Google (GOOG) 2024 Q1 法說會逐字稿

Welcome, everyone. Thank you for standing by for the Alphabet First Quarter 2024 Earnings Conference Call. (Operator Instructions)

歡迎大家。感謝您出席 Alphabet 2024 年第一季財報電話會議。 （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 First Quarter 2024 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 2024 年第一季財報電話會議。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. 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 和 10-Q，包括風險因素。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 GAAP 與 GAAP 指標的對賬，該新聞稿透過我們的投資者關係網站 abc.xyz/investor 向公眾發布和提供。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. It was a great quarter led by strong performance from Search, YouTube, and Cloud.

謝謝吉姆，大家好。這是一個出色的季度，搜尋、YouTube 和雲端的強勁表現帶動了這一季度的發展。

Today, I want to share how we are thinking about the business and the opportunity more broadly. Of course, that's heavily focused on AI and Search. Then I'll take you through some highlights from the quarter in Cloud, YouTube and beyond.

今天，我想分享我們如何更廣泛地思考業務和機會。當然，這主要集中在人工智慧和搜尋上。然後我將向您介紹本季 Cloud、YouTube 及其他領域的一些亮點。

Let's discuss our momentum and strategy. Taking a step back, it took Google more than 15 years to reach $100 billion in annual revenue. In just the last 6 years, we have gone from $100 billion to more than $300 billion in annual revenue. Of course, Search continues to power that as you see in our Q1 results. But in addition, we expect YouTube overall and Cloud to exit 2024 at a combined annual run rate of over $100 billion. This shows our track record of investing in and building successful new growing businesses.

讓我們討論一下我們的動力和策略。退一步來說，Google花了 15 年多的時間才達到 1,000 億美元的年收入。光是在過去 6 年裡，我們的年收入就從 1,000 億美元增加到超過 3,000 億美元。當然，正如您在我們第一季的結果中看到的那樣，搜尋繼續推動這一趨勢。但除此之外，我們預計 YouTube 整體和 Cloud 將於 2024 年退出，年營業額合計將超過 1,000 億美元。這顯示了我們在投資和建立成功的新興成長型企業方面的記錄。

Now let's look at how well we are positioned for the next wave of AI innovation and the opportunity ahead. There are 6 points to make: one, research leadership; two, infrastructure leadership; three, innovation in Search; four, our global product footprint; five, velocity in execution; six, monetization paths.

現在讓我們來看看我們對下一波人工智慧創新浪潮和未來機會的定位如何。主要有六點：一是科學研究引領；二、基礎設施引領；三、搜尋創新；四、我們的全球產品足跡；五、執行速度；六、變現路徑。

First, our foundation of research leadership. We've been an AI-first company since 2016, pioneering many of the modern breakthroughs that power AI progress for us and for the industry. Last week, we further consolidated teams that build AI models under Google DeepMind. This will help simplify development and establish a single access point for our product teams as they build generative AI applications with these models. The teams are making rapid progress, developing Gemini and other models.

首先，我們的研究領導基礎。自 2016 年以來，我們一直是一家人工智慧優先的公司，開創了許多現代突破，為我們和產業的人工智慧進步提供動力。上週，我們進一步整合了在 Google DeepMind 下建立人工智慧模型的團隊。這將有助於簡化開發並為我們的產品團隊在使用這些模型建立生成式人工智慧應用程式時建立單一存取點。團隊進展迅速，開發了 Gemini 和其他模型。

In February, we rolled out Gemini 1.5 Pro, which shows dramatic performance enhancements across a number of dimensions. It includes a breakthrough in long context understanding, achieving the longest context window of any large-scale foundation model yet. Combining this with Gemini's native multimodal understanding across audio, video, text code and more, it's highly capable. We are already seeing developers and enterprise customers enthusiastically embrace Gemini 1.5 and use it for a wide range of things. Beyond Gemini, we have built other useful models, including our Gemma open models as well as image and visual models and others.

今年 2 月，我們推出了 Gemini 1.5 Pro，它在多個方面展現了顯著的效能增強。它包括長上下文理解方面的突破，實現了迄今為止任何大型基礎模型中最長的上下文視窗。將此與 Gemini 對音訊、視訊、文字程式碼等的本地多模式理解相結合，它的能力非常強大。我們已經看到開發人員和企業客戶熱情地接受 Gemini 1.5 並將其用於廣泛的用途。除了 Gemini 之外，我們還建立了其他有用的模型，包括 Gemma 開放模型以及圖像和視覺模型等。

Second, infrastructure leadership. We have the best infrastructure for the AI era. Building world-leading infrastructure is in our DNA, starting in our earliest days when we had to design purpose-built hardware to power Search. Our data centers are some of the most high-performing, secure, reliable, and efficient in the world. They've been purpose-built for training cutting-edge AI models and designed to achieve unprecedented improvements in efficiency. We have developed new AI models and algorithms that are more than 100x more efficient than they were 18 months ago.

二是基礎設施引領。我們擁有人工智慧時代最好的基礎建設。建立世界領先的基礎設施是我們的 DNA，從我們成立之初就開始設計專用硬體來為搜尋提供支援。我們的資料中心是世界上效能最高、安全、可靠和高效的資料中心之一。它們專為訓練尖端人工智慧模型而設計，旨在實現前所未有的效率提升。我們開發了新的人工智慧模型和演算法，其效率比 18 個月前提高了 100 倍以上。

Our custom TPUs, now in their fifth generation, are powering the next generation of ambitious AI projects. Gemini was trained on and is served using TPUs. We are committed to making the investments required to keep us at the leading edge in technical infrastructure. You can see that from the increases in our capital expenditures. This will fuel growth in Cloud, help us push the frontiers of AI models and enable innovation across our services, especially in Search.

我們的客製化 TPU 現已發展到第五代，正在為下一代雄心勃勃的人工智慧專案提供動力。 Gemini 使用 TPU 進行訓練和服務。我們致力於進行必要的投資，以保持我們在技術基礎設施方面的領先地位。從我們資本支出的增加就可以看出這一點。這將推動雲端運算的成長，幫助我們推動人工智慧模型的前沿，並實現我們服務的創新，特別是在搜尋領域。

AI innovations in Search are the third and perhaps the most important point I want to make. We have been through technology shifts before, to the web, to mobile, and even to voice technology. Each shift expanded what people can do with Search and led to new growth. We are seeing a similar shift happening now with generative AI. For nearly a year, we've been experimenting with SGE in search labs across a wide range of queries. And now we are starting to bring AI overviews to the main Search results page. We are being measured in how we do this, focusing on areas where gen AI can improve the search experience while also prioritizing traffic to websites and merchants.

搜尋中的人工智慧創新是我想說的第三點，也許也是最重要的一點。我們之前經歷過技術變革，包括網路、行動、甚至語音技術。每一次轉變都擴大了人們可以使用搜尋做的事情，並帶來新的成長。我們現在看到生成式人工智慧正在發生類似的轉變。近一年來，我們一直在搜尋實驗室中針對各種查詢嘗試使用 SGE。現在我們開始將人工智慧概述引入主搜尋結果頁面。我們正在衡量我們如何做到這一點，並專注於人工智慧可以改善搜尋體驗的領域，同時也優先考慮網站和商家的流量。

We have already served billions of queries with our generative AI features. It's enabling people to access new information, to ask questions in new ways and to ask more complex questions. Most notably, based on our testing, we are encouraged that we are seeing an increase in search usage among people who use the new AI overviews as well as increased user satisfaction with the results. And with Circle to Search, people can now circle what they see on their Android screens, ask a question about an image or object in a video and get an AI overview with Lens.

我們已經利用生成式人工智慧功能處理了數十億次查詢。它使人們能夠獲取新資訊、以新方式提出問題以及提出更複雜的問題。最值得注意的是，根據我們的測試，我們感到鼓舞的是，我們看到使用新人工智慧概述的人們的搜尋使用量有所增加，並且用戶對結果的滿意度也有所提高。透過 Circle to Search，人們現在可以圈出他們在 Android 螢幕上看到的內容，詢問有關影片中的圖像或物件的問題，並透過 Lens 獲得 AI 概述。

Fourth, our global product footprint beyond Search. We have 6 products with more than 2 billion monthly users, including 3 billion Android devices. 15 products have 0.5 billion users, and we operate across 100-plus countries. This gives us a lot of opportunities to bring helpful gen AI features and multimodal capabilities to people everywhere and improve their experiences. We have brought many new AI features to Pixel, Photos, Chrome, Messages and more. We are also pleased with the progress we are seeing with Gemini and Gemini Advanced through the Gemini app on Android and the Google app on iOS.

第四，我們的全球產品足跡超出了搜尋範圍。我們有 6 個產品月活用戶超過 20 億，其中 Android 裝置達到 30 億。 15 個產品擁有 5 億用戶，我們的業務遍及 100 多個國家。這為我們提供了許多機會，為世界各地的人們帶來有用的新一代人工智慧功能和多模式功能，並改善他們的體驗。我們為 Pixel、照片、Chrome、訊息等帶來了許多新的人工智慧功能。我們也對透過 Android 上的 Gemini 應用程式和 iOS 上的 Google 應用程式在 Gemini 和 Gemini Advanced 方面所取得的進展感到高興。

Fifth, improved velocity in execution. We've been really focused on simplifying our structures to help us move faster. In addition to bringing together our model-building teams under Google DeepMind, we recently unified our ML infrastructure and ML developer teams to enable faster decisions, smarter compute allocation, and a better customer experience.

五是提高執行速度。我們一直致力於簡化我們的結構，以幫助我們更快地前進。除了將我們的模型建置團隊整合到 Google DeepMind 旗下之外，我們最近還統一了 ML 基礎架構和 ML 開發團隊，以實現更快的決策、更智慧的運算分配和更好的客戶體驗。

Earlier this year, we brought our Search teams together under one leader. And last week, we took another step, bringing together our platforms and devices teams. The new combined team will focus on delivering high-quality products and experiences, bolstering the Android and Chrome ecosystems, and bringing our best innovations to partners faster.

今年早些時候，我們將搜尋團隊集中在一位領導者的領導下。上週，我們又邁出了一步，將我們的平台和設備團隊聚集在一起。新的合併團隊將專注於提供高品質的產品和體驗，支援 Android 和 Chrome 生態系統，並更快地將我們最好的創新帶給合作夥伴。

We also remain focused on long-term efforts to durably reengineer our cost base. You can see the impact of this work reflected in our operating margin improvement. We continue to manage our head count growth and align teams with our highest priority areas. This speeds up decision-making, reduces layers, and enables us to invest in the right areas.

我們也持續致力於長期努力，持久地重新設計我們的成本基礎。您可以看到這項工作的影響反映在我們營業利潤率的提高。我們持續管理員工人數成長，並使團隊與我們最優先的領域保持一致。這加快了決策速度，減少了層級，並使我們能夠投資於正確的領域。

Beyond our teams, we are very focused on our cost structures, procurement and efficiency. And a number of technical breakthroughs are enhancing machine speed and efficiency, including the new family of Gemini models and a new generation of TPUs. For example, since introducing SGE about a year ago, machine costs associated with SGE responses have decreased 80% from when first introduced in Labs driven by hardware, engineering, and technical breakthroughs. We remain committed to all of this work.

除了我們的團隊之外，我們還非常關注我們的成本結構、採購和效率。多項技術突破正在提高機器速度和效率，包括新的 Gemini 型號系列和新一代 TPU。例如，自從大約一年前引入 SGE 以來，在硬體、工程和技術突破的推動下，與 SGE 響應相關的機器成本比首次引入實驗室時降低了 80%。我們仍然致力於所有這些工作。

Finally, our monetization path. We have clear paths to AI monetization through Ads and Cloud as well as subscriptions. Philipp will talk more about new AI features that are helping advertisers, including bringing Gemini models into Performance Max. Our Cloud business continues to grow as we bring the best of Google AI to enterprise customers and organizations around the world. And Google One now has crossed 100 million paid subscribers, and in Q1, we introduced a new AI premium plan with Gemini Advanced.

最後，我們的獲利路徑。我們有透過廣告、雲端以及訂閱實現人工智慧貨幣化的清晰路徑。 Philipp 將更多地談論幫助廣告商的新 AI 功能，包括將 Gemini 模型引入效果最大化廣告系列。隨著我們將 Google AI 的精華帶給世界各地的企業客戶和組織，我們的雲端業務持續成長。 Google One 現在的付費用戶已突破 1 億，在第一季度，我們推出了 Gemini Advanced 的新 AI 高級方案。

Okay, those are the 6 points so now let me turn to quarterly highlights from Cloud and YouTube in a bit more detail. In Cloud, we have announced more than 1,000 new products and features over the past 8 months. At Google Cloud Next, more than 300 customers and partners spoke about their generative AI successes with Google Cloud, including global brands like Bayer, Cintas, Mercedes-Benz, Walmart and many more.

好的，以上就是 6 點，現在讓我更詳細地介紹一下 Cloud 和 YouTube 的季度亮點。在雲端方面，過去 8 個月我們發布了 1,000 多個新產品和功能。在 Google Cloud Next 大會上，超過 300 名客戶和合作夥伴談論了他們利用 Google Cloud 在生成式 AI 方面取得的成功，其中包括拜耳、Cintas、梅賽德斯-奔馳、沃爾瑪等全球品牌。

Our differentiation in Cloud begins with our AI hypercomputer, which provides efficient and cost-effective infrastructure to train and serve models. Today, more than 60% of funded gen AI start-ups and nearly 90% of gen AI unicorns are Google Cloud customers. And customers like PayPal and Kakao Brain are choosing our infrastructure. We offer an industry-leading portfolio of NVIDIA GPUs along with our TPUs. This includes TPU v5p, which is now generally available and NVIDIA's latest generation of Blackwell GPUs. We also announced Axion, our new Google design and Arm-based CPU. In benchmark testing, it has performed up to 50% better than comparable x86-based systems.

我們在雲端領域的差異化始於我們的人工智慧超級計算機，它提供高效且經濟高效的基礎設施來訓練和服務模型。如今，超過 60% 的獲得資金的 gen AI 新創公司和近 90% 的 gen AI 獨角獸都是 Google Cloud 客戶。 PayPal 和 Kakao Brain 等客戶正在選擇我們的基礎設施。我們提供業界領先的 NVIDIA GPU 和 TPU 產品組合。其中包括現已普遍上市的 TPU v5p 和 NVIDIA 最新一代 Blackwell GPU。我們還發布了 Axion，這是我們新的 Google 設計和基於 Arm 的 CPU。在基準測試中，它的性能比同類基於 x86 的系統高出 50%。

On top of our infrastructure, we offer more than 130 models, including our own models, open source models and third-party models. We made Gemini 1.5 Pro available to customers as well as Imagine 2.0 at Cloud Next. And we shared that more than 1 million developers are now using our generative AI across tools, including AI Studio and Vertex AI. We spoke about how customers like Bristol-Myers Squibb and Etsy can quickly and easily build agents and connect them to their existing systems. For example, Discover Financial has begun deploying gen AI-driven tools to its nearly 10,000 call center agents to achieve faster resolution times for customers. Customers can also now ground their gen AI with Google Search and their own data from their enterprise databases and applications.

除了我們的基礎設施之外，我們還提供 130 多個模型，包括我們自己的模型、開源模型和第三方模型。我們在 Cloud Next 向客戶提供了 Gemini 1.5 Pro 和 Imagine 2.0。我們也透露，現在有超過 100 萬名開發人員正在跨工具使用我們的生成式 AI，包括 AI Studio 和 Vertex AI。我們討論了 Bristol-Myers Squibb 和 Etsy 等客戶如何快速輕鬆地建立代理商並將其連接到現有系統。例如，Discover Financial 已開始向其近 10,000 名呼叫中心代理部署 gen AI 驅動的工具，以便為客戶提供更快的解決時間。客戶現在還可以使用 Google 搜尋以及企業資料庫和應用程式中的資料來建立他們的新一代人工智慧。

In Workspace, we announced that organizations like Uber, Pepperdine University and PennyMac are using Gemini and Google Workspace, our AI-powered agent that's built right into Gmail, Docs sheets and more. We also announced Google Vids, a new application to create stories in short video format. And we introduced Gemini for Meetings and Messaging and Gemini Security for Workspace.

在 Workspace 中，我們宣布 Uber、Pepperdine University 和 PennyMac 等組織正在使用 Gemini 和 Google Workspace，後者是我​​們的人工智慧代理，內建於 Gmail、文件表等。我們還發布了 Google Vids，這是一款以短影片格式創建故事的新應用程式。我們也推出了 Gemini for Meetings 和 Messaging 以及 Gemini Security for Workspace。

Customers are choosing Workspace because they have deep trust in our powerful security and privacy features.

客戶選擇 Workspace 是因為他們對我們強大的安全性和隱私功能深表信任。

Our Cloud business is now widely seen as the leader in cybersecurity. I saw this firsthand when I went to the Munich Security Conference in February. Cybersecurity analysts are using Gemini to help spot threats, summarize intelligence and take action against attacks, helping companies like American Family Insurance aggregate and analyze security data in seconds instead of days.

我們的雲端業務現在被廣泛視為網路安全領域的領導者。我在二月參加慕尼黑安全會議時親眼目睹了這一點。網路安全分析師正在使用 Gemini 來幫助發現威脅、總結情報並採取行動應對攻擊，幫助美國家庭保險公司等公司在幾秒鐘而不是幾天內匯總和分析安全數據。

Turning next to YouTube, which continues to grow and lead in streaming. We announced that on average, viewers are watching over 1 billion hours of YouTube content on TVs daily. AI experiments like Dream Screen will give anyone the ability to make AI-generated backgrounds for YouTube Shorts. And on subscriptions, which are increasingly important for YouTube, we announced that in Q1, YouTube surpassed 100 million Music and Premium subscribers globally, including trialers. And YouTube TV now has more than 8 million paid subscribers.

接下來是 YouTube，它在串流媒體領域持續發展並處於領先地位。我們宣布，觀眾平均每天在電視上觀看 YouTube 內容超過 10 億小時。像 Dream Screen 這樣的人工智慧實驗將使任何人都能夠為 YouTube Shorts 製作人工智慧生成的背景。在訂閱方面，訂閱對 YouTube 來說越來越重要，我們宣布第一季 YouTube 的全球音樂和 Premium 訂閱者（包括試用者）超過了 1 億。 YouTube TV 目前擁有超過 800 萬付費訂閱者。

Finally, in Other Bets, Waymo's fully autonomous service continues to grow ridership in San Francisco and Phoenix with high customer satisfaction, and we started offering paid rides in Los Angeles and testing rider-only trips in Austin.

最後，在「其他賭注」中，Waymo 的全自動服務繼續增加舊金山和鳳凰城的乘客量，客戶滿意度很高，我們開始在洛杉磯提供付費乘車服務，並在奧斯汀測試僅限乘客的行程。

Overall, it was a great quarter, and there's more to come. IO is in less than 3 weeks, followed by Brandcast and Google Marketing Live.

總的來說，這是一個很棒的季度，而且還會有更多精彩。 IO 將在不到 3 週的時間內推出，緊隨其後的是 Brandcast 和 Google Marketing Live。

I want to thank our employees around the world who are at the heart of this progress and who continue to focus on building innovative products, helpful services and new opportunities for businesses and partners around the world. Thank you. Philipp?

我要感謝我們世界各地的員工，他們是這項進步的核心，他們繼續專注於為世界各地的企業和合作夥伴打造創新產品、有用的服務和新機會。謝謝。菲利普？

Thanks, Sundar, and hi, everyone.

謝謝桑達爾，大家好。

Google Services revenue of $70 billion were up 14% year-on-year. Search and other revenues grew 14% year-on-year led again by solid growth in the retail vertical with particular strength from APAC-based retailers, which began in the second quarter of 2023.

谷歌服務營收達 700 億美元，年增 14%。搜尋和其他收入年增 14%，這再次得益於零售垂直領域的穩健成長，尤其是亞太地區零售商的強勁成長（自 2023 年第二季開始）。

YouTube Ads revenues were up 21% year-on-year driven by growth in both direct response and brand. Network revenues declined 1% year-on-year. In subscriptions, platforms and devices, year-on-year revenues increased 18%, driven again by strong growth in YouTube 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 21%。網路收入較去年同期下降1%。在訂閱、平台和設備方面，營收年增了 18%，這再次受到 YouTube 訂閱強勁成長的推動。

Let's now talk about a few highlights from the quarter from a product innovation and advertising performance perspective.

現在讓我們從產品創新和廣告表現的角度來談談本季的一些亮點。

First, it bears repeating that AI innovation across our Ads ecosystem is core to every aspect of our product portfolio, from targeting, bidding, creative, measurement, and across campaign types. We've talked about whole solutions like Smart Bidding use AI to predict future ad conversions and their value in helping businesses stay agile and responsive to rapid shifts in demand and how products like broad match leverage LLMs to match ads to relevant searches and help advertisers respond to what millions of people are searching for. This is foundational.

首先，值得重申的是，整個廣告生態系統的人工智慧創新是我們產品組合各個方面的核心，從定位、出價、創意、衡量到跨行銷活動類型。我們討論了智慧出價等整體解決方案，使用人工智慧來預測未來的廣告轉換及其在幫助企業保持敏捷性和響應需求快速變化方面的價值，以及廣泛匹配等產品如何利用法學碩士將廣告與相關搜索相匹配並幫助廣告商做出回應數百萬人正在尋找的內容。這是基礎。

As advances accelerate in our underlying AI models, our ability to help businesses find users at speed and scale and drive ROI just keeps getting better. We're especially excited about the doors gen AI is opening for creative capabilities, helping deliver on the premise of getting the right ad to the right user in the right moment.

隨著我們底層人工智慧模型的不斷進步，我們幫助企業快速、大規模地尋找用戶並提高投資回報率的能力不斷增強。我們對人工智慧為創意能力打開的大門感到特別興奮，它有助於在正確的時刻向正確的用戶提供正確的廣告。

Look at Performance Max. In February, we rolled Gemini into PMax. It's helping curate and generate text and image assets so businesses can meet PMax asset requirements instantly. This is available to all U.S. advertisers and starting to roll out internationally in English, and early results are encouraging. Advertisers using PMax asset generation are 63% more likely to publish a campaign with good or excellent ad strength. And those who improve their PMX ad strength to excellent see 6% more conversions on average.

查看性能最大化。 2 月份，我們將 Gemini 納入 PMax。它可協助管理和產生文字和圖像資產，以便企業可以立即滿足 PMax 資產要求。此功能可供所有美國廣告商使用，並開始以英語在國際上推廣，早期結果令人鼓舞。使用 PMax 資產產生的廣告主發布具有良好或出色廣告效果的廣告活動的可能性提高了 63%。那些將 PMX 廣告強度提高到優秀的人的轉換次數平均增加了 6%。

We're also driving improved results for businesses opting into automatically created assets, which are supercharged with gen AI. Those adopting ACA see, on average, 5% more conversions at a similar cost per conversion in Search and Performance Max campaigns.

我們也為選擇自動建立資產的企業推動改善結果，這些資產由人工智慧增強。採用 ACA 的用戶在搜尋廣告系列和效果最大化廣告系列中以相似的每次轉換費用平均增加了 5% 的轉換次數。

And then there's Dimension. Advertisers are loving its ability to engage new and existing customers and drive purchase consideration across our most immersive and visual touch points like YouTube, Shorts, Gmail and Discover.

然後是維度。廣告主喜歡它能夠吸引新客戶和現有客戶，並透過 YouTube、Shorts、Gmail 和 Discover 等最具沉浸感和視覺效果的接觸點提高購買考慮度。

Hollywood film and TV studio, Lionsgate, partnered with Horizon Media to test what campaign type will deliver the most ticketing page views for its The Hunger Games: Ballad of Songbirds and Snakes film. Over a 3-week test, demand gen was significantly more efficient versus social benchmarks with an 85% more efficient CPC and 96% more efficient cost per page view. Lionsgate has since rolled out demand gen for 2 new titles.

好萊塢電影和電視工作室獅門影業與 Horizo​​​​n Media 合作，測試哪種活動類型將為電影《飢餓遊戲：鳴禽與蛇之歌》帶來最多的票務頁面瀏覽量。在為期 3 週的測試中，需求產生的效率明顯高於社群基準，每次點擊費用提高了 85%，每頁瀏覽成本提高了 96%。此後，獅門影業推出了兩款新遊戲的需求挖掘活動。

We're also bringing new creative features to demand gen. Earlier this month, we announced new generative image tools to help advertisers create high-quality assets in a few steps with a few simple prompts. This will be a win for up-leveling visual storytelling and testing creative concepts more efficiently.

我們也為需求世代帶來了新的創意功能。本月早些時候，我們發布了新的生成圖像工具，可幫助廣告商透過幾個簡單的提示，透過幾個步驟創建高品質的資產。這將是提升視覺敘事層次和更有效地測試創意概念的勝利。

And then there's obviously Search generative experience, which Sundar talked about. I laid out that innovation and the user experience on Search has historically opened up new opportunities for advertisers. We saw this when we successfully navigated from desktop to mobile. We're continuing to experiment with new ad formats, including search and shopping ads alongside search results in SGE. And we shared in March how folks are finding ads either above or below the SGE results helpful. We're excited to have a solid baseline to keep innovating on and confident in the role SGE, including Ads, will play in delighting users and expanding opportunities to meet user needs.

然後顯然還有桑達爾談到的搜尋生成體驗。我指出，搜尋上的創新和用戶體驗歷來為廣告商開闢了新的機會。當我們成功從桌面導航到行動裝置時，我們看到了這一點。我們將繼續試驗新的廣告格式，包括搜尋廣告和購物廣告以及 SGE 中的搜尋結果。我們在三月分享了人們如何發現高於或低於 SGE 結果的廣告有幫助。我們很高興能夠擁有堅實的基礎來繼續創新，並對 SGE（包括廣告）在取悅用戶和擴大滿足用戶需求的機會方面所發揮的作用充滿信心。

Which brings me to Search and our strong performance in the first quarter. In Q1, retail was again the top contributor. Our focus remains on driving profitability and growth for retailers, helping them optimize digital performance for both online and off-line as well as innovate across our shopping and merchant experiences.

這讓我想到了搜尋和我們在第一季的強勁表現。第一季度，零售業再次成為最大貢獻者。我們的重點仍然是推動零售商的獲利和成長，幫助他們優化線上和線下的數位效能，並創新我們的購物和商家體驗。

Highlights include continued upsides for retailers, leading into agile budget and bidding strategies across Search, PMax, or both; take-home goods retailer IKEA, who leaned into Google's store sales measurement to understand its total omnichannel revenue opportunity across search. By measuring 2.3x more revenue and using value-based bidding solutions to bid to its omnichannel customers, IKEA drove a significant increase in omni revenue in Q1 and is now scaling this strategy globally. We also expanded local inventory ads into 23 countries, helping drive shopper confidence and off-line sales. Retailers can convert intent into action by showcasing in-store availability, pricing, pickup options and more all in one ad format.

亮點包括零售商的持續優勢，導致跨搜尋、PMax 或兩者的靈活預算和出價策略；帶回家的商品零售商宜家，透過谷歌的商店銷售衡量來了解其在搜尋領域的全通路總收入機會。透過測量收入增加了 2.3 倍，並使用基於價值的出價解決方案對其全通路客戶進行出價，宜家在第一季度推動了全通路收入的顯著增長，目前正在全球範圍內推廣這一戰略。我們也將本地庫存廣告擴展到 23 個國家/地區，幫助提高購物者信心和線下銷售。零售商可以透過以廣告格式展示店內庫存情況、定價、取貨選項等，將意圖轉化為行動。

Moving to YouTube. Last quarter, I went deep into our strategy. It all starts with creation, which drives viewership, which leads to monetization. A few updates to build on Sundar's remarks.

轉向 YouTube。上個季度，我深入研究了我們的策略。這一切都始於創作，創作推動了收視率，從而帶來了貨幣化。基於桑達爾言論的一些更新。

First, creation, which is all about giving creators the tools to create amazing content, grow their audiences and build their businesses. In 2023, more people created content on YouTube than ever before, and the number of channels uploading Shorts year-on-year grew 50%. We also hit a new milestone with 3 million-plus channels in our YouTube Partner Program. We recently shared that YPP has paid out more than any other creator monetization platform, including over $70 billion to creators, artists, and media companies over the last 3 years.

首先是創作，也就是提供創作者創造精彩內容、擴大受眾群體和發展業務的工具。 2023 年，在 YouTube 上創作內容的人數比以往任何時候都多，上傳 Shorts 的頻道數量較去年同期增加 50%。我們的 YouTube 合作夥伴計畫頻道數量也超過 300 萬個，創下了新的里程碑。我們最近透露，YPP 支付的費用比任何其他創作者變現平台都多，其中在過去 3 年中向創作者、藝術家和媒體公司支付了超過 700 億美元。

From a viewer's perspective, watch time across YouTube continues to grow, with strength in both Shorts and CTV. According to Nielsen, YouTube has been the leader in U.S. streaming watch time for the last 12-plus months. In the first quarter, Livingroom. benefited from a combination of strong watch time growth, innovation in the user and advertiser experience, and a shift in brand advertising budgets from linear TV to YouTube. Viewers are watching YouTube because they expect to access everything in one place across screens and formats, their favorite creators, live sports, breaking use, educational content, movies, music and more. And advertisers continue to lean in to find audiences they can't find elsewhere.

從觀眾的角度來看，YouTube 上的觀看時間持續成長，其中 Shorts 和 CTV 的表現都十分強勁。根據尼爾森的數據，過去 12 個多月以來，YouTube 一直是美國串流觀看時間的領導者。第一季度，《客廳》。受益於強勁的觀看時長成長、用戶和廣告商體驗的創新以及品牌廣告預算從線性電視轉向 YouTube 的綜合作用。觀眾觀看 YouTube 是因為他們希望跨螢幕和格式在一個地方訪問所有內容：他們最喜歡的創作者、體育直播、突破性使用、教育內容、電影、音樂等等。廣告商繼續努力尋找在其他地方找不到的受眾。

Which brings me to monetization. We're pleased with our Q1 performance across both our ad-supported and subscription offerings. Sundar covered subscription growth. On the Ads front, direct and brand were both strong this quarter. Shorts monetization continued to improve, with Shorts ads now supported on mobile, tablet, Livingroom. and desktop, and available to both performance and brand advertisers.

這讓我想到了貨幣化。我們對第一季廣告支援和訂閱產品的表現感到滿意。 Sundar 報告了訂閱成長。在廣告方面，本季的直接廣告和品牌廣告均表現強勁。 Shorts 貨幣化持續改善，手機、平板電腦和 Livingroom 現已支援 Shorts 廣告。和桌面，可供效果廣告商和品牌廣告商使用。

In the U.S., the monetization rate of Shorts relative to in-stream viewing has more than doubled in the past 12 months, including a 10-point sequential improvement in the first quarter alone. Just last week, we introduced new ways for brands to get the most out of their Shorts ads with new lineups on YouTube Select, including sports, beauty, fashion and lifestyle, and entertainment. For YouTube advertisers, increasing brand lift is one of the core goals. In Q1, we saw strong traction from the introduction of a pause ads pilot on connected TVs, a new non-interruptive ad format that appears when users pause their organic content. Initial results show that pause ads are driving strong brand lift results and are commanding premium pricing from advertisers.

在美國，Shorts 的貨幣化率相對於串流觀看次數在過去 12 個月中增長了一倍多，其中僅第一季就環比提高了 10 個百分點。就在上週，我們透過 YouTube Select 上的新陣容推出了新的方式，幫助品牌充分利用其 Shorts 廣告，其中包括體育、美容、時尚和生活方式以及娛樂。對 YouTube 廣告主來說，提高品牌提升是核心目標之一。在第一季度，我們看到了在連網電視上引入暫停廣告試點的強大吸引力，這是一種新的非中斷性廣告格式，當用戶暫停其自然內容時就會出現。初步結果顯示，暫停廣告正在推動強勁的品牌提升效果，並要求廣告主提供高價。

Before I wrap, two quick highlights on how we're helping our partners transform and accelerate impact with the best across Google.

在結束之前，我先簡單介紹一下我們如何幫助我們的合作夥伴轉型並利用整個 Google 的最佳力量來加速影響力。

Number one, to help McDonald's build the restaurant of the future, we're deepening our partnership across cloud and ads. Part of this includes them connecting Google Cloud's latest hardware and data technologies across restaurants globally and starting to apply Gen AI to enhance its customer and employee experiences.

第一，為了幫助麥當勞打造未來的餐廳，我們正在深化我們在雲端和廣告方面的合作關係。其中一部分包括他們將全球各地餐廳的 Google Cloud 最新硬體和數據技術連接起來，並開始應用 Gen AI 來增強客戶和員工體驗。

Number two, WPP. At Google Cloud Next, we announced a new collaboration that will redefine marketing through the integration of our Gemini models with WPP Open, WPP's AI-powered marketing operating system, already used by more than 35,000 of its people and adopted by key clients, including The Coca-Cola Company, L'Oreal and Nestle. We're just getting started here and excited about the innovation this partnership will unlock.

第二名，WPP。在Google Cloud Next 上，我們宣布了一項新的合作，將透過將我們的Gemini 模型與WPP Open 整合來重新定義行銷。 35,000 名員工使用，並被主要客戶採用，包括可口可樂公司、歐萊雅公司和雀巢公司。我們才剛開始，對這次合作將帶來的創新感到興奮。

With that, a huge thank you to our customers and partners, many of whom we're excited to see at Google Marketing Live and Brandcast in just a few weeks. And a huge thank you, as always, to our incredible teams for their agility and hard work this quarter.

在此，非常感謝我們的客戶和合作夥伴，我們很高興在幾週後的 Google Marketing Live 和 Brandcast 上見到他們中的許多人。一如既往，非常感謝我們令人難以置信的團隊在本季度的敏捷性和辛勤工作。

Ruth, you're up.

露絲，你起來了。

Thank you, Philipp. We are very pleased with our financial results for the first quarter driven, in particular, by strength in Search and Cloud as well as the ongoing efforts to durably reengineer our cost base. My comments will be on year-over-year comparisons for the first 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。我們對第一季的財務表現感到非常滿意，特別是在搜尋和雲端方面的實力以及持續努力重新設計我們的成本基礎的推動下。除非我另有說明，我的評論將針對第一季的年比比較。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 first quarter, our consolidated revenues were $80.5 billion, up 15% or up 16% in constant currency. Search remained the largest contributor to revenue growth.

第一季度，我們的綜合營收為 805 億美元，成長 15%，以固定匯率計算成長 16%。搜尋仍然是收入成長的最大貢獻者。

In terms of total expenses, the year-on-year comparisons reflect the impact of the restructuring charges we took in the first quarter of 2023 of $2.6 billion as well as the $716 million in employee severance and related charges in the first quarter of 2024. 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，同比比較反映了 2023 年第一季 26 億美元的重組費用以及 2024 年第一季 7.16 億美元的員工遣散費和相關費用的影響。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。

To help with year-on-year comparisons, we included a table in our earnings release to adjust other cost of revenues, operating expenses, operating income, and operating margin to exclude the impact of severance and related office space charges in the first quarter of 2023 versus 2024.

為了幫助進行同比比較，我們在收益發布中加入了一個表格，以調整其他收入成本、營運費用、營運收入和營運利潤率，以排除第一季遣散費和相關辦公空間費用的影響。 2024 年。

In terms of expenses, total cost of revenues was $33.7 billion, up 10%. Other cost of revenues was $20.8 billion, up 10% on a reported basis, with the increase driven primarily by content acquisition costs associated with YouTube given the very strong revenue growth in both subscription offerings and ad-supported content. On an adjusted basis, other cost of revenues were up 13% year-on-year.

在費用方面，總收入成本為 337 億美元，成長 10%。其他收入成本為 208 億美元，按報告增長 10%，這一增長主要是由於 YouTube 相關的內容獲取成本推動的，因為訂閱服務和廣告支援內容的收入增長非常強勁。調整後的其他收入成本年增13%。

Operating expenses were $21.4 billion, down 2% on a reported basis, primarily reflecting expense decreases in sales and marketing and G&A, offset by an increase in R&D. The largest single factor in the year-on-year decline in G&A expenses was lower charges related to legal matters.

營運費用為 214 億美元，按報告下降 2%，主要反映了銷售和行銷以及一般管理費用的減少，但被研發的增加所抵消。一般管理費用較去年同期下降的最大單一因素是與法律事務相關的費用降低。

On an adjusted basis, operating expenses were up 5%, reflecting, first, in R&D, an increase in compensation expense, primarily for Google DeepMind and Cloud; and second, in sales and marketing, a slight increase year-on-year, reflecting increases in compensation expense primarily for Cloud sales.

調整後的營運費用增加了 5%，首先反映了研發方面的薪資費用增加，主要是針對 Google DeepMind 和 Cloud；其次，在銷售和行銷方面，較去年同期略有成長，反映出主要用於雲端銷售的補償費用的增加。

Operating income was $25.5 billion, up 46% on a reported basis, and our operating margin was 32%. On an adjusted basis, operating income was up 31%, and our operating margin was 33%. Net income was $23.7 billion and EPS was $1.89. We delivered free cash flow of $16.8 billion in the first quarter and $69.1 billion for the trailing 12 months. We ended the quarter with $108 billion in cash and marketable securities.

營業收入為 255 億美元，按報告計算成長 46%，營業利潤率為 32%。調整後的營業收入成長了 31%，營業利潤率為 33%。淨利潤為 237 億美元，每股收益為 1.89 美元。我們第一季的自由現金流為 168 億美元，過去 12 個月的自由現金流為 691 億美元。本季結束時，我們擁有 1,080 億美元的現金和有價證券。

Turning to segment results. Within Google Services, revenues were $70.4 billion, up 14%. Google Search and other advertising revenues of $46.2 billion in the quarter were up 14% led again by growth in retail. YouTube advertising revenues of $8.1 billion were up 21% driven by both direct response and brand advertising. Network advertising revenues of $7.4 billion were down 1%. Subscriptions, platforms and devices revenues were $8.7 billion, up 18%, primarily reflecting growth in YouTube subscription revenues.

轉向細分結果。 Google 服務收入為 704 億美元，成長 14%。本季 Google 搜尋和其他廣告收入達到 462 億美元，在零售業成長的帶動下成長了 14%。在直接回應和品牌廣告的推動下，YouTube 廣告收入成長了 21%，達 81 億美元。網路廣告收入為 74 億美元，下降 1%。訂閱、平台和設備收入為 87 億美元，成長 18%，主要反映了 YouTube 訂閱收入的成長。

TAC was $12.9 billion, up 10%. Google Services operating income was $27.9 billion, up 28%. And the operating margin was 40%.

TAC 為 129 億美元，成長 10%。 Google 服務營業收入為 279 億美元，成長 28%。營業利益率為40%。

Turning to the Google Cloud segment. Revenues were $9.6 billion for the quarter, up 28%, reflecting significant growth in GCP with an increasing contribution from AI and strong Google Workspace growth, primarily driven by increases in average revenue per seat. Google Cloud delivered operating income of $900 million and an operating margin of 9%.

轉向谷歌雲端部分。本季營收為 96 億美元，成長 28%，反映出 GCP 的顯著成長，人工智慧的貢獻不斷增加，而 Google Workspace 的強勁成長主要是由每個席位平均營收的成長所推動的。 Google Cloud 實現營業收入 9 億美元，營業利益率為 9%。

As to our Other Bets, for the first quarter, revenues were $495 million, benefiting from a milestone payment in one of the Other Bets. The operating loss was $1 billion.

至於我們的“其他賭注”，第一季的收入為 4.95 億美元，受益於“其他賭注”之一的里程碑付款。營業虧損為 10 億美元。

Turning to our outlook for the business. With respect to Google Services, first, within Advertising, we are very pleased with the momentum of our Ads businesses. Search had broad-based strength across verticals. In YouTube, we had acceleration in revenue growth driven by brand and direct response.

轉向我們對業務的展望。就 Google 服務而言，首先在廣告領域，我們對廣告業務的發展勢頭感到非常滿意。搜尋在各個垂直領域具有廣泛的優勢。在 YouTube 上，在品牌和直接回應的推動下，我們的營收成長加速。

Looking ahead, two points to call out: first, results in our advertising business in Q1 continued to reflect strength in spend from APAC-based retailers, a trend that began in the second quarter of 2023 and continued through Q1, which means we will begin lapping that impact in the second quarter; second, the YouTube acceleration in revenue growth in Q1 reflects, in part, lapping the negative year-on-year growth we experienced in the first quarter of 2023.

展望未來，有兩點需要指出：首先，我們第一季的廣告業務業績繼續反映出亞太地區零售商的支出強勁，這一趨勢始於2023 年第二季度並持續到第一季度，這意味著我們將開始在第二季消除這種影響；其次，YouTube 第一季營收成長的加速在一定程度上反映了我們在 2023 年第一季經歷的年比負成長。

Turning to subscriptions, platforms, and devices. We continue to deliver significant growth in our subscriptions business, which drives the majority of revenue growth in this line. The sequential quarterly decline in year-on-year revenue growth for the line in Q1 versus Q4 reflects, in part, the fact that we had only 1 week of Sunday Ticket subscription revenue in Q1 versus 14 weeks in Q4. Looking forward, we will anniversary last year's price increase in YouTube TV starting in May.

轉向訂閱、平台和設備。我們的訂閱業務繼續實現顯著成長，這推動了該領域的大部分收入成長。第一季與第四季度相比，該線路的收入同比增長環比下降在一定程度上反映了這樣一個事實：第一季我們只有 1 週的周日門票訂閱收入，而第四季度有 14 週。展望未來，我們將從 5 月開始慶祝 YouTube TV 去年漲價的周年紀念。

With regard to platforms, we are pleased with the performance in Play driven by an increase in buyers.

在平台方面，我們對 Play 的表現感到滿意，因為買家的增加推動了 Play 的表現。

With respect to Google Cloud, performance in Q1 reflects strong demand for our GCP infrastructure and solutions as well as the contribution from our Workspace productivity tools. The growth we are seeing across Cloud is underpinned by the benefit AI provides for our customers. We continue to invest aggressively while remaining focused on profitable growth.

就 Google Cloud 而言，第一季的表現反映了對我們的 GCP 基礎架構和解決方案的強勁需求以及我們的 Workspace 生產力工具的貢獻。我們在雲端中看到的成長是由人工智慧為我們的客戶提供的好處所支撐的。我們繼續積極投資，同時繼續專注於獲利成長。

As we look ahead, two points that will affect sequential year-on-year revenue growth comparisons across Alphabet: first, Q1 results reflect the benefit of leap year, which contributed slightly more than 1 point to our revenue growth rate at the consolidated level in the first quarter; second, at current spot rates, we expect a larger headwind from foreign exchange in Q2 versus Q1.

展望未來，有兩點將影響 Alphabet 的連續年收入成長比較：首先，第一季的業績反映了閏年的好處，這對我們 2019 年綜合營收成長率的貢獻略高於 1 個百分點。 ；其次，以目前的即期匯率，我們預期第二季的外匯阻力將比第一季更大。

Turning to margins. Our efforts to durably reengineer our cost base are reflected in a 400 basis point expansion of our Alphabet operating margin year-on-year, excluding the impact of restructuring and severance charges in both periods. You can also see the impact in the quarter-on-quarter decline in head count in Q1, which reflects both actions we have taken over the past few months and a much slower pace of hiring. As we have discussed previously, we are continuing to invest in top engineering and technical talent, particularly in Cloud, Google DeepMind and technical infrastructure.

轉向邊緣。我們持久地重新設計成本基礎的努力體現在我們的 Alphabet 營業利潤同比增長 400 個基點，不包括這兩個時期重組和遣散費的影響。您還可以看到第一季員工數量較上季下降的影響，這不僅反映了我們在過去幾個月採取的行動，也反映了招募步伐的放緩。正如我們之前討論的，我們將繼續投資頂級工程和技術人才，特別是在雲端、Google DeepMind 和技術基礎設施方面。

Looking ahead, we remain focused on our efforts to moderate the pace of expense growth in order to create capacity for the increases in depreciation and expenses associated with the higher levels of investment in our technical infrastructure. We believe these efforts will enable us to deliver full year 2024 Alphabet operating margin expansion relative to 2023.

展望未來，我們仍致力於減緩費用成長速度，以便為與技術基礎設施投資水準提高相關的折舊和費用增加創造能力。我們相信，這些努力將使我們能夠實現 Alphabet 2024 年全年營業利潤率較 2023 年擴大。

With respect to CapEx, our reported CapEx in the first quarter was $12 billion, once again driven overwhelmingly by investment in our technical infrastructure, with the largest component for servers followed by data centers. The significant year-on-year growth in CapEx in recent quarters reflects our confidence in the opportunities offered by AI across our business. Looking ahead, we expect quarterly CapEx throughout the year to be roughly at or above the Q1 level, keeping in mind that the timing of cash payments can cause variability in quarterly reported CapEx. With regard to Other Bets, we similarly have work streams underway to enhance overall returns.

就資本支出而言，我們報告的第一季資本支出為 120 億美元，這再次主要受到技術基礎設施投資的推動，其中最大的組件是伺服器，其次是數據中心。最近幾季資本支出較去年大幅成長反映了我們對人工智慧在整個業務中提供的機會的信心。展望未來，我們預計全年季度資本支出將大致等於或高於第一季的水平，請記住，現金支付的時間可能會導致季度報告的資本支出發生變化。關於其他賭注，我們同樣正在進行工作流程以提高整體回報。

Finally, as I trust you saw in the press release, we are very pleased to be adding a quarterly dividend of $0.20 per share to our capital return program as well as a new $70 billion authorization in share repurchases. The core of our capital allocation framework remains the same, beginning with investing aggressively in our business as you have heard us talk about today. Given the extraordinary opportunities ahead, we view the introduction of the dividend as further strengthening our overall capital return program.

最後，正如我相信您在新聞稿中看到的那樣，我們非常高興在我們的資本回報計劃中增加每股 0.20 美元的季度股息，並新授權 700 億美元的股票回購。我們資本配置框架的核心保持不變，首先是積極投資我們的業務，正如您今天聽到的那樣。鑑於未來的非凡機遇，我們認為引入股息將進一步加強我們的整體資本回報計劃。

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) 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, I wanted to ask about overall search behavior. Philipp, I know you talked in the past about how overall query trends continue to grow. Can I ask you to drill a little bit more into monetizable and commercial query trends? Has there been any changes in sort of your commercial query trends growth. There's just been all these new entrants moving around in e-commerce. That is my first one.

我有兩個。第一個，我想問整體搜尋行為。 Philipp，我知道您過去曾談到整體查詢趨勢如何持續成長。我可以請您更深入地了解可貨幣化和商業查詢趨勢嗎？您的商業查詢趨勢成長是否有任何變化？所有這些新進業者都在電子商務領域活動。這是我的第一個。

Then the second one for Ruth, when you talked about sort of more efforts to moderate expense growth from here, can you just sort of give us some examples of areas where you still see the potential for more optimization or work streams in place to continue to durably reengineer the OpEx base as we go throughout 2024.

然後是露絲的第二個問題，當您談到從這裡開始採取更多措施來緩和費用增長時，您能否給我們一些例子，說明您仍然認為有潛力進行更多優化或繼續實施工作流程在2024 年期間，持久地重新設計營運支出基礎。

Thanks, Brian. To your first question, look, I think broadly, we've always found that over many years, when things work well on the organic side, monetization follows. So typically, the trends we see carry over well. Overall, I think with generative AI in Search, with our AI overviews, I think we will expand the type of queries we can serve our users. We can answer more complex questions as well as, in general, that all seems to carry over across query categories. Obviously, it's still early, and we are going to be measured and put user experience at the front, but we are positive about what this transition means.

謝謝，布萊恩。對於你的第一個問題，我認為從廣義上講，我們總是發現多年來，當有機方面運作良好時，貨幣化就會隨之而來。通常情況下，我們看到的趨勢會很好地延續下去。總的來說，我認為透過搜尋中的生成式人工智慧，透過我們的人工智慧概述，我認為我們將擴展我們可以為用戶服務的查詢類型。我們可以回答更複雜的問題，而且一般來說，所有這些問題似乎都適用於查詢類別。顯然，現在還為時過早，我們將進行衡量並將用戶體驗放在首位，但我們對這種轉變的意義持積極態度。

And on the second question in terms of the various work streams, as both Sundar and I said, we remain very focused on ongoing efforts to slow the pace of expense growth, what we've been calling durably reengineering our cost base. And I made this point in opening comments, but we are very cognizant of the increasing headwind we have from higher depreciation and expenses associated with the higher CapEx, and so these efforts are ongoing. And they're very much the same that we've talked with you about previously. It starts with product and process prioritization, all of the work around organizational efficiency and structure. These are ongoing.

關於各種工作流程的第二個問題，正如桑達爾和我所說，我們仍然非常注重持續努力減緩費用成長的步伐，我們一直稱之為持久地重新設計我們的成本基礎。我在開場評論中指出了這一點，但我們非常清楚，由於較高的折舊和與較高的資本支出相關的費用，我們所面臨的阻力越來越大，因此這些努力仍在繼續。它們與我們之前與您討論過的非常相似。它從產品和流程的優先順序開始，所有工作都圍繞著組織效率和結構。這些正在進行中。

And so as an example, the work that Sundar talked about, combining devices and services with our platforms and ecosystems, product area is a really good example because unifying the teams not only helps us deliver higher-quality products and experiences, but we think it enables us to move with greater velocity and efficiency.

舉個例子，桑達爾談到的工作，將設備和服務與我們的平台和生態系統結合，產品領域就是一個很好的例子，因為統一團隊不僅有助於我們提供更高品質的產品和體驗，而且我們認為使我們能夠以更快的速度和效率前進。

And then the other work streams we've talked to you about in the past, like all of the work around technical infrastructure, which Sundar alluded to; streamlining operations within the company through the use of AI; what we're doing with procurement with our suppliers and vendors, which he also referenced; the work you've seen on real estate optimization, these are all ongoing work streams, which is why we have them under the umbrella, durably reengineering our cost base, and they are ongoing.

然後是我們過去與您討論過的其他工作流程，例如 Sundar 提到的圍繞技術基礎設施的所有工作；透過使用人工智慧簡化公司內部的營運；我們正在與我們的供應商和供應商進行採購，他也提到了這一點；您所看到的關於房地產優化的工作，這些都是正在進行的工作流程，這就是為什麼我們將它們放在保護傘下，持久地重新設計我們的成本基礎，並且它們正在進行中。

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。

Sundar, you talked about bringing more generative AI features into the main Search page. Can you just talk about what kind of queries or scenarios do you think that that's working best for so far? And just how we should think about the cadence of continuing to adopt more of those features within core search.

Sundar，您談到將更多生成式人工智慧功能引入主搜尋頁面。您能否談談您認為到目前為止最適合哪種查詢或場景？我們應該如何考慮在核心搜尋中繼續採用更多這些功能的節奏。

And then Ruth, on CapEx spending, the $12 billion in 1Q, can we assume that run rating that and above is reasonable for this year? And I know it's very early, but should we generally expect higher CapEx next year as well?

然後露絲，關於資本支出，第一季為 120 億美元，我們是否可以假設今年的運行評級及以上是合理的？我知道現在還為時過早，但我們通常也應該期待明年的資本支出會更高嗎？

Thanks, Doug. On SGE in Search, we are seeing early confirmation of our thesis that this will expand the universe of queries where we are able to really provide people with a mix of actual answers linked to sources across the Web and bring a variety of perspectives, all in an innovative way. And we've been rolling out AI overviews in the U.S. and the U.K., trying to mainly tackle queries which are more complex, where we think SGE will clearly improve the experience. We've already served billions of queries and it seems to cut across categories, but we are still continuing our testing. And we are metrics-driven in these areas. But I am optimistic that it clearly improves the user experience. Users are telling us that. And we are seeing it in our metrics, and we'll continue evolving it through the course of this year.

謝謝，道格。在SGE 搜尋中，我們看到了我們的論點的早期確認，即這將擴大查詢的範圍，我們能夠真正為人們提供與網絡上的來源相關的實際答案的組合，並帶來各種觀點，全部都在一種創新的方式。我們一直在美國和英國推出人工智慧概述，試圖主要解決更複雜的查詢，我們認為 SGE 將明顯改善這些領域的體驗。我們已經處理了數十億個查詢，並且似乎跨類別，但我們仍在繼續測試。我們在這些領域是由指標所驅動的。但我樂觀地認為它明顯改善了使用者體驗。用戶告訴我們這一點。我們在指標中看到了這一點，我們將在今年繼續改進它。

And then in terms of CapEx, as I said in opening comments, we do expect the quarterly CapEx throughout the year to be roughly at or above the $12 billion cash CapEx we had here in Q1. As I said, you can always have variability in the reported quarterly CapEx just due to the timing of cash payments, but roughly at or above this level. And it really goes to Sundar's opening comment that we're very committed to making the investments required to keep us at the leading edge in technical infrastructure to support the growth in Cloud, all the innovation in Search that he and Philipp has spoken about and our lead with Gemini.

然後就資本支出而言，正如我在開場評論中所說，我們確實預計全年的季度資本支出將大致等於或高於我們在第一季的 120 億美元現金資本支出。正如我所說，由於現金支付的時間，報告的季度資本支出總是會發生變化，但大致等於或高於這個水平。這確實符合 Sundar 的開場白，即我們非常致力於進行必要的投資，使我們在技術基礎設施方面保持領先地位，以支持雲的增長、他和 Philipp 談到的搜索方面的所有創新以及我們的與雙子座一起領導。

I will note that nearly all of the CapEx was in our technical infrastructure. We expect that our investment in office facilities will be about less than 10% of the total CapEx in 2024, roughly flat with our CapEx in 2023, but is still there. And then with respect to 2025, as you said, it's premature to comment so nothing to add on that.

我要指出的是，幾乎所有資本支出都在我們的技術基礎設施中。我們預計，到 2024 年，我們對辦公設施的投資將佔總資本支出的 10% 以下，與 2023 年的資本支出大致持平，但仍然存在。然後，關於 2025 年，正如您所說，現在發表評論還為時過早，因此沒有什麼可補充的。

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。

Maybe just one question of a big picture nature for Sundar. Sundar, if we come back to your earlier comments at the beginning of the call and framing up longer-term initiatives and longer-term narratives, I wanted to know if you could talk a little bit about both the opportunities and the challenges of operating at scale in a time like this where there's a lot of technology innovation going on and how you see the elements of trying to strike a balance towards moving the organization forward while still continuing to both invest for growth as well as balance margins.

對桑達爾來說，也許這只是一個具有全局性的問題。桑達爾，如果我們回到您在電話會議開始時的評論並製定長期計劃和長期敘述，我想知道您是否可以談談在運營中面臨的機遇和挑戰在這樣的時代，有大量的技術創新正在進行，以及您如何看待在推動組織向前發展的同時繼續投資成長和平衡利潤的因素。

Thanks, Eric. Great question. Obviously, I think the AI transition, I think it's a once-in-a-generation kind of an opportunity. We've definitely been gearing up for this for a long time. You can imagine we started building TPUs in 2016, so we've definitely been gearing up for a long time. The real opportunities we see is the scale of research and innovation, which we have built up and are going to continue to deliver. I think for the first time, we can work on AI in a horizontal way and it impacts the entire breadth of the company, be it Search, be it YouTube, be it Cloud, be it Waymo and so on. And we see a rapid pace of innovation in that underlying. So it's a very leveraged way to do it, and I see that as a real opportunity ahead.

謝謝，埃里克。很好的問題。顯然，我認為人工智慧轉型是千載難逢的機會。我們確實為此準備了很長時間。你可以想像我們從 2016 年開始製造 TPU，所以我們肯定已經準備好了很長時間。我們看到的真正機會是我們已經建立並將繼續提供的研究和創新規模。我認為這是我們第一次能夠以橫向方式研究人工智慧，它會影響公司的整個領域，無論是搜尋、YouTube、雲端、Waymo 等等。我們看到了這基礎上創新的快速步伐。因此，這是一種非常有效的方式，我認為這是未來的一個真正的機會。

In terms of the challenges, I think it's been a mindset shift, which we've been driving across the company to make sure that we are embracing this opportunity but being very efficient in how we are approaching it, making sure we are redirecting our people to the highest priorities across the company, building on our 20 years of experience in driving machine efficiencies year-on-year so that we can put our dollars to work as efficiently as possible. So making sure balancing all of that moving forward in a very bold and responsible way at the same time. Those are the important things to get right from my perspective.

就挑戰而言，我認為這是一種思維方式的轉變，我們一直在整個公司推動這種轉變，以確保我們擁抱這個機會，但我們要非常有效地對待它，確保我們重新調整我們的員工的方向憑藉我們 20 年逐年提高機器效率的經驗，我們將其作為整個公司的最高優先事項，以便我們能夠盡可能高效地投入資金。因此，確保同時以非常大膽和負責任的方式平衡所有這些進展。從我的角度來看，這些都是需要正確處理的重要事情。

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。

Philipp, I think it's approaching the 2-year anniversary for the launch of Ads on YouTube Shorts. And you've given us an update on monetization pickup sequentially. But with that in mind, I think YouTube has launched an array of ad products and automation tools to help advertisers transfer what they're doing to the vertical screen. So how is this translating into buy-in among your advertiser clients?

Philipp，我認為 YouTube Shorts 上的廣告推出兩週年紀念日即將來臨。您已按順序向我們提供了有關獲利成長的最新資訊。但考慮到這一點，我認為YouTube已經推出了一系列廣告產品和自動化工具來幫助廣告主將他們正在做的事情轉移到垂直螢幕上。那麼，這如何轉化為廣告客戶的認可呢？

And secondly, based on what you've seen over the last 2 years, are there any structural reasons that you can cite as to why the monetization cannot match what is already the case on the horizontal screen?

其次，根據您過去兩年的觀察，您是否可以列舉任何結構性原因來解釋為什麼盈利能力無法與水平螢幕上的情況相匹配？

Yes. Look, this is a great question, first of all. I mean, let's start with the fact that YouTube performance was very strong in this quarter. And on Shorts specifically in the U.S., I mentioned how the monetization rate of Shorts relative to in-stream viewing has more than doubled in the last 12 months. I think that's what you were referring to. And yes, we're obviously very happy with this development.

是的。首先，這是一個很好的問題。我的意思是，讓我們先了解 YouTube 在本季的表現非常強勁。關於 Shorts，特別是在美國，我提到了 Shorts 相對於串流觀看的貨幣化率在過去 12 個月中增加了一倍多。我想這就是你所指的。是的，我們顯然對這一發展感到非常滿意。

The way to think about it is advertisers really only spend with us when they see a positive ROI. So you can assume that this wouldn't be happening unless it were to work for advertisers in the short term and also in the long term. That's an important part, I think.

思考這個問題的方式是，廣告主只有在看到正面的投資報酬率時才會與我們合作。因此，您可以假設，除非它在短期和長期內對廣告商都有效，否則不會發生這種情況。我認為這是一個重要的部分。

Overall, Shorts is a long-term bet for the business. It has really helped us respond to both creator and viewer demand for short-form video. We talked about the strong growth, averaging 70 billion daily views. I mentioned the number of channels uploading has increased 50% year-over-year, so again, very happy with us development. And to your question, structural reasons, whether we can't get to a match here, I have a hard time seeing those at the moment over time.

總體而言，Shorts 是該業務的長期賭注。它確實幫助我們滿足了創作者和觀眾對短影片的需求。我們談到了強勁的成長，每日平均瀏覽量達到 700 億次。我提到上傳的頻道數量比去年同期增加了 50%，所以再次對我們的發展感到非常滿意。至於你的問題，結構性原因，我們是否無法在這裡參加比賽，隨著時間的推移，我現在很難看到這些。

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

我們的下一個問題來自美國銀行的賈斯汀·波斯特。

I'm going to ask another one on CapEx. It seems to be your biggest investment area. Just first, you saw the big uptick the last 2 quarters, but you've been investing in AI for years. Is the uptick because supply is getting easier to get? Or do you see more opportunities with the available supply to really fuel AI? So has the GPUs and everything gotten better that you feel more, investing more? And then thinking about the returns, both for Advertising and Cloud on the CapEx, do you feel like this is a higher cost of doing business? Or do you think this is an opportunity to even get better returns on your capital spend than you've had in the past?

我要問另一個關於資本支出的問題。這似乎是你最大的投資領域。首先，您看到了過去兩個季度的大幅成長，但您多年來一直在人工智慧領域進行投資。價格上漲是因為供應變得更容易了嗎？或者您認為可用供應有更多機會真正推動人工智慧發展？那麼，GPU 和一切是否都變得更好，讓您感覺更美好、投資更多？然後考慮廣告和雲端資本支出的回報，您是否認為這會導致開展業務的成本更高？或者您認為這是一個獲得比過去更好的資本支出回報的機會嗎？

So the increase in CapEx, as Sundar said and I said, really reflects the opportunity we continue to see across the company. It starts with all that we're doing in support of the Gemini foundational model but then also, clearly, the work across Cloud, on behalf of Cloud customers, and the growth that we're seeing with GCP and the infrastructure work there, and then, of course, as both Sundar and Philipp talked about the application across Search, YouTube and, more broadly, the services that we're able to offer. So it's the growing application and our focus on ensuring that we have the compute capacity to deliver in support of the services and opportunities we see across Alphabet.

因此，正如桑達爾和我所說，資本支出的增加確實反映了我們在整個公司繼續看到的機會。首先是我們為支援 Gemini 基礎模型所做的一切，然後是代表雲端客戶在整個雲端中所做的工作，以及我們在 GCP 和基礎設施方面看到的成長，以及當然，隨後Sundar 和Philipp 都談到了跨搜尋、YouTube 以及更廣泛的我們能夠提供的服務的應用程式。因此，這是不斷增長的應用程序，我們的重點是確保我們擁有運算能力來支援我們在 Alphabet 中看到的服務和機會。

And it really goes to the second part of your question, which is that as we're investing in CapEx and applying it across our various businesses, it opens up more services and products, which bring revenue opportunities. And we're very focused on the monetization opportunity. It does underlie everything that we're doing in Google Services and Google Cloud. And as Sundar noted, we're, at the same time, very focused on the efficiency of all elements of delivering that compute capacity from hardware, software and beyond.

這確實涉及到你問題的第二部分，當我們投資資本支出並將其應用於我們的各個業務時，它會開闢更多的服務和產品，從而帶來收入機會。我們非常關注貨幣化機會。它確實是我們在 Google 服務和 Google Cloud 中所做的一切的基礎。正如 Sundar 所指出的，我們同時非常關注從硬體、軟體等方面提供運算能力的所有元素的效率。

Our next question comes from Mark Mahaney with Evercore.

我們的下一個問題來自 Evercore 的 Mark Mahaney。

This is Jian Li for Mark Mahaney. A couple of questions. One, just maybe an expansion on the Search, query questions on before, more like Search volume, and maybe in the context of the off-Google environment like AI chat bot, for example, we've seen kind of Meta AI directing to Google Search results. Do you think there's actually a scenario where like AI system can create a step function change in Search volume or use cases of Google? If you can give us more color on what are you seeing right now or what are you expecting to see in that area.

我是馬克·馬哈尼的李健。有幾個問題。一，可能只是搜尋的擴展，之前的查詢問題，更像是搜尋量，也許在像人工智慧聊天機器人這樣的非谷歌環境中，例如，我們已經看到了一種針對谷歌的元人工智慧搜尋結果。您是否認為實際上存在這樣的場景：類似的人工智慧系統可以在搜尋量或Google的用例中創建階躍函數變化？如果您能給我們更多關於您現在所看到的或您期望在該地區看到什麼的資訊。

And then the second question on just the comment of YouTube and Cloud exiting at $100 billion run rate. What is informing this outlook or visibility for you? If you can talk about, is it driven by any sort of Cloud demand inflection or step change in the gen AI workload demand, if you can flesh it out a little bit?

然後是第二個問題，關於 YouTube 和 Cloud 以 1000 億美元運行率退出的評論。對您來說，這種前景或可見度是由什麼決定的？如果你能談談，它是否是由任何類型的雲端需求拐點或一代人工智慧工作負載需求的階躍變化所驅動的，如果你能稍微充實一下的話？

On your first question, look, I said this before but to be clear, we view this moment as a positive moment for Search. And I think it allows us to evolve our product in a profound way. And Search is a unique experience. People come, be it if you want answers, if you want to explore more, if you want to get perspectives from across the web, and to be able to do it across the breadth and depth of everything they are looking for and the innovation you would need to keep that up, I think it's what we've been building on for a long time. And so I feel we are extraordinarily well set up, particularly given the innovation path we are on. And overall, I view this moment as a positive moment. So that's how I would say it.

關於你的第一個問題，我之前說過，但需要明確的是，我們認為此時此刻對搜尋來說是一個積極的時刻。我認為它使我們能夠深刻地發展我們的產品。搜尋是一種獨特的體驗。如果你想要答案，如果你想探索更多，如果你想從網路上獲得觀點，並且能夠在他們正在尋找的一切以及你的創新的廣度和深度上做到這一點，人們就會來。保持這一點，我認為這是我們長期以來一直在努力的基礎。因此，我覺得我們已經做好了非常好的準備，特別是考慮到我們所走的創新道路。總的來說，我認為這一刻是一個積極的時刻。我就是這麼說的。

On the second part, Ruth?

在第二部分，露絲？

Sorry, what was it?

抱歉，那是什麼？

YouTube and Cloud.

YouTube 和雲端。

Yes, in terms of your comment about $100 billion exit rate for YouTube and Cloud, what's driving this visibility for you and any kind of inflection you're seeing in the Cloud demand?

是的，就您對 YouTube 和雲端的 1000 億美元退出率的評論而言，是什麼推動了您的這種知名度以及您在雲端需求中看到的任何變化？

I would just say from Sundar's opening comments, it's just the ongoing momentum that we've seen in the business that we've been talking about, the ongoing growth and strong performance. And so what we were really getting at in that comment, what Sundar was getting at, is that we've continued to build strong businesses over time, and that just helps dimension it. We had similar comments last quarter when you talk about our subscription business. We're really proud of all the work that the teams are doing across the company, building new, strong opportunities, delivering for our users, for customers, for advertisers in profound ways. And so it was just helping to dimension what we have built over the years.

我只想說，從桑達爾的開場白來看，我們在我們一直在談論的業務中看到了持續的勢頭、持續的成長和強勁的業績。因此，我們在該評論中真正要表達的意思是，桑達爾的意思是，隨著時間的推移，我們繼續建立強大的業務，這有助於確定規模。上個季度，當您談論我們的訂閱業務時，我們也有類似的評論。我們對整個公司的團隊所做的所有工作感到非常自豪，他們創造了新的、強大的機會，以深刻的方式為我們的用戶、客戶和廣告商提供服務。所以它只是幫助我們確定多年來所建立的東西的規模。

Our next question comes from Ken Gawrelski with Wells Fargo.

我們的下一個問題來自富國銀行的 Ken Gawrelski。

Two, if I may. First on GCP, you had nice acceleration in the quarter. Could you talk a little bit about the opportunities and constraints upon GCP's ability to continue to address that large addressable market and accelerate growth? Is it more sales-oriented? Is it more product sales solutions or both? And do you plan to address most of these organically? Or could a partner approach work for you?

如果可以的話，兩個。首先，在 GCP 上，本季取得了良好的加速。您能否談談 GCP 繼續應對這一龐大目標市場並加速成長的能力所面臨的機會和限制？是不是更重視銷售？是更多的產品銷售解決方案還是兩者兼具？您打算有機地解決其中大部分問題嗎？或者合作夥伴的方法對您有用嗎？

And then the second one, just more detail on YouTube and sports rights. Could you reiterate your view on further live sports rights? There's some larger, mostly in the U.S., league rights coming up soon and will be more over the next several years. Could you just talk about your philosophy there beyond NFL Sunday Ticket?

然後是第二個，只是有關 YouTube 和體育版權的更多詳細資訊。能否重申您對進一步直播體育賽事權利的看法？一些更大的聯盟版權（主要是在美國）很快就會推出，並且在未來幾年內還會有更多。除了 NFL Sunday Ticket 之外，您能談談您的理念嗎？

Look, on the Cloud side, obviously, it's definitely a point of inflection overall. I think the AI transformation is making everyone think about their whole stack, and we are engaged in a number of conversations. I think paid AI infrastructure, people are really looking to Vertex AI, given our depth and breadth of model choice, or using Workspace to transform productivity in your workplace, et cetera. So I think the opportunities there are all related to that, both all the work we've built up and AI being a point of inflection in terms of driving conversations. I think you'll see us do it both organically and with a strong partner program as well. So we'll do it with a combination.

看，在雲方面，顯然，這絕對是一個整體的拐點。我認為人工智慧轉型正在讓每個人思考他們的整個堆疊，我們正在進行許多對話。我認為付費人工智慧基礎設施，考慮到我們模型選擇的深度和廣度，或者使用 Workspace 來改變工作場所的生產力等等，人們確實正在尋求 Vertex AI。因此，我認為所有機會都與此相關，我們所做的所有工作以及人工智慧都是推動對話的轉折點。我想您會看到我們既有機地做到這一點，又透過強大的合作夥伴計劃來做到這一點。所以我們將透過組合來完成。

And the challenges here, always, there are switching costs to Cloud and the challenges we see is how do we make it easier for people. There's a lot of interest, but there's definitely barriers in terms of people switching. And so that's an area where we are constantly investing to make it easier for our customers.

這裡的挑戰始終是向雲端的轉換成本，我們看到的挑戰是如何讓人們更輕鬆。人們對此很感興趣，但在人員轉換方面肯定存在障礙。因此，這是我們不斷投資的領域，以便為我們的客戶提供更輕鬆的服務。

And with regard to your sports rights question, look, I mean, we've had long-standing and significant partnerships with the most popular sports league here in the U.S., around the globe, federations teams, athletes, broadcasters. And obviously, these partnerships, in combination with our very vast audience of sports fans, drives investment in subscription experiences across many offerings: NFL Sunday Ticket, YouTube TV, YouTube Primetime Channels and so on. But there's nothing that we have to announce at the moment. We're obviously always looking at where we can create more value for our users, for our advertisers, for creators, but nothing specific to talk about at this moment.

關於你的體育權利問題，我的意思是，我們與美國、全球最受歡迎的體育聯盟、聯合會球隊、運動員、廣播公司建立了長期且重要的合作關係。顯然，這些合作夥伴關係與我們龐大的體育迷受眾相結合，推動了對許多產品的訂閱體驗的投資：NFL 週日門票、YouTube TV、YouTube Primetime 頻道等。但目前我們沒有什麼要宣布的。顯然，我們一直在尋找可以為用戶、廣告商、創作者創造更多價值的地方，但目前沒有什麼具體可談的。

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。

Sundar, I had a question about smartphone-based AI searches. So you guys are powering all these new AI interactions and searches on Pixel and on Samsung devices. And I think there's speculation that Gemini might be used on iOS in a future state. So the question is, as users start searching on smartphones and those searches are basically rendered on the model, on the phone, without accessing the web, how do you guys anticipate monetizing some of these smartphone-based behaviors that are kind of run on the edge? Any thoughts on that?

Sundar，我有一個關於基於智慧型手機的人工智慧搜尋的問題。所以你們正在為 Pixel 和三星設備上的所有這些新的人工智慧互動和搜尋提供支援。我認為有人猜測 Gemini 未來可能會在 iOS 上使用。所以問題是，當用戶開始在智慧型手機上搜尋時，這些搜尋基本上是在手機上的模型上呈現的，而無需訪問網絡，你們如何預期將這些基於智慧型手機的行為貨幣化，這些行為是在邊緣？對此有什麼想法嗎？

Look, I think if you look at what users are looking for, people are looking for information and an ability to connect with things outside. So I think there will be a set of use cases which you will be able to do on device. But for a lot of what people are looking to do, I think you will need the richness of the cloud, the Web and you have to deliver it to users. So again, to my earlier comments, I think through all these moments, you saw what we have done with Samsung with Circle to Search. I think it gives a new way for people to access Search conveniently wherever they are. And so we view this as a positive way to bring our services to users in a more seamless manner. So I think it's positive from that perspective.

看，我認為如果你看看用戶正在尋找什麼，人們正在尋找資訊以及與外部事物聯繫的能力。因此，我認為您將能夠在設備上執行一組用例。但對於人們想要做的很多事情，我認為你將需要雲端、網路的豐富性，並且必須交付給用戶。再說一次，對於我之前的評論，我認為透過所有這些時刻，您已經看到了我們與三星透過 Circle to Search 所做的事情。我認為它為人們提供了一種新的方式，無論他們身在何處都可以輕鬆存取搜尋。因此，我們認為這是一種以更無縫的方式為用戶提供服務的積極方式。所以我認為從這個角度來看這是正面的。

In terms of on-device versus cloud, there will be needs which can be done on-device and we should to help it from a privacy standpoint. But there are many, many things for which people will need to reach out to the cloud. And so I don't see that as being a big driver in the on-cloud versus off-cloud in any way.

就設備端與雲端而言，存在可以在設備上完成的需求，我們應該從隱私的角度來幫助它。但有很多很多事情人們需要使用雲端。因此，我不認為這在任何方面都是雲上與雲外的主要驅動力。

And our last question comes from Colin Sebastian with Baird.

我們的最後一個問題來自科林·塞巴斯蒂安和貝爾德。

I guess first, a follow-up on some of the questions on SGE in the core Search. I guess I'm wondering, along with some of those changes in behavior, is there a way to quantify that overall engagement shift, whether that's an increase in time spent or the level of increase in queries for both sort of traditional search as well as more generative answers.

我想首先是對核心搜尋中關於 SGE 的一些問題的跟進。我想我想知道，除了行為上的一些變化之外，是否有一種方法可以量化整體參與度的變化，無論是花費時間的增加還是傳統搜尋和搜尋的查詢量的增加。 。

And then secondly, on the hardware road map, I assume later this year, we'll hear more about some of the products. But any areas of particular focus or that you would point out that we should keep in mind in terms of hardware launches in the back half?

其次，在硬體路線圖上，我想今年晚些時候，我們會聽到更多有關某些產品的資訊。但是，在下半年的硬體發布方面，有哪些特別關注的領域或您會指出我們應該牢記的？

On the first question on Search, not much more to add to what I said, but what we have seen. And we've been in live experiments just for a few weeks in U.S. and U.K. on a slice of our queries, and all indications are positive that it improves user satisfaction. We see an increase in engagement, but I see this as something which will play out over time.

關於搜尋的第一個問題，我所說的沒什麼好補充的，但我們已經看到了。我們在美國和英國針對部分查詢進行了幾週的現場實驗，所有跡像都表明它提高了用戶滿意度。我們看到參與度增加，但我認為這將隨著時間的推移而發揮作用。

But if you were to step back at this moment, there were a lot of questions last year, and we always felt confident and comfortable that we would be able to improve the user experience. People question whether these things would be costly to serve, and we are very, very confident we can manage the cost of how to serve these queries. People worried about latency. When I look at the progress we have made in latency and efficiency, we feel comfortable. There are questions about monetization. And based on our testing so far, I'm comfortable and confident that we'll be able to manage the monetization transition here well as well. It will play out over time, but I feel we are well positioned. And more importantly, when I look at the innovation that's ahead and the way the teams are working hard on it, I am very excited about the future ahead.

但如果你現在退一步，去年有很多問題，我們始終對能夠改善用戶體驗充滿信心和信心。人們質疑這些服務的服務成本是否會很高，而我們非常非常有信心能夠管理如何服務這些查詢的成本。人們擔心延遲。當我看到我們在延遲和效率方面取得的進展時，我們感到很舒服。存在有關貨幣化的問題。根據我們迄今為止的測試，我感到放心並相信我們也能夠很好地管理這裡的貨幣化過渡。它會隨著時間的推移而發揮作用，但我覺得我們處於有利位置。更重要的是，當我看到未來的創新以及團隊努力工作的方式時，我對未來感到非常興奮。

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 second 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 年第二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。