years. And our focus has always been here on investing in solutions that really help level the playing field, and you mentioned several of those. So actually, SMBs can compete with bigger brands and more sophisticated advertisers.

如您所知，中小企業是我們關注的重點。我們之前多次提到這一點。它們是我們 GCS 頻道的一部分，不僅有更多內容。但在過去的幾年裡，他們經歷了巨大的變化。我們的重點始終是投資真正有助於公平競爭環境的解決方案，您提到了其中的幾個。因此，實際上，中小企業可以與更大的品牌和更成熟的廣告商競爭。

And so the feedback we're always getting is they need easy solutions that could drive value quickly, and several of the AI-powered solutions that you're mentioning are actually making the workflow and the whole on-ramp and the bidded targeting creative and so on, you mentioned that is so much easier for SMBs. So we're very satisfied with what we're seeing here. We will continue to invest. And I feel AI is really a helpful, very interesting future path to make life not only easier but also much more productive and better ROIs over time, more level playing field for SMBs.

因此，我們總是得到的反饋是，他們需要簡單的解決方案來快速推動價值，而您提到的幾個由人工智慧驅動的解決方案實際上正在使工作流程、整個入口和出價定位創意和等等，您提到這對於中小企業來說要容易得多。所以我們對在這裡看到的非常滿意。我們將繼續投資。我認為人工智慧確實是一條有用的、非常有趣的未來道路，不僅讓生活變得更輕鬆，而且隨著時間的推移，它還能提高生產力和更好的投資回報率，為中小企業提供更公平的競爭環境。

Our next question comes from Justin Post with BAML.

我們的下一個問題來自 BAML 的 Justin Post。

Maybe one for Sundar and one for Ruth. Just on Search growth, I think there are some concerns on use of competitive AI tools as an alternative to Search. Just wondering if you're seeing any changes in query volumes, positive or negative, since you've seen the year evolve and more Search Generative Experiences. And what can really make Google stand out versus other AI tools?

也許一份給桑達爾，一份給露絲。就搜尋成長而言，我認為使用競爭性人工智慧工具作為搜尋的替代品存在一些擔憂。只是想知道您是否看到查詢量有任何變化，無論是積極的還是消極的，因為您已經看到了這一年的發展和更多的搜尋生成體驗。與其他人工智慧工具相比，什麼才能真正讓谷歌脫穎而出？

And then Ruth, CapEx was $11 billion, a step-up, obviously. Any onetime items in there? Or is that how we should think about the new run rate into '24.

然後露絲，資本支出達到 110 億美元，顯然是一個進步。裡面有一次性物品嗎？或者說我們應該如何考慮 24 年的新運行率。

Thanks, Justin. First of all, look, we think about effects on Search, obviously, more broadly. People have a lot of information choices. So -- and user expectations are constantly evolving. And so we've been doing this for a long time. And I think what ends up mattering is a strong continuous track record of innovation.

謝謝，賈斯汀。首先，我們顯然更廣泛地考慮對搜尋的影響。人們有很多資訊選擇。因此，用戶的期望不斷變化。所以我們已經這樣做很久了。我認為最終重要的是強大的持續創新記錄。

Obviously, generative AI is a new tool in the arsenal. But there's a lot more that goes into Search: the breadth, the depth, the diversity across verticals, stability to follow through, getting actually access to rich, diverse sources of content on the web and putting it all together in a compelling way.

顯然，生成式人工智慧是武器庫中的一個新工具。但搜尋還有更多的內容：廣度、深度、垂直行業的多樣性、後續的穩定性、實際訪問網路上豐富、多樣化的內容來源，並以引人注目的方式將它們組合在一起。

And I think, through the year 2, when we test, we test Search Generative Experience, particularly against everything that's out there. And we can see the progress we are making and how much users are liking the experience better. And so I think I feel very good about the progress. And our road map for '24 is strong both on the Search and the underlying AI progress, including the model. So I'm pretty excited about what's ahead of us in '24.

我認為，在第二年，當我們進行測試時，我們會測試搜尋生成體驗，特別是針對現有的一切。我們可以看到我們正在取得的進展以及用戶對體驗的喜愛程度。所以我認為我對進展感到非常滿意。我們的 24 年路線圖在搜尋和基礎人工智慧進展（包括模型）方面都很強大。所以我對 24 年即將發生的事情感到非常興奮。

And with respect to CapEx, the CapEx of $11 billion in the fourth quarter, as I indicated, was overwhelmingly investment in our technical infrastructure. To your question, there was no onetime item in there. It really reflects is our outlook for everything Sundar and Philipp and I have been talking about, the extraordinary applications of AI within Google DeepMind, Google Services, Google Cloud, it's across the board for users, for advertisers, developers, cloud enterprise customers, governments. And it's really the long-term opportunity that offers.

就資本支出而言，正如我所指出的，第四季度 110 億美元的資本支出絕大多數是對我們技術基礎設施的投資。對於你的問題，那裡沒有一次性物品。它真正反​​映了我們對Sundar 和Philipp 和我一直在談論的一切的展望，人工智慧在Google DeepMind、Google Services、Google Cloud 中的非凡應用，它對用戶、廣告商、開發者、雲端企業客戶、政府來說都是全面的。這確實提供了長期機會。

So last quarter, we did note that CapEx would continue to grow in 2024. We do expect 2024 full year CapEx to be notably larger than 2023. As a note, I think you all know this, but timing of cash payments can affect the quarterly CapEx number. But the main point is we're continuing to invest.

因此，上個季度，我們確實注意到資本支出將在2024 年繼續增長。我們確實預計2024 年全年資本支出將明顯高於2023 年。請注意，我想你們都知道這一點，但現金支付的時間可能會影響季度資本支出數量。但重點是我們將繼續投資。

Our next question comes from Ross Sandler with Barclays.

我們的下一個問題來自巴克萊銀行的羅斯桑德勒。

So I guess a question for, I don't know if it's Sundar or Philipp. But if we go back to the DOJ trial that happened in the fall, there was a document that was disclosed from Google that said something along the lines of why being on ad quality team to deliver 20% RPM growth in Search is a fragile strategy. So dating back to 2019, your business has, I think, more than doubled since then.

所以我猜想一個問題，我不知道是桑達爾還是菲利普。但如果我們回顧去年秋天發生的 DOJ 審判，就會發現 Google 披露了一份文件，其中提到了為什麼加入廣告品質團隊以在搜尋中實現 20% RPM 成長是一項脆弱的策略。因此，追溯到 2019 年，我認為自那時以來，您的業務增長了一倍多。

So I guess, as we sit here today in early 2024, how do you feel about Google's ability to drive Search RPM going forward? And I guess in the context of what Ruth said tonight about the large revenue base, just how do you feel about the monetization?

所以我想，當我們在 2024 年初坐在這裡時，您對 Google 推動搜尋每千次展示收入向前發展的能力有何看法？我想在露絲今晚所說的關於龐大收入基礎的背景下，您對貨幣化有何看法？

Look, I think I have tremendous confidence in the quality driven both our work, be it search quality, ads quality, our improvements on search, our improvements on ads RPM, all -- 2 foundational pillars are extraordinary focus on ads quality so that we deliver the actual ROI to advertisers and improve the experience for users and all underpinned by rigor and technical excellence and go-to-market excellence, right?

看，我認為我對推動我們工作的品質充滿信心，無論是搜尋品質、廣告品質、我們對搜尋的改進、我們對廣告每千次展示收入的改進，所有這些——兩個基本支柱是對廣告品質的非凡關注，因此我們為廣告商提供實際的投資回報率並改善用戶的體驗，所有這些都以嚴謹、卓越的技術和卓越的上市為基礎，對嗎？

So the fundamental attributes don't change. I think AI gives us opportunity both on the organic side as well as on the monetization side. And I think we are in the early days of it. I think we'll be able to, taking a long-term view, serve information needs in a deeper way. And so I think about it in that -- with that long-term context, and I'm pretty excited about what's ahead.

所以基本屬性不會改變。我認為人工智慧在有機方面和貨幣化方面都為我們提供了機會。我認為我們正處於早期階段。我認為，從長遠來看，我們將能夠以更深入的方式滿足資訊需求。所以我從長遠的角度來思考這個問題，我對未來感到非常興奮。

And our last question will be from Mark Mahaney with Evercore.

我們的最後一個問題將由 Evercore 的 Mark Mahaney 提出。

One question on YouTube AI and one on cloud. On cloud first, there's just this volatility, this material deceleration last quarter and the nice reacceleration this quarter. Is that explained by where we are in the optimization cycle, and it may be generative AI workloads starting to trickle in now and cause that growth curve to bend back up? Any commentary just on the sort of the volatility, the deceleration and the reacceleration that we've seen?

一個關於 YouTube AI 的問題和一個關於雲端的問題。首先，在雲端運算方面，存在著這種波動性，上個季度的實質減速和本季的良好重新加速。這是否可以透過我們處於優化週期的位置來解釋，並且可能是生成型人工智慧工作負載現在開始逐漸流入並導致成長曲線重新彎曲？對我們所看到的波動、減速和再加速有什麼評論嗎？

And then Philipp, I wanted to ask on the creative side, and particularly on YouTube and ads and the creative, using AI to improve the creative and really to offer SMBs who have been with Google forever but offer them now performance-based video ad campaigns created by AI. Is that kind of a new growth area? How far along are you in terms of offering this out into the market? And do you think that this opens up a new area of spend that wasn't there before?

然後Philipp，我想問一下創意方面的問題，特別是在YouTube 和廣告以及創意方面，利用人工智能來改進創意，並真正為那些一直與Google 合作但現在為他們提供基於效果的視頻廣告活動的中小型企業提供服務由人工智慧創建。這是一個新的成長領域嗎？你們在向市場推出這項產品方面進展到什麼程度了？您認為這是否開闢了一個以前沒有的新支出領域？

Thanks, Mark. On cloud, let me take that. First of all, a combination of factors. I think definitely excitement around the AI solutions on top of our foundational pillar, be it data and analytics, infrastructure, security, et cetera. But AI is definitely something which is driving interest and early adoption. And as you saw that greater than 70% of GenAI unicorns are using Google Cloud. And so I think it's an area where our strengths will continue to play out as we go through '24, especially when I look at innovation ahead from us on the AI front. And second, I think there are regional variations, but the cost optimizations in many parts are something we have mostly worked through. And I think that was a contributing factor as well.

謝謝，馬克。在雲端上，讓我來吧。首先，綜合因素。我認為，我們的基礎支柱之上的人工智慧解決方案絕對令人興奮，無論是數據和分析、基礎設施、安全性等等。但人工智慧無疑會引起人們的興趣和早期採用。如您所見，超過 70% 的 GenAI 獨角獸公司正在使用 Google Cloud。因此，我認為，在 24 世紀，我們的優勢將繼續在這個領域發揮作用，特別是當我看到我們在人工智慧領域的創新時。其次，我認為存在地區差異，但許多部分的成本優化是我們主要解決的問題。我認為這也是促成因素。

So on your YouTube question, maybe let me start with a general view. YouTube's mission, you know, has enabled millions of creators around the world to share their voice and connect with audiences and obviously build thriving businesses here. And AI has been a very critical piece of this already.

關於你在 YouTube 上提出的問題，也許讓我先談談一般看法。您知道，YouTube 的使命是讓世界各地數百萬創作者分享他們的聲音並與觀眾建立聯繫，並顯然在這裡建立了蓬勃發展的業務。人工智慧已經成為其中非常關鍵的一部分。

You are obviously aware of the made YouTube announcement where we introduced a whole lot of new complementary creativity features on YouTube, including Dream Screen, for example, and a lot of other really interesting tools and thoughts. You can obviously imagine that we can take this more actively to the advertising world already. As you know, it continues already to power AI, a lot of our video ad solutions and measurement capabilities. It's part of video-rich campaigns. Multi-format ads are -- actually, there is a generative creator music that actually makes it easier for creators to design the perfect soundtrack already.

您顯然已經知道 YouTube 的公告，我們在 YouTube 上引入了許多新的補充創意功能，例如 Dream Screen，以及許多其他非常有趣的工具和想法。您顯然可以想像我們已經可以更積極地將其應用於廣告領域。如您所知，它已經繼續為人工智慧、我們的許多影片廣告解決方案和測量功能提供動力。這是影片豐富的活動的一部分。實際上，多格式廣告是一種生成創作者音樂，實際上可以讓創作者更輕鬆地設計完美的配樂。

And as I said earlier, AI will unlock a new world of creativity. And you can see how this will -- if you just look at where models are heading, where multimodal models are heading, where the generation capabilities of those models are heading, you can absolutely see how this will impact and positively impact and simplify the flow for creators, similar to what you see already emerging in some of our core products like ACA on the Search side.

正如我之前所說，人工智慧將開啟一個新的創造力世界。你可以看到這將如何發生——如果你只看模型的發展方向、多模式模型的發展方向、這些模型的生成能力的發展方向，你絕對可以看到這將如何影響、積極影響和簡化流程對於創作者來說，類似於您在我們的一些核心產品（例如搜尋端的ACA）中已經出現的內容。

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

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

Thanks, everyone, for joining us today. We look forward to speaking with you again on our first quarter 2024 call. Thank you and have a good evening.

謝謝大家今天加入我們。我們期待在 2024 年第一季的電話會議上再次與您交談。謝謝您，祝您晚上愉快。

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

謝謝大家。今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。