Google (GOOG) 2024 Q4 法說會逐字稿

Welcome, everyone.

歡迎大家。

Thank you for standing by for the Alphabet fourth quarter and fiscal year 2024 earnings conference call.

感謝您參加 Alphabet 第四季和 2024 財年財報電話會議。

(Operator Instructions) I would now like to hand the conference over to your speaker today, Jim Friedland, Senior Director of Investor Relations.

（操作員指示）現在，我想將會議交給今天的發言人、投資者關係高級總監 Jim Friedland。

Please go ahead.

請繼續。

Thank you.

謝謝。

Good afternoon, everyone, and welcome to Alphabet's fourth-quarter 2024 earnings conference call.

大家下午好，歡迎參加 Alphabet 2024 年第四季財報電話會議。

With us today are Sundar Pichai, Philip Schindler, and Anat Ashkenazi.

今天和我們在一起的有 Sundar Pichai、Philip Schindler 和 Anat Ashkenazi。

Now I'll quickly cover the safe harbor.

現在我將快速介紹安全港。

Some of the statements that we make today regarding our business, operations and financial performance may be considered forward-looking.

我們今天就我們的業務、營運和財務表現所做的一些聲明可能被視為前瞻性的。

Such statements are based on current expectations and assumptions that are subject to a number of risks and uncertainties.

這些聲明是基於目前的預期和假設，受多種風險和不確定性的影響。

Actual results could differ materially.

實際結果可能存在重大差異。

Please refer to our forms 10-K and 10-Q, including the risk factors.

請參閱我們的 10-K 和 10-Q 表格，其中包括風險因素。

We undertake no obligation to update any forward-looking statement.

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.

在本次電話會議中，我們將介紹 GAAP 和非 GAAP 財務指標。

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.

今天的收益新聞稿中包含了非 GAAP 與 GAAP 指標的對帳表，該新聞稿透過我們的投資者關係網站 abc.xyz/investor 分發並向公眾提供。除非另有說明，我們的評論將基於同比比較。

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

現在我將電話轉給 Sundar。

Thanks, Jim, and hello, everyone.

謝謝，吉姆，大家好。

We delivered another strong quarter in Q4, driven by our leadership in AI and our unique full stack approach.

由於我們在人工智慧領域的領導地位和獨特的全端方法，我們在第四季度再次取得了強勁的成績。

We are making dramatic progress across compute model capabilities and in driving efficiencies.

我們在計算模型能力和提高效率方面取得了顯著的進展。

We are rapidly shipping product improvements and seeing terrific momentum with consumer and developer usage.

我們正在快速推出產品改進，並看到消費者和開發者使用率的強勁成長勢頭。

And we are pushing the next frontiers from AI agents, reasoning and deep research to state-of-the-art video, quantum computing, and more.

我們正在推動人工智慧代理、推理和深度研究到最先進的視訊、量子計算等新前沿。

The company is in a great rhythm and cadence, building, testing and launching products faster than ever before.

公司正處於良好的節奏和韻律中，以前所未有的速度打造、測試和推出產品。

This is translating into product usage, revenue growth and results.

這轉化為產品使用、收入成長和成果。

In Search, AI Overviews are now available in more than 100 countries.

在搜尋方面，AI Overview 現已在 100 多個國家/地區提供。

They continue to drive higher satisfaction and search usage.

它們繼續推動更高的滿意度和搜尋使用率。

Meanwhile, Circle to Search is now available on over 200 million Android devices.

同時，Circle to Search 目前已可在超過 2 億台 Android 裝置上使用。

In Cloud and YouTube, we said at the beginning of 2024 that we expected to exit the year at a combined annual revenue run rate of over $100 billion.

在雲端運算和 YouTube 方面，我們在 2024 年初表示，預計到今年年底，其綜合年收入將超過 1,000 億美元。

We met that goal and ended the year at a run rate of $110 billion.

我們實現了這個目標，年底的營業額達到了 1,100 億美元。

We are set up well for continued growth.

我們已經為持續成長做好了準備。

So today, I'll provide an update on our AI progress and how it's improving our core consumer products.

所以今天，我將介紹我們的人工智慧進展以及它如何改進我們的核心消費產品。

Then I'll touch on Cloud, YouTube, platforms and devices and Waymo.

然後我將討論雲端、YouTube、平台和裝置以及 Waymo。

Let's start with AI.

讓我們從人工智慧開始。

Last quarter, I outlined the three areas of our differentiated full stack approach to AI innovation: our leading AI infrastructure, our world-class research, including models and tooling, and our products and platforms that bring these innovations to people at scale.

上個季度，我概述了我們差異化全端 AI 創新方法的三個領域：我們領先的 AI 基礎設施、我們世界一流的研究（包括模型和工具），以及將這些創新大規模帶給人們的產品和平台。

First, AI infrastructure.

第一，AI基礎設施。

Our sophisticated global network of cloud regions and data centers provides a powerful foundation for us and our customers directly driving revenue.

我們完善的全球雲端區域和資料中心網路為我們和我們的客戶直接推動收入提供了強大的基礎。

We have a unique advantage because we develop every component of our technology stack, including hardware, compilers, models and products.

我們擁有獨特的優勢，因為我們開發技術堆疊的每個組件，包括硬體、編譯器、模型和產品。

This approach allows us to drive efficiencies at every level from training and serving to developer productivity.

這種方法使我們能夠提高從培訓、服務到開發人員生產力等各個層面的效率。

In 2024, we broke ground on 11 new cloud regions and data center campuses in places like South Carolina, Indiana, Missouri, and around the world.

2024 年，我們在南卡羅來納州、印第安納州、密蘇裡州和世界各地等地破土動工建立 11 個新的雲端區域和資料中心園區。

We also announced plans for seven new subsea cable projects strengthening global connectivity.

我們還宣布了七個新的海底電纜項目計劃，以加強全球連通性。

Our leading infrastructure is also among the world's most efficient.

我們領先的基礎設施也是世界上最高效的基礎設施之一。

Google data centers deliver nearly 4 times more computing power per unit of electricity compared to just five years ago.

與五年前相比，Google資料中心每單位電力提供的運算能力提高了近 4 倍。

These efficiencies, coupled with the scalability, cost and performance we offer are why organizations increasingly choose Google Cloud's platform.

這些效率，加上我們提供的可擴展性、成本和效能，是越來越多的組織選擇 Google Cloud 平台的原因。

In fact, today, Cloud customers consume more than 8 times the compute capacity for training and inferencing compared to 18 months ago.

事實上，如今，雲端客戶用於訓練和推理的運算能力比 18 個月前增加了 8 倍以上。

We'll continue to invest in our Cloud business to ensure we can address the increase in customer demand.

我們將繼續投資我們的雲端業務，以確保能夠滿足日益增長的客戶需求。

Second, world-class research, including models.

第二，世界一流的研究，包括模型。

In December, we unveiled Gemini 2.0, our most capable AI model yet, built for the agentic era.

12 月，我們推出了 Gemini 2.0，這是我們迄今為止功能最強大的 AI 模型，專為代理時代打造。

We launched an experimental version of Gemini 2.0 Flash, our workhorse model with low latency and enhanced performance.

我們推出了 Gemini 2.0 Flash 的實驗版本，這是我們的低延遲和增強性能的主力型號。

Flash has already rolled out to the Gemini app, and tomorrow, we are making 2.0 Flash generally available for developers and customers, along with other model updates.

Flash 已經推廣到 Gemini 應用程式中，明天，我們將向開發人員和客戶全面推出 2.0 Flash，以及其他模型更新。

So stay tuned.

敬請關注。

Late last year, we also debuted our experimental Gemini 2.0 Flash Thinking model.

去年年底，我們也推出了實驗性的 Gemini 2.0 Flash Thinking 模型。

The progress to scale Thinking has been super fast, and the review so far have been extremely positive.

思考規模化的進展非常快，迄今為止的評價也非常正面。

We are working on even better Thinking models and look forward to sharing those with the developer community soon.

我們正在致力於開發更好的思維模型，並期待很快與開發者社群分享。

Gemini 2.0's advances in multimodality, and native tool use enable us to build new agents that bring us closer to our vision of a universal assistant.

Gemini 2.0 在多模式和本機工具使用方面的進步使我們能夠建立新的代理，使我們更接近通用助理的願景。

One early example is deep research.

一個早期的例子就是深入研究。

It uses agentic capabilities to explore complex topics on your behalf and give key findings along with sources.

它使用代理功能代表您探索複雜主題並提供關鍵發現以及來源。

It launched in Gemini Advanced in December and is rolling out to Android users all over the world.

它於 12 月在 Gemini Advanced 中推出，並正在向全球 Android 用戶推廣。

We are seeing great product momentum with our consumer Gemini app, which debuted on iOS last November.

我們的消費者 Gemini 應用程式於去年 11 月在 iOS 上首次亮相，產品發展勢頭強勁。

And we have opened up trusted tester access to a handful of research prototypes, including Project Mariner, which can understand and reason across information on a browser screen to complete tasks, and Project Astra.

我們也向可信任測試人員開放了一些研究原型的存取權限，其中包括 Project Mariner，它可以理解和推理瀏覽器螢幕上的信息以完成任務，以及 Project Astra。

We expect to bring features from both to the Gemini app later this year.

我們預計今年稍後將這兩款產品的功能引入 Gemini 應用程式。

We are also excited by the progress of our video and image generation models: Veo 2, our state-of-the-art video generation model; and Imagen 3, our highest-quality text to image model.

我們也對視訊和影像生成模型的進展感到興奮：Veo 2，我們最先進的視訊生成模型；以及 Imagen 3，我們最高品質的文字到圖像模型。

These generative media models, as well as Gemini, consistently top industry leader boards and score top marks across industry benchmarks.

這些生成媒體模型以及 Gemini 始終位居行業排行榜首位，並在行業基準測試中獲得最高分。

That's why more than 4.4 million developers are using our Gemini models today, double the number from just six months ago.

這就是為什麼今天有超過 440 萬名開發人員正在使用我們的 Gemini 模型，這個數字比六個月前增加了一倍。

And we continue to drive research breakthroughs in quantum computing.

我們將繼續推動量子計算研究的突破。

At the end of last year, we announced Willow our new state-of-the-art quantum computing chip that can reduce errors exponentially as we scale up using more cubits.

去年年底，我們宣布推出了我們最新的先進量子運算晶片 Willow，隨著我們使用更多的肘部進行擴展，它可以成倍地減少錯誤。

Willow is an important step in our journey to build a useful quantum computer with practical applications.

Willow 是我們建構具有實際應用價值的量子電腦的重要一步。

This technology holds so much promise, which is why there was real excitement around this breakthrough.

這項技術前景廣闊，這也是為什麼這項突破會引起如此大的興奮。

Third, our products and platforms put AI into the hands of billions of people around the world.

第三，我們的產品和平台把人工智慧送到了全球數十億人的手中。

We have 7 products and platforms with over 2 billion users and all are using Gemini.

我們有 7 個產品和平台，擁有超過 20 億用戶，並且都在使用 Gemini。

That includes Search where Gemini is powering our AI Overviews.

其中包括 Gemini 為我們的 AI 概覽提供支援的搜尋。

People use Search more with AI Overviews, and usage growth increases over time as people learn that they can ask new types of questions.

人們更多地使用 AI 概覽進行搜索，並且隨著人們了解到他們可以提出新類型的問題，使用量會隨著時間的推移而增長。

This behavior is even more pronounced with younger users who really appreciate the speed and efficiency of this new format.

對於真正欣賞這種新格式的速度和效率的年輕用戶來說，這種行為更加明顯。

We are also pleased to see how Circle to Search is driving additional search use and opening up even more types of questions.

我們也很高興看到 Circle to Search 如何推動更多的搜尋使用並提出更多類型的問題。

This feature results are popular among younger users.

此功能結果受到年輕用戶的歡迎。

Those who have tried Circle to Search before now use it to start more than 10% of their searches.

那些曾經嘗試過「圓圈搜尋」的用戶現在使用它來進行超過 10% 的搜尋。

As AI continues to expand the universe of queries that people can ask, 2025 is going to be one of the biggest years for Search innovation yet.

隨著人工智慧不斷擴展人們可以提出的查詢範圍，2025 年將成為搜尋創新最重要的一年。

Now let me turn to key highlights from the quarter across Cloud, YouTube platforms and devices and Waymo.

現在，讓我來談談本季在雲端、YouTube 平台和設備以及 Waymo 方面的主要亮點。

First, Google Cloud.

首先是Google Cloud。

Our AI-powered Cloud offerings enabled us to win customers such as Mercedes-Benz, Mercado Libre and Servier.

我們由人工智慧驅動的雲端產品幫助我們贏得了梅賽德斯·奔馳、Mercado Libre 和 Servier 等客戶。

In 2024, the number of first-time commitments more than double compared to 2023.

2024 年，首次承諾的數量將比 2023 年增加一倍以上。

We also deepened customer relationships.

我們也加深了客戶關係。

Last year, we closed several strategic deals over $1 billion, and the number of deals over $250 million doubled from the prior year.

去年，我們完成了幾筆超過 10 億美元的策略交易，超過 2.5 億美元的交易數量比前一年增加了一倍。

Our partners are further accelerating our growth with customers purchasing billions of dollars of solutions through our Cloud Marketplace.

我們的合作夥伴透過我們的雲端市場購買了價值數十億美元的解決方案，這進一步加速了我們的成長。

We continue to see strong growth across our broad portfolio of AI-powered Cloud solutions.

我們廣泛的人工智慧雲端解決方案組合持續實現強勁成長。

It begins with our AI Hypercomputer, which delivers leading performance and cost across both GPUs and TPUs.

它始於我們的 AI 超級計算機，它在 GPU 和 TPU 中提供領先的性能和成本。

These advantages help Citadel with modeling markets and training and enabled Wayfair to modernize its platform, improving performance and scalability by nearly 25%.

這些優勢幫助 Citadel 進行市場建模和培訓，並使 Wayfair 能夠實現其平台現代化，將效能和可擴展性提高近 25%。

In Q4, we saw strong uptake of Trillium, our sixth-generation TPU, which delivers 4 times better training performance and 3 times greater inference throughput compared to the previous generation.

在第四季度，我們的第六代 TPU Trillium 獲得了強勁成長，與上一代產品相比，其訓練性能提高了 4 倍，推理吞吐量提高了 3 倍。

We also continue our strong relationship with NVIDIA.

我們也繼續與 NVIDIA 保持穩固的合作關係。

We recently delivered their H200 based platforms to customers.

我們最近向客戶交付了基於 H200 的平台。

And just last week, we were the first to announce a customer running on the highly anticipated Blackwell platform.

就在上週，我們率先宣布有客戶在備受期待的 Blackwell 平台上運行。

Our AI developer platform, Vertex AI, saw a 5x increase in customers year-over-year, with brands like Mondelez International and WPP building new applications and benefiting from our 200-plus foundation models.

我們的 AI 開發平台 Vertex AI 的客戶數量同比增長了 5 倍，Mondelez International 和 WPP 等品牌正在建立新的應用程式並受益於我們 200 多個基礎模型。

Vertex usage increased 20x during 2024, with particularly strong developer adoption of Gemini Flash, Gemini 2.0, Imagen 3, and most recently, Veo.

2024 年，Vertex 的使用量增加了 20 倍，其中開發人員對 Gemini Flash、Gemini 2.0、Imagen 3 以及最近的 Veo 的採用尤為強勁。

We're also seeing strong growth in our AI-powered databases data analytics and cybersecurity platforms.

我們也看到人工智慧資料庫資料分析和網路安全平台的強勁成長。

Customers including Radisson Hotels are now using Gemini to search and analyze multimodal data from across multiple clouds.

包括麗笙酒店 (Radisson Hotels) 在內的客戶目前正在使用 Gemini 搜尋和分析來自多個雲端的多模式資料。

Our AI-powered threat intelligence and security operations products help customers, including Vodafone and AstraZeneca, identify, protect, and defend against threats.

我們由人工智慧驅動的威脅情報和安全營運產品可協助沃達豐和阿斯特捷利康等客戶識別、保護和防禦威脅。

Our growing portfolio of AI applications is also seeing strong customer adoption.

我們不斷成長的人工智慧應用程式組合也得到了客戶的大力採用。

In Q4, we introduced Google Agentspace, which helps enterprises synthesize data with Google Quality Search, create Gemini-powered agents, and automate transactions for employees.

在第四季度，我們推出了 Google Agentspace，它可以幫助企業與 Google 品質搜尋合成資料、建立由 Gemini 驅動的代理商並為員工實現交易自動化。

In addition, we recently gave all Google Workspace business and enterprise customers access to all of our powerful Gemini AI capabilities to help boost their productivity.

此外，我們最近向所有 Google Workspace 商業和企業客戶提供了我們所有強大的 Gemini AI 功能的存取權限，以幫助他們提高工作效率。

Moving to YouTube.

前往 YouTube。

Nielsen data shows YouTube continues to be number one in streaming watch time in the US with our share of streaming now at a record high.

尼爾森數據顯示，YouTube 在美國串流觀看時間方面繼續位居第一，其串流媒體份額目前創下歷史新高。

On election day alone, over 45 million viewers across the US watched election-related content on YouTube.

光是在選舉日當天，全美就有超過 4500 萬觀眾在 YouTube 上觀看了與選舉相關的內容。

Our early investment in Podcast is paying off.

我們對 Podcast 的早期投資正在獲得回報。

We integrated Podcast into the core YouTube experience, particularly with video.

我們將 Podcast 融入了 YouTube 的核心體驗，尤其是影片。

We are now the most frequently used service for consuming podcast in the US according to a recent Edison report.

根據愛迪生最近的一份報告，我們現在是美國最常使用的播客消費服務。

This success reflects our long-term approach of investing in emerging trends from mobile to the living room.

這一成功體現了我們長期投資從移動到客廳的新興趨勢的方針。

We now have over 250,000 creators in the YouTube shopping affiliate program in the US and Korea alone.

目前，光是在美國和韓國，YouTube 購物聯盟計畫中就有超過 25 萬名創作者。

We expand YouTube with shopping at the end of last year to three additional countries, allowing even more creators to share their favorite products with fans and grow their businesses.

我們在去年底將 YouTube 購物功能拓展到另外三個國家，讓更多創作者可以與粉絲分享自己喜歡的產品並發展他們的業務。

Philip will talk more about YouTube performance later in the call.

菲利普將在稍後的電話會議中詳細討論 YouTube 的表現。

Next, platforms and devices.

接下來是平台和設備。

Google One's performance has been outstanding and is one of our fastest-growing subscription products in terms of subscribers and revenue growth.

Google One 的表現非常出色，是我們訂閱用戶數和營收成長最快的訂閱產品之一。

Last month, we announced the first beta of Android 16, plus new Android updates, including a deeper Gemini integration coming to the new Samsung Galaxy S25 series.

上個月，我們發布了 Android 16 的第一個測試版以及新的 Android 更新，其中包括即將與新款三星 Galaxy S25 系列進行更深層的 Gemini 整合。

We also recently announced Android XR, the first Android platform built for the Gemini era.

我們最近也發表了 Android XR，這是第一個為 Gemini 時代打造的 Android 平台。

Created with Samsung and Qualcomm, Android XR is designed to power an ecosystem of next-generation extended reality devices like headsets and classes.

Android XR 由三星和高通共同打造，旨在為耳機和課程等下一代擴展現實設備生態系統提供支援。

Finally, a few words on Waymo, which made tremendous progress last year, safely serving more than 4 million passenger trips.

最後，簡單談談 Waymo，該公司去年取得了巨大進步，安全服務了超過 400 萬人次乘客。

It's now averaging over 150,000 trips each week and growing.

現在每周平均出行次數超過 150,000 次並且還在不斷增長。

Looking ahead, Waymo will be expanding its network and operations partnerships to open up new markets, including Austin and Atlanta this year, and Miami next year.

展望未來，Waymo 將擴大其網路和營運合作夥伴關係以開拓新市場，包括今年的奧斯汀和亞特蘭大，以及明年的邁阿密。

And in the coming weeks, Waymo One vehicles will arrive in Tokyo for their first international road trip.

未來幾週，Waymo One 車輛將抵達東京，開始首次國際公路之旅。

We are also developing the sixth-generation Waymo driver, which will significantly lower hardware costs.

我們也正在開發第六代Waymo驅動程序，這將大大降低硬體成本。

I want to thank our employees around the world for another great quarter. 2025 is going to be exciting, and we are all ready for it.

我要感謝我們遍佈全球的員工，感謝他們帶給我們另一個出色的季度。 2025年將是令人興奮的一年，我們都已做好準備。

Philip, I'll hand it over to you.

菲利普，我就把它交給你了。

Thanks, Sundar, and hello, everyone.

謝謝，Sundar，大家好。

I'll quickly cover performance for the quarter, then frame the rest of my remarks around the progress we're delivering across search, ads, YouTube and partnerships, highlighting the impact AI is having on our business and our customers.

我將快速介紹本季的業績，然後圍繞我們在搜尋、廣告、YouTube 和合作夥伴關係方面取得的進展展開我的其餘發言，強調人工智慧對我們的業務和客戶的影響。

Google Services revenues were $84 billion for the quarter, up 10%, driven primarily by 11% year-on-year growth in advertising revenues.

本季Google服務營收為 840 億美元，成長 10%，主要得益於廣告收入年增 11%。

Strong growth in Search and YouTube advertising was partially offset by year-on-year decline in network revenues.

搜尋和 YouTube 廣告的強勁成長被網路收入的年減部分抵消。

In terms of vertical performance, the 13% increase in Search and other revenues was led by financial services followed by retail.

垂直表現方面，搜尋和其他收入成長 13%，主要由金融服務推動，其次是零售。

The 14% growth in YouTube advertising revenues was driven by strong spend on US election advertising with combined spend from both parties almost doubling from what we saw in the 2020 elections.

YouTube 廣告收入成長 14% 主要是因為美國選舉廣告的強勁支出，兩黨總支出幾乎是 2020 年大選的兩倍。

Now in Q4, we saw continued strong growth in revenues from Search.

現在進入第四季度，我們看到搜尋收入持續強勁成長。

We had lots of exciting updates in December, and we are rapidly integrating our AI innovation into our consumer experiences.

我們在 12 月發布了許多令人興奮的更新，並且正在迅速將我們的 AI 創新融入我們的消費者體驗中。

We've already started testing Gemini 2.0 in AI Overviews and plan to roll it out more broadly later in the year.

我們已經開始在 AI Overviews 中測試 Gemini 2.0，並計劃在今年稍後更廣泛地推出它。

In Search, we're seeing people increasingly ask entirely new questions using their voice, camera, or in ways that were not possible before like was Circle to Search.

在搜尋中，我們發現人們越來越多地使用語音、相機或以前不可能的方式來提出全新的問題，例如透過圓圈搜尋。

We're making these benefits available to more consumers.

我們正在讓更多消費者享受這些好處。

Google is already present in over half of Journeys where a new brand product or retailer are discovered.

在發現新品牌產品或零售商的旅程中，超過一半的人都會使用到Google。

By offering new ways for people to search, we're expanding commercial opportunities for our advertisers.

透過為人們提供新的搜尋方式，我們正在為廣告商擴大商業機會。

Shoppers can now take a photo of a product, and using Lens, quickly find information about the product, reviews similar products and where they can get it for a great price.

購物者現在可以拍攝產品照片，然後使用 Lens 快速查找有關該產品的資訊、類似產品的評論以及在哪裡可以以優惠的價格買到該產品。

Lens is used for over 20 billion visual search queries every month and the majority of these searches are incremental.

Lens 每月用於超過 200 億次視覺搜尋查詢，其中大多數搜尋都是增量搜尋。

Retail was particularly strong this holiday season, especially on Black Friday and Cyber Monday, which each generated over $1 billion in ad revenue.

本假日季零售業尤為強勁，尤其是“黑色星期五”和“網絡星期一”，兩天的廣告收入均超過 10 億美元。

Interestingly, despite the US holiday shopping season being the shortest since 2019, retail sales began much earlier in October, causing the season to extend longer than anticipated.

有趣的是，儘管美國假期購物季是自 2019 年以來最短的，但零售銷售在 10 月就提前開始了，導致購物季比預期的要長。

People shop more than 1 billion times a day across Google.

人們每天透過 Google 購物超過 10 億次。

Last quarter, we introduced a reinvented Google shopping experience, rebuilt from the ground up with AI.

上個季度，我們推出了全新 Google 購物體驗，利用人工智慧從頭開始重建。

This December saw roughly 13% more daily active users in Google shopping in the US compared to the same period in 2023.

與 2023 年同期相比，今年 12 月美國 Google 購物的每日活躍用戶增加了約 13%。

C

碳

losing out on Search with Travel and sharing another interesting trend where we saw spend expand to Travel Tuesday.

失去了旅遊搜尋並分享另一個有趣的趨勢，我們看到支出擴展到旅遊星期二。

This contributed to 20% year-on-year revenue growth for Travel advertisers across Cyber Monday and Travel Tuesday.

這為「網路星期一」和「旅遊星期二」的旅遊廣告商的收入帶來了 20% 的同比增長。

Moving to ads.

轉向廣告。

We continue investing in AI capabilities across media buying, creative, and measurement.

我們將繼續在媒體購買、創意和測量等領域投資人工智慧能力。

As I've said before, we believe that AI will revolutionize every part of the marketing value chain.

正如我之前所說，我們相信人工智慧將徹底改變行銷價值鏈的每個部分。

And over the past quarter, we've seen how our customers are increasingly focusing on optimizing the use of AI.

在過去的一個季度中，我們看到我們的客戶越來越注重優化人工智慧的使用。

As an example, Petco used Demand Gen campaigns across targeting, creative generation and bidding to find new pet parent audiences across YouTube.

舉例來說，Petco 使用 Demand Gen 活動透過定位、創意產生和競價在 YouTube 上尋找新的寵物父母受眾。

They achieved a 275% higher return on ad spend and a 74% higher click-through rate than their social benchmarks.

他們的廣告支出回報率比社交基準高出 275%，點擊率高出 74%。

On media buying, we made YouTube Select Creator takeovers generally available in the US and will be expanding to more markets this year.

在媒體購買方面，我們在美國全面推出 YouTube Select Creator 收購服務，並將在今年擴展到更多市場。

Creators know their audience the best, and creator takeovers help businesses connect with consumers through authentic and relevant content.

創作者最了解他們的受眾，創作者接管可以幫助企業透過真實且相關的內容與消費者建立聯繫。

Looking at Creative, we introduced new controls and made reporting easier in PMax, helping customers better understand and reinvest into their best-performing assets.

從 Creative 來看，我們在 PMax 中引入了新的控制措施並簡化了報告工作，幫助客戶更了解並再投資於其表現最佳的資產。

Using asset generation in PMax, Event Ticket Center achieved a 5x increase in production of creative assets saving time and effort.

使用 PMax 中的資產生成，活動票務中心的創意資產產量提高了 5 倍，節省了時間和精力。

They also increased conversions by 300% compared to the previous period when they used manual assets.

與之前使用手動資產時相比，他們的轉換率也提高了 300%。

And finally, measurement.

最後，測量。

Last week, we made Meridian, our marketing mix model generally available for customers, helping more business reinvest into creative and media buying strategies that they know work.

上週，我們向客戶推出了我們的行銷組合模式 Meridian，幫助更多企業重新投資於他們所知道有效的創意和媒體購買策略。

Based on the Nielsen meta-analysis of marketing mix models, on average, Google AI-powered video campaigns on YouTube delivered 17% higher return on advertising spend than manual campaigns.

根據尼爾森對行銷組合模型的元分析，平均而言，由Google人工智慧驅動的 YouTube 影片廣告系列的廣告支出回報率比手動廣告系列高出 17%。

Turning to YouTube.

轉向 YouTube。

We saw robust revenue growth backed by continued growth in watch time across ad-supported and premium experiences.

我們看到了強勁的收入成長，這得益於廣告支援和高級體驗的觀看時間的持續成長。

Our focus here remains on building a streaming platform that enables creators to thrive and unlock the full potential of AI.

我們的重點仍然是建立串流媒體平台，使創作者能夠蓬勃發展並充分發揮人工智慧的潛力。

Expanding on our state-of-the-art video generation model, we announced Veo 2, which creates incredibly high-quality video in a wide range of subjects and styles.

我們擴展了最先進的視訊生成模型，並發布了 Veo 2，它可以在各種主題和風格中創建令人難以置信的高品質影片。

It's been inspiring to see how people are experimenting with it.

看到人們如何對此進行實驗是令人鼓舞的。

We'll make it available to creators on YouTube in the coming months.

我們將在未來幾個月內向 YouTube 上的創作者提供該功能。

We continue to invest in helping YouTube creators work with brands.

我們將持續投入資金幫助 YouTube 創作者與品牌合作。

All advertisers globally can now promote YouTube creator videos and ad campaigns across all AI-powered campaign types and Google ads, and creators can tag partners in their brand videos.

現在，全球所有廣告主都可以在所有 AI 驅動的廣告系列類型和 Google 廣告中推廣 YouTube 創作者影片和廣告系列，創作者可以在他們的品牌影片中標記合作夥伴。

Sephora used Demand Gen's shorts only channel to boost traffic and brand searches for the holiday gift guide campaign and leverage greater collaborations to find the best gift.

絲芙蘭利用 Demand Gen 的短片專屬頻道來增加節日禮物指南活動的流量和品牌搜尋量，並利用更大的合作來找到最好的禮物。

This drove an 82% relative uplift in searches for Sephora holiday.

這使得絲芙蘭假日搜尋量相對提升了 82%。

Shorts continues its ascent and is closing the gap with long-form.

短片持續崛起並正在縮小與長片的差距。

In 2024, the monetization rate of short relative to in-stream viewing increased by more than 30 percentage points in the US, and we expect to make additional progress in 2025.

2024 年，美國短影片相對於串流觀看的貨幣化率增加了 30 個百分點以上，我們預計 2025 年將取得進一步進展。

We're making it easier for advertisers to benefit from shorts on all screens.

我們讓廣告主更輕鬆地從所有螢幕上的短片中獲益。

We're particularly excited by its success on Connected TV, which now makes up 15% of shorts viewing in the US.

我們對它在連網電視上的成功感到特別興奮，目前連網電視占美國短片觀看量的 15%。

Using a combination of ad formats, Louis Vuitton reached their overall objectives on both long-form and short-form content.

透過結合多種廣告形式，路易威登在長篇和短篇內容方面都實現了總體目標。

Their shorts exceeded luxury goods benchmark for average view duration by 89% for equivalent video lengths, while the long-form content exceeded the benchmark by over 15%, with strong engagement from Gen Z and Millennials.

他們的短片平均觀看長度超出同等影片長度的奢侈品基準 89%，而長片內容則超出基準 15% 以上，並受到了 Z 世代和千禧世代的熱烈歡迎。

Looking into the living room.

望向客廳。

We continue to be number one in streaming watch time in the US for nearly two years according to Nielsen, and our share of streaming is at a record high.

根據尼爾森的調查，我們連續近兩年在美國串流媒體觀看時間上位居第一，我們的串流份額也創下了歷史新高。

Viewers globally streamed over 1 billion hours of YouTube content daily on their TVs in 2024.

2024 年，全球觀眾每天在電視上觀看超過 10 億小時的 YouTube 內容。

YouTube makes multiyear investments to tap into shifting consumer behavior.

YouTube 進行了多年的投資以適應不斷變化的消費者行為。

The current search and living room viewership directly reflects years of work to build the right products and partnerships.

目前的搜尋和客廳觀眾人數直接反映了多年來打造正確的產品和合作夥伴關係的努力。

Creators are now prioritizing high-quality viewing experiences that truly shine on TV screens, inspiring even more viewers to tune in.

創作者現在優先考慮真正在電視螢幕上閃耀的高品質觀看體驗，以激勵更多觀眾觀看節目。

In fact, the number of creators making a majority of revenue from TV is up over 30% year-on-year.

事實上，從電視中獲得大部分收入的創作者數量同比增長了 30% 以上。

We have also invested in podcast where popular shows like Club Shay Shay and Lex Fridman are increasingly a visual format.

我們還投資了播客，其中 Club Shay Shay 和 Lex Fridman 等熱門節目越來越多地採用視覺形式。

YouTube creators and viewers are embracing this.

YouTube 創作者和觀眾都對此表示歡迎。

In 2024, people watched over 400 million hours of podcast each month on living room devices alone.

到 2024 年，人們僅在客廳設備上每月觀看的播客就超過 4 億小時。

YouTube is now the most popular service for podcast listening in the US according to Edison.

據愛迪生稱，YouTube 目前是美國最受歡迎的播客收聽服務。

As always, let me wrap with the strong momentum we're seeing in partnerships with the breadth of what Google has to offer is increasingly being recognized.

像往常一樣，我要總結我們在合作關係中看到的強勁勢頭，谷歌所提供的服務的廣度越來越受到認可。

Sundar mentioned our deepening partnership with Samsung.

Sundar 提到了我們與三星之間不斷深化的合作關係。

Another expanding partnership is with Citi, who is modernizing its technology infrastructure with Google Cloud to transform employee and customer experiences.

另一個不斷擴大的合作夥伴是花旗銀行，該公司正在利用 Google Cloud 對其技術基礎設施進行現代化改造，以改變員工和客戶的體驗。

Using Google Cloud, it will improve its digital products, streamline employee workflows and use advanced high-performance computing to enable millions of daily computations.

利用 Google Cloud，它將改進其數位產品、簡化員工工作流程並使用先進的高效能運算實現每天數百萬次的運算。

This partnership also fuels Citi's generate AI initiatives across customer service, document summarization, and search to reduce manual processing.

此次合作也推動了花旗在客戶服務、文件摘要和搜尋方面的人工智慧計劃，以減少手動處理。

With that, allow me a moment to thank Googlers everywhere for their extraordinary commitment and to our customers and partners for their continued trust.

最後，請允許我感謝全球各地Google員工的非凡奉獻，以及對我們的客戶和合作夥伴的持續信任。

Anat, over to you.

阿納特 (Anat)，交給你了。

Thank you, Philip.

謝謝你，菲利普。

We're pleased with the continued momentum we're seeing across the business as Alphabet revenue for 2024 reached $350 billion, up 14% on a reported basis and 15% in constant currency versus 2023.

我們對整個業務持續保持的良好勢頭感到高興，Alphabet 預計 2024 年營收將達到 3500 億美元，按報告基礎計算增長 14%，按固定匯率計算較 2023 年增長 15%。

My comments will focus on year-over-year comparisons for the fourth quarter, unless I state otherwise.

除非我另有說明，我的評論將重點放在第四季度的同比比較。

I will start with the results at the Alphabet level and will then cover our segment results.

我將從字母層級的結果開始，然後介紹我們的細分結果。

I'll end with some commentary and expectations for the first quarter and full year 2025.

最後，我將對 2025 年第一季和全年做一些評論和展望。

We had another strong quarter in Q4 with robust momentum across the business.

我們第四季又表現強勁，整個業務呈現強勁勢頭。

Consolidated revenue of $96.5 billion increased by 12% in both reported and constant currency.

綜合營收為 965 億美元，按報告貨幣和固定匯率計算均成長 12%。

Search remained the largest contributor to revenue growth followed by Cloud.

搜尋仍然是收入成長的最大貢獻者，其次是雲端運算。

Total cost of revenue was $40.6 billion, up 8%.

總收入成本為 406 億美元，成長 8%。

TAC was $14.8 billion, up 6%.

TAC 為 148 億美元，成長 6%。

We continue to see a revenue mix shift with Google Search growing at double-digit levels while network revenues, which have a much higher tax rate, declined.

我們繼續看到收入結構發生變化，谷歌搜尋以兩位數的速度成長，而稅率高得多的網路收入則下降。

Other cost of revenue was $25.8 billion, up 9%, with the increase primarily driven by content acquisition costs, primarily for YouTube, followed by depreciation due to increasing investments in our technical infrastructure.

其他收入成本為 258 億美元，成長 9%，成長主要得益於內容獲取成本（主要是 YouTube），其次是由於我們對技術基礎設施的投資增加導致的折舊。

Growth in content acquisition and depreciation were partially offset by a year-over-year decline in hardware costs due to the shift in timing of our Made by Google launches to the third quarter 2024 compared to the fourth quarter of 2023.

由於我們將「Google 製造」的發佈時間從 2023 年第四季推遲到 2024 年第三季度，導致硬體成本年減，部分抵銷了內容取得和折舊的成長。

In terms of total expenses, the year-over-year comparisons reflect $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.

就總支出而言，與去年同期相比，我們在 2023 年第四季為優化全球辦公空間而採取的行動支付了 12 億美元的退出費用。

As previously disclosed, those charges were allocated across the expense lines in other cost of revenue and OpEx based on associated headcount.

如前所述，這些費用根據相關員工人數分配到其他收入成本和營運支出的費用項目。

Total operating expenses decreased 1% to $24.9 billion. R&D

總營運費用下降 1% 至 249 億美元。研發

investments increased by 8%, primarily driven by increase in compensation and depreciation expenses, partially offset by the impact of charges for office space optimization in the fourth quarter of 2023.

投資成長了 8%，主要由於薪資和折舊費用的增加，部分被 2023 年第四季辦公空間優化費用的影響所抵消。

Sales and marketing expenses decreased 5%, primarily reflecting the optimization charges last year as well as declines in compensation and in ads and promotion expenses due to the timing shift of the Pixel launch from Q4 to Q3.

銷售和行銷費用下降了 5%，主要反映了去年的優化費用以及由於 Pixel 發佈時間從第四季度推遲到第三季度導致的薪酬和廣告及促銷費用的下降。

G&A expenses declined by 15%, reflecting a shift of timing in our chartable contributions as well as the optimization charges last year.

一般及行政開支下降了 15%，反映了我們去年可記帳貢獻和優化費用的時間變化。

Operating income increased 31% this quarter to $31 billion, and operating margin increased to 32%, representing 4.6 points of margin expansion.

本季營業收入成長 31% 至 310 億美元，營業利潤率增至 32%，利潤率擴大 4.6 個百分點。

Net income increased 28%, to $26.5 billion, and earnings per share increased 31% to $2.15. We delivered free cash flow of $24.8 billion in the fourth quarter and $72.8 billion for the full year 2024.

淨收入成長 28% 至 265 億美元，每股收益成長 31% 至 2.15 美元。我們第四季的自由現金流為 248 億美元，2024 年全年的自由現金流為 728 億美元。

We ended the quarter with $96 billion in cash and marketable securities.

本季結束時，我們的現金和有價證券總額為 960 億美元。

Turning to segment results.

轉向細分結果。

Google Service revenues increased 10% to $84.1 billion, reflecting the strong momentum across Google Search and YouTube ads.

谷歌服務營收成長 10%，達到 841 億美元，反映出Google搜尋和 YouTube 廣告的強勁勢頭。

Google Search and other advertising revenues increased by 13% to $54 billion.

谷歌搜尋和其他廣告收入成長13%，達到540億美元。

The robust performance of Search was once again broad-based across verticals, led by the financial service vertical due to strength in insurance followed by retail.

搜尋的強勁表現再次廣泛體現在各個垂直領域，其中，金融服務垂直領域由於保險領域的強勢表現而領先，其次是零售業。

YouTube advertising revenue increased 14% to $10.5 billion, driven by brand followed by direct response advertising.

YouTube 廣告收入成長 14%，達到 105 億美元，主要得益於品牌廣告和直接反應廣告。

Network advertising revenue of $8 billion were down 4%.

網路廣告收入80億美元，下降4%。

In the fourth quarter, the year-over-year comparison in all of our advertising revenue lines was impacted by the increase in strength in advertising revenue in Q4 2023, in part from APAC-based retailers.

第四季度，我們所有廣告營收線的年比變動都受到 2023 年第四季廣告收入強勁成長的影響，部分原因是來自亞太地區的零售商。

Subscription platforms and device revenues increased 8% to $11.6 billion, primarily reflecting growth in subscription revenues, partially offset by the shift in timing of the launch of our Made by Google devices to the third quarter compared with the fourth quarter in 2023.

訂閱平台和設備收入成長 8% 至 116 億美元，主要反映了訂閱收入的成長，但部分被我們 Made by Google 設備的發佈時間從 2023 年第四季推遲到第三季所抵銷。

We continue to have significant growth in our subscription products, primarily due to increase in the number of paid subscribers across YouTube TV, YouTube Music Premium, and Google One.

我們的訂閱產品持續實現顯著成長，這主要歸功於 YouTube TV、YouTube Music Premium 和 Google One 的付費訂閱用戶數量的增加。

With regards to platform, we saw a slight increase in the growth rate in play, primarily due to a strong increase in the number of buyers.

就平台而言，我們看到遊戲成長率略有上升，這主要是由於買家數量的大幅增加。

Google Service operating income increased 23% to $32.8 billion, and operating margin increased from 35% to 39%, representing a meaningful margin expansion.

Google服務營業收入成長23%至328億美元，營業利益率從35%上升至39%，利潤率大幅提升。

Turning to the Google Cloud segment, which continued to deliver very strong results this quarter.

談到 Google Cloud 部門，該部門本季持續取得非常強勁的業績。

Revenue increased by 30% to $12 billion in the fourth quarter, reflecting growth in GCP across core GCP products, AI infrastructure, and generative AI solutions.

第四季營收成長 30%，達到 120 億美元，反映了 GCP 核心 GCP 產品、AI 基礎設施和產生 AI 解決方案的成長。

Once again, GCP grew at a rate that was much higher than Cloud overall.

GCP 的成長速度再次遠高於雲端運算的整體成長速度。

Healthy Google Workspace growth was primarily driven by increase in average revenue per seat.

Google Workspace 的健康成長主要得益於每席平均收入的增加。

Google Cloud operating income increased to $2.1 billion and operating margin increased from 9.4% to 17.5%.

Google Cloud 營業收入增至 21 億美元，營業利潤率從 9.4% 增至 17.5%。

We're pleased with the work the Cloud team is doing to deliver valuable solutions to customer and generate revenue growth, as well as its continued focus on driving efficiencies across the Cloud business.

我們對雲端團隊的工作感到滿意，他們為客戶提供了有價值的解決方案並創造收入成長，並且持續致力於提高整個雲端業務的效率。

As for Other Bets, for the fourth quarter, revenue were $400 million and the operating loss was $1.2 billion.

至於其他業務，第四季營收為 4 億美元，營運虧損為 12 億美元。

The year-over-year decline in revenue and increase in operating loss primarily reflect a milestone payment in the fourth quarter of 2023 for one of the Other Bets.

營收年減和經營虧損增加主要反映了 2023 年第四季對其中一項「其他賭注」的里程碑付款。

Turning to Alphabet level activities.

轉向字母級別的活動。

The largest component of this line is our investments in AI research and development activities, which support all of Alphabet.

這條生產線最大的組成部分是我們對人工智慧研發活動的投資，它支撐著 Alphabet 的方方面面。

As a reminder, Alphabet level activities have included nearly all severance charges from reductions in workforce and office space charges.

提醒一下，Alphabet 級別的活動幾乎包括了因裁員和辦公空間費用而產生的所有遣散費。

In the fourth quarter of 2024, the biggest factor in year-over-year comparison is the $1.2 billion in charges in the fourth quarter of 2023, almost entirely in connection with office space optimization.

2024年第四季，與去年同期相比，最大的因素是2023年第四季的12億美元費用，幾乎全部與辦公空間優化有關。

With respect to CapEx, our reported CapEx in the fourth quarter was $14 billion, primarily reflecting investments in our technical infrastructure, with the largest component being investment in servers, followed by data centers to support the growth of our business across Google Services, Google Cloud, and Google DeepMind.

關於資本支出，我們報告的第四季度資本支出為 140 億美元，主要反映了我們對技術基礎設施的投資，其中最大的部分是伺服器投資，其次是資料中心投資，以支援我們在 Google 服務、Google Cloud 和 Google DeepMind 的業務成長。

In Q4, we returned value to shareholders in the form of $15 billion in share repurchases and $2.4 billion in dividend payments.

第四季度，我們以 150 億美元的股票回購和 24 億美元的股息支付的形式向股東返還了價值。

Overall, we returned a total of nearly $70 billion to shareholders in 2024.

總體而言，我們在 2024 年向股東返還了總計近 700 億美元。

Turning to 2025, I would like to provide some commentary on several factors that will impact our business performance in both the first quarter and the full year 2025.

展望 2025 年，我想就影響我們 2025 年第一季和全年業務表現的幾個因素提供一些評論。

First, in terms of revenue, I'll highlight two items that will have meaningful impact on Q1 revenue across the company.

首先，在收入方面，我將重點介紹兩項對整個公司第一季收入產生重大影響的事項。

The first is the impact of foreign exchange rates.

第一是匯率的影響。

At the current spot rates, we expect a larger headwind to our revenues from the strengthening of the US dollar relative to key currencies in Q1 versus Q4 2024.

以目前的現貨匯率，我們預計，2024 年第一季與第四季相比，美元兌主要貨幣的走強將對我們的收入造成更大的阻力。

Second is the impact of leap year.

二是閏年的影響。

We expect a headwind from having one less day of revenue in Q1 2025 compared with leap year in the first quarter of 2024.

我們預計，與閏年 2024 年第一季相比，2025 年第一季的營收將減少一天，這將帶來不利影響。

Advertising revenue in 2025 will be impacted by lapping the strength we experienced in the financial service vertical throughout 2024.

2025 年的廣告收入將受到 2024 年金融服務垂直領域強勁表現的影響。

And in Cloud, given that revenues are correlated with the timing of deployment of new capacity, we could see variability in Cloud revenue growth rates depending on when new capacity comes online during 2025.

在雲端運算領域，鑑於收入與新容量的部署時間相關，我們可以看到雲端運算收入成長率會隨著 2025 年新容量上線的時間而變化。

Moving to investments, starting with our expectation for CapEx for the full year 2025.

談到投資，首先是我們對 2025 年全年資本支出的預期。

As we mentioned on the Q3 call, as we expand our AI efforts, we expect to increase our investments in capital expenditure for technical infrastructure, primarily for servers followed by data centers and networking.

正如我們在第三季電話會議上提到的，隨著我們擴大人工智慧力度，我們預計將增加對技術基礎設施的資本支出，主要用於伺服器，其次是資料中心和網路。

We expect to invest approximately $75 billion in CapEx in 2025, with approximately $16 billion to $18 billion of that in the first quarter.

我們預計 2025 年的資本支出約為 750 億美元，其中第一季約為 160 億至 180 億美元。

The expected total investment level may fluctuate from quarter-to-quarter, primarily due to timing of deliveries and construction schedules.

預計總投資水準可能每季都會有所波動，這主要取決於交貨時間和施工進度。

In terms of expenses, first, the increase in our investment in CapEx over the past few years will increase pressure on the P&L, primarily in the form of higher depreciation.

在費用方面，首先，過去幾年我們的資本支出增加，將增加損益表的壓力，主要表現為折舊費用增加。

In 2024, we saw 28% year-over-year growth in depreciation as we put more technical infrastructure assets into service.

2024 年，隨著我們投入更多技術基礎設施資產，折舊費年增 28%。

Given the increase in CapEx investments over the past few years, we expect the growth rate in depreciation to accelerate in 2025.

鑑於過去幾年資本支出的增加，我們預計 2025 年折舊成長率將會加速。

Second, we expect some head count growth in 2025 in key investment areas such as AI and Cloud.

其次，我們預計 2025 年人工智慧和雲端運算等關鍵投資領域的員工數量將會增加。

As you just heard from Sundar, we're delivering products and solutions to customer at a rapid pace, building, testing and launching products faster than ever before.

正如您剛才從 Sundar 那裡聽到的，我們正在快速向客戶提供產品和解決方案，並以比以往更快的速度建置、測試和推出產品。

And as I mentioned on the Q3 call, we're doing that while also focusing on driving further efficiencies in how we operate the business.

正如我在第三季電話會議上提到的，我們在這樣做的同時也致力於進一步提高業務營運效率。

Before we take questions, I'd like to recap the financial results for the year.

在我們回答問題之前，我想先回顧一下今年的財務表現。

For the full year 2024, revenue grew by 14%, or by $43 billion, reaching $350 billion.

2024 年全年營收成長 14%，即 430 億美元，達到 3,500 億美元。

Google Services and Google Cloud each continue to see double-digit revenue growth, coupled with margin expansion.

Google Services 和 Google Cloud 的營收均持續實現兩位數成長，利潤率也隨之擴大。

YouTube and Cloud revenues combined ended the year at $110 billion annual run rate.

YouTube 和雲端運算業務的總收入年底達到了 1100 億美元的年營運金額。

And in 2024, we generated total income of $112 billion, an increase of 33% from 2023.

到 2024 年，我們的總收入將達到 1,120 億美元，比 2023 年成長 33%。

We're pleased with the momentum we're seeing in AI innovation and monetization.

我們對人工智慧創新和貨幣化的勢頭感到高興。

We've been using AI to improve the performance of our ads business for well over a decade, and Cloud is generating billions in annual revenue from AI infrastructure and generative AI solutions.

十多年來，我們一直在使用人工智慧來提高我們的廣告業務的效果，而雲端運算每年從人工智慧基礎設施和生成式人工智慧解決方案中創造數十億美元的收入。

We're also excited about the potential to bring new experiences to users that will provide additional opportunities for monetization.

我們也很高興能為用戶帶來新的體驗，從而提供額外的獲利機會。

And I look forward to sharing more on our progress throughout the year.

我期待著全年分享更多我們所取得的進展。

Sundar, Philip, and I will now take your questions.

桑達爾、菲利普和我現在將回答你們的問題。

(Operator Instructions) Brian Nowak, Morgan Stanley.

（操作員指示） 摩根士丹利的 Brian Nowak。

I have two, one for Sundar, one for Anat.

我有兩個，一個給 Sundar，一個給 Anat。

Sundar, maybe kind of step back on search, seems like there's a lot of advances to come with Gen AI and agentic possibilities with Search.

Sundar，也許應該在搜尋方面退後一步，似乎 Gen AI 和搜尋的代理可能性還有很大的進展。

Can you just sort of walk us through your big-picture vision over the next few years of how you think about your search product continue to evolve to stay at the top of the funnel and drive more engagement and monetization for your users and advertisers?

您能否向我們介紹一下未來幾年的宏觀願景，即您如何看待您的搜尋產品不斷發展以保持處於領先地位，並為用戶和廣告商帶來更多的參與度和貨幣化？

Then the second one, Anat, I think about 90 days ago, you talked about sort of further efficiencies in areas of simplification on the OpEx base.

然後是第二個問題，Anat，我想大約在 90 天前，您談到了在 OpEx 基礎上簡化領域的進一步效率。

Can you just sort of walk us through some examples of where you see the potential for further efficiencies to the OpEx space, excluding the D&A step-ups that we have to come in 2025?

您能否為我們舉一些例子，說明您認為在哪些方面可以進一步提高 OpEx 領域的效率（不包括 2025 年必須實現的 D&A 提升）？

Thanks, Brian.

謝謝，布萊恩。

On Search, obviously, we view -- I mean, this has been a long continuity journey.

在搜尋方面，顯然我們認為——我的意思是，這是一個漫長的連續性旅程。

AI Overviews has been the next step.

下一步是 AI 概覽。

It's playing out positively as we have indicated.

正如我們所指出的，事情正在產生積極的效果。

The metrics look great and we are obviously trading on their experience, bringing better and better models, expanding to the number of queries where it works and so on.

這些指標看起來很棒，我們顯然正在利用他們的經驗，帶來越來越好的模型，擴大其有效的查詢數量等等。

But -- there's a lot more to come.

但是——接下來會有更多事情發生。

I think we'll continue bringing AI in more powerful ways, in multimodal ways.

我認為我們將繼續以更強大的方式、多模式的方式帶來人工智慧。

Things like what we have done with Lens, Circle to Search, you can imagine the future with Project Astra.

就像我們在 Lens、Circle to Search 上所做的那樣，你可以想像 Project Astra 的未來。

You can also imagine areas like we have done in Gemini Deep Research, possibilities where you are really dramatically expanding the types of use cases for which Search can work.

您也可以想像一下我們在 Gemini Deep Research 中所做的領域，這些可能性確實大大擴展了搜尋可以使用的用例類型。

Things which don't always get answered instantaneously, but can take some time to answer.

這些問題並不總是能立即得到答复，而可能需要一些時間才能回答。

Those are all areas of expirations, and you will see us putting newer experiences in front of users through the course of 2025.

這些都是即將到期的領域，您將看到我們在 2025 年為用戶提供更新的體驗。

And -- so I do feel the opportunity space with AI.

所以我確實感覺到人工智慧存在機遇空間。

There's a lot of unlock ahead.

前面還有很多事情要解鎖。

And for the question with regards to where do we see, or where do I see leverage moving forward and some of the comments I've made on the previous call?

對於我們在哪裡看到或我看到槓桿率在未來如何發展的問題，以及我在上次電話會議上提出的一些評論？

I certainly see opportunities for further productivity and efficiency, and this is one of our priority areas.

我確實看到了進一步提高生產力和效率的機會，這是我們的優先領域之一。

And we're going to do that so that we can make sure we continue to invest in areas such as AI and Cloud where we see potential for continued growth.

我們這樣做是為了確保我們能夠繼續在人工智慧和雲端運算等我們看到持續成長潛力的領域進行投資。

I'll remain focused on areas that I've mentioned before, which include the technical infrastructure.

我將繼續關注之前提到的領域，其中包括技術基礎設施。

So the $75 billion in CapEx I mentioned for this year, the majority of that is going to go towards our technical infrastructure, which includes servers and data centers.

所以我提到的今年 750 億美元的資本支出，其中大部分將用於我們的技術基礎設施，其中包括伺服器和資料中心。

So ensuring we do that in the most efficient way is critical.

因此，確保我們以最有效的方式做到這一點至關重要。

Second is managing head count growth, and we're going to be investing in areas of growth, such as AI and Cloud, but looking across the organization and moderating that growth will be important.

第二是管理員工人數成長，我們將在人工智慧和雲端運算等成長領域進行投資，但從整個組織來看，緩和這種成長也很重要。

Optimizing the real estate footprint is one of the areas I've mentioned, we're continuing to focus on that.

優化房地產足跡是我提到的領域之一，我們將繼續關注這一點。

As well as looking at how we simplify the organization.

以及研究如何簡化組織。

We previously mentioned bringing like areas together.

我們之前提到將相似的區域整合在一起。

Sundar talked about bringing some of the research teams together so that we can operate with increased speed, but also how we operate within the organization, using our own AI tools to how you run the business.

Sundar 談到了將一些研究團隊聚集在一起，以便我們能夠以更快的速度運作，同時也談到了我們如何在組織內運作，如何使用我們自己的人工智慧工具來經營業務。

Whether it's the code that Sundar mentioned on the previous call, writing code with AI or even running some of our key processes using AI tools.

無論是 Sundar 在上次電話會議中提到的程式碼，還是使用 AI 編寫程式碼，甚至是使用 AI 工具來運行我們的一些關鍵流程。

So we're looking at all that.

所以我們正在關注這一切。

It's going to -- this is not a one-quarter type of effort.

這不是一項只需四分之一的努力。

It's going to continue throughout the year, and we're going to continue to focus on that so that we can support the growth in other areas.

這一趨勢將會持續全年，我們將繼續關注這一點，以便能夠支持其他領域的成長。

Doug Anmuth, JPMorgan.

摩根大通的道格安穆斯 (Doug Anmuth)。

One for Philip and one for Anat.

一個給 Philip，一個給 Anat。

Philip, can you just talk more about the expanded rollout of ads on AI Overviews and perhaps what additional things you may have learned in 4Q?

菲利普，您能否詳細談談 AI Overview 上廣告的擴展推出情況，以及您在第四季度可能了解到的其他信息？

And I guess, in particular, just curious if you rolled out to a higher percentage of commercial queries?

我特別好奇您是否推出了更高比例的商業查詢？

And is it still fair to say that you're monetizing nearly on par with existing Search?

並且，是否可以說，你們的獲利能力幾乎與現有搜尋相當？

And then Anat, just on the on Cloud growth.

然後是 Anat，談論雲端的成長。

A little bit of decel 3Q to 4Q, but it sounded like you also suggested that you were capacity constrained in the fourth quarter.

第三季至第四季略有放緩，但聽起來你也暗示第四季的產能受到限制。

I just wanted to push on that a little bit more how -- is that accurate?

我只是想進一步探討這個問題——這準確嗎？

And is it fair to say that revenue growth could have been higher with much more capacity?

是否可以說，如果產能更大，收入成長可能會更高？

So on your first question, first of all, AI Overviews, which is really nice to see, continue to drive higher satisfaction and search usage, so that's really good.

所以關於你的第一個問題，首先，我們很高興看到 AI 概覽繼續提高滿意度和搜尋使用率，所以這真的很好。

And as you know, we recently launched the ads within AI Overviews on mobile in the US, which builds on our previous rollout of ads above and below.

如您所知，我們最近在美國的行動裝置上推出了 AI Overviews 中的廣告，這是在我們之前推出的上方和下方廣告的基礎上進行的。

And as I talked about before, for the AI Overviews, overall, we actually see monetization at approximately the same rate, which I think really gives us a strong base on which we can innovate even more.

正如我之前談到的，就人工智慧概覽而言，總體而言，我們實際上看到貨幣化速度大致相同，我認為這確實為我們進行更多創新奠定了堅實的基礎。

On the Cloud question.

關於雲的問題。

So first, I'm excited that we ended the quarter at $12 billion and a 30% year-over-year growth, very impressive growth.

首先，我很高興我們本季的銷售額達到了 120 億美元，年成長了 30%，這是非常令人印象深刻的成長。

And as I mentioned in the prepared remark, GCP grew at a much higher rate than overall Cloud.

正如我在準備好的發言中提到的，GCP 的成長速度遠高於整體雲端運算。

Two items to think about from a deceleration perspective.

從減速角度需要考慮的兩件事。

The first is we are lapping a very strong core of NAD deployment in Q4 of 2023.

首先，我們將在 2023 年第四季完成非常強大的 NAD 部署核心。

The second is the one you've alluded to, we do see and have been seeing very strong demand for our AI products in the fourth quarter in 2024.

第二個是您提到的，我們確實看到並且一直看到 2024 年第四季度對我們的 AI 產品的需求非常強勁。

And we exited the year with more demand than we had available capacity.

到今年年底，我們的需求已經超出了我們的產能。

So we are in a tight supply-demand situation, working very hard to bring more capacity online.

因此，我們的供需情勢緊張，正努力增加產能。

As I mentioned, we've increased investment in CapEx in 2024, continue to increase in 2025, and we'll bring more capacity throughout the year.

正如我所提到的，我們在 2024 年增加了資本支出，並將在 2025 年繼續增加，我們將全年帶來更多的產能。

Eric Sheridan, Goldman Sachs.

高盛的艾瑞克‧謝裡丹 (Eric Sheridan)。

I'll just ask one.

我只問一個。

Sundar with the news that came out of China a little over two weeks ago, I think investors have been asking a lot of questions about the long-term cost curve for AI, as AI moves from the infrastructure layer to the application layer, or from training to inference and maybe even custom silicon becomes more dominant across the team.

Sundar，兩週多前從中國傳來的消息，我認為投資者一直在問很多關於人工智慧長期成本曲線的問題，因為人工智慧從基礎設施層轉移到應用層，或者從訓練轉移到推理，甚至定制矽片可能在整個團隊中佔據主導地位。

I would love to get your perspective on your take on that news a couple of weeks ago and what it might mean for Alphabet longer term?

我很想聽聽您對幾週前那則新聞的看法，以及這對 Alphabet 的長期發展意味著什麼？

Thanks, Eric.

謝謝，埃里克。

Look, I think there's been a lot of observations on DeepSeek.

你看，我認為對 DeepSeek 已經有很多觀察。

First of all, I think a tremendous team.

首先，我認為這是一個非常棒的團隊。

I think they've done very, very good work.

我認為他們做得非常非常好。

Look, I think for us, it's always been obvious over time.

看，我認為對我們來說，隨著時間的推移這一點一直是顯而易見的。

There's frontier model development, but you can drive a lot of efficiency to serve these models really, really well.

存在前沿模型開發，但你可以提高效率，從而真正很好地服務這些模型。

And if you look at one of the areas in which the Gemini model shine is the parade of frontier of cost performance in latency.

如果你看一下 Gemini 模型的亮點之一，你會發現其在延遲成本性能方面的領先優勢。

And if you look at all three attributes, I think we are -- we lead this period of frontier.

如果你看看這三個屬性，我認為我們──我們引領了這個前沿時期。

And I would say both our 2.0 Flash models, our 2.0 Flash Thinking models, they are some of the most efficient models out there, including comparing to DeepSeek's V3 and R1.

我想說我們的 2.0 Flash 模型和 2.0 Flash Thinking 模型都是最有效的模型之一，包括與 DeepSeek 的 V3 和 R1 相比。

And I think a lot of it is our strength of the full stack development end to end optimization, our obsession with cost per query.

我認為這很大程度上是我們在全端開發端到端優化方面的優勢，以及我們對每個查詢成本的痴迷。

All of that, I think, sets as well for the workloads had both to serve billions of users across our products and on the Cloud side.

我認為，所有這些也都為跨我們的產品和雲端的數十億用戶提供服務承擔了工作量。

A couple of things I would say are if you look at the trajectory over the past three years, the proportion of the spend towards inference compared to training has been increasing, which is good because, obviously, inferences to support businesses with good ROIC.

我想說的幾件事是，如果你看看過去三年的發展軌跡，你會發現用於推理的支出與用於訓練的支出比例一直在增加，這是件好事，因為顯然推理可以支持具有良好投資回報率的企業。

And so I think that trend is good.

所以我認為這種趨勢是好的。

I think the reasoning models, if anything, accelerates that trend because it's obviously scaling upon inference dimension as well.

我認為推理模型會加速這一趨勢，因為它顯然也在推理維度上擴展。

And so I think -- look, I think part of the reason we are so excited about the AI opportunity is, we know we can drive extraordinary use cases because the cost of actually using it is going to keep coming down, which will make more use cases feasible.

所以我認為——看，我認為我們對人工智慧機會如此興奮的部分原因是，我們知道我們可以推動非凡的用例，因為實際使用它的成本將不斷下降，這將使更多的用例變得可行。

And that's the opportunity space.

這就是機會空間。

It's as big as it comes, and that's why you're seeing us invest to meet that moment.

這是一個巨大的機遇，這也是為什麼你會看到我們進行投資來迎接這一刻。

Michael Nathanson, MoffettNathanson.

邁克爾·納桑森（Michael Nathanson），莫菲特·納桑森（MoffettNathanson）。

I have two.

我有兩個。

One for Philipp and one for Anat.

一個給菲利普，一個給阿納特。

Philipp, question for you is we're starting to see more AI tools on e-commerce sites and something like research with AI recommendations is on Google shopping.

菲利普，你的問題是，我們開始在電子商務網站上看到更多的人工智慧工具，在谷歌購物上也有類似帶有人工智慧推薦的研究。

Can you talk about how that product and other AI tools are impacting shopping behavior, had that impact to monetization?

您能談談該產品和其他人工智慧工具如何影響購物行為以及對貨幣化有何影響嗎？

And then I guess the $75 billion question Anat is, how do you think about long-term capital intensity for this business?

然後我想價值 750 億美元的問題是，阿納特，您如何看待這項業務的長期資本密集度？

It sounds like there's a bit of constraint from getting things built, but how do you think or how do you think about the modeling of capital intensity going forward?

聽起來好像在建設方面會遇到一些限制，但是您如何看待或如何看待未來資本密集度的模型？

And what are the things that you're looking forward to in terms of whether or not this is the right level of spend?

那麼，就這是否是合適的支出水平而言，您期待什麼？

Look, excellent question.

瞧，這個問題問得好。

We've been using our advances in AI to make search for products on Google even easier, obviously.

顯然，我們一直在利用人工智慧方面的進步使在 Google 上搜尋產品變得更加容易。

And in Q4, we actually introduced quite a transformed Google shopping experience, which we rebuilt from the ground up with AI.

在第四季度，我們實際上推出了截然不同的 Google 購物體驗，我們利用人工智慧從頭開始重建了這一體驗。

And people shop more than a billion times a day across Google.

人們每天透過 Google 購物超過十億次。

Last quarter, we introduced this fully reinvented Google shopping experience.

上個季度，我們推出了全新 Google 購物體驗。

In December, we saw roughly -- I mentioned as 13% more daily active users in Google Shopping in the US compared to the same period last year.

12 月份，我們發現—我提到過，與去年同期相比，美國 Google Shopping 的每日活躍用戶增加了 13%。

So that's a good development here.

這是一個很好的發展。

And the new Google Shopping experiences specifically to your question, users to really intelligently show the most relevant products, helping to speed up and simplify your research.

而且全新的 Google Shopping 體驗專門針對您的問題，向用戶真正聰明地展示最相關的產品，幫助加快和簡化您的研究。

You get an AI-generated brief with top things to consider for your search plus maybe products that meet your needs.

您將獲得一份由人工智慧產生的簡介，其中包含您在搜尋時需要考慮的首要事項以及可能滿足您需求的產品。

So shoppers very often want low prices.

因此購物者往往希望獲得低價。

So the new page not only includes like deal finding tools like price comparison, price insights, price tracking throughout.

因此，新頁面不僅包含價格比較、價格洞察、價格追蹤等交易查找工具。

But it's also a new and dedicated personalized deals page, which can browse deals for you and all this is really built on the backbone of AI.

但它也是一個新的、專用的個人化交易頁面，可以為您瀏覽交易，而所有這些都是建立在人工智慧的基礎上的。

So we think this is a very interesting opportunity.

因此我們認為這是一個非常有趣的機會。

And on the question of capital expenditure, and I think you may have two questions in there.

關於資本支出的問題，我想您可能有兩個問題。

One is just the capital intensity and then how would we think about return on that invested capital.

一是資本密集度，二是我們如何看待投資資本的報酬。

So on the first one, certainly, we're looking ahead, but we're managing very responsibly.

因此，對於第一個問題，我們當然是向前看，但我們會非常負責任地進行管理。

It was a very rigorous, even internal governance process, looking at how do we allocate the capacity and what would we need to support the customer demand externally, but also across the Google -- the Alphabet business.

這是一個非常嚴格的內部治理流程，不僅要考慮如何分配產能，還要考慮我們需要如何支援外部客戶的需求，以及整個Google（Alphabet）業務的需求。

And as you've seen in the comment I've just made on Cloud, we do have demand that exceeds our available capacity.

正如您在我剛剛對雲端發表的評論中所看到的，我們的需求確實超出了我們的可用容量。

So we'll be working hard to address that and make sure we bring more capacity online.

因此，我們將努力解決這個問題，並確保提供更多的線上容量。

We do have the benefit of having a very broad business, and we can repurpose capacity, whether it's through Google Services or Google Cloud to support, as I said, whether it's search or GDM, or Google Cloud customers, we can do that in a more efficient manner.

我們確實擁有擁有非常廣泛業務的優勢，並且我們可以重新利用容量，無論是透過Google服務還是Google雲端來支持，正如我所說，無論是搜尋還是 GDM，還是Google雲端客戶，我們都可以以更有效的方式做到這一點。

We also look at every investment that we make to ensure that we're doing it in the most cost-efficient way to optimize our data center.

我們也會審查所做的每項投資，以確保以最具成本效益的方式優化我們的資料中心。

As you know, our strategy is mostly to rely our own self design and build data centers.

如您所知，我們的策略主要是依靠我們自己設計和建造的資料中心。

So they're industry-leading in terms of both cost and power efficiency at scale.

因此，他們在成本和規模能源效率方面都處於行業領先地位。

We have our own customized TPUs, their customized for our own workload, so they do deliver outstanding the superior performance and CapEx efficiency.

我們有自己客製化的 TPU，它們是根據我們自己的工作量量身定制的，因此它們確實提供了卓越的性能和資本支出效率。

So we're going to be looking at all that when we make decisions as to how we're going to progress capital investments throughout the coming years.

因此，當我們決定未來幾年如何推進資本投資時，我們將考慮所有這些因素。

Mark Shmulik, Bernstein.

馬克‧施穆里克，伯恩斯坦。

Sundar, I just wanted to follow up to Brian's question from earlier.

Sundar，我只是想跟進 Brian 之前提出的問題。

With your own project Mariner efforts and a competitor's recent launch, seems there's suddenly really strong momentum on AI consumer agents and kind of catching up to that old Google Duplex Vision.

透過您自己的 Mariner 專案的努力和競爭對手的近期發布，似乎人工智慧消費者代理突然出現了非常強勁的發展勢頭，並有點趕上了舊款的 Google Duplex Vision。

I think when you look a few years ahead, where do you see consumer agents going?

我想，展望未來幾年，您認為消費者代理商將會走向何方？

And really, what does it mean to Google Search outside of lens?

那麼，對於鏡頭以外的 Google 搜尋來說，這究竟意味著什麼呢？

Is there room for both to flourish?

兩者是否都有發展的空間？

Or will they eventually be in conflict with each other?

或者他們最終會發生衝突？

Look, I think, first of all, we are definitely seeing a lot of progress in the underlying capabilities of these models.

首先，我認為，我們確實看到這些模型的底層功能取得了巨大進展。

Gemini 2.0 was definitely built with the view of enabling more agentic use cases.

Gemini 2.0 的建置無疑是為了實現更多的代理用例。

And so I actually -- we are definitely seeing progress inside. and I think we'll be able to do more agentic experiences for our users.

因此我實際上——我們確實看到了內部的進展。我認為我們將能夠為我們的用戶提供更多代理體驗。

Look, I actually think all of this expands the opportunity space.

看，我實際上認為所有這些都擴大了機會空間。

I think it -- historically, we've had information use cases, but now you can have -- you can act on your information needs in a much deeper way.

我認為——從歷史上看，我們已經有了資訊用例，但現在您可以——您可以以更深入的方式根據您的資訊需求採取行動。

It's always been our vision when we have talked about Google Assistant, et cetera.

當我們談論 Google Assistant 等等時，這始終是我們的願景。

So I think the opportunity space expands.

因此我認為機會空間正在擴大。

I think there's plenty of it, feels very far from a zero-sum game.

我認為有很多這樣的情況，感覺離零和遊戲還很遠。

There's plenty of room, I think, for many new types of use cases to flourish.

我認為，許多新類型的用例都有足夠的發展空間。

And I think for us, we have a clear sense of additional use cases.

我認為對於我們來說，我們清楚地了解額外的用例。

We can start to tackle for our users in Google Search.

我們可以開始為 Google 搜尋中的使用者解決問題。

And all the early work with AIO view shows that users will react positively to that.

所有早期的 AIO 視圖工作都表明使用者會對此做出積極的反應。

So I'm pretty excited about what's ahead.

所以我對於未來感到非常興奮。

Ross Sandler, Barclays.

巴克萊銀行的羅斯桑德勒。

Great.

偉大的。

One on infrastructure and then one on the guidance on revenue.

一個是關於基礎設施，另一個是關於收入指導。

So Sundar, if we look at the inference cost per 1 million tokens and not the API pricing we see for Gemini versus something like GPT 4, but the raw costs they're generating inference tokens on your TPU stack.

因此，Sundar，如果我們看每 100 萬個代幣的推理成本，而不是 Gemini 與 GPT 4 之類的 API 定價，而是他們在 TPU 堆疊上產生推理代幣的原始成本。

How much more efficient do you think you guys are in terms of generating 1 million tokens compared to inference costs running on your cloud peers?

您認為與在雲端運行推理成本相比，產生 100 萬個代幣的效率有多高？

Do you see this as an advantage as everything shifts to inference?

當一切都轉向推理時，您是否認為這是一個優勢？

And then Anat, you called out lapping the financial services category strength in 2025 as a bit of a problem for Search.

然後 Anat，您指出 2025 年金融服務類別實力的提升對於搜尋來說是一個問題。

Could you just quantify a little bit of that?

您能稍微量化一下嗎？

Is that kind of the same as when you guys talk about lapping the Asia outbound advertiser channel?

這跟你談論開拓亞洲出境廣告管道是一樣的嗎？

Any numbers you could put around that headwind?

您能給出有關逆風的數字嗎？

Ross, look, the whole DPU project started.

羅斯，你看，整個 DPU 專案已經啟動了。

Our V1 was effectively an inferencing chip.

我們的 V1 其實是推理晶片。

So we've always part of the reason we have taken the end-to-end stack approaches that -- so that we can definitely drive a strong differentiation in end-to-end optimizing and not only on a cost but on a latency basis, on a performance basis, be it at the parade of frontier we mentioned.

因此，我們始終採用端對端堆疊方法的部分原因是——這樣我們就可以在端到端優化中實現強大的差異化，不僅是在成本上，而且在延遲基礎上，在性能基礎上，無論是在我們提到的前沿遊行中。

And I think our full stack approach and our TPU efforts all play give a meaningful advantage, and we plan -- you already see that.

我認為我們的全端方法和 TPU 努力都發揮了有意義的優勢，我們計劃——您已經看到了這一點。

I know you asked about the cost, but it's effectively captured when we price outside, we pass on the differentiation.

我知道您問到成本問題，但當我們在外部定價時，成本就被有效地捕獲了，我們傳遞了差異化。

It's partly why we've been able to bring forward flat models at very attractive value props, which is what is driving developer growth.

這也是我們能夠以極具吸引力的價值主張推出扁平模型的原因之一，而這正是推動開發者成長的動力。

We've doubled our developers to 4.4 million in just about six months.

在短短六個月內，我們的開發人員數量增加了一倍，達到 440 萬。

Vertex usage is up 20x last year.

去年 Vertex 的使用量增加了 20 倍。

And so all of that is a direct result of that approach, and so we'll continue doing that.

所有這些都是這種方法的直接結果，因此我們將繼續這樣做。

And on the question regarding my comment on lapping the strength in financial services.

關於我對加強金融服務的評論的問題。

This is primarily related to the structural changes with regards to insurance.

這主要與保險的結構性變化有關。

It's more specifically within Financial Services, it was the insurance segment and we saw that continue, but it was a onetime kind of a step-up and then we saw throughout the year.

更具體地說，是在金融服務領域，是保險領域，我們看到這種情況仍在繼續，但這只是一次性的提升，然後我們在全年都看到了這種提升。

I'm not going to give any specific numbers as to what we expect to see in 2025.

關於我們預計 2025 年會出現什麼情況，我不會給出任何具體數字。

But I'm pleased with the fact that we're seeing, and continuing to see, strength across really all verticals, including retail and exiting the year in a position of strength.

但我很高興看到，我們看到並將繼續看到包括零售業在內的所有垂直領域的實力，並在年底保持強勢。

If anything, I would highlight as you think about the year, the comments I've made about the impact of FX as well as the fact that we have one less day of revenue in Q1.

如果有的話，我會強調，當你思考這一年時，我對外匯的影響所做的評論，以及我們在第一季的收入減少了一天的事實。

Justin Post, Bank of America.

美國銀行的賈斯汀·波斯特 (Justin Post)。

A couple for Philipp.

給菲利普一對。

You mentioned higher search usage with overviews.

您提到了透過概述可以提高搜尋使用率。

Just wondering how you're feeling about overall Search usage.

只是想知道您對整體搜尋使用情況的感受。

Is it accelerating as you integrate more AI?

隨著整合更多的 AI，這個速度是否會加速？

I know there's a lot of traffic growth at competitors with AI, but just wondering if you're seeing a real increase in total volumes of information gathering?

我知道借助人工智慧，競爭對手的流量成長了很多，但我懷疑，您是否看到資訊收集總量真正增加？

And then second on YouTube.

其次是 YouTube。

Thinking about kind of maybe a move for more professional content to user-generated content.

正在考慮將更專業的內容轉向用戶生成的內容。

What is that doing for your usage?

這對您的使用有何作用？

And how do you think about the margin impact from that?

您認為這對利潤率有何影響？

Maybe on -- just on Search usage, overall, our metrics are healthy.

也許—僅就搜尋使用情況而言，整體而言，我們的指標是健康的。

We are continuing to see growth in Search on a year-on-year basis in terms of overall usage.

就整體使用量而言，我們持續看到搜尋量年增。

Of course, within that, AI Overviews has seen stronger growth, particularly across all segments of users, including younger users, so it's being well received.

當然，其中，AI Overviews 取得了更強勁的成長，特別是在所有用戶群中，包括年輕用戶，因此受到了好評。

But overall, I think through this AI moment, I think Search is continuing to perform well.

但總的來說，我認為透過這個人工智慧時刻，搜尋將繼續表現良好。

And as I said earlier, we have a lot more innovations to come this year.

正如我之前所說，今年我們還會有更多創新。

I think the product will evolve even more.

我認為該產品還會有進一步的發展。

And I think as you make Search -- as you give -- as you make it more easy for people to interact and ask follow-up questions, et cetera, I think we have an opportunity to drive further growth.

我認為，當你進行搜尋時，當你讓人們更容易互動和提出後續問題等等時，我認為我們就有機會推動進一步的成長。

And some color on your YouTube question.

對您的 YouTube 問題進行一些說明。

Look, YouTube ads overall had a very healthy growth in Q4 driven by brand, followed by direct response.

從整體來看，YouTube 廣告在第四季度實現了非常健康的成長，這主要得益於品牌推動，其次是直接反應。

The US election advertising led brand revenue growth, and we saw nearly double the spending from 2020.

美國大選廣告引領品牌營收成長，我們看到支出比 2020 年成長了近一倍。

I mentioned that.

我提到過這一點。

We also had a strong contribution from finance, retail and the tech verticals.

金融、零售和科技垂直產業也為我們做出了巨大貢獻。

So overall, strong operating.

整體而言，營運強勁。

Watch time growth remains robust, particularly in key monetization opportunity areas such as shorts and living room just to set the stage here one more time.

觀看時間成長依然強勁，特別是在短片和客廳等關鍵的獲利機會領域，這再次奠定了基礎。

On your question, specifically, on the UGC side, look, we have a very strong position with creators.

關於你的問題，具體來說，在 UGC 方面，我們在創作者中佔據非常強勢的地位。

And we've always said creators are at the center of YouTube's success here.

我們一直說，創作者是 YouTube 成功的核心。

And they're the number one most important thing we care about.

它們是我們最關心的事。

And this strong position really gives us a lot of confidence here.

這種強勢地位確實給了我們很大的信心。

Today, we have more than 3 million channels that are actually in the YouTube partner program, which is really an incredible program.

今天，我們實際上有超過 300 萬個頻道加入了 YouTube 合作夥伴計劃，這真是一個令人難以置信的計劃。

So we're very confident with the position we have and where this goes.

因此，我們對我們的現狀以及未來發展非常有信心。

Ken Gawrelski, Wells Fargo.

富國銀行的肯‧加夫雷爾斯基 (Ken Gawrelski)。

Two, please.

請給我兩份。

I want to focus on Gemini and the consumer agent side.

我想重點關注 Gemini 和消費者代理方面。

Sundar, there was some press reports that suggested you have an ambitious goal on growing the usage by the end of '25.

桑達爾，有一些新聞報導稱，你有一個雄心勃勃的目標，在 2025 年底前增加使用量。

Two questions on that, please.

請問您兩個問題。

First, what's the -- how should we think about the approach that you're going to employ to achieve this goal?

首先，我們該如何思考您要採用什麼方法來實現這個目標？

Is it more aggressive marketing for Gemini as a stand-alone product?

作為一款獨立產品，Gemini 的行銷是否更加積極？

Or is it tighter integration into existing experiences, whether it be search, mail, maps, et cetera?

或者它與現有體驗更緊密地結合在一起，無論是搜尋、郵件、地圖等等？

And then the second one is, how should we think about the future monetization opportunity of Gemini?

第二個問題是，我們該如何看待 Gemini 未來的貨幣化機會？

Today, it's really a premium subscription offering or a free offering.

今天，它實際上是一種高級訂閱服務或免費服務。

Over time, do you see an ad component?

隨著時間的推移，您是否看到廣告元件？

And anything you can share on that, please?

還有什麼可以分享的嗎？

First of all, we've had a strong momentum for Gemini on the app side, particularly through the second half of 2024.

首先，Gemini 在應用程式方面發展勢頭強勁，尤其是在 2024 年下半年。

And some of it is, we've made it more easily accessible.

其中有些我們已經讓它變得更容易取得。

We've brought it to, for example, with a dedicated app on iOS, which has been super positively received and definitely getting a lot of traction there.

例如，我們將其帶到了 iOS 上，並推出了一款專用應用程序，該應用程式獲得了非常積極的反響，並且在當地獲得了很大的發展。

So definitely driving organic growth by putting the product out, we just last week rolled out with our 2.0 series of models, so 2.0 Flash.

因此，推出該產品無疑會推動有機成長，我們上週剛推出了 2.0 系列型號，也就是 2.0 Flash。

I mean I think that's one of the most capable models you can access at the free tier.

我的意思是，我認為這是您可以在免費套餐中訪問的功能最強大的模型之一。

So that's definitely contributing as well.

所以這肯定也有貢獻。

And so we are rapidly trading.

因此，我們正在快速交易。

We've had a couple of key innovations there.

我們在那裡進行了一些關鍵的創新。

Gemini Live, I think, has been definitely a hit with users as well as for advanced users Gemini Deep Research.

我認為，Gemini Live 絕對受到了普通用戶以及 Gemini Deep Research 高級用戶的歡迎。

So I think a combination of innovation continually trading on the product and making it better, is driving a lot of usage.

所以我認為，創新與產品的不斷改進相結合，將推動產品的大量使用。

And we'll have a lot more to come as we go it this year, and we're obviously -- have a partnership with Samsung.

今年我們還會有更多產品推出，而且我們顯然與三星建立了合作關係。

So there are other things which will contribute to it as well.

所以還有其他因素也會對此產生影響。

On the monetization side, obviously, for now, we are focused on a free tier and subscriptions.

在貨幣化方面，顯然目前我們專注於免費層和訂閱。

But obviously, as you've seen in Google over time, we always want to lead with user experience.

但顯然，正如你長期以來在谷歌看到的那樣，我們始終希望以用戶體驗為先。

And we do have very good ideas for native ad concepts, but you'll see us lead with the user experience.

我們確實對原生廣告概念有非常好的想法，但你會看到我們以用戶體驗為主導。

And -- but I do think we're always committed to making the products work and reach billions of users at scale.

而且——但我確實認為我們始終致力於讓產品發揮作用並大規模覆蓋數十億用戶。

And advertising has been a great aspect of that strategy.

廣告是這項策略的一個重要面向。

And so just like you've seen with YouTube, we'll give people options over time.

正如您在 YouTube 上看到的一樣，我們會隨著時間的推移為人們提供選擇。

But for this year, I think you'll see us be focused on the subscription direction.

但今年，我想你會看到我們專注於訂閱方向。

That concludes our question-and-answer session for today.

今天的問答環節到此結束。

I'd like to turn the conference back over to Jim Friedland for any further remarks.

我想將會議交還給吉姆·弗里德蘭，請他發表進一步的評論。

Thanks, everyone, for joining us today.

感謝大家今天的參與。

We look forward to speaking with you again on our first quarter 2025 call.

我們期待在 2025 年第一季電話會議上再次與您交談。

Thank you, and have a good evening.

謝謝您，祝您晚上愉快。

Thank you, everyone.

謝謝大家。

This concludes today's conference call.

今天的電話會議到此結束。

Thank you for participating.

感謝您的參與。

You may now disconnect.

您現在可以斷開連線。