Google (GOOG) 2026 Q2 法說會逐字稿

Welcome, everyone. Thank you for standing by for the Alphabet second-quarter 2026 earnings conference call. (Operator Instructions)

歡迎各位。感謝各位撥冗參加 Alphabet 2026 年第二季財報電話會議。(接線員指示)

I would now like to hand the conference over to your speaker today, Jim Friedland, Head of Investor Relations. Please go ahead.

現在我想把會議交給今天的講者——投資人關係主管 Jim Friedland。請開始。

Thank you. Good afternoon, everyone, and welcome to Alphabet's second-quarter 2026 earnings conference call. With us today are Sundar Pichai, Philipp Schindler, and Anat Ashkenazi.

謝謝。各位下午好，歡迎參加 Alphabet 2026 年第二季財報電話會議。今天與會者包括 Sundar Pichai、Philipp Schindler，以及 Anat Ashkenazi。

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.

接下來我將快速說明「安全港」聲明。我們今天就業務、營運與財務表現所做的部分陳述，可能被視為前瞻性陳述。此類陳述係基於目前的預期與假設，並可能受到多項風險與不確定性影響。實際結果可能出現重大差異。請參閱我們的 10-K 與 10-Q 表格申報文件（包含風險因素）。我們不承擔更新任何前瞻性陳述之義務。

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，我們將同時呈現 GAAP 與非 GAAP 財務衡量指標。非 GAAP 與 GAAP 指標之調節表已納入今日的財報新聞稿；該新聞稿已發布並可透過我們位於 abc.xyz/investor 的投資人關係網站供大眾查閱。我們的評論將以年對年比較為主，除非另有說明。

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

現在把電話會議交給 Sundar。

Hi, everyone. Thanks for joining us. We have exciting momentum. Alphabet revenue grew 24% year over year. Our AI investments are redefining what's possible across every part of our business.

各位好。感謝加入我們。我們正展現令人振奮的動能。Alphabet 營收年增 24%。我們在 AI 的投資正重新定義我們業務各個面向的可能性。

Our momentum starts with search, where people are adopting one seamless search experience across AI overviews and AI mode. We saw 17% revenue growth in search and other, and YouTube ads grew 13%.

我們的動能始於搜尋，人們正採用一個無縫的搜尋體驗，涵蓋 AI 摘要（AI overviews）與 AI 模式（AI mode）。我們看到「搜尋及其他」營收成長 17%，YouTube 廣告成長 13%。

Cloud revenue grew 82%, powered by strong demand for AI infrastructure and AI solutions, and Cloud backlog grew to $514 billion. It's great to see the wide adoption of Gemini Enterprise with nearly 90% of Fortune 100 using it.

Cloud 營收成長 82%，主要受 AI 基礎設施與 AI 解決方案的強勁需求帶動，Cloud 在手訂單（backlog）成長至 5,140 億美元。很高興看到 Gemini Enterprise 被廣泛採用，財富 100 大企業中近 90% 都在使用。

Today, I'll expand on our AI progress, our global product footprint led by Search and YouTube, Google Cloud's leadership, and our long-term bets.

今天我將進一步說明我們在 AI 的進展、以搜尋與 YouTube 為首的全球產品版圖、Google Cloud 的領導地位，以及我們的長期押注。

First, AI. Yesterday, we announced new models, Gemini 3.6 Flash and 3.5 Flash Lite, which are cost effective and highly efficient. We are seeing tons of demand for our workhorse Gemini Flash series because it hits the sweet spot of performance and cost.

首先談 AI。昨天我們發布了新模型 Gemini 3.6 Flash 與 3.5 Flash Lite，具備高性價比且效率極高。我們看到市場對我們的主力產品 Gemini Flash 系列有大量需求，因為它在效能與成本之間取得最佳平衡。

We also launched Gemini 3.5 Flash Cyber, which I'm really excited about. Paired with our CodeMender agent, it finds and fixes vulnerabilities and delivers performance at the frontier comparable to far bigger cyber models.

我們也推出了 Gemini 3.5 Flash Cyber，我對此感到非常興奮。搭配我們的 CodeMender 代理（agent），它能找出並修補漏洞，並在前沿表現上達到可與更大型資安模型相媲美的水準。

Gemini 3.5 Pro is currently in testing, and our team is already building the next generation of models. We have started our most ambitious pre-training run yet for Gemini 4 and are excited by the progress we are seeing at the frontier.

Gemini 3.5 Pro 目前正在測試中，而我們的團隊已在打造下一代模型。我們已啟動迄今最具企圖心的 Gemini 4 預訓練（pre-training）運行，並對我們在前沿所看到的進展感到振奮。

Demand for our models is translating to strong token usage across developers and enterprise customers, and we continue to be supply constrained, a sign of momentum and rapid adoption. More than 9 million developers are building each month with our models across our APIs and key developer products.

對我們模型的需求正轉化為開發者與企業客戶的強勁 token 使用量；我們仍持續受供給限制，這是動能與快速採用的跡象。每月有超過 900 萬名開發者透過我們的 API 與關鍵開發者產品使用我們的模型進行開發。

Our model APIs are now processing approximately 22 billion tokens per minute. That's up from 16 billion just a quarter ago.

我們的模型 API 目前每分鐘約處理 220 億個 token。相較於僅一季前的 160 億個有所提升。

Additionally, this quarter, we launched Omni. It allows users to create anything from any input, starting with video. Since launching at I/O in May, there's been a 40% increase in daily active users creating videos on the Gemini app. Our Gemma family of open models, small enough to run on local devices, are hugely popular. These models have been downloaded over 900 million times, and our latest Gemma 4 models have been downloaded over 300 million times since launching in April.

此外，本季我們推出了 Omni。它讓使用者可從任何輸入創作任何內容，並以影片為起點。自 5 月在 I/O 發布以來，在 Gemini 應用程式上每日活躍使用者創作影片的數量增加了 40%。我們的開放模型 Gemma 家族，小到可在本地裝置上運行，極受歡迎。這些模型已被下載超過 9 億次，而我們最新的 Gemma 4 模型自 4 月推出以來已被下載超過 3 億次。

Our agentic development platform, Antigravity, allows anyone to build in the agent-first era. It has more than 2.4 million weekly active users. Antigravity is a powerful tool for users and enterprises, and it's completely accelerated how we build internally. As just one example, a team in Chrome is now on track to accelerate delivery by eight times, compressing The two-year timeline into three months through model-driven refactoring.

我們的代理式（agentic）開發平台 Antigravity，讓任何人都能在以代理為先（agent-first）的時代進行建置。它每週活躍使用者超過 240 萬。Antigravity 對使用者與企業而言都是強大工具，也徹底加速了我們內部的建置方式。舉例來說，Chrome 的一個團隊正朝著將交付速度提升 8 倍的目標前進，透過模型驅動的重構，把原本兩年的時程壓縮到三個月。

Moving on to our global product footprint, which brings AI to more people than any other company. Starting with search. AI continues to drive an expansionary moment with new experiences resonating with users and driving growth in queries. As a big football fan, I was particularly excited to see search usage hit an all-time high during the World Cup this year. This really highlights how much people turn to Google in moments that matter.

接著談我們的全球產品版圖——它把 AI 帶給的人數超過任何其他公司。先從搜尋開始。AI 持續帶來擴張性的時刻，新體驗引起使用者共鳴並推動查詢量成長。身為足球迷，我特別興奮看到今年世界盃期間的搜尋使用量創下歷史新高。這凸顯了在人們重視的關鍵時刻，有多麼依賴 Google。

We continue to make search more helpful and intuitive. We recently brought together AI overviews and AI mode into one seamless search experience that combines our frontier capabilities with the best of the web. And we are continuing to incorporate more frontier capabilities into search with agents, personal intelligence, and notebooks.

我們持續讓搜尋更有幫助、更直覺。我們最近把 AI 摘要（AI overviews）與 AI 模式（AI mode）整合為一個無縫的搜尋體驗，結合我們的前沿能力與網路內容的精華。我們也持續把更多前沿能力導入搜尋，包括代理、個人智慧與筆記本（notebooks）。

Our AI-powered features are driving increased search usage. Since expanding AI mode globally last October, we have surpassed 1 billion monthly active users. And just like AI overviews, AI mode is driving an incremental increase in search queries overall, and we are now sending billions of clicks to websites every week through AI features in search.

我們的 AI 驅動功能正帶動搜尋使用量提升。自去年 10 月將 AI 模式擴展至全球以來，我們已突破每月 10 億名活躍使用者。而且就像 AI 摘要一樣，AI 模式正帶動整體搜尋查詢量的增量成長；目前我們每週透過搜尋中的 AI 功能向網站送出數十億次點擊。

As we serve more of these queries, we have continued to drive efficiencies. Thanks to our engineering and hardware optimizations, this quarter, we reduced the cost of AI mode responses to its lowest level since launch, even as we have brought more advanced AI capabilities. Philipp will also talk more about how we are innovating the ads experience.

隨著我們處理更多這些查詢，我們也持續提升效率。受惠於工程與硬體最佳化，本季即使導入更先進的 AI 能力，我們仍把 AI 模式回覆的成本降至自推出以來的最低水準。Philipp 也會進一步談到我們如何在廣告體驗上持續創新。

Next, the Gemini app, which now has 950 million monthly active users, with daily active users tripling in the last year. Users love new agentic features like Daily Brief and our personalized agent, Gemini Spark, which is now available in the US and internationally. We have been shipping helpful new features like this at an incredible clip.

接下來是 Gemini 應用程式，目前每月活躍使用者達 9.5 億，且過去一年每日活躍使用者成長至 3 倍。使用者喜愛新的代理式功能，例如 Daily Brief 與我們的個人化代理 Gemini Spark；目前已在美國及國際市場推出。我們以驚人的速度持續推出像這樣實用的新功能。

On to YouTube. Month after month, when a big event happens in the world, the world turns to YouTube. It's been incredible to see that over 1.7 billion unique viewers globally watched World Cup-related videos on YouTube during the FIFA World Cup 2026.

再來談 YouTube。每當世界上發生重大事件，全球都會一再轉向 YouTube。令人驚豔的是，在 2026 年 FIFA 世界盃期間，全球有超過 17 億名不重複觀眾在 YouTube 觀看與世界盃相關的影片。

We're also bringing the power of conversational AI directly into the YouTube experience. Ask YouTube uses our Gemini models to let people ask complex questions about individual videos, get quick takeaways, and jump straight to moments in those videos. The early engagement is encouraging. More than 140 million users engaged with Ask YouTube on the watch page in June 2026, and we are bringing that Ask experience to the wider search experience on YouTube.

我們也正把對話式 AI 的力量直接帶入 YouTube 體驗。Ask YouTube 使用我們的 Gemini 模型，讓人們能就單支影片提出複雜問題、快速取得重點，並直接跳轉到影片中的特定片段。早期互動表現令人鼓舞。2026 年 6 月有超過 1.4 億名使用者在觀看頁面與 Ask YouTube 互動，而我們也正把這種 Ask 體驗擴展到 YouTube 更廣泛的搜尋體驗中。

Next, Cloud. Our continued momentum is driven by our integrated AI portfolio consisting of chips, models, data, security, and agent platforms, all designed to work together. Gemini continues to be a key driver of growth, and is deeply integrated across all of our cloud products, including Gemini Enterprise, data analytics, cybersecurity, and Google Workspace. We are seeing strong, diversified demand across products, customers, geographies, and industries.

接下來談雲端。我們持續的動能來自於整合式 AI 產品組合，涵蓋晶片、模型、資料、安全與代理平台，並且皆以協同運作為設計核心。Gemini 仍是成長的關鍵驅動力，並已深度整合至我們所有雲端產品之中，包括 Gemini Enterprise、資料分析、資安，以及 Google Workspace。我們看到在產品、客戶、地區與產業面向皆呈現強勁且多元化的需求。

Our product differentiation is driving expansion in three ways. We are winning new customers, more than doubling our acquisition velocity year over year. We are deepening our relationships with existing customers, who are expanding their usage and exceeding their commitments by more than 50%, also an acceleration over last quarter.

我們的產品差異化正以三種方式推動擴張。我們正在贏得新客戶，客戶取得速度年增超過一倍。我們也在深化與既有客戶的關係；他們擴大使用量，且超出承諾的幅度超過 50%，相較上一季亦是加速成長。

We are driving growth with partners, with transactions on Google Cloud Marketplace growing over seven times year over year. One of the strongest parts of our growth comes from the rapid adoption of our Gemini Enterprise platform. It's differentiated with easy-to-use tools to build agents and automate processes, connectivity to enterprise systems, cost management, and governance tools.

我們也透過合作夥伴推動成長，Google Cloud Marketplace 的交易量年增超過七倍。我們成長中最強勁的一部分，來自 Gemini Enterprise 平台的快速採用。其差異化在於提供易用工具以建置代理並自動化流程、可連接企業系統、具備成本管理與治理工具。

In Q2, Agent Development Kit, our framework for building and deploying enterprise AI agents, reached nearly 70 million total downloads. As I said, nearly 90% of Fortune 100 are using Gemini Enterprise. We have customers like PepsiCo for AI and analytics solutions, Intel to streamline core processes, HSBC for wealth management, Bell Canada for customer engagement, Macy's for commerce experiences, and SIGNAL IDUNA for knowledge management.

在第二季，Agent Development Kit（我們用於建置與部署企業 AI 代理的框架）累計下載量接近 7,000 萬次。如我所說，財富 100 大企業中近 90% 正在使用 Gemini Enterprise。我們的客戶包括：百事公司（PepsiCo）用於 AI 與分析解決方案、英特爾（Intel）用於精簡核心流程、匯豐（HSBC）用於財富管理、加拿大貝爾（Bell Canada）用於客戶互動、梅西百貨（Macy's）用於商務體驗，以及 SIGNAL IDUNA 用於知識管理。

More broadly, Gemini is transforming how millions of businesses use AI to build custom agents, automate processes, improve cybersecurity, manage customer relationships, streamline data analytics, collaborate effectively, and more. All of this momentum is driving growth in our paid token usage.

更廣泛而言，Gemini 正在改變數以百萬計企業使用 AI 的方式，協助其打造客製化代理、自動化流程、提升資安、管理客戶關係、精簡資料分析、有效協作等。這些動能也帶動我們付費 token 使用量的成長。

Nearly 500 cloud customers have each processed more than 1 trillion tokens in the last year, and usage is so much deeper than that. Over the last 12 months, more than 2,000 enterprises consumed over 100 billion tokens.

在過去一年中，近 500 家雲端客戶各自處理了超過 1 兆個 token，而且實際使用深度遠不止於此。在過去 12 個月，超過 2,000 家企業消耗了超過 1,000 億個 token。

We're also seeing strong interest in our AI-powered security platform, which is differentiated because it integrates threat intelligence, cyber response prioritization with Wiz, AI-automated scanning, code remediation, and monitoring.

我們也看到市場對我們 AI 驅動的安全平台有強烈興趣；其差異化在於整合威脅情報、與 Wiz 的網路事件回應優先排序、AI 自動化掃描、程式碼修復，以及監控。

Today, 90% of Fortune 100 are Google Cloud security users. Nearly 90% of this customers are using AI-powered security features, and we have seen a more than 45% quarter-over-quarter increase in the number of AI workloads scanned and protected by our security platform.

目前，財富 100 大企業中有 90% 是 Google Cloud 安全性使用者。其中近 90% 的客戶正在使用 AI 驅動的安全功能；此外，我們也看到由安全平台掃描並保護的 AI 工作負載數量，季增超過 45%。

Our security tools are being used to protect critical infrastructure including financial services organizations such as Morgan Stanley, telecommunication providers such as Telus, healthcare organizations such as Texas Children's, software companies such as Atlassian, and several government agencies. And with our new Google AI Threat Defense, we are really excited to bring our new cyber model and CodeMender to help our customers defend against AI threats.

我們的安全工具正用於保護關鍵基礎設施，包括金融服務機構（如 Morgan Stanley）、電信業者（如 Telus）、醫療機構（如 Texas Children's）、軟體公司（如 Atlassian），以及多個政府機關。此外，透過全新的 Google AI Threat Defense，我們非常期待將新的資安模型與 CodeMender 帶給客戶，協助其防禦 AI 威脅。

All of this is powered by our leading AI infrastructure. We offer the industry's broadest range of accelerators from Google and NVIDIA, including the new NVIDIA Vera Rubin platform and TPU 8t and 8i, which deliver strong price performance.

以上一切皆由我們領先的 AI 基礎設施所驅動。我們提供業界最廣泛的加速器選擇，涵蓋 Google 與 NVIDIA，包括全新的 NVIDIA Vera Rubin 平台，以及 TPU 8t 與 8i，具備強勁的性價比。

On top of this, let me mention three unique offerings. First, our Virgo network, which is designed to meet the needs of modern large-scale AI workloads. It allows customers to connect a million AI accelerators across multiple data center sites into a unified supercomputer.

在此之上，我再提三項獨特的產品。第一，是我們的 Virgo 網路，專為滿足現代大規模 AI 工作負載需求而設計。它讓客戶能將跨多個資料中心站點的 100 萬個 AI 加速器連接成一台統一的超級電腦。

Second, our software stack has native support for JAX, PyTorch, vLLM, and SGLang, enabling workload portability across GPUs and TPUs.

第二，我們的軟體堆疊原生支援 JAX、PyTorch、vLLM 與 SGLang，使工作負載能在 GPU 與 TPU 之間可攜移植。

And third, our new agent-optimized Axion CPU provides 30% better performance per dollar compared to peer offerings.

第三，我們全新的、針對代理最佳化的 Axion CPU，相較同業產品每美元可提供高出 30% 的效能。

We are seeing strong growth in demand for our AI infrastructure offerings from leading labs such as Ineffable Intelligence; next-generation AI builders, including Kakao; financial services like Deutsche Boerse Group; pharmaceutical companies such as Pfizer and Roche, and robotics and spatial intelligence companies such as World Labs. We are continuing our strategy of investing in promising companies and internal efforts that bring pioneering AI research into the real world. We have seen exciting progress from our other bets.

我們看到來自領先實驗室（如 Ineffable Intelligence）、新一代 AI 建置者（包括 Kakao）、金融服務業（如 Deutsche Boerse Group）、製藥公司（如 Pfizer 與 Roche），以及機器人與空間智慧公司（如 World Labs）對我們 AI 基礎設施產品的需求強勁成長。我們持續採取策略，投資具潛力的公司與內部計畫，將開創性的 AI 研究帶入真實世界。我們也看到其他押注（Other Bets）取得令人振奮的進展。

Waymo introduced its newest vehicle, Ojai, to public riders. This is the first vehicle powered by the sixth-generation Waymo driver and will welcome more riders in the coming months.

Waymo 向大眾乘客推出其最新車款 Ojai。這是第一款搭載第六代 Waymo Driver 的車輛，並將在未來幾個月迎接更多乘客。

Wing has safely completed more than 1 million home deliveries, and we continue to grow our presence through partnerships with Walmart, DoorDash, and Papa John's.

Wing 已安全完成超過 100 萬次到府配送，我們也透過與 Walmart、DoorDash 與 Papa John's 的合作持續擴大布局。

In health and drug discovery, Isomorphic Labs raised over $2 billion to power its AI drug design engine, scale globally, and advance its drug candidate pipeline.

在健康與藥物研發方面，Isomorphic Labs 募資超過 20 億美元，用以推動其 AI 藥物設計引擎、擴大全球規模，並推進其候選藥物管線。

It's truly been an extraordinary first half of 2026, with much more to come. Thanks to all of our employees and partners worldwide for their incredible work this quarter.

2026 年上半年確實非同凡響，後續還有更多值得期待。感謝全球所有員工與合作夥伴在本季的卓越付出。

With that, Philipp, over to you.

接下來，Philipp，交給你。

Thanks, Sundar, and hello, everyone. I'll start with a review of Google Services, highlighting our momentum across Search, YouTube, and partnerships.

謝謝你，Sundar，大家好。我先回顧 Google Services 的表現，重點說明我們在搜尋、YouTube 與合作夥伴關係上的動能。

Google Services revenues were $95 billion for the quarter, up 15% year on year, primarily driven by Search. Search and other delivered 17% growth, with retail and finance driving the largest contributions.

本季 Google Services 營收為 950 億美元，年增 15%，主要由搜尋帶動。「搜尋及其他」成長 17%，其中零售與金融貢獻最大。

YouTube advertising revenues grew 13%, driven by direct response and brand. Network advertising revenues were down 1% year on year. Strong performance in Search and YouTube underscores how our investments in AI translate into measurable value for our users and advertisers.

YouTube 廣告營收成長 13%，由直接回應與品牌廣告帶動。聯播網廣告營收年減 1%。搜尋與 YouTube 的強勁表現凸顯我們在 AI 的投資如何轉化為對使用者與廣告主可衡量的價值。

Starting with Search and other. Revenues reached over $63 billion for the quarter. Sundar highlighted the momentum we see in Search, which directly impacts our advertising business. We continue to accelerate the deployment of Gemini across our entire ads infrastructure to boost performance in three areas mentioned before: ads quality, advertiser tools, and AI user experiences.

先從「搜尋及其他」開始。本季營收超過 630 億美元。Sundar 強調了我們在搜尋看到的動能，這也直接影響我們的廣告業務。我們持續加速在整體廣告基礎設施中部署 Gemini，以提升先前提到的三個面向的表現：廣告品質、廣告主工具，以及 AI 使用者體驗。

First, ads quality. At Google Marketing Live, we showcased how Gemini improves query understanding, allowing us to find relevant ads for longer searches previously difficult to monetize. The core engine of our search ads relies on a dual prediction, delivering immediate utility for the user while maximizing measurable value for the advertiser.

第一，廣告品質。在 Google Marketing Live 上，我們展示 Gemini 如何提升對查詢的理解，讓我們能為更長、過去較難變現的搜尋找到相關廣告。我們搜尋廣告的核心引擎仰賴雙重預測：一方面為使用者提供即時效用，另一方面為廣告主最大化可衡量的價值。

Gemini completely supercharges this capability. We use Gemini's advanced reasoning to decode the nuances of longer, more detailed queries. With shopping ads, for instance, we drove a 20% improvement in showing highly relevant ads, helping shoppers immediately find the best match.

Gemini 讓這項能力全面升級。我們運用 Gemini 的進階推理來解讀更長、更細緻查詢中的細微差異。以購物廣告為例，我們在呈現高度相關廣告方面提升了 20%，幫助消費者立即找到最符合需求的選項。

Second, advertiser tools. Take AI Max. It has become the core building block for advertisers to fully participate in our new AI experiences. It's out of beta, and half a million advertisers have already adopted it. Those who adopt our AI-powered campaigns like AI Max or PMAX see an average of 15% more conversions or value on search at a similar ROAS.

第二，廣告主工具。以 AI Max 為例。它已成為廣告主全面參與我們全新 AI 體驗的核心基礎元件。它已結束 Beta 測試，且已有 50 萬名廣告主採用。採用我們 AI 驅動的活動（如 AI Max 或 PMAX）的廣告主，在相近的 ROAS 下，平均可在搜尋上獲得多 15% 的轉換或價值。

AAA Auto Club Enterprises used AI Max to personalize creative assets and capture growth from increasingly detailed insurance searches. This led to a 17% improvement in conversion volume and an 11% decrease in cost per lead.

AAA Auto Club Enterprises 使用 AI Max 來個人化創意素材，並掌握日益細緻的保險搜尋所帶來的成長。這使其轉換量提升 17%，且每名潛在客戶成本下降 11%。

We see strong adoption of our generative AI creative tools, which makes creative development easier, especially for SMBs. In fact, over half of our SMB customers globally use AI to create or optimize their creatives.

我們看到我們的生成式 AI 創意工具獲得強勁採用，讓創意開發更容易，特別是對中小企業（SMB）而言。事實上，我們全球超過一半的中小企業客戶使用 AI 來製作或最佳化其創意素材。

Third, new AI user experiences. At I/O, we showed how search, including AI overviews and AI mode, works as one connected experience. As you saw from our results, our performance across this holistic system is robust. We continue to be encouraged with monetization performance on queries that show AI overviews, even as we've expanded AI overviews to more commercial queries.

第三，新的 AI 使用者體驗。在 I/O 大會上，我們展示了搜尋（包含 AI 概覽與 AI 模式）如何作為一個連貫的整體體驗運作。從我們的業績結果可見，我們在這個整體系統中的表現依然強勁。即使我們已將 AI 概覽擴展到更多商業查詢，我們仍持續對顯示 AI 概覽的查詢之變現表現感到鼓舞。

Across AI overviews in AI mode, people are asking more specific and detailed questions, providing opportunities for more relevant ads.

在 AI 模式中的 AI 概覽裡，人們提出更具體且更細緻的問題，為投放更相關的廣告提供了機會。

Within AI mode, we continue to test and deploy a range of new ad formats. For text ads, we improve performance by adding contextual site links based on the conversation. Direct offers is gaining momentum with partners like IHG Hotels & Resorts soon servicing special offers during trip planning. In highlighted answers, our latest experience placing clearly marked sponsored links inside list responses is showing early user traction.

在 AI 模式中，我們持續測試並部署一系列新的廣告格式。就文字廣告而言，我們透過根據對話加入具情境的網站連結（sitelinks）來提升成效。「直接優惠」（Direct offers）正與 IHG Hotels & Resorts 等合作夥伴一起累積動能，並將很快在旅程規劃期間提供特別優惠。在精選答案中，我們最新的體驗是在清單式回覆內放置清楚標示的贊助連結，已展現初步的使用者採用。

Looking at commerce, in collaboration with the retail industry, we established the Open Source Universal Commerce Protocol, UCP, as the new standard for agentic commerce. Merchants are rapidly adopting UCP, with Target and Steve Madden now live, while new members have joined the UCP shopping and food tech councils to help steer its vision.

在商務方面，我們與零售產業合作，建立了開源的通用商務協定（Open Source Universal Commerce Protocol，UCP），作為代理式商務（agentic commerce）的新標準。商家正快速採用 UCP，Target 與 Steve Madden 現已上線；同時也有新成員加入 UCP 購物與食品科技委員會，協助引導其願景。

We also announced Universal Card, allowing shoppers to add items from different retailers across Google services and buy in a single checkout.

我們也宣布推出 Universal Card，讓購物者可在 Google 服務中加入來自不同零售商的商品，並在單一結帳流程中完成購買。

Now, on to YouTube. As a FIFA-preferred platform partner, we help fans around the world tune in to the games. As Sundar mentioned, Over 1.7 billion unique viewers watched World Cup-related videos, and over 550 million watched them on their televisions. This made the FIFA World Cup 2026 the most viewed World Cup in YouTube history.

接著談 YouTube。作為 FIFA 優先平台合作夥伴，我們協助全球球迷收看賽事。如 Sundar 所提，超過 17 億名不重複觀眾觀看了與世界盃相關的影片，且超過 5.5 億人在電視上觀看。這使得 2026 年 FIFA 世界盃成為 YouTube 史上觀看次數最高的世界盃。

Advertisers connected with fans through FIFA channel takeovers, Gemini-powered soccer-themed sponsorships, and game day mastheads. And, of course, a huge congratulations to Spain for taking home the trophy.

廣告主透過 FIFA 頻道接管（channel takeovers）、由 Gemini 驅動的足球主題贊助，以及比賽日首頁橫幅（mastheads）與球迷建立連結。當然，也要熱烈恭喜西班牙奪得冠軍獎盃。

More broadly, on YouTube, we introduced an exclusive slate of creator shows, making it easier for brands to tap into the fandom of creators. We launched custom sponsorships to put brands at the heart of the world's biggest moments as they unfold on YouTube, using AI to dynamically surface videos tailored to a brand's desired moment.

更廣泛地說，在 YouTube 上，我們推出一系列獨家創作者節目，讓品牌更容易切入創作者粉絲圈。我們推出客製化贊助，讓品牌在 YouTube 上全球最重要時刻發生的當下站上核心位置，並運用 AI 動態呈現符合品牌所期望時刻的影片。

Brands continue to partner with YouTube creators to engage new audiences. Kate Spade reached Gen Z through a first-of-its-kind YouTube creator campaign and partnered with creators Ellie Thumann and Hannah Meloche. By leveraging multiple format videos on YouTube, the brand drove a 3.25% brand lift in purchase intent. This unique convergence of brand equity and commercial action makes YouTube a powerful full-funnel platform.

品牌持續與 YouTube 創作者合作，以觸及新受眾。Kate Spade 透過首創的 YouTube 創作者行銷活動觸及 Z 世代，並與創作者 Ellie Thumann 與 Hannah Meloche 合作。藉由在 YouTube 上運用多種格式的影片，該品牌帶動購買意願提升 3.25%（品牌提升）。品牌資產與商業行動的這種獨特匯聚，使 YouTube 成為強大的全漏斗平台。

SMBs continue to fuel our direct response growth through campaigns like Demand Gen. They leverage our AI to scale visual storytelling across YouTube, Shorts, and now Google Maps.

中小企業持續透過 Demand Gen 等行銷活動推動我們的直接回應成長。他們運用我們的 AI，在 YouTube、Shorts，以及現在的 Google 地圖上擴大視覺敘事規模。

To attract high-value shoppers across North America and Europe, outdoor brand Arc'teryx use Demand Gen to achieve a 70% better return on their ad spend compared to other paid channels.

為了在北美與歐洲吸引高價值購物者，戶外品牌 Arc'teryx 使用 Demand Gen，使其廣告支出報酬率（ROAS）相較其他付費渠道提升 70%。

Looking at monetization across YouTube, we're driving sustained growth across our key priorities. In the living room, we see continued momentum across both brand and direct response.

就 YouTube 的變現而言，我們在關鍵優先事項上推動持續成長。在客廳場景中，我們看到品牌與直接回應兩方面都持續保持動能。

With the launch of Buy with Google Pay, viewers can complete purchases directly on their CTV, turning the TV screen into a stronger performance surface. Shorts continues to deliver high-performing opportunities for social and video buyers alike.

隨著「使用 Google Pay 購買」（Buy with Google Pay）推出，觀眾可直接在其 CTV 上完成購買，讓電視螢幕成為更強的成效型觸點。Shorts 也持續為社群與影音買家帶來高成效的機會。

Beyond advertising, YouTube's subscription business, which thrives across living room screens, is growing faster than ads, particularly driven by YouTube Music and Premium.

除了廣告之外，YouTube 的訂閱業務（在客廳螢幕上蓬勃發展）成長速度快於廣告，尤其由 YouTube Music 與 Premium 所帶動。

Internally, we leverage Gemini to transform how we work and how we serve our customers. 83% of our sales team uses Gemini-assisted tools weekly, driving up to a 20% higher win rate when using customized pitch narratives.

在內部，我們運用 Gemini 來改變我們的工作方式以及服務客戶的方式。我們的銷售團隊中有 83% 每週使用 Gemini 輔助工具；在使用客製化提案敘事時，成交率最高可提升 20%。

Our ads customer support teams use Gemini-powered agentic solutions that now autonomously address 75% of support queries, freeing them to solve our customers' most complex challenges. Similarly, our new agentic solutions for SMBs have expanded our reach by hundreds of thousands of new customers year to date. As always, ending with partnerships.

我們的廣告客戶支援團隊使用由 Gemini 驅動的代理式解決方案，現在可自主處理 75% 的支援查詢，讓團隊能騰出時間解決客戶最複雜的挑戰。同樣地，我們面向中小企業的新代理式解決方案，今年迄今已將觸及範圍擴大到新增數十萬名客戶。一如既往，最後以合作夥伴關係作結。

We're seeing more businesses benefit from the unified strength of a Google's AI stack. Booking Holdings expanded a multiyear cloud commitment and are partnering closely to advance our AI-powered ad formats. It's also deploying Google's AI technology to enable new customer experiences like agentic dining reservations on OpenTable, helping restaurants get discovered and booked right when it matters most.

我們看到更多企業受益於 Google AI 技術堆疊（AI stack）的整合優勢。Booking Holdings 擴大了多年期的雲端承諾，並與我們緊密合作以推進 AI 驅動的廣告格式。它也正在部署 Google 的 AI 技術，以實現新的客戶體驗，例如在 OpenTable 上的代理式餐廳訂位，協助餐廳在最關鍵的時刻被發現並完成訂位。

In closing, I'd like to thank Googlers everywhere for their contributions to our success and our customers and partners for their continued trust.

最後，我想感謝全球各地的 Google 員工對我們成功的貢獻，也感謝我們的客戶與合作夥伴持續的信任。

Anat, over to you.

Anat，交給你。

Thank you, Philipp. My comments will focus on year-over-year comparisons for the second quarter, unless I state otherwise. I will start with results at the Alphabet level, and we'll then cover our segment's results. I'll end with some commentary on our outlook for the third-quarter and full-year 2026.

謝謝你，Philipp。除非我另有說明，我的評論將聚焦於第二季的年對年比較。我將先從 Alphabet 層級的結果開始，接著會說明各事業部門的表現。最後我會就 2026 年第三季與全年展望做一些評論。

We had an outstanding second quarter, delivering our 12th consecutive quarter of double-digit revenue growth. Consolidated revenues were $119.8 billion, up 24%, or 23% in constant currency.

我們第二季表現非常出色，實現連續第 12 個季度的雙位數營收成長。合併營收為 1,198 億美元，年增 24%；以固定匯率計算年增 23%。

Total cost of revenues was $45.9 billion, up 18%. TAC was $16.2 billion, up 10%. Other cost of revenues was $29.8 billion, up 22%, driven by increases in depreciation, inventory costs, primarily from the sales of TPU systems to customers, and content acquisition costs, largely for YouTube.

營收成本總額為 459 億美元，年增 18%。流量取得成本（TAC）為 162 億美元，年增 10%。其他營收成本為 298 億美元，年增 22%，主要由折舊與存貨成本增加所帶動（主要來自向客戶銷售 TPU 系統），以及內容取得成本上升（多數與 YouTube 相關）。

Total operating expenses were up 27% to $33.1 billion. R&D expenses increased by 32%, driven by compensation from investments in AI talent as well as depreciation. Sales and marketing expenses were up 18% due to investments to support the Gemini app in search and compensation. And G&A expenses increased 24%, primarily driven by compensation and charges for certain legal and other matters.

營運費用總額年增 27% 至 331 億美元。研發（R&D）費用年增 32%，主要由於 AI 人才投資帶來的薪酬增加以及折舊增加。銷售與行銷費用年增 18%，原因是為支援搜尋中的 Gemini 應用程式而進行的投資以及薪酬增加。一般與行政（G&A）費用年增 24%，主要由薪酬增加，以及與特定法律及其他事項相關的費用所致。

Operating income increased 30% to $40.8 billion, and operating margin was 34%. Other income and expenses was $98 billion, representing a substantial increase from the prior year, primarily due to unrealized gains in our equities securities portfolio.

營業利益年增 30% 至 408 億美元，營業利益率為 34%。其他收益與費用為 980 億美元，較去年大幅增加，主要由於我們股票證券投資組合的未實現收益。

Net income and earnings per share increased significantly, primarily due to the unrealized gains in OI&E I just mentioned. We generated strong operating cash flow of $39.1 billion in the second quarter and $185.7 billion for the trailing 12 months.

淨利與每股盈餘大幅增加，主要是因為我剛提到的其他收益與費用（OI&E）中的未實現收益。我們第二季產生強勁的營運現金流 391 億美元，過去 12 個月合計為 1,857 億美元。

CapEx was $44.9 billion in the second quarter, with the vast majority of the spend in technical infrastructure to support our investments in AI. Approximately 60% of our investment in technical infrastructure this quarter was in servers, and 40% was in data centers and networking equipment.

第二季資本支出（CapEx）為 449 億美元，其中絕大部分用於技術基礎設施，以支援我們在 AI 方面的投資。本季我們在技術基礎設施的投資約 60% 用於伺服器，40% 用於資料中心與網路設備。

We had negative free cash flow of $5.9 billion in the second quarter, driven by our investments in CapEx. Free cash flow was $53.3 billion for the trailing 12 months.

我們在第二季的自由現金流為負 59 億美元，主要受我們在資本支出（CapEx）上的投資所驅動。過去 12 個月的自由現金流為 533 億美元。

We ended the quarter with $242.5 billion in cash and marketable securities, which includes $87.1 billion of marketable equity securities. Long-term debt was $98.2 billion. And as mentioned in our press release, our Board of Directors declared a quarterly cash dividend on our common stock of $0.22 per share, which is payable in September.

本季末我們持有 2,425 億美元的現金及有價證券，其中包括 871 億美元的可交易股權證券。長期債務為 982 億美元。此外，如同我們在新聞稿中提到的，我們董事會宣告對普通股發放每股 0.22 美元的季度現金股利，將於 9 月支付。

Turning to segment results, Google Services revenues increased 15% to $94.5 billion, reflecting strong growth in search and subscriptions. Total advertising revenues were up 14%, with growth across all major verticals. We experienced strong ad growth related to the World Cup, particularly in YouTube ads.

接著看各業務部門表現，Google 服務營收成長 15% 至 945 億美元，反映搜尋與訂閱業務的強勁成長。總廣告營收成長 14%，所有主要垂直產業均有成長。我們在與世界盃相關的廣告成長表現強勁，尤其是 YouTube 廣告。

Google Search and other advertising revenues increased by 17% to $63.3 billion, with retail and finance driving the largest contributions.

Google 搜尋及其他廣告營收成長 17% 至 633 億美元，其中零售與金融帶來最大貢獻。

YouTube advertising revenues increased 13% to $11.1 billion, driven by direct response advertising, as well as brand, with strength in the living room, as Philipp mentioned earlier. Network advertising revenues of $7.3 billion were down 1%.

YouTube 廣告營收成長 13% 至 111 億美元，主要由直接回應型廣告帶動，同時品牌廣告亦有貢獻；如 Philipp 先前提到的，在客廳場景（living room）的表現尤為強勁。聯播網（Network）廣告營收為 73 億美元，年減 1%。

Subscription, platforms, and devices revenues increased 15% this quarter to $12.9 billion due to strong growth in both YouTube subscriptions, particularly YouTube Music and Premium and Google One, which was driven by demand for AI plans. Google Services operating income increased 20% to $39.5 billion, and operating margin was 41.8%.

本季訂閱、平台與裝置營收成長 15% 至 129 億美元，主要來自 YouTube 訂閱（尤其是 YouTube Music 與 Premium）以及 Google One 的強勁成長，後者由對 AI 方案的需求所帶動。Google 服務營業利益成長 20% 至 395 億美元，營業利益率為 41.8%。

The Google Cloud segment delivered outstanding results in the second quarter, driven by our enterprise AI products and services. Cloud revenues were up 82% to $24.8 billion, driven primarily by GCP, which grew faster than cloud overall. Core GCP, AI solutions, and AI infrastructure were all important drivers of growth.

Google Cloud 部門在第二季交出亮眼成果，主要受我們的企業級 AI 產品與服務所驅動。雲端營收成長 82% 至 248 億美元，主要由 GCP 帶動，其成長速度快於整體雲端。核心 GCP、AI 解決方案與 AI 基礎設施皆是重要成長動能。

We also began to recognize revenues from TPU system sales, which we delivered to customer data centers for the first time in Q2.

我們也開始認列 TPU 系統銷售的營收，這是我們首次在第二季將 TPU 系統交付至客戶資料中心。

Cloud revenue growth accelerated meaningfully, even after excluding the impact of TPU system sales. Cloud operating income was $8.8 billion, more than tripling year over year, and operating margin increased from 20.7% in the second quarter last year to 35.6%.

即使排除 TPU 系統銷售的影響，雲端營收成長仍顯著加速。雲端營業利益為 88 億美元，年增超過三倍，營業利益率由去年第二季的 20.7% 提升至 35.6%。

Google Cloud's backlog increased by more than $50 billion sequentially, reaching $514 billion in the second quarter. The increase was driven by strong demand for our enterprise AI offerings. The majority of the backlog is related to typical GCP contracts from a broad mix of customers, and we expect to recognize just over 50% of the total backlog as revenue over the next 24 months. I

Google Cloud 的未履約合約（backlog）較前一季增加超過 500 億美元，第二季達到 5,140 億美元。此增幅主要由企業級 AI 產品的強勁需求所帶動。未履約合約的大多數與典型的 GCP 合約相關，客戶組合相當多元；我們預期在未來 24 個月內，將把總未履約合約中略高於 50% 認列為營收。我

n other bets, revenues were $382 million, and operating loss was $1.8 billion as we continue to expand Waymo's business and invest in key other bets.

在 Other Bets 方面，營收為 3.82 億美元，營業虧損為 18 億美元，因我們持續擴展 Waymo 的業務並投資於其他關鍵 Other Bets。

And in Alphabet level activities, the operating loss was $5.8 billion, driven by shared AI R&D expenses.

在 Alphabet 層級活動方面，營業虧損為 58 億美元，主要由共同承擔的 AI 研發費用所致。

Turning to our outlook and business performance expectations in the second half of 2026. First, in terms of revenues, at the current spot rates, we would expect a slight FX headwind to our consolidated revenue in Q3, compared to a 1-percentage-point FX tailwind in Q2. This impact will be seen primarily in search and YouTube ads.

接著談我們對 2026 年下半年展望與業務表現預期。首先就營收而言，以目前即期匯率計算，我們預期第三季合併營收將受到些微外匯不利影響（FX headwind），相較之下第二季則有 1 個百分點的外匯有利影響（FX tailwind）。此影響將主要反映在搜尋與 YouTube 廣告。

In Google Services, as Philipp mentioned, we continue to benefit from innovation in search by improving the user and advertiser experience with AI. At the same time, in Q3, we will begin lapping an acceleration in search performance that began in the third quarter last year.

在 Google 服務方面，如 Philipp 所提到的，我們持續受惠於以 AI 改善使用者與廣告主體驗所帶來的搜尋創新。同時，在第三季，我們將開始面臨去年第三季開始的搜尋表現加速所形成的較高比較基期（lapping）。

In Google Cloud, we're seeing significant demand for products and services, which we expect to drive strong growth.

在 Google Cloud 方面，我們看到對產品與服務的顯著需求，預期將帶動強勁成長。

As I mentioned earlier, we started delivering TPU system to customer data centers in the second quarter. We continue to expect to recognize a relatively small portion of the revenues from our existing TPU system sales agreements this year, ramping as we exit 2026. We anticipate the vast majority of the revenues from these agreements will be realized in 2027.

如我先前提到的，我們在第二季開始將 TPU 系統交付至客戶資料中心。我們仍預期今年僅會認列現有 TPU 系統銷售協議中相對較小的一部分營收，並在 2026 年底逐步加速。我們預期這些協議所帶來的絕大多數營收將在 2027 年實現。

And given the supply constraint environment, we plan to expand the use of third-party capacity in Q3 as a bridging strategy while we build out more internal capacity. This strategy allows us to keep growing our customer base and capture greater overall value. However, it will create modest margin pressure in the near term as we utilize this capacity.

此外，鑑於供給受限的環境，我們計畫在第三季擴大使用第三方產能，作為在我們建置更多內部產能期間的過渡策略。此策略使我們能持續擴大客戶基礎並取得更高的整體價值。然而，隨著我們使用該產能，短期內將對利潤率造成些微壓力。

Moving to investments, we are updating our full-year 2026 CapEx guidance range to $195 billion to $205 billion, up from our previous estimate of $180 billion to $190 billion. The increase in the range is primarily due to an acceleration in the delivery of capacity to meet growing demand. As we previously shared, we continue to expect our CapEx to increase significantly in 2027, and we'll provide more details at a later date.

在投資方面，我們將 2026 全年資本支出（CapEx）指引區間更新為 1,950 億至 2,050 億美元，高於先前預估的 1,800 億至 1,900 億美元。區間上調主要是因為為滿足成長中的需求而加速交付產能。如先前分享，我們仍預期 2027 年的資本支出將顯著增加，並將於日後提供更多細節。

In terms of expenses, the significant increase in our investments in technical infrastructure will continue to put pressure on the P&L in the form of higher depreciation expense and related data center operations costs such as energy. We also expect to continue hiring in key investment areas such as AI and cloud, and we are investing in marketing to support our AI products.

在費用方面，我們對技術基礎設施投資的大幅增加，將持續以更高的折舊費用以及相關資料中心營運成本（例如能源）對損益表（P&L）造成壓力。我們也預期將在 AI 與雲端等關鍵投資領域持續招募，並投入行銷以支持我們的 AI 產品。

And finally, we expect the free cash flow will remain under pressure, driven by our investments in technical infrastructure, which enables us to capitalize on the AI opportunity and continue to drive attractive returns.

最後，我們預期自由現金流將持續承壓，主要由我們對技術基礎設施的投資所驅動；這使我們能把握 AI 機會並持續帶來具吸引力的報酬。

Q2 represented another strong quarter. Our teams continue to deliver impressive innovation, executing with discipline and velocity. I'm going to take this opportunity to thank our employees for their contribution to our performance.

第二季再次展現強勁表現。我們的團隊持續交付令人印象深刻的創新，以紀律與速度落實執行。我也藉此機會感謝員工對我們業績表現的貢獻。

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

接下來 Sundar、Philipp 和我將回答各位的提問。

(Operator Instructions) Brian Nowak, Morgan Stanley.

(接線員指示) Brian Nowak，摩根士丹利。

Thanks for taking my questions. I have two, one for Sundar, one for Anat. Sundar, with more time and gen AI products and tools in the market and investment continuing to step up, can you just kind of give us some perspective on how your view on the size of the overall gen AI ROIC opportunity and the timing of the ROIC has changed now versus one year ago?

謝謝讓我提問。我有兩個問題，一個問 Sundar，一個問 Anat。Sundar，隨著更多時間推進、生成式 AI 產品與工具已在市場上推出，且投資持續加碼，你能否分享一下，相較一年前，你對整體生成式 AI 投資資本報酬率（ROIC）機會的規模，以及 ROIC 實現時點的看法，現在有何改變？

And then Anat, you talked quite a bit about supply capacity constraints. Maybe a similar question for you around forward CapEx. How is your budgeting philosophy and just constraints you're putting onto forward spend? How are those changing? You sort of think about the right amount to spend in 2027 to close this capacity constraint.

接著 Anat，你談到不少關於供給產能限制。也想請你就未來資本支出（CapEx）問一個類似問題。你的預算編列理念，以及你對未來支出的約束條件是什麼？這些正在如何改變？你如何思考 2027 年為了緩解這個產能限制，應該投入的適當支出水準？

Look. Thanks, Brian. I mean, it's a good question. I do think it feels like we are in very early innings of what feels like secular shift across multiple areas.

聽著。謝謝你，Brian。我的意思是，這是個好問題。我確實覺得，我們正處於一個跨多個領域的結構性轉變（secular shift）的非常早期階段。

In our core information businesses, just the possibilities when I see what all you can do with absolute frontier capabilities. There's still a lot of work ahead to translate all that into experiences for our consumer users. You can think about end-to-end agentic experiences to really meaningfully do a lot more for them.

在我們核心資訊業務中，當我看到在最前沿能力（absolute frontier capabilities）下你能做到的一切，可能性非常大。接下來仍有大量工作要做，才能把這些轉化為面向消費者使用者的體驗。你可以把它想成端到端的代理式（agentic）體驗，真正有意義地為他們做更多事情。

So all of that looks like extraordinary opportunities with extraordinary returns for executing well on those opportunities.

因此，若能把握並妥善執行這些機會，整體看起來就是具備非凡回報的非凡機會。

Similarly, on the enterprise side, as you can see from our demand, which is reflected in our growth rates, et cetera. Again, in my conversations with many CEOs, many companies, they're all still barely scratching the early stages of what's possible here.

同樣地，在企業端，從我們的需求面（反映在成長率等指標上）你也看得出來。再者，在我與許多執行長、許多公司的對話中，他們都還只是剛剛觸及這裡可能性的早期階段。

So I think, we used to talk about cloud itself, very few, small percentage of overall workloads in enterprises have shifted to cloud. Now, think about what percentage of workloads are really AI native and AI enabled. It again feels like very, very early.

所以我認為，我們過去談雲端本身時，企業整體工作負載中只有很小一部分、很低的比例已轉移到雲端。現在，想想看真正屬於 AI 原生（AI native）與 AI 賦能（AI enabled）的工作負載比例是多少。這同樣讓人覺得仍然非常、非常早期。

So I would say from ROIC standpoint, I think we are taking a full-stack approach. We are seeing momentum across consumers and enterprises and developers and so on. So it feels like, if anything, over the past year, we've gotten more bullish on the opportunities ahead.

因此我會說，從 ROIC 的角度來看，我們採取的是全堆疊（full-stack）策略。我們看到在消費者、企業、開發者等各面向都有動能。所以感覺上，如果說有什麼變化的話，過去一年我們對前方的機會變得更為看多。

I'll turn it over to Anat.

我把時間交給 Anat。

Thanks for the question on how do we think about forward-looking CapEx in the context of supply constraints. So we're still in a supply constrained environment. I think we've said this now for multiple quarters in a row. And we are seeing very strong demand, both from external cloud customers as well as across the business. And our goal is to invest as long as we see an attractive return on that investment, as Sundar mentioned earlier.

謝謝你關於在供給受限情境下，我們如何看待前瞻性資本支出（CapEx）問題。我們仍處於供給受限的環境。我想我們已經連續好幾季都這麼說了。而我們看到非常強勁的需求，既來自外部雲端客戶，也來自公司內部各業務。正如 Sundar 先前提到的，只要我們看到投資具有吸引人的回報，我們的目標就是持續投資。

We do take a long-term view. We take multiyear view at what the needs are, as well as focus on next year and the near term and building aggressively to meet those demands. And as you've seen, while we have increased our capacity quite significantly over the past three years, the demand still outpaces that investment.

我們確實採取長期觀點。我們以多年期視角來看需求，同時也聚焦明年與短期，並積極建置以滿足這些需求。而如你所見，雖然過去三年我們已大幅提升產能，但需求仍然超過這些投資。

And we are just the rest of the industry working in a supply constrained environment. So we're working hard to do that. We do have a benefit of having the full-stack approach. So we're able to drive operational efficiencies, technological efficiencies within our technical infrastructure organization so that we can deliver more compute. But as long as we see these attractive opportunity to invest, we will continue to invest.

而我們與產業其他公司一樣，都在供給受限的環境中運作。因此我們正努力推進。我們確實有全堆疊策略的優勢。因此我們能在技術基礎設施組織內推動營運效率與技術效率，讓我們能交付更多算力。但只要我們看到這些具吸引力的投資機會，我們就會持續投資。

Thank you, both.

謝謝兩位。

Doug Anmuth, JPMorgan.

Doug Anmuth，摩根大通（JPMorgan）。

Thanks for taking the questions. One for Sundar and one for Anat. Sundar, can you just talk about your confidence level that the Gemini models can remain at the frontier? I know you had the Gemini -- the Flash model releases this week, but Google perhaps doesn't make maybe quite as much noise as some of the other leading labs or perhaps have quite the frequency. Just curious how you address any concerns about that ability to continue developing leading models? And then just related, can you talk about your plans for coding and how you look to close the gap in that part of enterprise?

謝謝讓我提問。我有一題問 Sundar，一題問 Anat。Sundar，你能談談你對 Gemini 模型能持續維持在前沿（frontier）的信心程度嗎？我知道你們本週發布了 Gemini——Flash 模型，但相較於其他一些領先實驗室，Google 可能沒有製造那麼多聲量，或發布頻率沒有那麼高。想請教你如何回應外界對於你們是否能持續開發領先模型的疑慮？另外相關地，你能談談你們在程式碼（coding）方面的規劃，以及你們如何看待在企業端這一塊縮小差距嗎？

And then Anat, just following the recent equity and debt raises, can you just help us understand how you think about optimal capital structure and how you view the cost of debt versus equity? Thanks.

另外 Anat，繼近期的股權與債務融資之後，你能否協助我們理解你們如何看待最適資本結構，以及你們如何看待債務成本相對於股權成本？謝謝。

Thanks, Doug. Look, I think the frontier is incredibly dynamic space, and it's fiercely moving forward. At any given moment when you take a snapshot, it feels dynamic.

謝謝你，Doug。你看，我認為前沿是一個極度動態的領域，而且正以非常快的速度往前推進。在任何一個時間點做截面觀察，都會覺得它很動態。

We are -- we've had clearly frontier models. There are many attributes on which we are still at the frontier. There are areas where we've acknowledged we need to improve. Coding and agent decoding is an example of that. And I think the teams are very, very focused on it.

我們——我們顯然一直都有前沿模型。在許多屬性上，我們仍處於前沿。也有一些領域我們已承認需要改進。程式碼能力與代理（agent）解碼就是其中一個例子。我認為團隊正非常、非常專注在這上面。

With 3.6 Flash, and by the way, Flash is our workhorse model, and we see tremendous demand for it. Now, given it generally hits a sweet spot of performance, cost, reliability, latency, et cetera. And we've incorporated Gemini and Flash, particularly in our entire portfolio of solutions, be it in cybersecurity, data analytics.

以 3.6 Flash 來說，順帶一提，Flash 是我們的主力（workhorse）模型，我們看到對它有龐大需求。因為它通常在效能、成本、可靠性、延遲等方面取得了甜蜜點（sweet spot）。而我們已將 Gemini 與 Flash，特別是，整合到我們完整的解決方案組合中，不論是在資安、資料分析等領域。

If you think about an area like customer service, you need really good voice quality, you need live streaming, you need the ability to reason on that. Or if you're a professional services firm, you need high-quality summarization, content generation, et cetera.

如果你想想像客服這樣的領域，你需要非常好的語音品質，你需要即時串流，你需要在此基礎上進行推理的能力。或者如果你是一家專業服務公司，你需要高品質的摘要、內容生成等能力。

So Flash does very well on all of that. In terms of agent decoding, we are iterating, and you will see us make continued iterations. 3.6 Flash, for example, compared to 3.5 Flash jumped over 10 points in DeepSWE as a benchmark, and it is more token efficient doing so.

所以 Flash 在這些方面表現都非常好。在代理解碼方面，我們正在迭代，你也會看到我們持續推出更多迭代。例如 3.6 Flash 相較於 3.5 Flash，在 DeepSWE 這個基準測試上提升了超過 10 分，而且在達成這點時更具 token 效率。

So we are clearly -- we are using it internally. We are testing it. with many customers in coding. So we see the progress just in six weeks from the prior version to the new version, and you will see more continued iterations on that as well.

所以我們很明確——我們在內部使用它。我們也與許多客戶在程式碼場景中測試它。因此我們看到從前一版到新版僅六週就有的進展，而你也會看到我們在這方面持續推出更多迭代。

In terms of the Frontier, we are both very committed and very confident of being at the frontier. For the next generation of frontier, you're going to need much larger base models. We are now training Gemini 4, and we're being very ambitious with it.

就前沿而言，我們既非常投入，也非常有信心能站在前沿。對於下一代前沿，你將需要更大規模的基礎模型（base models）。我們現在正在訓練 Gemini 4，而且我們對它的目標非常宏大。

I am very excited by the progress I'm seeing internally on Gemini 4, and I'm confident that people will be pleased when we are putting it outside. But we will need Gemini 4 as a larger base model to compete at that frontier level, and so we are focused on executing on that well.

我對內部看到的 Gemini 4 進展感到非常興奮，我也有信心當我們對外推出時，大家會感到滿意。但我們需要以 Gemini 4 作為更大規模的基礎模型，才能在那個前沿層級競爭，因此我們專注把執行做好。

And on the question regarding our capital structure and recent equity and debt raise, so as we think about our investment needs, and as I said, we look at the next year and multiple years out, we first look at how much we can support based on cash from operations. And as you've seen in our results today, we continue to generate very healthy, strong cash flow from operations. So that's our first source of funding.

至於關於我們的資本結構以及近期的股權與債務融資問題，當我們思考投資需求時——如我所說，我們會看明年以及未來多年的需求——我們首先會看基於營運現金流（cash from operations）我們能支撐多少。而如你今天在我們的業績中所見，我們持續產生非常健康、強勁的營運現金流。所以那是我們的第一個資金來源。

And then we look at debt, and most recently we did the equity raise. And we have expanded our debt portfolio quite significantly over the past 12 months. If you've seen a year ago, we were at about $16 billion, and we went to about $100 billion across multiple currencies and geographies, so we're expanding that portfolio.

接著我們會看債務，而最近我們也進行了股權募資。過去 12 個月我們已相當顯著地擴大了債務組合。如果你看一年前，我們大約是 160 億美元，而我們已提升到約 1,000 億美元，涵蓋多種貨幣與不同地區，因此我們正在擴大該組合。

But we also want to make sure we have a resilient, not just growth outlook, but also resilient balance sheet and a strong balance sheet, healthy balance sheet, which is the rationale behind expending into the equity markets.

但我們也希望確保我們擁有具韌性的——不只是成長展望具韌性——同時也要有具韌性且強健的資產負債表、健康的資產負債表；這也是我們進入股權市場的理由。

At this point, we're not planning to go back to the equity markets with the exception of, as you recall, part of our equity offering was the ATM or at-the-market offering that we will do to address the stock-based company or the tax on SBC, which we'll do for some period of time. But we look at those three dimensions, the cash flow from operations, debt levels, and equity and a way to balance it in a way that ensures that we continue to maintain a healthy balance sheet.

在此階段，除了你記得我們股權發行的一部分是 ATM（at-the-market）市價發行，我們將用它來因應股票基礎給付（SBC）的公司成本或 SBC 的稅負，並在一段時間內執行之外，我們並不打算再回到股權市場。但我們會從這三個面向來看：營運現金流、債務水位與股權，並以一種能取得平衡的方式來確保我們持續維持健康的資產負債表。

Thank you, both.

謝謝你們兩位。

Eric Sheridan, Goldman Sachs.

Eric Sheridan，高盛。

Thanks so much for taking the questions. Maybe two, if I could, both on TPUs. Sundar, can you talk about some of your key learnings as you scale your TPU efforts in terms of both the demand for TPUs and how you think about balancing the external demands for TPUs versus the internal demand for customer silicon inside the organization as you look over the next couple of years?

非常感謝讓我提問。如果可以的話，想問兩個問題，都關於 TPU。Sundar，你能談談在擴大 TPU 相關投入時的一些關鍵心得嗎？包括 TPU 的需求面，以及在未來幾年你如何看待在組織內部平衡外部對 TPU 的需求，與內部對客戶自研晶片（customer silicon）的需求？

And then, Anat, if I could just follow up. You made some comments in your prepared remarks about the impact of TPUs on Google Cloud. If you could give us a little bit more granularity about the size of TPUs as a part of the revenue backlog and how to think about the revenue recognition of the potential for margin impact from TPUs in the years ahead? Thanks so much.

接著，Anat，如果我可以追問一下。你在事先準備的發言中提到 TPU 對 Google Cloud 的影響。你能否更細緻地說明 TPU 在營收待履約（revenue backlog）中的規模占比，以及未來幾年如何看待 TPU 的收入認列，以及其對毛利率可能帶來的影響？非常感謝。

Okay. I think in terms of -- first of all, we are very pleased with our TPU road map progress and the value in terms of performance and the edge it gives. And we obviously use it extensively.

好的。我想先談一下——首先，我們對 TPU 路線圖的進展，以及它在效能上的價值與所帶來的優勢感到非常滿意。而且我們顯然也大量使用它。

In terms of allocating TPUs, look, our first priority is making sure we are allocating what we need to compete at the frontier in terms of AGI development. And so that is the foundation for everything we do.

在 TPU 的配置方面，首先，我們的第一優先是確保我們配置到足以在 AGI 研發的最前沿競爭所需的資源。這是我們所有工作的基礎。

But given the extraordinary demand, to balance the external demand, even for most cloud customers, we are using both TPUs and GPUs mainly for serving our models. So think Vertex AI, Gemini Enterprise, the Momentum VC, so we're using it or agentic workloads, et cetera. So we are using it for those purposes.

但在需求極為強勁的情況下，為了平衡外部需求，即便對多數雲端客戶而言，我們主要也同時使用 TPU 與 GPU 來提供模型服務（serving）。例如 Vertex AI、Gemini Enterprise、Momentum VC，因此我們會用在這些用途上，或是用於代理式（agentic）工作負載等等。所以我們會用於這些目的。

To the extent people want it as infrastructure, we are balancing it by increasingly looking at opportunities to put TPUs in their data centers or in other data centers like the project we are doing with Blackstone, et cetera. So we're using that as an ability to balance and make sure we are allocating as much of the available compute for frontier model development as well as serving both our consumer business and our enterprise business in terms of first-party models.

至於有人希望把它當作基礎設施來使用，我們的平衡方式是，愈來愈多地尋找機會把 TPU 部署到他們的資料中心，或其他資料中心，例如我們與 Blackstone 正在進行的專案等等。因此，我們把這作為一種平衡手段，確保將盡可能多的可用算力配置給前沿模型研發，同時也用於支援我們的消費者業務與企業業務在第一方模型（first-party models）上的服務需求。

And in terms of revenue recognition and how we look at the TPU system sales, so the way to think about it is the following. When we sign the agreements that I've mentioned in the prepared remarks, they would be then reflected in the Cloud backlog.

至於收入認列，以及我們如何看待 TPU 系統銷售，我們的思考方式如下。當我們簽署我在事先準備發言中提到的那些協議時，它們會反映在 Cloud 的待履約（backlog）中。

Now, the vast majority of the $514 billion of Cloud backlog is the GCP agreements, but the TPU system sales are reflected in that backlog. We started building inventory to be able to sell those systems. So you see that impact on the cash from operations because we built ahead, obviously as we're building that business and ramping up.

目前 5,140 億美元的 Cloud 待履約中，絕大多數是 GCP 協議，但 TPU 系統銷售也包含在該待履約之中。我們已開始建立庫存，以便能夠銷售這些系統。因此你會在營運現金流上看到影響，因為我們提前備貨——顯然，這是我們在建立並加速擴張該業務的過程中所做的。

And then once we start delivering the sales, generally, that's when we start recognizing revenue. This quarter was a small amount of the total -- that total agreement will continue to ramp up throughout 2026, but then you'll see the vast majority of the revenue from that agreement come through in 2027.

接著，一旦我們開始交付銷售，通常也就是我們開始認列收入的時點。本季只占總額中的一小部分——該整體協議會在 2026 年持續放量，但你會在 2027 年看到該協議絕大多數的收入進帳。

Ross Sandler, Barclays.

Ross Sandler，巴克萊。

Yeah, just back to the AI model kind of war that's going on, Sundar. Just wanted to ask about like the speed of model releases and how you can potentially speed up the cadence by which Gemini is releasing models. So we all saw the third-party compute deal with SpaceX. What else are we doing to kind of speed up the pace of model releases compared to some of the other folks out there?

是的，回到目前正在進行的 AI 模型「戰爭」，Sundar。我想問一下模型發布速度，以及你們如何可能加快 Gemini 發布模型的節奏。我們都看到與 SpaceX 的第三方算力合作案。相較於其他同業，你們還在做哪些事情來加快模型發布的步伐？

And then you just mentioned the Flash models, which have been very successful to your point. Do you view that as like the right end of the market to be in given how crowded the lower cost end of the model space has become? Just any thoughts on how you see all that playing out?

另外你剛提到 Flash 系列模型，正如你所說非常成功。鑑於模型市場低成本端已變得非常擁擠，你是否認為那是正確的市場端點（right end of the market）？想請你分享一下你如何看待接下來的發展？

Thanks, Ross. Look, I mean, two things I'll say. First of all, we are -- we really think about the parade of frontier. We want to make sure for our customers, we are offering best model, best models at various price points, right? So you will see us. But it's very important to us to have the best frontier models out there, as well as models which are very performant and low cost. This is why we have Flash Lite, Flash, Pro, et cetera. And so we are committed to being at the full parade of frontier.

謝謝，Ross。我想我會說兩點。首先，我們——我們確實把「前沿的隊列」（parade of frontier）作為思考框架。我們希望確保對客戶而言，我們能在不同價位帶提供最佳模型、最好的模型，對吧？所以你會看到我們這麼做。但對我們來說，擁有市場上最好的前沿模型，以及同時具備高效能且低成本的模型，都非常重要。這也是為什麼我們有 Flash Lite、Flash、Pro 等等。因此，我們致力於覆蓋整個前沿隊列。

On the speed of model releases, I do think you will see us continue to pick a pace. Obviously, you've seen us come, but we announced 3.5 Flash at I/O. We have followed that up with 3.6 Flash, and you'll see continued iterations of that model with further progress in agent decoding, et cetera.

在模型發布速度方面，我確實認為你會看到我們持續加快節奏。顯然，你已經看到我們的進展；我們在 I/O 上宣布了 3.5 Flash。之後我們又推出了 3.6 Flash，而你也會看到該模型持續迭代，在代理解碼（agent decoding）等方面進一步進展。

We are really focused, putting a lot of effort into Gemini 4. It's a very ambitious effort. We wanted to compete at the frontier level of where the frontier will be when Gemini 4 comes out. And so we are applying a lot of our compute and effort in that direction. But with that, we are creating a baseline on which, on top of which, you will see us rapidly iterate at subsequent model releases. And so picking up pace and releasing models almost at a monthly cadence is part of our road map as we are building Gemini 4 as well.

我們非常專注並投入大量資源在 Gemini 4 上。這是一項非常有野心的計畫。我們希望在 Gemini 4 推出時，能在當時的前沿水準上競爭。因此我們正把大量算力與努力投入到這個方向。同時，我們也在建立一個基準，在此之上，你會看到我們在後續模型發布上快速迭代。因此，在我們打造 Gemini 4 的同時，加快節奏、幾乎以每月一次的頻率發布模型，也是我們路線圖的一部分。

Michael Nathanson, Moffettnathanson.

Michael Nathanson，Moffettnathanson。

Thanks. One question to Sundar and one for Anat. Sundar, just keep with the model theme of this call, can you talk a bit about what do you think the moats are to this new model war, right? What is your strategic advantages that fuel your business that even if everyone gets to the same type of model capabilities, what gives you the edge to keep growing like you're doing?

謝謝。一個問題問 Sundar，一個問 Anat。Sundar，延續本次電話會議的模型主題，你能談談你認為這場新的模型戰爭的護城河是什麼嗎？即使大家都達到相似的模型能力，你們有哪些能推動業務的策略優勢，讓你們仍能像現在這樣持續成長並保持領先？

And then Anat, back to Eric's question, anything you tell about the margin impact on CPUs going forward? Is it incremental margin to the core Cloud margin or is it a lower margin from the group? Thanks.

然後 Anat，回到 Eric 的問題，你能否談談未來 CPU 對毛利率的影響？它是對核心 Cloud 毛利率的增量貢獻，還是該業務群的毛利率較低？謝謝。

Look, Michael, I mean, first of all, look, there are many, many layers at which we are providing solutions. I think part of what the value of our full-stack approach is, customers are coming to us for solutions.

Michael，你看，首先，我們在很多很多層面提供解決方案。我認為我們全棧（full-stack）方法的價值之一在於，客戶是為了解決方案而來找我們。

So if you take an area like cybersecurity or data analytics, people are deploying solutions in which models are an ingredient in that solution, right? So take cyber, people are using Chronicle and Wiz and with our upcoming CodeMender product, they're using it to detect and patch vulnerabilities and so on. Or take data analytics, people are bringing what's been in the past siloed data sources, putting it all together and having an intelligence layer on top of it with Gemini Enterprise. And so the model is just an ingredient in those solutions. So I think it's important to remember that.

所以如果以資安或資料分析這類領域為例，人們部署的是「模型只是其中一個要素」的整體解決方案，對吧？以資安為例，人們使用 Chronicle 和 Wiz，再加上我們即將推出的 CodeMender 產品，用來偵測並修補弱點等等。或以資料分析為例，人們把過去彼此孤立的資料來源整合在一起，並透過 Gemini Enterprise 在其上建立智慧層。因此，模型只是這些解決方案中的一個要素。所以我認為記住這一點很重要。

Then even within where you're purely on a more model consumption area, people are -- there is what looks as models are increasingly becoming end-to-end orchestrated systems, workflows, agentic workflows. And to develop all this, it's your ability not just to bring the compute you need to train and serve, the data quality, the environments you have, your ability to continually improve, provide customers with that peace of mind that all the data they have, their data, their trajectories are confidential to them. None of that in any way flows back to the models. Their ability to configure and serve all this in a secure way and manage it and provision it and so on.

即使是在你純粹處於較偏模型消費的領域內，人們也——看起來模型正日益成為端到端編排的系統、工作流程、代理式工作流程。而要開發這一切，你需要的不只是帶來訓練與提供服務所需的運算資源、資料品質、你所擁有的環境，還包括你持續改進的能力，並讓客戶安心：他們擁有的所有資料、他們的資料、他們的軌跡都對他們而言是機密的。這些資料不會以任何方式回流到模型中。以及他們能以安全的方式配置並提供這一切、加以管理與佈建等等的能力。

So these are big end-to-end things. And so this is what our Cloud business as a whole is focused on building it. And we are seeing demand across all of these components.

所以這些都是大型的端到端事項。因此，這正是我們整體雲端業務所專注在打造的。而我們也看到在所有這些組成要素上都有需求。

And so obviously, having our own models allows us to really optimize these solutions and bring an integrated offering. But we will also provide other models as part of these solutions. We also bring infrastructure as part of these solutions, et cetera, and take a whole full-stack approach. So I think we are very, very well-positioned there.

因此，顯然，擁有我們自己的模型讓我們能真正最佳化這些解決方案並帶來整合式的產品組合。但我們也會把其他模型納入這些解決方案的一部分。我們也會把基礎設施納入這些解決方案中，等等，並採取完整的全棧方法。所以我認為我們在這方面的定位非常、非常有利。

And on the TPU margins, we don't break out margins for any specific products or infrastructure component. And certainly there are benefits from designing and manufacturing our own chips. But the way to think about it is this is an expansion of our total addressable market. So it expands the opportunities by providing solutions to customers that need those systems in their data centers.

至於 TPU 的毛利率，我們不會針對任何特定產品或基礎設施組件拆分揭露毛利率。而且，自行設計與製造晶片確實有其好處。但可以這樣理解：這是在擴大我們的總可服務市場（TAM）。因此，透過為需要在其資料中心部署這些系統的客戶提供解決方案，這會擴大機會。

But overall, if you think about the Cloud margins, obviously, a really fantastic expansion of margin to 35.6% this quarter, outstanding strong operational discipline across the business and leveraging growth in the top line.

但整體而言，如果你看雲端毛利率，本季毛利率大幅擴張至 35.6%，表現非常出色；全業務展現了極強的營運紀律，並藉由營收成長來放大效益。

And now as you think about Q3 and through the remainder of the year, and I've mentioned some of it in the prepared remarks, given the supply constraint environment we're in, we are planning to expend the use of third-party capacity in Q3 as a bridging strategy while we continue to build out internal capacity. That capacity, given the cost of that capacity, will put some pressure on operating margins for Cloud.

而當你思考第三季以及今年剩餘期間——我在事先準備的發言中也提到一些——鑑於我們所處的供給受限環境，我們計畫在第三季擴大使用第三方產能，作為在我們持續擴建內部產能期間的過渡策略。由於該產能的成本，將對雲端的營業利益率帶來一些壓力。

And then the last item we mentioned in the past was the integration of Wiz does create some headwind here in the near term in 2026 related to the acquisition.

另外，我們過去提到的最後一點是，整合 Wiz 確實會在 2026 年短期內因併購相關因素帶來一些逆風。

Thanks, guys.

謝謝，各位。

Mark Shmulik, Bernstein.

Mark Shmulik，Bernstein。

Yes, thanks for taking the questions. Anat, just on these third-party deals and kind of the bridge in capacity, is there a particular objective where the constraints are most severe, or is it really broad-based?

是的，謝謝讓我提問。Anat，關於這些第三方交易以及作為產能過渡的安排，是否有某個特定目標領域的限制最為嚴重，還是其實是全面性的？

And I guess, stepping back a bit and thinking about capacity allocation across the businesses, has that changed at all, or is there a way to contextualize how you're now thinking about the trade-off between allocating compute to search versus model training versus for the GCP business? Thank you.

另外，退一步從更宏觀角度思考跨業務的產能分配，這是否有任何改變？或者能否說明一下，你們現在如何看待在把運算資源分配給搜尋、模型訓練，以及 GCP 業務之間的取捨？謝謝。

Mark, I can comment on it. Like, look, again, on allocation, I think, look, we the baseline with which we start is what it takes to continue AGI development at the frontier. Obviously, the priors on that are just based on where the model frontier moves, and so we start with that as a baseline. And beyond that, we want to -- obviously, we are prioritizing our core product areas like Search, YouTube, et cetera, as well as Cloud. And within Cloud, we are prioritizing the compute to make sure we can serve our models, in the context of Vertex and Gemini Enterprise and our core solutions, be the data analytics and cybersecurity, et cetera. So our core serving for our core products across consumers and enterprises where the computer is primarily going, and that's how we think about it.

Mark，我可以回應一下。你看，再次談到分配，我想我們的起點基準是：要持續在前沿推進 AGI 開發所需要的資源。顯然，對此的先驗假設取決於模型前沿如何推進，所以我們以此作為基準起點。在此之外，我們當然會優先考量我們的核心產品領域，例如搜尋、YouTube 等，以及雲端。而在雲端內，我們會優先配置運算資源，以確保能在 Vertex、Gemini Enterprise 與我們的核心解決方案（包括資料分析與資安等）的脈絡下提供我們的模型服務。因此，運算資源主要會投入在面向消費者與企業的核心產品之核心服務上，我們就是這樣思考的。

I think on the bridge deal, the main thing I would say is, look, there are on the margin, there are very, very large customers of ours on cloud who we are trying to support them through this extraordinary moment. And the incremental opportunities they are bringing to us while a short-term cost over a few months may be very high in the lifetime of the deal as we bring more capacity on is highly ROI positive. So those are factors we are taking into account.

我想就過渡交易而言，我主要想說的是：你看，在邊際上，我們在雲端有一些非常、非常大型的客戶，我們正試圖在這個非比尋常的時刻支持他們。他們帶給我們的增量機會，即使短期幾個月的成本可能很高，但隨著我們上線更多產能，從整個合約生命週期來看，投資報酬率（ROI）是高度正向的。所以這些都是我們納入考量的因素。

So are you willing to take upfront six-month deal to be able to serve that customer in what is a multiyear opportunity where the margins and the returns are very, very attractive over that multiyear horizon? So hopefully, that gives some color on how we thought about those opportunities.

所以，你是否願意承擔前期六個月的交易安排，以便在一個多年期的機會中服務該客戶，而在那個多年期的時間範圍內，毛利率與回報都非常、非常具吸引力？希望這能讓你更了解我們如何看待這些機會。

Ron Josey, Citi.

Ron Josey，花旗（Citi）。

Great, thanks for taking the question. Maybe I'll switch topics somewhat and Philipp, ask you a little bit more about monetization from a Search and YouTube perspective. Just given the greater signal we have with AI searches, and then you talked about YouTube's strength, talk to us a little bit more on how advertisers are leveraging the greater personalization and targeting that Google has to drive this ROAS. And a question we often get is, Google, with that size and scale, we're still growing 17%. Any reasons what's driving that all-time high on searches? Thank you.

很好，謝謝讓我提問。我可能稍微換個主題，Philipp，想請你從搜尋與 YouTube 的角度多談一些變現。鑑於我們在 AI 搜尋上有更強的訊號，且你也談到 YouTube 的強勁表現，請多談談廣告主如何運用 Google 更高程度的個人化與定向能力來推動 ROAS（廣告投資報酬率）。另外我們常被問到的一個問題是：Google 以這樣的規模體量，仍然能成長 17%。是什麼原因在推動搜尋量創下歷史新高？謝謝。

Yes, thank you so much for the question. Look, our 17% year-over-year growth rate in the Q2 search and other revenues was really driven by many parts of our business working well together and very, very deep Gemini integration.

是的，非常感謝你的提問。你看，我們第二季「搜尋及其他」營收年增 17%，主要是由我們業務的多個部分協同運作良好，以及非常、非常深度的 Gemini 整合所驅動。

Maybe to zoom out for a second, all the major verticals contributed to the growth. Retail drove the greatest contribution I managed, followed by really meaningful contributions from finance, tech, media, entertainment, and so on.

如果稍微拉遠一點看，所有主要垂直產業都對成長有所貢獻。零售帶來了最大的貢獻，其次是金融、科技、媒體、娛樂等也有非常顯著的貢獻。

I think it's really important to understand that Gemini supercharges our ability, and this goes specifically to your question, to understand what people are looking for and match the right ads. So we're applying Gemini models really across our entire ads infrastructure, whether it's ads quality, advertising tools, ads and new AI experiences. And we're really deeply integrating Gemini into the customer tools to make the campaigns more efficient, which comes on top of this.

我認為非常重要的是要理解，Gemini 大幅強化了我們的能力——這也正好回到你的問題——去理解人們在找什麼，並匹配正確的廣告。因此，我們把 Gemini 模型應用在整個廣告基礎設施上，無論是廣告品質、廣告工具、廣告本身以及新的 AI 體驗。而且我們也把 Gemini 深度整合進客戶工具中，讓行銷活動更有效率，這是在上述基礎之上的加乘。

And then we have our AI part campaigns like AI Max that help advertisers actually adapt and find the opportunities beyond keyword. Again, that's an ability for us to go deeper and target better. And AI Max continues to unlock, we mentioned this, billions of net new searches that weren't really monetizable before.

此外，我們也有像 AI Max 這樣的 AI 部分行銷活動，幫助廣告主實際上能夠適應並在關鍵字之外找到機會。同樣地，這讓我們能更深入、定向更精準。而 AI Max 也持續解鎖——我們提過——數十億次新增搜尋，這些搜尋在過去其實不太能變現。

And then on the YouTube side, high level, the ads growth was driven by direct response and brand advertising. I shared earlier, we continue to see a lot of momentum in the living room. We have a really exciting ads road map as well ahead of us on the brand side, on the direct response side. Demand Gen and Shorts remains really interesting opportunities here. Again, this has targeting components to it, obviously, and we continue to innovate really heavily in that response with shoppable ad formats in the living room, which will help us drive strength in retail as well.

然後在 YouTube 方面，概括來說，廣告成長是由直接回應型與品牌廣告所帶動。我先前分享過，我們在客廳場景持續看到很大的動能。在品牌端與直接回應端，我們也有一個非常令人振奮的廣告路線圖在前方。Demand Gen 與 Shorts 仍是非常有意思的機會。同樣地，這顯然包含定向的要素，而我們也持續在回應型廣告上大力創新，例如在客廳場景推出可購物的廣告格式，這也將幫助我們在零售領域延續強勢表現。

Ken Gawrelski, Wells Fargo.

Ken Gawrelski，富國銀行。

Thank you very much. Two questions, please.

非常感謝。我有兩個問題。

First, how would you assess the forecasted returns on compute capacity investments in '27 compared to prior years '25 and '26 in light of the supply chain constraints and supply chain inflation we're seeing? I'm curious as to how you think about the return profile of '27 and kind of future investments versus past investments in capacity.

第一個問題，鑑於我們看到的供應鏈限制與供應鏈通膨，您會如何評估 2027 年在運算產能投資上的預期報酬，相較於 2025 年與 2026 年的過往年度？我想了解您如何看待 2027 年的報酬輪廓，以及未來在產能上的投資相對於過去投資的差異。

And the second one, a little different topic here. When you think about Waymo, what are the key factors you would consider when evaluating a change in corporate structure for Waymo? I know you've previously been reticent to talk about this, but the business is scaling. Clearly, there's leadership there and has a lot of momentum. Under what conditions would it make sense for Waymo to live outside of Alphabet? Thank you.

第二個問題，稍微不同的主題。談到 Waymo，當您評估是否要調整 Waymo 的公司架構時，您會考量哪些關鍵因素？我知道您先前一直不太願意談這個，但業務正在擴張。顯然，那邊有領導團隊，而且動能很強。在什麼條件下，Waymo 脫離 Alphabet 之外會是合理的？謝謝。

Look, Ken, on your first question, if I understand it, look, we are working off a discipline ROIC framework here. Obviously, we, to the extent that our input costs going up to us, we reflect that, in our ability to price our solutions and see returns there. So all of that is factored into how we are planning.

Ken，關於你的第一個問題，如果我理解正確的話，我們是以嚴謹的 ROIC 架構在運作。很明顯地，在我們投入成本上升的情況下，我們會反映在我們對解決方案的定價能力上，並在那裡看到相應的報酬。因此，這些都已納入我們的規劃之中。

I think our compute capacity investments in '27, I think to the first question I answered, I think we are seeing strong demand indicators, including long-term deals, the existing deals which we have, which are renewing at -- with exceptional demand on a moving forward basis. And so we are using all that to plan and invest accordingly.

至於 2027 年的運算產能投資，我想呼應我對第一個問題的回答：我們看到強勁的需求指標，包括長期合約，以及我們既有合約的續約——在往前看時呈現出非常突出的需求。因此，我們會運用這些資訊來規劃並相應投資。

And so, I think, if anything, the dynamics look healthier than where we were about a year ago, and so that's what gives us the confidence to undertake those investments.

所以我認為，如果說有什麼不同，現在的動態看起來比大約一年前更健康，這也是讓我們有信心進行這些投資的原因。

On Waymo, look, I think we are really focused on executing and scaling up Waymo. We have set it up with our bet structure and given the team a lot of support. Alphabet has continued, I think, our ability to think and plan long term and invest in the business and give them that in a long-term road map, the confidence in undertaking a long-term road map and scaling up, I think is all hugely valuable.

至於 Waymo，我們目前真的專注在執行並擴大 Waymo 的規模。我們以「Other Bets」的架構來設置，並給予團隊大量支持。我認為 Alphabet 一直以來的優勢在於能夠長期思考與規劃、投資這項業務，並在長期路線圖上給予他們支持；對於推動長期路線圖與擴大規模而言，這些都非常有價值。

We are really focused on scaling the business right now and executing to that extraordinary potential, and that's what we are focused on.

我們現在真正聚焦的是擴大業務規模，並把那個非凡的潛力落實到執行上，這就是我們目前的重點。

Thank you very much.

非常感謝。

Shweta Khajuria, Wolfe Research.

Shweta Khajuria，Wolfe Research。

Okay, thanks a lot for taking my questions. Could I please ask you two? One is on TPU long-term strategy. Longer term, is it fair to think that as TPU sales scale, you'd build merchant silicon business with a software stack that goes with it?

好的，謝謝讓我提問。我可以問兩個問題嗎？第一個是關於 TPU 的長期策略。長期來看，是否可以這樣理解：隨著 TPU 銷售規模擴大，你們會建立一個商用（merchant）晶片業務，並搭配相應的軟體堆疊？

And second is on YouTube revenue. Given how strong engagement is, what are some of the factors that could drive accelerating growth rate at YouTube on a go-forward basis? Thank you.

第二個是關於 YouTube 營收。考量到互動參與度非常強勁，未來有哪些因素可能推動 YouTube 的成長率加速？謝謝。

Maybe I'll answer the first one, and Philipp can broadly talk about YouTube revenue growth as well.

也許我先回答第一個，Philipp 也可以更廣泛地談談 YouTube 的營收成長。

On the first one on TPUs, look, I think we are -- we've been operating with TPUs for a while. A lot of our cloud serving is done on TPUs. And we are also seeing strong demand for TPUs as standalone systems from other customers.

關於第一個 TPU 的問題，我們使用 TPU 已經有一段時間了。我們雲端的許多服務都是在 TPU 上運行。我們也看到其他客戶對於以獨立系統形式提供的 TPU 有強勁需求。

And so we'll, obviously, the industry has constraints, too. So we have to plan and we allocate on a forward-looking basis along the principles I spoke about earlier. So I don't want to project out too far into the future there, but I do think we are, obviously, we will scale up based on the opportunities we see and the demand we see, commensurate with the constraints that exist and the allocation needs we have for frontier model development, making sure we can serve our consumer businesses and enterprise businesses as well.

因此，當然，整個產業也存在限制。所以我們必須依照我先前提到的原則，以前瞻性的方式來規劃並進行配置。我不想把預測拉得太遠，但我確實認為，我們會根據所看到的機會與需求來擴大規模，同時也會考量既有的限制，以及我們在前沿模型開發上的配置需求，並確保我們也能服務消費者業務與企業業務。

And Philipp, you want to add on YouTube monetization?

Philipp，你要補充一下 YouTube 的變現嗎？

Yes, thank you so much. So look, I mentioned it, the drivers of YouTube ads revenue growth. I think there's a lot of things we're actually excited about when we look at our ads road map here.

好的，非常感謝。我先前提到過 YouTube 廣告營收成長的驅動因素。當我們看我們的廣告路線圖時，確實有很多讓我們感到興奮的事情。

In brand, we see ongoing opportunities on connected TVs in the living room. We're building tools to help advertisers find creators, scale across screens, and then measure the results. And we have a slate of new and returning creator shows that are coming exclusively to YouTube. We see opportunities in direct response, particularly with Demand Gen and Shorts.

在品牌廣告方面，我們在客廳的連網電視（CTV）上看到持續的機會。我們正在打造工具，協助廣告主找到創作者、跨螢幕擴大投放規模，並衡量成效。我們也有一系列全新與回歸的創作者節目將以 YouTube 獨家形式推出。在直接回應（direct response）方面，我們也看到機會，特別是 Demand Gen 與 Shorts。

I mentioned that remain a really interesting opportunity here to expand our base to more small and medium advertisers across more verticals, shorter videos. Actually, this important one, create more opportunities for less disruptive ads, increasing the overall ad effectiveness. So we're going to continue to see a lot of innovation, in my opinion, and direct response with shoppable ad formats in the living room, which, again, we mentioned that drives retail strength. We announced a few other formats here at Brandcast. We announced Buy with Google Pay to enable CTV viewers to actually complete purchases directly on their TV with two clicks, which is a really interesting opportunity over time. We launched the affiliate partnership boost to drive incremental sales and the creator earnings, obviously, from YouTube Shopping affiliate commissions.

我提到過，這仍然是一個非常有趣的機會：把我們的基礎擴展到更多中小型廣告主、涵蓋更多垂直領域，以及更短的影片。另外一個重要點是，創造更多「干擾性更低」的廣告機會，提升整體廣告效果。因此我認為，我們會持續看到很多創新，尤其是在客廳場景中，透過可購買（shoppable）的廣告格式來推動直接回應；我們也提到過，這會帶動零售端的強勁表現。我們在 Brandcast 也宣布了幾種其他格式。我們宣布了「Buy with Google Pay」，讓 CTV 觀眾能在電視上用兩次點擊就直接完成購買，長期來看這是非常有趣的機會。我們推出了「affiliate partnership boost」，以帶動增量銷售與創作者收益，當然也包括來自 YouTube Shopping 聯盟分潤的創作者收入。

So overall, frankly, very, very exciting times.

總體而言，坦白說，這是一段非常、非常令人振奮的時期。

Thanks, Sundar. Thanks, Philipp.

謝謝你，Sundar。謝謝你，Philipp。

Thank you. 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.

謝謝。今天的問答環節到此結束。我想把會議交回給 Jim Friedland，看看是否還有其他補充說明。

Thanks, everyone, for joining us today. We look forward to speaking with you again on our third-quarter 2026 call. Thank you, and have a good evening.

謝謝各位今天加入我們。我們期待在 2026 年第三季電話會議上再次與各位交流。謝謝，祝各位晚安。

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

謝謝各位。今天的電話會議到此結束。感謝各位參與。您現在可以掛線。