Alphabet Inc (GOOGL) 2024 Q2 法說會逐字稿

Welcome, everyone. Thank you for standing by for the Alphabet second quarter 2024 earnings conference call. (Operator Instructions)

歡迎大家。感謝您耐心等待 Alphabet 2024 年第二季財報電話會議。 （操作員說明）

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

現在我想將會議交給今天的演講者、投資者關係總監吉姆·弗里德蘭 (Jim Friedland)。請繼續。

Thank you. Good afternoon, everyone, and welcome to Alphabet's second quarter 2024 earnings conference call. With us today are Sundar Pichai, Philipp Schindler and Ruth Porat. Now I'll quickly cover the safe harbor. Some of the statements that we make today regarding our business, operations and financial performance may be considered forward-looking. Such statements are based on current expectations and assumptions that are subject to a number of risks and uncertainties. Actual results could differ materially. Please refer to our forms 10-K and 10-Q, including the risk factors. We undertake no obligation to update any forward-looking statement.

謝謝。大家下午好，歡迎參加 Alphabet 2024 年第二季財報電話會議。今天與我們在一起的有桑達爾·皮查伊 (Sundar Pichai)、菲利普·辛德勒 (Philipp Schindler) 和露絲·波拉特 (Ruth Porat)。現在我將快速覆蓋安全港。我們今天做出的有關我們的業務、營運和財務表現的一些聲明可能被認為是前瞻性的。此類陳述基於當前的預期和假設，受到許多風險和不確定性的影響。實際結果可能存在重大差異。請參閱我們的表格 10-K 和 10-Q，包括風險因素。我們不承擔更新任何前瞻性聲明的義務。

During this call, we will present both GAAP and non-GAAP financial measures. A reconciliation of non-GAAP to GAAP measures is included in today's earnings press release, which is distributed and available to the public through our Investor Relations website located at abc.xyz/investor. Our comments will be on year-over-year comparisons unless we state otherwise.

在本次電話會議中，我們將介紹 GAAP 和非 GAAP 財務指標。今天的收益新聞稿中包含了非 GAAP 與 GAAP 指標的對賬，該新聞稿透過我們的投資者關係網站 abc.xyz/investor 向公眾發布和提供。除非另有說明，我們的評論將針對同比比較。

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

現在我將把電話轉給桑達爾。

Thank you, Jim, and hello, everyone. I'm really pleased with our results this quarter. They showed tremendous ongoing momentum in Search and great progress in Cloud with our AI initiatives driving new growth. Search had another excellent quarter. And in terms of product innovation, we are seeing great progress with AI Overviews. In Q2, cloud reached some major milestones. Quarterly revenues crossed the $10 billion mark for the first time at the same time passed the $1 billion mark in quarterly operating profit.

謝謝吉姆，大家好。我對本季的業績非常滿意。他們在搜尋領域展現了巨大的持續勢頭，並在雲端領域取得了巨大進展，我們的人工智慧計畫推動了新的成長。搜尋領域又迎來了一個出色的季度。在產品創新方面，我們看到人工智慧概述取得了巨大進步。在第二季度，雲端技術達到了一些重要的里程碑。季度營收首度突破 100 億美元大關，同時季度營業利潤也突破 10 億美元大關。

Year-to-date, our AI infrastructure and generative AI solutions for cloud customers have already generated billions in revenues and are being used by more than 2 million developers. As I spoke about last quarter, we are uniquely well positioned for the AI opportunity ahead. Our research and infrastructure leadership means we can pursue an in-house strategy that enables our product teams to move quickly. Combined with our model building expertise, we are in a strong position to control our destiny as the technology continues to evolve.

今年迄今為止，我們為雲端客戶提供的人工智慧基礎設施和生成式人工智慧解決方案已經創造了數十億美元的收入，並被超過 200 萬開發者使用。正如我在上個季度談到的那樣，我們為未來的人工智慧機會做好了獨特的準備。我們在研究和基礎設施方面的領先地位意味著我們可以推行內部策略，使我們的產品團隊能夠快速行動。結合我們的模型建構專業知識，隨著技術的不斷發展，我們有能力掌控自己的命運。

Importantly, we are innovating at every layer of the AI stack from chips to agents and beyond, a huge strength. We are committed to this leadership long term. This was underscored by the announcements we made at I/O, Cloud Next and Google Marketing Live, and we'll touch on many of them here. Today, I'll start with Search, then move to our AI momentum more generally followed by cloud, YouTube and some closing thoughts.

重要的是，我們正在人工智慧堆疊的每一層進行創新，從晶片到代理等等，這是一個巨大的優勢。我們致力於長期保持這一領導地位。我們在 I/O、Cloud Next 和 Google Marketing Live 上發布的公告強調了這一點，我們將在這裡討論其中的許多內容。今天，我將從搜尋開始，然後轉向更廣泛的人工智慧動力，然後是雲端、YouTube 和一些結束語。

Let's dive in. Over the past 25 years, we have continued to reimagine and expand Google Search across many technological shifts. With AI, we are delivering better responses on more types of search queries and introducing new ways to search. We are pleased to see the positive trends from our testing continue as we roll out AI Overviews, including increases in search usage and increased user satisfaction with the results.

讓我們深入探討。借助人工智慧，我們可以對更多類型的搜尋查詢提供更好的回應，並引入新的搜尋方式。隨著我們推出人工智慧概述，我們很高興看到我們的測試繼續呈現出積極的趨勢，包括搜尋使用率的增加和用戶對結果的滿意度的提高。

People who are looking for help with complex topics are engaging more and keep coming back for AI Overviews. And we see even higher engagement from younger users aged 18 to 24 when they use Search with AI Overviews. As we have said, we are continuing to prioritize approaches that send traffic to sites across the web and we are seeing that ads appearing either above or below AI Overviews continue to provide valuable options for people to take action and connect with businesses.

尋求複雜主題幫助的人們會更多地參與進來，並不斷回來尋求人工智慧概述。我們發現，18 至 24 歲的年輕用戶在使用 AI 概覽搜尋時的參與度更高。正如我們所說，我們將繼續優先考慮將流量發送到整個網路網站的方法，並且我們看到出現在人工智慧概覽上方或下方的廣告繼續為人們採取行動並與企業建立聯繫提供有價值的選擇。

Beyond AI Overviews, AI expands the types of queries we are able to address and opens up powerful new ways to search. Visual search via Lens is one. Soon, you'll be able to ask questions by taking a video with Lens. And already we've seen that AI Overviews and Lens leads to an overall visual search usage.

除了人工智慧概述之外，人工智慧還擴展了我們能夠解決的查詢類型，並開啟了強大的新搜尋方式。透過 Lens 進行視覺搜尋就是其中之一。很快，您就可以透過使用 Lens 拍攝影片來提問。我們已經看到人工智慧概述和鏡頭帶來了整體視覺搜尋的使用。

Another example is Circle to Search, which is available today on more than 100 million Android devices. We are seeing tremendous momentum from our AI investments. More than 1.5 million developers are now using Gemini across our developer tools, and we recently unveiled new models that are more capable and efficient than ever.

另一個例子是 Circle to Search，目前已在超過 1 億台 Android 裝置上使用。我們看到人工智慧投資的巨大勢頭。目前，超過 150 萬名開發人員在我們的開發工具中使用 Gemini，我們最近推出了比以往更強大、更有效率的新模型。

Gemini now comes in four sizes with each model designed for its own set of use cases. It's a versatile model family that runs efficiently on everything from data centers to devices. At 2 million tokens, we offer the longest context window of any large-scale foundation model to date, which powers developer use cases that no other model can handle. Gemini is making Google's own products better. All six of our products with more than 2 billion monthly users now use Gemini. This means that Google is the company that's truly bringing AI to everyone. Gemini is powering incredibly helpful features in Search, Workspace, Google Messages and more.

Gemini 現在有四種尺寸，每種型號都是針對自己的用例集而設計。它是一個多功能模型系列，可以在從資料中心到設備的所有設備上有效運作。我們擁有 200 萬個代幣，提供迄今為止任何大型基礎模型中最長的上下文窗口，這為開發人員使用其他模型無法處理的用例提供了支援。 Gemini 正在讓 Google 自己的產品變得更好。我們每月用戶超過 20 億的所有六款產品現在都使用 Gemini。這意味著谷歌是一家真正將人工智慧帶給每個人的公司。 Gemini 正在為搜尋、工作區、Google Messages 等領域提供極其有用的功能。

At our I/O, we showed new features coming soon to Gmail and to Google Photos. Soon, you'll be able to ask for those questions like what did I eat at that restaurant in Paris last year. For a glimpse of the future, I hope you saw project Astra at I/O. It shows multimodal understanding and natural conversational capabilities. We have always wanted to build a universal agent, and it's an early look at how they can be helpful in daily life.

在 I/O 大會上，我們展示了 Gmail 和 Google Photos 即將推出的新功能。很快，您就可以提出這些問題，例如我去年在巴黎的那家餐廳吃了什麼。為了一睹未來，我希望您能在 I/O 大會上看到 Astra 專案。它顯示了多模式理解和自然對話能力。我們一直想建立一個通用代理，這是對它們如何在日常生活中提供幫助的早期研究。

Our AI product advances come from our long standing foundation of research leadership as well as our global network of infrastructure. In Q2, we announced our first data center and cloud region in Malaysia and expansion projects in Iowa, Virginia and Ohio. Our TPUs are a key bet here too. Trillium is the sixth generation of our custom AI accelerator, and it's our best performing and most energy efficient TPU today.

我們人工智慧產品的進步來自於我們長期的研究領導基礎以及我們的全球基礎設施網路。在第二季度，我們宣布了在馬來西亞的第一個資料中心和雲端區域，以及在愛荷華州、維吉尼亞州和俄亥俄州的擴展項目。我們的 TPU 也是這裡的關鍵賭注。 Trillium 是我們第六代的客製化 AI 加速器，它是我們當今性能最佳、能源效率最高的 TPU。

It achieves a near 5x increase in peak compute performance per chip and a 67% more energy efficient compared to TPU v5e. And the latest NVIDIA Blackwell platform will be coming to Google Cloud in early 2025. We continue to invest in designing and building robust and efficient infrastructure to support our efforts in AI, given the many opportunities we see ahead.

與 TPU v5e 相比，它的每晶片峰值運算效能提高了近 5 倍，能源效率提高了 67%。最新的 NVIDIA Blackwell 平台將於 2025 年初登陸 Google Cloud。

Of course, as we do this, we'll continue create capacity by allocating resources towards our highest priorities. We are relentlessly driving efficiencies in our AI models. For example, over the past quarter, we have made quality improvements that include doubling the core model size for AI Overviews, while at the same time improving latency and keeping cost per AI Overview sell flat. And we are focused on matching the right model size to the complexity of the query in order to minimize impact on costs and latency. Separately on our real estate investments, we are taking a measured approach to match the current and future needs of our hybrid workforce as well as our communities.

當然，在我們這樣做的同時，我們將透過將資源分配給我們的最高優先事項來繼續創造能力。我們正在不懈地提高人工智慧模型的效率。例如，在過去的季度中，我們進行了品質改進，包括將 AI 概覽的核心模型大小加倍，同時改善延遲並保持每個 AI 概覽銷售成本持平。我們專注於將正確的模型大小與查詢的複雜性相匹配，以盡量減少對成本和延遲的影響。另外，在房地產投資方面，我們正在採取審慎的方法來滿足混合勞動力以及社區當前和未來的需求。

Next, Google Cloud. We continue to see strong customer interest, winning leading brands like Hitachi, Motorola Mobility and KPMG. Our deep partnership with Oracle significantly expanded our joint offerings to their large customer base. Our momentum begins with our AI infrastructure, which provides AI startups like Essential AI with leading cost performance for models and high-performance computing applications. We continue to drive fundamental differentiation with new advances since Cloud Next. This includes Trillium, which I mentioned earlier, and A3 Mega powered by NVIDIA H1100 GPUs, which doubles the networking bandwidth of A3.

接下來是Google雲端。我們繼續看到客戶的強烈興趣，贏得了日立、摩托羅拉移動和畢馬威等領先品牌。我們與 Oracle 的深厚合作夥伴關係顯著地將我們的聯合產品擴展到了他們龐大的客戶群。我們的動力始於我們的人工智慧基礎設施，它為 Essential AI 等人工智慧新創公司提供領先的模型和高效能運算應用性價比。自 Cloud Next 以來，我們繼續透過新進步推動根本差異化。其中包括我之前提到的 Trillium，以及由 NVIDIA H1100 GPU 提供支援的 A3 Mega，它使 A3 的網路頻寬增加了一倍。

Our enterprise AI platform, Vertex, helps customers such as Deutsche Bank, Kingfisher, and the US Air Force build powerful AI agents. Last month, we announced a number of new advances. Uber and WPP are using Gemini Pro 1.5 and Gemini Flash 1.5 in areas like customer experience and marketing.

我們的企業 AI 平台 Vertex 幫助德意志銀行、Kingfisher 和美國空軍等客戶建立強大的 AI 代理。上個月，我們宣布了一些新進展。 Uber 和 WPP 在客戶體驗和行銷等領域使用 Gemini Pro 1.5 和 Gemini Flash 1.5。

We broadened support for third-party models, including Anthropic's Claude 3.5 Sonnet and Open Source models like Gemma 2, Llama and Mistral. We are the only cloud provider to offer grounding with Google search, and we are expanding grounding capabilities with Moody's, MSCI, ZoomInfo and more. Our AI powered applications portfolio is helping us win new customers and drive upsell.

我們擴大了對第三方模型的支持，包括 Anthropic 的 Claude 3.5 Sonnet 以及 Gemma 2、Llama 和 Mistral 等開源模型。我們是唯一透過 Google 搜尋提供接地服務的雲端供應商，我們正在透過 Moody's、MSCI、ZoomInfo 等擴展接地功能。我們的人工智慧應用程式組合正在幫助我們贏得新客戶並推動追加銷售。

For example, our conversational AI platform is helping customers like Best Buy and Gordon Food Service. Gemini for Workspace helps Click Therapeutics analyze patient feedback as they build targeted digital treatments. Our AI-powered agents are also helping customers develop better quality software, fine insights from their data and protect their organization against cybersecurity threats using Gemini.

例如，我們的對話式人工智慧平台正在幫助百思買和戈登食品服務等客戶。 Gemini for Workspace 幫助 Click Therapeutics 在建立有針對性的數位治療時分析患者回饋。我們的人工智慧代理商還幫助客戶開發更高品質的軟體，從數據中獲得精細洞察，並使用 Gemini 保護他們的組織免受網路安全威脅。

Software engineers at Wipro are using Gemini Code Assist to develop and document software faster. And data analysts at Mercado Libre are using BigQuery and Looker to optimize capacity planning and fulfill shipments faster.

Wipro 的軟體工程師正在使用 Gemini Code Assist 更快地開發和記錄軟體。 Mercado Libre 的數據分析師正在使用 BigQuery 和 Looker 來優化容量規劃並更快地完成出貨。

Cyber security risks continue to accelerate, and the number of breaches continue to grow. Something we all see in the news every day and that our Mandiant teams help manage. Our strong track record of uptime, quality control and reliability make Google Cloud the trusted security choice for organizations like Fiserv and Marriott International. In Q2, we infused AI throughout our security portfolio, helping TELUS strengthened its proactive security posture.

網路安全風險持續加速，違規數量持續成長。我們每天都會在新聞中看到一些事情，我們的 Mandiant 團隊會幫忙管理。我們在正常運作時間、品質控制和可靠性方面的良好記錄使 Google Cloud 成為 Fiserv 和 Marriott International 等組織值得信賴的安全選擇。第二季度，我們將人工智慧融入我們的安全產品組合中，幫助 TELUS 加強其主動安全態勢。

Turning next to YouTube. YouTube is focused on a clear strategy, connecting creators with a massive audience and enabling them to build successful businesses through ads and subscriptions while helping advertisers reach their desired audience. We had a great Brandcast this quarter and Philipp will say more. I'm pleased with the progress there. YouTube has remained number one in US streaming watch time according to Nielsen. Views of YouTube Shorts and Connected TVs more than doubled last year, and we are making it easier for creators to add captions and turn regular videos into Shorts.

轉向 YouTube 旁邊。 YouTube 專注於明確的策略，將創作者與大量受眾聯繫起來，使他們能夠透過廣告和訂閱建立成功的業務，同時幫助廣告商吸引所需的受眾。本季我們舉辦了一次精彩的 Brandcast，Philipp 會說更多。我對那裡的進展感到滿意。根據尼爾森的數據，YouTube 在美國串流觀看時間長度方面仍然排名第一。去年，YouTube Shorts 和連網電視的觀看次數增加了一倍多，我們正在讓創作者更輕鬆地添加字幕並將常規影片轉換為 Shorts。

Next on Android and Pixel. We joined Samsung for their Galaxy Unpacked event a few weeks ago, and we shared that Samsung's new devices will include the latest AI-powered Google updates on Android. It was a great event. I'm looking forward to our Made by Google event happening in August. We'll have lots to share around Android and the Pixel portfolio of devices. Our pixel line is doing well. We recently introduced a new Pixel 8a powered by our latest Google Tensor G3 chip. It provides beautiful AI experiences like Circle to Search, Best Take and a Gemini-powered AI assistant.

接下來是 Android 和 Pixel。幾週前，我們參加了三星的 Galaxy Unpacked 活動，並透露三星的新設備將包括 Android 上由人工智慧驅動的最新 Google 更新。這是一次偉大的活動。我期待 8 月舉辦的 Made by Google 活動。我們將有很多關於 Android 和 Pixel 裝置組合的內容可以分享。我們的像素線做得很好。我們最近推出了一款由我們最新的 Google Tensor G3 晶片提供支援的新款 Pixel 8a。它提供了美妙的 AI 體驗，例如 Circle to Search、Best Take 和 Gemini 支援的 AI 助理。

In Other Bets, I'm really pleased with the progress Waymo's making. A real leader in the space and getting rave reviews from users. Waymo served more than 2 million trips to date and driven more than 20 million fully autonomous miles on public roads. Waymo's now delivering well over 50,000 weekly paid public rides primarily in San Francisco and Phoenix. And in June, we removed the waitlist in San Francisco so anyone can take a ride. Fully autonomous testing is underway in other Bay Area locations without a human in the driver's seat.

在“其他賭注”中，我對 Waymo 的進展感到非常滿意。該領域真正的領導者並獲得了用戶的好評。截至目前，Waymo 已經服務了超過 200 萬次出行，並在公共道路上實現了超過 2000 萬英里的全自動駕駛里程。 Waymo 目前每週提供超過 50,000 次付費公共乘車服務，主要在舊金山和鳳凰城。六月，我們取消了舊金山的候補名單，好讓任何人都可以搭乘。灣區其他地點正在進行全自動測試，駕駛座上無需有人駕駛。

Before I close, I want to acknowledge that today is Ruth's final earnings call. Let me take a moment to thank her for all she has done for Google and Alphabet as our longest-serving CFO. I'm excited to continue to work with her in her new role. And I look forward to welcoming our newly appointed CFO, Anat Ashkenazi. She starts next week, and you'll hear from her on our call next quarter. Thanks, as always, to our employees and partners everywhere for a great Q2.

在結束之前，我想承認今天是露絲的最後一次財報電話會議。讓我花點時間感謝她作為我們任職時間最長的財務長為 Google 和 Alphabet 所做的一切。我很高興能在她的新角色中繼續與她合作。我期待歡迎我們新任命的財務長阿納特·阿什肯納齊 (Anat Ashkenazi)。她下週開始工作，您將在下個季度的電話會議上收到她的來信。一如既往，感謝我們各地的員工和合作夥伴在第二季度的出色表現。

With that, over to you, Philip.

就這樣，交給你了，菲利普。

Thanks, Sundar, and hello, everyone. Starting with performance, Google Services delivered revenues of $73.9 billion for the quarter, up 12% year-on-year. Search and other revenues grew 40% year-on-year, led by growth in the retail vertical followed by financial services. YouTube ads revenues were up 13% year-on-year driven by growth in brand as well as direct response. Network revenues declined 5% year-on-year. In subscriptions, platforms and devices, year-on-year revenues increased 14%, driven again by strong growth in YouTube subscriptions. For the rest of my remarks, I want to double-click on two topics: first, how we are applying AI across the marketing process to deliver an even stronger ads experience; second, YouTube's position as the leading multi-format platform.

謝謝桑達爾，大家好。從業績開始，Google服務本季實現營收 739 億美元，年增 12%。搜尋和其他收入年增 40%，其中零售垂直行業的成長帶動了成長，其次是金融服務。在品牌成長和直接反應的推動下，YouTube 廣告收入較去年同期成長 13%。網路收入較去年同期下降5%。在訂閱、平台和裝置方面，營收年增 14%，這再次受到 YouTube 訂閱強勁成長的推動。在接下來的發言中，我想雙擊兩個主題：第一，我們如何在整個行銷過程中應用人工智慧來提供更強大的廣告體驗；其次，YouTube 作為領先的多格式平台的地位。

So let me start by sharing some of the ways we're applying AI to bring more performance benefits to even more businesses. Q2 brought several major opportunities to meet and learn from users, developers, creators and customers. From I/O to Brandcast, Google Marketing Live and Cannes, a growing number of our customers and partners are looking to understand how to successfully incorporate AI into their businesses.

首先，讓我分享一些我們應用人工智慧為更多企業帶來更多效能優勢的方法。第二季帶來了幾個與用戶、開發者、創作者和客戶見面並向他們學習的重大機會。從 I/O 到 Brandcast、Google Marketing Live 和坎城影展，我們越來越多的客戶和合作夥伴正在尋求了解如何成功地將人工智慧融入他們的業務中。

This quarter, we announced over 30 new ads features and products to help advertisers leverage AI and keep pace with the evolving expectations of customers and users. Across Search, PMX, demand gen and retail, we are plying AI to streamline workflows, enhance creative asset production and provide more engaging experiences for consumers.

本季度，我們宣布了 30 多種新的廣告功能和產品，以幫助廣告商利用人工智慧並跟上客戶和用戶不斷變化的期望。在搜尋、PMX、需求生成和零售領域，我們正在利用人工智慧來簡化工作流程、增強創意資產生產並為消費者提供更具吸引力的體驗。

Listening to our customers, retailers, in particular, have welcomed AI-powered features to help scale the depth and breadth of their assets. For example, as part of the new and easier to use Merchant Center, we've expanded product studio with tools that bring the power of Google AI to every business owner. You can upload a product image from the AI with something like feature this product with Paris skyline in the background and product studio will generate campaign ready assets.

在聽取客戶的意見後，零售商尤其歡迎人工智慧功能，以幫助擴大其資產的深度和廣度。例如，作為新的、更易於使用的 Merchant Center 的一部分，我們透過工具擴展了產品工作室，為每個企業主帶來 Google AI 的強大功能。您可以從人工智慧上傳產品圖像，例如以巴黎天際線為背景的產品，產品工作室將產生活動準備資產。

I also hear great feedback from our customers on many of our other new AI-powered features. We're beta testing virtual try-on and shopping ads and plan to roll it on YT later this year. Feedback shows this feature gets 60% more high-quality use than other images and a higher click out to retailer sites. Retailers love it because it drives purchasing decisions and fewer returns. Our AI-driven profit optimization tools have been expanded to Performance Max and standard shopping campaigns. Advertisers use profit optimization and smart bidding, see a 15% uplift in profit on average compared to revenue-only bidding.

我還聽到客戶對我們許多其他新的人工智慧功能的回饋。我們正在對虛擬試穿和購物廣告進行 Beta 測試，並計劃於今年稍後在 YouTube 上推出。回饋顯示，與其他圖像相比，此功能的使用品質提高了 60%，零售商網站的點擊率也更高。零售商喜歡它，因為它可以推動購買決策並減少退貨。我們的人工智慧驅動的利潤優化工具已擴展到效果最大化廣告活動和標準購物廣告系列。廣告主利用利潤優化和智慧出價，與僅考慮收入的出價相比，利潤平均提高了 15%。

Lastly, demand gen is rolling out to display Video 360 and Search Ads 360 in the coming months. With new generative image tools that create stunning, high-quality image assets for social marketers. As we said at GML, when paired with Search or PMX, demand gen delivers an average of 14% more conversions. The use cases we're seeing across the industry show the incredible potential of these AI-enabled products to improve performance.

最後，需求產生將在未來幾個月內推出以展示 Video 360 和 Search Ads 360。借助新的生成圖像工具，為社交行銷人員創建令人驚嘆的高品質圖像資產。正如我們在 GML 上所說，當與搜尋或 PMX 結合使用時，需求產生平均可提高 14% 的轉換次數。我們在整個行業中看到的用例表明，這些支援人工智慧的產品在提高效能方面具有令人難以置信的潛力。

Let me briefly share two examples with you. Luxury jewelry retailer, Tiffany, leveraged demand gen during the holiday season and saw a 2.5% brand lift in consideration and actions such as adding items to carts and booking appointments. The campaign drove a 5.6 times more efficient cost per click compared to social media benchmarks. Our own Google marketing team used demand gen to create nearly 4,500 ad variations for Pixel 8 campaign shown across YouTube, Discover and Gmail, delivering twice the clicks per rate at nearly a quarter of the cost.

我簡單給大家分享兩個例子。奢華珠寶零售商蒂芙尼 (Tiffany) 在節日期間充分利用了需求增長，在將商品添加到購物車和預約等方面的品牌考慮度和行動提升了 2.5%。與社群媒體基準相比，該活動的每次點擊成本效率提高了 5.6 倍。我們自己的 Google 行銷團隊使用需求生成為 Pixel 8 廣告系列創建了近 4,500 個廣告變體，在 YouTube、Discover 和 Gmail 上展示，以近四分之一的成本提供兩倍的點擊次數。

In addition to strengthening our ads products for customers, we continue to evolve our existing systems and products with improved models delivering further performance gains. In just six months, AI-driven improvements to quality, relevance and language understanding have improved broad match's performance by 10% for advertisers using smart bidding.

除了為客戶加強我們的廣告產品外，我們還繼續發展現有的系統和產品，透過改進的模型進一步提高效能。在短短六個月內，人工智慧驅動的品質、相關性和語言理解方面的改進已將使用智慧出價的廣告商的廣泛匹配效果提高了 10%。

Also, advertisers who adopt P Max to Broad Match and Smart Bidding in their search campaigns, see an average increase of over 25% more conversions or value at a similar cost. We'll continue to listen to our customers and use their feedback to drive innovation across our products. As you can hear, I continue to be excited about the AI era for ads.

此外，在搜尋廣告活動中採用 P Max 廣泛匹配和智慧出價的廣告商會發現，在類似成本的情況下，轉換次數或價值平均增加了 25% 以上。我們將繼續傾聽客戶的意見，並利用他們的回饋來推動我們產品的創新。正如您所聽到的，我仍然對廣告的人工智慧時代感到興奮。

Now let's turn to YouTube. I've talked before about our approach to making YouTube the best place to create, watch and monetize. First, the best place to create. What sets YouTube apart from every other platform are the creators and the connection they have with their fans. Audience is tuning in to watch their favorite creators continue to grow. For example, two weeks ago, Mr. Beast's Channel hit more than 300 million subscribers.

現在讓我們轉向 YouTube。我之前曾討論過我們如何讓 YouTube 成為創作、觀看和獲利的最佳場所。第一，最佳創作場所。 YouTube 與其他平台的區別在於創作者以及他們與粉絲的聯繫。觀眾正在觀看他們喜愛的創作者不斷成長的過程。例如，兩週前，野獸先生的頻道訂閱人數超過 3 億人。

Next, the best place to watch. Our long-term investment in CTV continues to deliver. Views on CTV have increased more than 130% in the last three years. According to Nielsen, YouTube is the number one most watched streaming platform on TV screens in the US for the 17th consecutive month. Zooming out when you look not just at streaming, but at all media companies and their combined TV viewership, YouTube is the second most watched after Disney. And this growth is happening in multiple verticals, including sports, which has seen CTV watch time on YouTube grow 30% year-over-year.

接下來是最佳觀賞地點。我們對 CTV 的長期投資繼續發揮作用。過去三年，CTV 的觀看次數增加了 130% 以上。根據尼爾森的數據，YouTube 連續 17 個月成為美國電視螢幕上觀看次數最多的串流平台。如果你不僅關注串流媒體，還關注所有媒體公司及其電視總收視率，你會發現 YouTube 是僅次於迪士尼的第二大收視率。這種成長發生在多個垂直領域，包括運動領域，YouTube 上的 CTV 觀看時間比去年同期成長 30%。

Lastly, the best place to monetize. CTV on YouTube is continuing to benefit from a combination of strong watch time growth, viewer and advertiser innovation and a shift in brand advertising budgets from linear TV to YouTube. Our largest advertisers across verticals, including retail, entertainment, telco and home and personal care are partnering with creators on ads and organic integrations. Verizon, for example, worked with a YouTube creator and Verizon customer to show the many ways that plans and offerings can be customized to fit people's lives.

最後，賺錢的最佳地點。 YouTube 上的 CTV 繼續受益於觀看時間的強勁增長、觀眾和廣告商的創新以及品牌廣告預算從線性電視轉向 YouTube 的轉變。我們跨垂直行業（包括零售、娛樂、電信以及家庭和個人護理）的最大廣告商正在與創作者在廣告和有機整合方面進行合作。例如，Verizon 與 YouTube 創作者和 Verizon 客戶合作，展示了可以客製化計劃和產品以適應人們生活的多種方式。

Using AI-powered formats, they created sketches in multiple lengths and orientations to serve the right creative to the right viewer and drive people to their site. Verizon's creator ads had a 15% lower CPA and a 38% higher conversion rate versus other ads.

他們使用人工智慧驅動的格式，創建了多種長度和方向的草圖，以便為正確的觀眾提供正確的創意，並吸引人們造訪他們的網站。與其他廣告相比，Verizon 的創作者廣告的每次轉換費用 (CPA) 低 15%，轉換率高 38%。

Turning to Shorts. Last quarter, I shared that in the US, the monetization rate of YouTube Shorts relative to in-stream viewing is showing a healthy rate of growth. Again, this quarter, we continue to see an improvement in Shorts monetization, particularly in the US. We're also seeing a very encouraging contribution from brand advertising on Shorts, which we launched on the product in Q4 last year.

轉向短褲。上個季度，我分享了在美國，YouTube Shorts 相對於串流媒體觀看的貨幣化率呈現出健康的成長速度。本季度，我們再次看到 Shorts 變現有所改善，尤其是在美國。我們也看到 Shorts 上的品牌廣告做出了非常令人鼓舞的貢獻，我們在去年第四季在該產品上推出了該廣告。

Lastly, a few words on shopping. Last year, viewers watched 30 billion hours of shopping-related videos, and we saw a 25% increase in watch time for videos that help people shop. While it's early days, shopping remains a key area of investment. At GML, we rolled out several product updates to YouTube shopping, helping creators sell products to their viewers. These updates included product tagging where creators can tag products in their videos for viewers to discover and purchase, product collections and a new affiliate hub, a one-stop shop for creators to find deals and promotional offers from brands and track their affiliate earnings.

最後說幾句關於購物的事。去年，觀眾觀看了 300 億小時的購物相關視頻，我們發現幫助人們購物的影片的觀看時間增加了 25%。雖然現在還處於早期階段，但購物仍然是一個重要的投資領域。在 GML，我們推出了 YouTube 購物的多項產品更新，幫助創作者向觀眾銷售產品。這些更新包括產品標記（創作者可以在影片中標記產品以供觀眾發現和購買）、產品系列和新的聯盟中心，這是創作者尋找品牌優惠和促銷優惠並追蹤其聯盟收入的一站式商店。

With that, I'll finish by saying a huge thank you to Googlers everywhere for their extraordinary commitment and to our customers and partners for their continued collaboration and trust. And Ruth, thanks for your amazing leadership and partnership over all these years.

最後，我要向世界各地的 Google 員工表達衷心的感謝，感謝他們的非凡奉獻，感謝我們的客戶和合作夥伴的持續合作和信任。露絲，感謝您這些年來出色的領導和合作。

Now for one last time, it's over to you.

現在最後一次，輪到你了。

Thank you, Philipp, and thanks, Sundar, for those kind words. We had another strong quarter, driven in particular by performance in Search and Cloud as well as the ongoing efforts to durably reengineer our cost base. My comments will be on year-over-year comparisons for the second quarter unless I state otherwise. I will start with results at the Alphabet level followed by segment results and conclude with our outlook.

謝謝你，菲利普，謝謝你，桑達爾，謝謝你的善意之言。我們又度過了一個強勁的季度，這尤其受到搜尋和雲端業績以及持續努力重新設計我們的成本基礎的推動。除非我另有說明，我的評論將針對第二季的年比比較。我將從字母表級別的結果開始，然後是部門結果，最後以我們的展望結束。

For the second quarter, our consolidated revenues were $84.7 billion, up 14% or up 15% in constant currency. Search remained the largest contributor to revenue growth. In terms of expenses, total cost of revenues was $35.5 billion, up 11%. Other cost of revenues was $22.1 billion, up 14%, with the increase driven primarily by content acquisition costs, followed by depreciation as well as the impact of the Canadian digital services tax, which was applied retroactively.

第二季度，我們的綜合營收為 847 億美元，成長 14%，以固定匯率計算成長 15%。搜尋仍然是收入成長的最大貢獻者。在費用方面，總收入成本為 355 億美元，成長 11%。其他收入成本為 221 億美元，成長 14%，成長的主要原因是內容採購成本，其次是折舊以及追溯適用的加拿大數位服務稅的影響。

Operating expenses were $21.8 billion, up 5%, primarily reflecting an increase in R&D partially offset by a decline in G&A with sales and marketing essentially flat to the second quarter last year. The increase in R&D was driven primarily by compensation, which was affected by lapping a reduction in valuation-based compensation liabilities in certain other bets in the second quarter last year followed by depreciation. The largest single factor in the year-on-year decline in G&A expenses was lower charges related to legal matters. Operating income was $27.4 billion, up 26% and our operating margin was 32%. Net income was $23.6 billion and EPS was $1.89.

營運費用為 218 億美元，成長 5%，主要反映了研發費用的增加，部分抵銷了一般管理費用的下降，銷售和行銷費用與去年第二季基本持平。研發的成長主要是由薪酬推動的，這是受到去年第二季度某些其他賭注中基於估值的薪酬負債減少以及隨後的折舊的影響。一般管理費用較去年同期下降的最大單一因素是與法律事務相關的費用降低。營業收入為 274 億美元，成長 26%，營業利益率為 32%。淨利潤為 236 億美元，每股收益為 1.89 美元。

We delivered free cash flow of $13.5 billion in the second quarter and $60.8 billion for the trailing 12 months. As a reminder, last year, we had a timing benefit in the second and third quarters from a $10.5 billion deferred cash tax payment made in the fourth quarter, which depressed reported free cash flow growth this quarter, and will do so again next quarter. We ended the quarter with $101 billion in cash and marketable securities.

我們第二季的自由現金流為 135 億美元，過去 12 個月的自由現金流為 608 億美元。提醒一下，去年，我們在第二和第三季度從第四季度支付的105 億美元遞延現金稅中獲得了時機優勢，這抑制了本季度報告的自由現金流增長，並將在下個季度再次出現這種情況。本季結束時，我們擁有 1,010 億美元的現金和有價證券。

Turning to segment results. Within Google services, revenues were $73.9 billion, up 12%. Google Search and other advertising revenues of $48.5 billion in the quarter were up 14%, led again by growth in retail, followed by the financial services vertical. YouTube advertising revenues of $8.7 billion were up 13%, driven by brand followed by direct response advertising.

轉向細分結果。 Google 服務收入為 739 億美元，成長 12%。本季 Google 搜尋和其他廣告收入成長 14%，達 485 億美元，零售業成長再次引領，其次是金融服務垂直領域。 YouTube 廣告收入達 87 億美元，成長 13%，這主要得益於品牌和直接回應廣告的推動。

Network advertising revenues of $7.4 billion were down 5%. Subscription platforms and devices revenues were $9.3 billion, up 14%, primarily reflecting growth in YouTube subscription revenues. TAC was $13.4 billion, up 7%. Google Services operating income was $29.7 billion, up 27% and the operating margin was 40%.

網路廣告收入為 74 億美元，下降 5%。訂閱平台和設備收入為 93 億美元，成長 14%，主要反映了 YouTube 訂閱收入的成長。 TAC 為 134 億美元，成長 7%。 Google 服務營業收入為 297 億美元，成長 27%，營業利益率為 40%。

Turning to the Google Cloud segment. Revenues were $10.3 billion for the quarter, up 29%, reflecting first significant growth in GCP, which was above growth for cloud overall and includes an increasing contribution from AI; and second, strong Google Workspace growth, primarily driven by increases in average revenue per seat. Google Cloud delivered operating income of $1.2 billion and an operating margin of 11%. As to our Other Bets for the second quarter, revenues were $365 million and the operating loss was $1.1 billion.

轉向谷歌雲端部分。本季營收為 103 億美元，成長 29%，反映出 GCP 首次出現顯著成長，高於雲端整體成長，其中 AI 的貢獻不斷增加；其次，Google Workspace 的強勁成長，主要是由每個席位平均收入的成長所推動的。 Google Cloud 實現營業收入 12 億美元，營業利益率為 11%。至於我們第二季的其他押注，營收為 3.65 億美元，營運虧損為 11 億美元。

Turning to our outlook for the business. With respect to Google services, first, within advertising. The strong performance of search was broad-based across verticals. In YouTube, we are pleased with the growth in the quarter. We had healthy watch time growth, continued to close the monetization gap in Shorts and had continued momentum in Connected TV with brand benefiting in part from an ongoing shift in budgets from linear television to digital. As we look forward to the third quarter, we will be lapping the increasing strength in advertising revenues in the second half of 2023 in part from APAC-based retailers.

轉向我們對業務的展望。就Google服務而言，首先是廣告方面。搜尋的強勁表現在各個垂直領域都有廣泛的基礎。在 YouTube 中，我們對本季的成長感到滿意。我們的觀看時間保持健康成長，繼續縮小 Shorts 的獲利差距，並在連網電視領域保持持續成長勢頭，品牌部分受益於預算從線性電視向數位電視的持續轉變。展望第三季度，我們將看到 2023 年下半年廣告收入的成長勢頭，部分來自亞太地區零售商。

Turning to subscriptions, platforms and devices. First, we continue to have significant growth in our subscriptions business which drives the majority of revenue growth in this line. However, there was a sequential decline in the year-on-year growth rate as we anniversaried the impact of a price increase for YouTube TV in the second quarter last year. The impact will persist through the balance of the year.

轉向訂閱、平台和設備。首先，我們的訂閱業務繼續大幅成長，這推動了該領域的大部分收入成長。然而，隨著去年第二季 YouTube TV 價格上漲的影響週年紀念，年成長率持續下降。這種影響將持續到今年剩餘時間。

Second, with regard to platforms. We are pleased with the performance in play driven by an increase in buyers. Finally, with respect to devices. The most important point as we look forward is that our Made by Google launches have been pulled forward into the third quarter from the fourth quarter last year, benefiting revenues in Q3 this year.

其次，關於平台。我們對買家增加推動的業績表現感到滿意。最後，關於設備。我們期待的最重要的一點是，我們的 Made by Google 發布已從去年第四季度提前到了第三季度，這有利於今年第三季度的收入。

Turning to Cloud, which continued to deliver very strong results. For the first time, Cloud crossed $10 billion in quarterly revenues and $1 billion in quarterly operating profit. As Sundar noted, year-to-date, our AI infrastructure and generative AI solutions for cloud customers have already generated billions in revenues and are being used by more than 2 million developers. We're particularly encouraged that the majority of our top 100 customers are already using our generative AI solutions. We continue to invest aggressively in the business.

轉向雲，它繼續帶來非常強勁的業績。 Cloud 的季度營收首次突破 100 億美元，季度營業利潤首次突破 10 億美元。正如 Sundar 指出的那樣，今年迄今為止，我們為雲端客戶提供的人工智慧基礎設施和生成式人工智慧解決方案已經創造了數十億美元的收入，並被超過 200 萬開發者使用。我們特別感到鼓舞的是，我們的 100 強客戶中的大多數已經在使用我們的生成式 AI 解決方案。我們繼續積極投資該業務。

Turning to margins. The margin expansion in Q2 versus last year reflects our ongoing efforts to durably reengineer our cost base as well as revenue strength. Our leadership team remains focused on our efforts to moderate the pace of expense growth in order to create capacity for the increases in depreciation and expenses associated with the higher levels of investment in our technical infrastructure. Once again, headcount declined quarter-on-quarter, which reflects both actions we have taken in the first half of the year and a much slower pace of hiring.

轉向邊緣。第二季度的利潤率與去年相比的成長反映了我們持續努力重新設計我們的成本基礎和收入實力。我們的領導團隊仍專注於減緩費用成長速度，以便為與技術基礎設施投資水準較高相關的折舊和費用增加創造能力。員工人數再次較上季下降，這不僅反映了我們在上半年採取的行動，也反映了招募步伐的放緩。

Looking ahead, we expect a slight increase in headcount in the third quarter as we bring on new graduates. As we have discussed previously, we are continuing to invest in top engineering and technical talent, particularly in cloud and technical infrastructure. Looking forward, we continue to expect to deliver full year 2024 Alphabet operating margin expansion relative to 2023.

展望未來，隨著新畢業生的引進，我們預計第三季的員工人數將略有增加。正如我們之前所討論的，我們將繼續投資頂尖的工程和技術人才，特別是在雲端和技術基礎設施方面。展望未來，我們繼續預期 Alphabet 2024 年全年營業利潤率將較 2023 年擴大。

However, in the third quarter, operating margins will reflect the impact of both the increases in depreciation and expenses associated with the higher levels of investment in our technical infrastructure as well as the increase in cost of revenues due to the pull forward of hardware launches into Q3.

然而，在第三季度，營業利潤率將反映與技術基礎設施投資水準較高相關的折舊和費用增加的影響，以及由於硬體推出提前而導致的收入成本增加的影響。

With respect to CapEx, our reported CapEx in the second quarter was $13 billion, once again, driven overwhelmingly by investment in our technical infrastructure with the largest component for servers followed by data centers. Looking ahead, we continue to expect quarterly CapEx throughout the year to be roughly at or above the Q1 CapEx of $12 billion, keeping in mind that the timing of cash payments can cause variability in quarterly reported CapEx.

就資本支出而言，我們報告的第二季度資本支出為 130 億美元，這再次主要受到技術基礎設施投資的推動，其中最大的組件是伺服器，其次是數據中心。展望未來，我們繼續預期全年季度資本支出將大致等於或高於第一季 120 億美元的資本支出，同時請記住，現金支付的時間可能會導致季度報告的資本支出發生變化。

With regard to Other Bets, we continue to focus on improving overall efficiencies as we invest for long-term returns. Waymo is an important example of this with its technical leadership coupled with progress on operational performance. As you will see in the 10-Q, we have chosen to commit to a new multiyear investment of $5 billion. This new round of funding, which is consistent with recent annual investment levels will enable Waymo to continue to build the world's leading autonomous driving technology company.

關於其他賭注，我們在投資以獲得長期回報時繼續專注於提高整體效率。 Waymo 就是一個重要的例子，它擁有技術領先地位以及營運績效的進步。正如您將在 10 季中看到的那樣，我們選擇承諾進行 50 億美元的新的多年期投資。本輪融資與近期年度投資水準一致，將使 Waymo 能夠繼續打造全球領先的自動駕駛技術公司。

To close, this is my 56th and last earnings call, 37 of them at Alphabet. So I have a few closing thoughts of gratitude. I've been so proud to be at Google and Alphabet as CFO and to work with some of the smartest people in the world every day. I think we have accomplished a lot in the last nine-plus years, and I am confident that progress will continue.

最後，這是我第 56 次也是最後一次財報電話會議，其中 37 次是在 Alphabet 舉行的。所以我有一些結束的感激之情。我非常自豪能夠在 Google 和 Alphabet 擔任財務官，並每天與世界上一些最聰明的人一起工作。我認為我們在過去九年多的時間裡取得了很多成就，我相信進步將繼續下去。

Of course, I'm not going far and I'm honored to have my new role, which I've been slowly working my way into during the past 11 months and I look forward to continuing to work with Sundar, and our great team. Being CFO of one of the most important companies in the world has been the opportunity and responsibility of a lifetime. Google's mission of advancing technology and bringing information to people throughout the world is as relevant today as it was when I worked on its IPO.

當然，我不會走得太遠，我很榮幸能夠擔任新角色，在過去 11 個月裡我一直在慢慢適應這個角色，我期待著繼續與 Sundar 以及我們偉大的團隊合作。擔任世界上最重要的公司之一的財務長是一生的機會和責任。谷歌推動技術進步、為全世界人民提供資訊的使命在今天與我參與其首次公開募股時一樣重要。

Technology has been a catalyst for economic growth throughout human history. The people on this call know that if technological advancement is not the focus of every business and government, it will be left behind. Underpinning this is the need for sound and responsible investment. That has never been more important than today and certainly, that is Google and Alphabet's focus.

縱觀人類歷史，科技一直是經濟成長的催化劑。參加這次電話會議的人都知道，如果技術進步不是每個企業和政府的關注重點，那麼它就會被拋在後面。支撐這一點的是需要健全和負責任的投資。這從來沒有像今天這樣重要，當然，這也是Google和 Alphabet 的重點。

I want to end by thanking Googlers around the world for the innovation and commitment that has enabled us to deliver such extraordinary products and services globally. I also want to thank our investors and analysts for your long-term support and your feedback. Thank you. Sundar, Philipp and I will now take your questions.

最後，我要感謝世界各地的 Google 員工的創新和承諾，使我們能夠在全球範圍內提供如此出色的產品和服務。我還要感謝我們的投資者和分析師的長期支持和回饋。謝謝。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）Brian Nowak，摩根士丹利。

First, thank you, Ruth, for all the help and significant impact over the past decade. The first one, it's a little bit of a jump, I guess, for Sundar, Philipp or Ruth. I guess we're sort of 18 months this fever pitch around Gen AI focus in the world. Maybe from any of your perspective, can you just sort of talk to us about areas where you've seen faster-than-expected traction or testing adoption of some of the AI, generative AI capabilities versus slower-than-expected traction and testing from a Google perspective? And then, Ruth, I appreciate all the comments about structurally reengineering the OpEx base. Are there any more tangible examples of areas you can talk to us about where you still see further ways to drive more efficiency across the company?

首先，感謝露絲在過去十年中提供的所有幫助和重大影響。我想，對於桑達爾、菲利普或露絲來說，第一個有點跳躍。我想全球對人工智慧的關注已經持續了 18 個月了。也許從您的任何角度來看，您能否與我們談談您看到的一些人工智慧的牽引力或測試採用速度快於預期的領域，生成式人工智慧功能與慢於預期的牽引力和測試谷歌的觀點？然後，露絲，我感謝所有有關對營運支出基礎進行結構重組的評論。是否有任何更具體的例子可以與我們討論，您仍然認為可以透過其他方法來提高整個公司的效率？

Brian, I'll take the first part. I think it's a good question. Obviously, I think there is a time curve in terms of taking the underlying technology and translating it into meaningful solutions across the board, both on the consumer and the enterprise side. Definitely, on the consumer side, I'm pleased, as I said in my comments earlier, in terms of how for a product like Search, which is used at that scale over many decades, how we've been able to introduce it in a way that it's additive and enhances to -- enhances overall experience and this -- positively contributing there. I think across our consumer products, we've been able -- I think we are seeing progress on the organic side.

布萊恩，我來聽第一部分。我認為這是一個好問題。顯然，我認為在採用底層技術並將其全面轉化為有意義的解決方案方面存在一個時間曲線，無論是在消費者還是企業方面。當然，在消費者方面，正如我之前在評論中所說，對於像搜尋這樣的產品，我們如何能夠在數十年中如此大規模地使用它，我感到很高興這是一種附加和增強的方式，可以增強整體體驗，並為此做出積極貢獻。我認為在我們的消費產品中，我們已經能夠——我認為我們正在看到有機方面的進展。

Obviously, monetization is something that we would have to earn on top of it. The enterprise side, I think we are at a stage where definitely there are a lot of models. I think roughly, the models are all kind of converging towards sort of base capabilities, but I think where the next wave is working to build solutions on top of it. And I think there are pockets, be it coding, be it in customer service, et cetera, where we are seeing some of those use cases seeing traction, but I still think there is hard work there to completely unlock those.

顯然，貨幣化是我們必須在此基礎上賺取的東西。企業方面，我認為我們正處於一個肯定有很多模式的階段。我粗略地認為，這些模型都在向某種基本功能收斂，但我認為下一波浪潮正在努力在此基礎上建立解決方案。我認為，無論是在編碼方面，還是在客戶服務方面，等等，我們都看到其中一些用例受到關注，但我仍然認為要完全解鎖這些用例還需要艱苦的工作。

And on your second question first, thank you for your comments. Look, the reason we've consistently used the term, the phrase that we're focused on durably reengineering our cost base is because these are deep work streams. They're not tactical fixes, and we continue to build on them. And so the main areas that we've talked about are around product and process prioritization around organizational efficiency and structure.

首先，關於你的第二個問題，感謝你的評論。看，我們一直使用這個術語的原因是，我們專注於持久地重新設計我們的成本基礎，因為這些是深層工作流程。它們不是戰術修復，我們將繼續以它們為基礎。因此，我們討論的主要領域是圍繞組織效率和結構的產品和流程優先順序。

Both of those are reflected in the headcount and the fact that headcount is down year-on-year. And across all of those -- as I said, across our entire leadership team, we remain focused on continuing to execute against them.

這兩者都反映在員工人數上，而且員工人數較去年同期下降。正如我所說，在我們整個領導團隊中，我們仍然專注於繼續執行這些任務。

So in terms of the most recent examples, as we talked about last quarter with the combination of the devices and services product area with the platforms and ecosystems product area, we announced that back in April. And what we discussed last quarter and what we're seeing is that unifying teams across these organizations helps with product execution and what we're really focused on is really adding to velocity and efficiency. So kind of the gift that keeps giving.

因此，就最近的例子而言，正如我們上個季度談到的設備和服務產品領域與平台和生態系統產品領域的結合，我們早在四月就宣布了這一點。我們上季討論的以及我們所看到的是，統一這些組織中的團隊有助於產品執行，而我們真正關注的是真正提高速度和效率。這是一種不斷贈送的禮物。

And then more broadly, all of the work streams that we've talked to you about before, we continue to remain focused on. A big one, very important one, is all of the efficiency efforts, the work streams around technical infrastructure and improving efficiency there. We're also working on the use of AI across Alphabet. We're working on continuing to build on what we've done with our centralized procurement organization. We're continuing to optimize our real estate portfolio. And so again, this is across our leadership team. These are efforts that all build to this phrase, durably reengineering our cost base.

更廣泛地說，我們之前與您討論過的所有工作流程，我們都將繼續關注。其中一項重要的、非常重要的工作就是圍繞著技術基礎設施和提高效率的所有效率工作、工作流程。我們也致力於在 Alphabet 中使用人工智慧。我們正在努力繼續鞏固我們在集中採購組織方面所做的工作。我們正在繼續優化我們的房地產投資組合。再說一遍，這是我們整個領導團隊的責任。這些努力都是為了這句話，持久地重新設計我們的成本基礎。

Doug Anmuth, JPMorgan.

道格·安姆斯，摩根大通。

One for Ruth and one for Sundar. Ruth, you've now had Google Services operating margins roughly 40% for the past two quarters. Just as you create more capacity to help offset the future investments, is it reasonable to think that you could sustain at those kind of levels going forward?

一份給露絲，一份給桑達爾。 Ruth，在過去兩個季度中，您的 Google 服務營運利潤率約為 40%。正如您創造更多產能來幫助抵消未來投資一樣，認為您未來能夠維持在這樣的水平是否合理？

And then, Sundar, just as it relates to AI Overviews, you talked about the positive trends there. Can you just help us understand where you are, how far along in rolling out AI Overviews and then any more color around kind of click-through rates and monetization levels relative to your traditional searches?

然後，Sundar，正如與人工智慧概述相關的那樣，您談到了那裡的積極趨勢。您能否幫助我們了解您的情況、推出人工智慧概述的進度以及相對於傳統搜尋的點擊率和貨幣化程度的更多資訊？

So in terms of the Google services operating margin, it did reflect all the work that we're doing on durably reengineering the cost base. It also reflected the benefit of strong revenue performance in Search. And so what I tried to lay out in the comments, as we look forward to the third quarter is operating margins will reflect the increases in depreciation and expenses associated with higher levels of our investment in technical infrastructure.

因此，就Google服務的營運利潤率而言，它確實反映了我們在持久地重新設計成本基礎方面所做的所有工作。這也反映出搜尋業務強勁營收表現的好處。因此，當我們期待第三季時，我試圖在評論中闡述的是，營業利潤率將反映與我們對技術基礎設施投資水準提高相關的折舊和費用的增加。

It will also reflect higher expenses associated with the Pixel launch due to the pull forward. So those are important factors. I would say, overall, company-wide, it's important to note that we do expect to continue to deliver full year '24 Alphabet operating margin expansion relative to 2023, but I did want to highlight those important points as we look forward to Q3.

它還將反映由於提前推出而與 Pixel 發布相關的更高費用。所以這些都是重要因素。我想說，總體而言，在全公司範圍內，值得注意的是，我們確實預計將繼續實現24 Alphabet 全年營業利潤率相對於2023 年的擴張，但在我們展望第三季度時，我確實想強調這些要點。

And Doug, thanks on the AI overview, we are -- we have rolled it out in the US and we are -- will be through the course of the year, definitely scaling it up, both to more countries and also we have taken a conservative start focused on quality, making sure the metrics are healthy and so on. But you will see us expand the use cases around it, and we'll touch definitely more queries. All the feedbacks we have seen are positive. And on the monetization side, I think Philipp has touched upon it. Maybe Philipp, anything more you want to add there?

道格，感謝人工智慧概述，我們——我們已經在美國推出了它，而且我們——將在今年的過程中，肯定會擴大它的範圍，既擴展到更多國家，而且我們已經採取了保守的開始注重質量，確保指標健康等等。但是您會看到我們圍繞它擴展了用例，並且我們肯定會涉及更多查詢。我們看到的所有回饋都是正面的。在貨幣化方面，我認為菲利普已經談到了這一點。也許菲利普，你還有什麼要補充的嗎？

Yeah. Yeah, look, innovation and improvements to the user experience on Search have historically opened up new opportunities for advertisers. We talked about this before we saw this when we navigated from desktop to mobile, for example. And we can see Gen AI obviously expand the types of questions we can help people with, as Sundar mentioned. And as we said before, people are finding ads, either above or below AI Overviews, helpful.

是的。是的，看，搜尋用戶體驗的創新和改進歷來為廣告商帶來了新的機會。例如，當我們從桌面導航到行動裝置時，我們在看到這一點之前就討論過這一點。正如 Sundar 所提到的，我們可以看到 Gen AI 顯然擴展了我們可以幫助人們解決的問題類型。正如我們之前所說，人們發現人工智慧概覽上方或下方的廣告很有幫助。

We have a solid baseline here from which we can innovate and as you have probably noticed at GML, we announced that soon we'll actually start testing search and shopping ads in AI Overviews for users in the US and they will have the opportunity to actually appear within the AI Overview in a section clearly labeled as Sponsored when they're relevant to both the query and the information in the AI Overview, really giving us the ability to innovate here and take this to the next level.

我們在這裡有一個堅實的基礎，我們可以在此基礎上進行創新，正如您可能已經在GML 注意到的那樣，我們宣布很快我們將開始為美國用戶實際測試AI 概述中的搜尋和購物廣告，他們將有機會實際當它們與AI 概述中的查詢和資訊相關時，它們會出現在AI 概述中明確標記為贊助的部分中，這確實使我們能夠在這裡進行創新並將其提升到新的水平。

Michael Nathanson, Moffett.

邁克爾·內桑森，莫菲特。

I have two, one for Sundar and one for Philipp. Sundar, on decision this week to not deprecate cookies. I know it's been a long journey, can you talk a bit about what we should expect in terms of new experience in Chrome and why the company makes a decision not to go down the path on deprecating cookies?

我有兩本，一本給桑達爾，一本給菲利普。 Sundar，本​​週決定不棄用 cookie。我知道這是一個漫長的旅程，您能否談談我們對 Chrome 的新體驗應該期待什麼，以及為什麼該公司決定不走棄用 cookie 的道路？

And then Philipp, I know it's only one quarter, but it's interesting that Search is growing faster than YouTube, which surprised some of us. But can you talk about what factors you think are behind the difference in growth rates between these markets? And is there anything on the AI front that you could see maybe reaccelerating YouTube growth as you've seen happen with Search?

然後菲利普，我知道這只是四分之一，但有趣的是搜尋的成長速度比 YouTube 更快，這讓我們中的一些人感到驚訝。但您能否談談您認為這些市場之間成長率差異背後的因素是什麼？在人工智慧方面，您是否可以看到任何東西可能會重新加速 YouTube 的成長，就像您在搜尋中看到的那樣？

And Michael, on cookies, look, I think, obviously, we are super committed to improving privacy for users in Chrome and that was the whole focus around privacy. Sandbox and we remind, committed on the journey, but on third-party cookies, given the implications across the ecosystems and considerations and feedback across so many stakeholders, we now believe user choice is the best path forward there. And we'll both improve privacy by giving users choice and we'll continue our investments in privacy-enhancing technologies, but it's obviously an area we will be taking feedback from the players in the ecosystem, and we are committed to being privacy first as well.

邁克爾，關於 cookie，我認為，顯然，我們非常致力於改善 Chrome 用戶的隱私，這就是隱私的全部重點。沙盒和我們提醒，致力於這一旅程，但在第三方 cookie 上，考慮到整個生態系統的影響以及眾多利益相關者的考慮和反饋，我們現在相信用戶選擇是前進的最佳路徑。我們將透過為用戶提供選擇來改善隱私，我們將繼續對隱私增強技術進行投資，但這顯然是我們將從生態系統中的參與者那裡獲取反饋的一個領域，我們致力於將隱私放在第一位出色地。

And on the second part of your question, maybe, Ruth, you want to jump in first and then I take the rest, if needed.

關於你問題的第二部分，露絲，也許你想先插話，然後如果需要的話，我會接下剩下的部分。

Absolutely. So look, as we both noted, Search revenues really reflected broad-based growth across verticals. That was led by retail followed by financial services. I think your question really goes to the heart of the year-on-year growth comparison. And as both Philipp and I noted, we're really pleased with YouTube, the YouTube team, all that was done, it was driven by brand followed by direct response, and they have very strong ongoing operating metrics, which Philipp will comment on.

絕對地。因此，正如我們都指出的那樣，搜尋收入確實反映了各個垂直領域的廣泛增長。其中零售業領先，其次是金融服務業。我認為你的問題確實涉及同比增長比較的核心。正如菲利普和我所指出的，我們對YouTube、YouTube 團隊以及所做的一切感到非常滿意，這一切都是由品牌驅動的，然後是直接響應，而且他們擁有非常強大的持續運營指標，菲利普將對此發表評論。

I think the important point to note, and I tried to tease out in opening comments, was that the deceleration in this year-on-year revenue growth for the second quarter versus the first quarter, primarily reflected the tougher comparison versus the first quarter because at that point, as you probably recall, YouTube was lapping negative year-on-year growth in Q1 last year.

我認為需要注意的重要一點是，我在開場評論中試圖梳理出，第二季度收入同比增長與第一季相比的減速，主要反映了與第一季相比更嚴格的比較，因為那時，您可能還記得，YouTube 去年第一季同比出現負成長。

And then also Q1 benefited from the extra day from leap year. And so what you're also seeing here is with YouTube, we were anniversarying the ramp in APAC-based retailers that began in the second quarter last year and foreign exchange headwinds as well that we noted. And so it's -- there are some timing issues going on and what we're trying to highlight is the underlying operating strength. Back to you, Philipp.

然後第一季也受益於閏年的額外一天。因此，您在這裡也看到 YouTube，我們正在慶祝去年第二季度開始的亞太地區零售商的成長以及我們注意到的外匯逆風。因此，存在一些時機問題，我們試圖強調的是潛在的營運實力。回到你身邊，菲利普。

Yeah, that was very comprehensive. Nothing really to add from my side here.

是的，那是非常全面的。我這邊沒什麼好補充的。

The only thing I would say, I think, to Brian's first question on areas where things are maybe taking longer. I think, look, we are all building multimodal models. At least Gemini has been natively multimodal from the ground up. But most of the use cases today is -- that have been unlocked have been around the tech side. So in terms of getting real generative audio, video experience is working well, I think there is still -- it's going to take some time. But over time, obviously, it will be deeply relevant to YouTube and so it's an area I'm excited about in the future.

我想，對於布賴恩提出的第一個問題，我想說的唯一一件事是，哪些領域的事情可能需要更長的時間。我認為，看，我們都在建立多式聯運模型。至少雙子座從一開始就是多式聯運的。但如今大多數已解鎖的用例都是圍繞著技術方面的。因此，就獲得真正的生成音訊、視訊體驗而言，效果很好，我認為仍然需要一些時間。但隨著時間的推移，顯然它會與 YouTube 產生深刻的相關性，因此這是我未來感到興奮的領域。

Eric Sheridan, Goldman Sachs.

艾瑞克‧謝裡丹，高盛。

And I'll echo the thanks for Ruth for all the insights and partnership over the years on these earnings calls. Sundar, maybe first for you, in terms of Cloud and bringing AI to the enterprise, I wanted to know if you go a little bit deeper in terms of how you're seeing AI actually get adopted, implemented, what it potentially could mean for the strategic positioning of the Cloud business and the potential for AI workloads to be a stimulant to revenue growth for Cloud First?

我還要感謝露絲多年來在這些財報電話會議上提供的所有見解和合作關係。 Sundar，也許第一個對你來說，在雲端和將人工智慧引入企業方面，我想知道你是否更深入地了解人工智慧如何實際被採用、實施，它可能意味著什麼雲端業務的戰略定位以及人工智慧工作負載刺激雲端優先收入成長的潛力如何？

And then following up the last set of questions on YouTube or really about the macro or the ad environment, what do you guys, as a team, continue to learn about the subscription side of YouTube and the appetite for consumers to engage with a broader array of media products at the subscription layer?

然後跟進 YouTube 上的最後一組問題，或者說關於宏觀或廣告環境的問題，你們作為一個團隊，如何繼續了解 YouTube 的訂閱方面以及消費者參與更廣泛的領域的興趣訂閱層的媒體產品有哪些？

Look, on the Cloud and AI stuff, obviously, it's something which I think will end up being a big driver over time. I mentioned in my opening remarks already if you take a look at our AI infrastructure and generative AI solutions for cloud, across everything we do be it compute on the AI side, the products we have through Vertex AI, Gemini for Workspace and Gemini for Google Cloud, et cetera, we definitely are seeing traction. People are deeply engaging with Gemini models. Across Vertex and AI studio, we now have over 2 million developers playing around with these things. And you are definitely seeing early use cases.

看，在雲端和人工智慧方面，顯然，我認為隨著時間的推移，這最終將成為一個巨大的驅動力。我在開場白中已經提到過，如果你看看我們的人工智慧基礎設施和生成式人工智慧雲端解決方案，我們所做的一切，包括人工智慧的運算，我們透過Vertex AI、Gemini for Workspace 和Gemini for Google 擁有的產品雲等等，我們肯定看到了吸引力。人們對雙子座模型有著深入的了解。在 Vertex 和 AI studio 中，我們現在有超過 200 萬名開發人員正在研究這些東西。您肯定會看到早期的用例。

But I think we are in this phase where we have to deeply work and make sure on these use cases, on these workflows, we are driving deeper progress on unlocking value, which I'm very bullish will happen. But these things take time. So -- but if I were to take a longer-term outlook, I definitely see a big opportunity here. And I think particularly for us, given the extent to which we are investing in AI, our research infrastructure leadership, all of that translates directly. And so I'm pretty excited about the opportunity space ahead.

但我認為我們正處於這個階段，我們必須深入工作並確保在這些用例、這些工作流程上，我們正​​在推動釋放價值方面取得更深入的進展，我非常看好這將會發生。但這些事情需要時間。所以——但如果我以更長遠的眼光來看，我肯定在這裡看到了一個巨大的機會。我認為特別是對我們來說，考慮到我們對人工智慧的投資程度以及我們在研究基礎設施方面的領先地位，所有這些都會直接轉換。因此，我對未來的機會空間感到非常興奮。

And then on your second question with respect to subscriptions, I am [impressed] in your question, how strong is it. As I noted in opening comments that overall line subscriptions platforms and devices delivered healthy growth and that was led by subscriptions. And as we've said on many calls here in a row, the subscription revenue growth continued to be quite strong. It was driven by subscriber growth in both YouTube TV and YouTube Music premium.

然後，關於你關於訂閱的第二個問題，我對你的問題印象深刻，它有多強。正如我在開場評論中指出的那樣，整個系列的訂閱平台和設備實現了健康成長，並且這是由訂閱引領的。正如我們在連續多次電話會議中所說的那樣，訂閱收入成長仍然相當強勁。這是由 YouTube TV 和 YouTube Music Premium 訂閱用戶成長所推動的。

And then the other component within that line is Google One that also delivered strong subscriber and revenue growth. But I think the heart of your question is really around YouTube and that is the heart of the revenues in that line. So it continues to be very strong. We see a lot of take up in it, strong subscriber growth, really pleased with it. We did note that growth on that line decelerated due to anniversarying this YouTube TV price increase. But at the heart of it, our people interested in the subscription offerings and is to take up significant, we're really pleased with it.

該產品線中的另一個組件是 Google One，它也帶來了強勁的用戶和收入成長。但我認為你問題的核心實際上是圍繞 YouTube 的，這也是該領域收入的核心。所以它仍然非常強大。我們看到它的使用率很高，訂戶成長強勁，對此我們非常滿意。我們確實注意到，由於 YouTube TV 價格上漲週年紀念日，該產品線的成長有所放緩。但其核心是，我們的員工對訂閱產品感興趣並且願意接受大量訂閱服務，我們對此感到非常滿意。

Ross Sandler, Barclays.

羅斯·桑德勒，巴克萊銀行。

Just two questions on the AI CapEx. So it looks like from the outside at least, the hyperscaler industry is going from kind of an under bill situation this time last year to better meeting the demand with capacity right now to potentially being overbuilt next year if these CapEx growth rates keep up. So do you think that's a fair characterization? And how are we thinking about the return on invested capital with this AI CapEx cycle. And then related to that, do you think that the AI industry is close to or far away from hitting some kind of wall on foundation model improvement in AI training based on like lack of availability of new data to train on? Just your thoughts on that would be great.

關於人工智慧資本支出只有兩個問題。因此，至少從外部來看，超大規模產業正在從去年這個時候的帳單不足狀況轉變為現在更好地滿足產能需求，如果這些資本支出成長率維持下去，明年可能會出現過度建設。那你認為這是一個公平的描述嗎？我們如何考慮這個人工智慧資本支出週期的投資資本報酬率。與此相關的是，您認為人工智慧產業是否接近或遠離在人工智慧訓練中基於缺乏新資料進行訓練的基礎模型改進方面遇到某種障礙？只要你對此有什麼想法就太好了。

I think great questions. Look, I -- obviously, we are at a early stage of what I view as a very transformative area and in technology when you're going through these transitions, aggressively investing upfront in a defining category, particularly in an area in -- which in a leveraged way cuts across all our core areas or products, including Search, YouTube and other services as well as fuels growth in Cloud and supports the innovative long-term bets and Other Bets. It's definitely something for us makes sense to lean in.

我認為這是很好的問題。顯然，我們正處於我認為是一個非常具有變革性的領域和技術的早期階段，當你正在經歷這些轉變時，我們會在一個定義性的類別中進行積極的前期投資，特別是在一個領域— —以槓桿方式跨越我們所有的核心領域或產品，包括搜尋、YouTube 和其他服務，並推動雲端業務的成長，並支持創新的長期賭注和其他賭注。這對我們來說絕對是有意義的事。

I think the one way I think about it is when we go through a curve like this, the risk of under-investing is dramatically greater than the risk of over-investing for us here, even in scenarios where, if it turns out that we are over-investing, we clearly -- these are infrastructure which are widely useful for us. They have long useful lives and we can apply it across, and we can work through that.

我認為我思考這個問題的一種方式是，當我們經歷這樣的曲線時，投資不足的風險遠遠大於我們這裡過度投資的風險，即使在這樣的情況下，如果事實證明我們我們顯然正在過度投資——這些基礎設施對我們廣泛有用。它們的使用壽命很長，我們可以應用它，我們可以解決這個問題。

But I think not investing to be at the front here, I think, definitely has much more significant downsides. Having said that, we obsess around every dollar we put in. Our teams are -- work super hard, and I'm proud of the efficiency work, be it optimization of hardware, software, model deployment across our fleet. All of that is something we spend a lot of time on, and that's how we think about it.

但我認為，不投資在這裡處於領先地位肯定有更顯著的缺點。話雖如此，我們還是非常注重投入的每一塊錢。所有這些都是我們花費大量時間的事情，這就是我們的想法。

To your second question on whether -- how do the scaling loss hold? Are we hitting on some kind of wall or something? Look, I think we are all pushing very hard, and there's going to be a few efforts which will scale up on the compute side and push the boundaries of these models. What I would tell is regardless of how that plays out, I still think there is enough optimizations we are all doing which is driving constant progress in terms of the capabilities of the models. And more importantly, taking them and translating into real use cases across the consumer and enterprise side, I think on that frontier, I think there's still a lot of progress to be had. And so we are pretty focused on that as well.

關於你的第二個問題——縮放損失如何維持？我們是否撞到了某種牆壁或其他東西？聽著，我認為我們都在非常努力地推動，並且將會做出一些努力來擴大計算方面的規模並突破這些模型的界限。我想說的是，無論結果如何，我仍然認為我們都在做足夠的最佳化，這正在推動模型功能的不斷進步。更重要的是，將它們轉化為消費者和企業方面的實際用例，我認為在這個前沿領域，我認為還有很多進展需要取得。所以我們也非常關注這一點。

Stephen Ju, UBS.

史蒂芬居，瑞銀集團。

Okay. So Sundar, I guess, to ask the AI question a different way. As we talk to some of the model builders out there, it looks like the initial use cases are more on the cost savings or efficiency side. But when do we -- when do you think we'll start thinking about products that can help revenue generation for the Fortune 500, Fortune 1,000 companies, which is probably something that can hopefully create greater value over time versus just cutting costs?

好的。所以我想桑達爾應該以不同的方式問人工智慧問題。當我們與一些模型建構者交談時，看起來最初的用例更多是在節省成本或提高效率方面。但是我們什麼時候——你認為我們什麼時候會開始考慮能夠幫助財富 500 強、財富 1,000 強公司創造收入的產品，這些產品可能有望隨著時間的推移創造更大的價值，而不僅僅是削減成本？

And Philipp, listening to what will be, I guess, Ruth's final comments on Q2 on these public calls. And thank you, by the way, Ruth, for all the help. I couldn't help but notice that the bigger factors were brand followed by direct response. And if we continue to think that the one you bring up first is the larger factor and tying this into your prior commentary about shopping being an important consideration, when do you think we'll start talking about direct response being a much bigger contributor to YouTube's growth versus brand?

我想，菲利普正在聽露絲對這些公開電話會議第二季的最終評論。順便說一句，謝謝你，露絲，謝謝你提供的所有幫助。我不禁注意到，更大的因素是品牌，其次是直接反應。如果我們仍然認為您首先提出的因素是更重要的因素，並將其與您之前關於購物是一個重要考慮因素的評論聯繫起來，那麼您認為我們什麼時候會開始討論直接回應對YouTube 的影響更大？

On the first part of the question, look, I think the technology's horizontal enough, it can apply on both sides. If you take a use case like improving the customer service experience, it is part of it, which is driving efficiencies, and you can look at it from a cost standpoint. But you could also be overall improving the experience, improving conversion, driving the funnel better and so increasing basket size if you're a retail e-commerce player, et cetera. So we are seeing people experiment across both sides. And so I think you will see it played across both sides.

關於問題的第一部分，你看，我認為該技術足夠橫向，它可以應用於兩側。如果您採用改善客戶服務體驗之類的用例，那麼它就是其中的一部分，可以提高效率，您可以從成本的角度來看待它。但如果您是零售電子商務玩家等，您也可以全面改善體驗、提高轉換率、更好地推動管道，從而增加購物籃規模。所以我們看到人們在兩邊進行嘗試。所以我想你會看到雙方都在進行比賽。

Philipp, on the second one?

菲利普，第二個嗎？

Yeah. On the second one, look, on the direct response side, as you know, it's about driving and converting commercial intent and customers are obviously benefiting from including video in their AI-powered campaigns, it could be P Max, it could be demand gen and obviously using our automated tools to enhance and create video creatives. And we're very, very optimistic about this path. On average, advertisers who run both image and video ads with demand gen campaigns see 6% more conversions per dollar than those running image only ads and discovery. And this is just one little example of how this can obviously boost your performance business. So that's a big part.

是的。在第二個方面，看，在直接回應方面，如您所知，這是關於驅動和轉換商業意圖，客戶顯然受益於將影片納入其人工智慧驅動的活動中，它可能是P Max，也可能是需求生成顯然，使用我們的自動化工具來增強和創建視訊創意。我們對這條路非常非常樂觀。平均而言，透過需求產生活動同時投放圖片和影片廣告的廣告商，每美元的轉換次數比僅投放圖片廣告和發現的廣告商高出 6%。這只是這如何顯著提升您的績效業務的一個小例子。所以這是一個很大的部分。

The brand side, as you know, Google AI continues to make it easier for brands to show up next to the content where viewers are obviously, the most engaged, and they're finding it, as you can see from the numbers, a very effective way to drive awareness and consideration. And we're also quite excited about some of the recent launches on the YouTube shopping side, if you want to put that into the direct response bucket.

在品牌方面，如您所知，Google人工智慧繼續讓品牌更容易出現在觀眾顯然最感興趣的內容旁邊，正如您從數位中看到的那樣，他們發現這是一個非常好的內容。如果您想將其納入直接回應範圍，我們也對 YouTube 購物方面最近推出的一些產品感到非常興奮。

Justin Post, Bank of America.

賈斯汀·波斯特，美國銀行。

Great. I'll ask a couple of areas. First, on the cloud acceleration, would you characterize that as new AI demand helping drive that year-to-date? Or is that more of a rebound in just general compute and other demand or is AI really moving this forward and helping drive acceleration? And then I wanted to ask about your internal cost savings, which has been really strong. How are you using AI internally to help cut costs? Are you seeing better efficiencies with your engineers? And just would love to hear about how you're applying AI to cut your own costs?

偉大的。我會問幾個地區。首先，關於雲端加速，您是否會將其描述為有助於推動今年迄今為止的新的人工智慧需求？或者這更多的是一般運算和其他需求的反彈，還是人工智慧真的推動了這一進程並幫助推動加速？然後我想問一下你們的內部成本節約情況，這真的很明顯。您如何在內部使用人工智慧來幫助削減成本？您是否發現工程師的效率提高了？只是想聽聽您如何應用人工智慧來降低自己的成本？

Great. Thank you for that. So overall, we're -- as both Sundar and I said, we're very pleased with the results in Cloud. And there is clearly a benefit as the Cloud team is engaging broadly with customers around the globe with AI-related solutions, AI infrastructure solutions and the generative AI solutions. I think we noted that we're particularly encouraged that the majority of our top 100 customers are already using our generative AI solution.

偉大的。謝謝你。總的來說，正如 Sundar 和我所說，我們對 Cloud 的結果非常滿意。雲端團隊透過人工智慧相關解決方案、人工智慧基礎設施解決方案和生成式人工智慧解決方案與全球客戶廣泛接觸，這顯然是有好處的。我認為我們注意到，令我們感到特別鼓舞的是，我們的 100 強客戶中的大多數已經在使用我們的生成式 AI 解決方案。

So it is clearly adding to strength of the business on top of all that they're doing. And just to be really clear, the results for GCP, the growth rate for GCP is above the growth for cloud overall. And then I'll turn it to Sundar on the cost saving point. But just one point, we're really pleased as well that Cloud's margin improved as it did and in part, that reflects the revenue strength that they delivered and all of the efficiency efforts that I've already spoken about. But looking ahead in Q3, we do expect the same seasonal pattern that you saw last year with respect to margin, and we are continuing to invest in the business.

因此，除了他們正在做的所有事情之外，這顯然還增強了業務的實力。需要明確的是，GCP 的結果、GCP 的成長率高於雲整體的成長率。然後我會將其轉給 Sundar 討論節省成本的問題。但有一點，我們也很高興雲端的利潤率有所提高，這在一定程度上反映了他們提供的收入實力以及我已經談到的所有效率努力。但展望第三季度，我們確實預期利潤率會出現與去年相同的季節性模式，我們將繼續投資該業務。

Look, I think specifically, if the question is about engineers and coding, et cetera, we definitely want to be on the cutting edge there. I think we are making these tools available to some of the most productive engineers and demanding engineers out there, and they are definitely kicking the tires hard. And -- but I would say, it's still all in very early stages. I think particularly when it comes to writing high-quality secure code. But I think all the learnings what we are gaining here will translate into our models and products, and that's the virtuous cycle, which I'm excited by. So there's a lot more to come.

看，我特別認為，如果問題是關於工程師和編碼等，我們肯定希望處於領先地位。我認為我們正在為一些最有生產力的工程師和要求最高的工程師提供這些工具，他們肯定會努力工作。而且——但我想說，這一切仍處於非常早期的階段。我認為尤其是在編寫高品質的安全程式碼時。但我認為我們在這裡獲得的所有經驗都將轉化為我們的模型和產品，這就是良性循環，我對此感到興奮。所以還有很多事情要做。

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

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

謝謝大家今天加入我們。我們期待在 2024 年第三季的電話會議上再次與您交談。謝謝您，祝您晚上愉快。

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

謝謝大家。今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。