Alphabet Inc (GOOGL) 2024 Q3 法說會逐字稿

Welcome, everyone, and thank you for standing by for the Alphabet third-quarter 2024 earnings conference call.

歡迎大家，並感謝大家耐心等待 Alphabet 2024 年第三季財報電話會議。

(Operator Instructions)

（操作員說明）

I would now like to hand the conference over to your speaker today, Jim Friedland, Senior Director of Investor Relation.

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

Please go ahead.

請繼續。

Thank you.

謝謝。

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

大家下午好，歡迎參加 Alphabet 2024 年第三季財報電話會議。

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

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) 和阿納特·阿什肯納齊 (Anat Ashkenazi)。

Now, I'll quickly cover the Safe Harbor.

現在，我將快速介紹安全港。

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

我們今天所做的有關我們的業務、營運和財務表現的一些聲明可能被認為是前瞻性的。

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

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。

Actual results could differ materially.

實際結果可能存在重大差異。

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

請參閱我們的表格 10-K 和 10-Q，包括風險因素。

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

我們不承擔更新任何前瞻性聲明的義務。

During this call, we'll present both GAAP and non-GAAP financial measures.

在本次電話會議中，我們將介紹 GAAP 和非 GAAP 財務指標。

A reconciliation of non-GAAP to GAAP measures is included in today's earnings press release which is distributed and available to the public through our Investor Relations website located at abc.xyz/investor.

今天的收益新聞稿中包含了非公認會計原則與公認會計原則措施的調節，該新聞​​稿透過我們的投資者關係網站（abc.xyz/investor）向公眾分發和提供。

Our comments will be on year-over-year comparisons unless we state otherwise.

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.

謝謝吉姆，大家好。

Q3 was another great quarter.

第三季是另一個出色的季度。

The momentum across the company is extraordinary, as you've seen in recent product launches and as you'll hear on the call today.

正如您在最近的產品發布中以及今天的電話會議中所看到的那樣，整個公司的發展勢頭非同尋常。

Our commitment to innovation as well as our long-term focus and investment in AI are paying off and driving success for the company and for our customers.

我們對創新的承諾以及對人工智慧的長期關注和投資正在為公司和客戶帶來回報並推動成功。

We are uniquely positioned to lead in the era of AI because of our differentiated full-stack approach to AI innovation, and we are now seeing this operate at scale.

憑藉我們差異化的人工智慧創新全端方法，我們處於引領人工智慧時代的獨特地位，而且我們現在看到這種方法正在大規模運作。

There's three components: first, a robust AI infrastructure that includes data centers, chips, and a global fiber network; second, world-class research teams who are advancing our work with deep technical AI research and we are also building the models that power our efforts; and third, a broad global reach through products and platforms that touch billions of people and customers around the world, creating a virtuous cycle.

它由三個部分組成：首先是強大的人工智慧基礎設施，包括資料中心、晶片和全球光纖網路；第二，世界一流的研究團隊正在透過深入的人工智慧技術研究來推進我們的工作，我們也在建立為我們的努力提供動力的模型；第三，透過產品和平台實現廣泛的全球影響力，觸及全球數十億人和客戶，創造良性循環。

Let me quickly touch on each of these.

讓我快速談談其中的每一個。

We continue to invest in state-of-the-art infrastructure to support our AI efforts from the US to Thailand to Uruguay.

我們繼續投資最先進的基礎設施，以支援我們從美國到泰國再到烏拉圭的人工智慧工作。

We are also making bold clean energy investments, including the world's first corporate agreement to purchase nuclear energy from multiple small, modular reactors which will enable up to 500 megawatts of new 24/7 carbon-free power.

我們也正在進行大膽的清潔能源投資，包括世界上第一份從多個小型模組化反應器購買核能的企業協議，這將產生高達 500 兆瓦的全新 24/7 無碳電力。

We're also doing important work inside our data centers to drive efficiencies while making significant hardware and model improvements.

我們也在資料中心內部進行重要工作，以提高效率，同時對硬體和模型進行重大改進。

For example, we shared that since we first began testing AI overviews, we have lowered machine cost per query significantly.

例如，我們分享說，自從我們第一次開始測試人工智慧概述以來，我們已經顯著降低了每次查詢的機器成本。

In 18 months, we reduced cost by more than 90% for these queries through hardware, engineering, and technical breakthroughs while doubling the size of our custom Gemini model.

在 18 個月內，我們透過硬體、工程和技術突破，將這些查詢的成本降低了 90% 以上，同時將客製化 Gemini 模型的大小擴大了一倍。

And of course, we use and offer our customers a range of AI accelerator options, including multiple classes of NVIDIA GPUs and our own custom built TPUs.

當然，我們使用並向客戶提供一系列 AI 加速器選項，包括多類 NVIDIA GPU 和我們自己客製化的 TPU。

We are now on the sixth generation of TPUs, known as Trillium, and continue to drive efficiencies and better performance with them.

我們現在使用第六代 TPU（稱為 Trillium），並繼續利用它們來提高效率和更好的效能。

Turning to research.

轉向研究。

Our team at Google DeepMind continues to drive our leadership.

我們的 Google DeepMind 團隊將繼續推動我們的領導地位。

Let me take a moment to congratulate Demis Hassabis and John Jumper on winning the Nobel Prize in Chemistry for their work on AlphaFold.

讓我花點時間祝賀 Demis Hassabis 和 John Jumper 因其在 AlphaFold 上的工作而獲得諾貝爾化學獎。

This is an extraordinary achievement and underscores the incredible talent we have and how critical our world-leading research is to the modern AI revolution and to our future progress.

這是一項非凡的成就，突顯了我們擁有的令人難以置信的人才，以及我們世界領先的研究對於現代人工智慧革命和我們未來的進步有多麼重要。

Also, congratulations to Geoff Hinton, who spent over a decade here, on winning the Nobel Prize in Physics.

另外，恭喜在這裡度過十多年的傑夫辛頓（Geoff Hinton）獲得諾貝爾物理學獎。

Our research teams also drive our industry-leading Gemini model capabilities, including long-context understanding, multimodality, and agent of capabilities.

我們的研究團隊也推動我們領先業界的 Gemini 模型能力，包括長上下文理解、多模態和能力代理。

By any measure, token volume, API calls, consumer usage, business adoption, usage of the Gemini models is in a period of dramatic growth.

無論以何種標準衡量，代幣數量、API 呼叫、消費者使用、業務採用、Gemini 模型的使用都處於急劇增長的時期。

And our teams are actively working on performance improvements and new capabilities for a range of models.

我們的團隊正在積極致力於一系列模型的效能改進和新功能。

Stay tuned.

敬請關注。

And they are building out experiences where AI can see and reason about the world around you.

他們正在打造人工智慧可以看到並推理你周圍世界的體驗。

Project Astra is a glimpse of that future.

阿斯特拉計劃是對未來的一瞥。

We are working to ship experiences like this as early as 2025.

我們正在努力最早在 2025 年推出此類體驗。

We then work to bring those advances to consumers and businesses.

然後，我們努力將這些進步帶給消費者和企業。

Today, all seven of our products and platforms with more than 2 billion monthly users use Gemini models.

如今，我們每月擁有超過 20 億用戶的所有七個產品和平台都使用 Gemini 模型。

That includes the latest product to surpass the 2-billion-user milestone, Google Maps.

其中包括突破 20 億用戶里程碑的最新產品：Google地圖。

Beyond Google's own platforms, following strong demand, we are making Gemini even more broadly available to developers.

除了 Google 自己的平台之外，根據強烈的需求，我們正在讓 Gemini 更廣泛地提供給開發人員。

Today, we shared that Gemini is now available on GitHub Copilot with more to come.

今天，我們分享了 Gemini 現已在 GitHub Copilot 上提供，並且還將推出更多功能。

To support our investments across these three pillars, we are organizing the company to operate with speed and agility.

為了支持我們在這三個支柱上的投資，我們正在組織公司快速、敏捷地運作。

We recently moved the Gemini app team to Google DeepMind to speed up deployment of new models and streamline post-training work.

我們最近將 Gemini 應用團隊轉移到 Google DeepMind，以加快新模型的部署並簡化培訓後工作。

This follows other structural changes that have unified teams in research, machine learning infrastructure, and our developer teams, as well as our security efforts and our platforms and devices team.

在此之前，我們也進行了其他結構性變革，這些變革使研究團隊、機器學習基礎設施團隊、開發團隊、安全工作團隊以及平台和設備團隊團結起來。

This is all helping us move faster.

這一切都有助於我們更快地前進。

For instance, it was a small dedicated team that built NotebookLM, an incredibly popular product that has so much promise.

例如，一個小型的專門團隊建立了 NotebookLM，這是一款非常受歡迎、前景廣闊的產品。

We are also using AI internally to improve our coding processes, which is boosting productivity and efficiency.

我們也在內部使用人工智慧來改善我們的編碼流程，從而提高生產力和效率。

Today, more than a quarter of all new code at Google is generated by AI, then reviewed and accepted by engineers.

如今，谷歌超過四分之一的新程式碼是由人工智慧產生的，然後由工程師審查和接受。

This helps our engineers do more and move faster.

這有助於我們的工程師做得更多、行動更快。

I'm energized by our progress and the opportunities ahead, and we continue to be laser focused on building great products.

我對我們的進步和未來的機會感到充滿活力，我們將繼續專注於打造出色的產品。

Let me turn now to the quarterly highlights.

現在讓我談談季度亮點。

In Search, recent advancements, including AI Overviews, Circle to Search, and new features in Lens, are transforming the user experience, expanding what people can search for and how they search for it.

在搜尋方面，最新的進步，包括人工智慧概述、搜尋圈子和 Lens 中的新功能，正在改變用戶體驗，擴大人們可以搜尋的內容以及搜尋方式。

This leads to users coming to search more often for more of their information needs, driving additional search queries.

這導致用戶更頻繁地搜尋更多資訊需求，從而推動更多搜尋查詢。

Just this week, AI Overview started rolling out to more than 100 new countries and territories.

就在本週，AI Overview 開始向 100 多個新國家和地區推出。

It will now reach more than 1 billion users on a monthly basis.

現在每月的用戶數量將超過 10 億。

We are seeing strong engagement which is increasing overall search usage and user satisfaction.

我們看到了強烈的參與度，這正在提高整體搜尋使用率和用戶滿意度。

People are asking longer and more complex questions and exploring a wider range of websites.

人們提出了更長、更複雜的問題，並探索了更廣泛的網站。

What's particularly exciting is that this growth actually increases over time as people learn that Google can answer more of their questions.

特別令人興奮的是，隨著人們了解到谷歌可以回答他們更多的問題，這種增長實際上會隨著時間的推移而增加。

The integration of ads within AI Overviews is also performing well, helping people connect with businesses as they search.

AI Overviews 中廣告的整合也表現良好，可以幫助人們在搜尋時與企業建立聯繫。

Circle to Search is now available on over 150 million Android devices with people using it to shop, translate text, and learn more about the world around them.

Circle to Search 現在可在超過 1.5 億台 Android 裝置上使用，人們用它來購物、翻譯文字以及了解周圍世界的更多資訊。

A third of the people who have tried Circle to Search now use it weekly, a testament to its helpfulness and potential.

三分之一嘗試過「圈子搜尋」的人現在每週都會使用它，這證明了它的幫助和潛力。

Meanwhile, Lens is now used for over 20 billion visual searches per month.

同時，Lens 現在每月用於超過 200 億次視覺搜尋。

Lens is one of the fastest growing query types we see on search because of its ability to answer complex, multimodal questions and help in product discovery and shopping.

Lens 是我們在搜尋中看到的成長最快的查詢類型之一，因為它能夠回答複雜的多模式問題並有助於產品發現和購物。

For all these AI features, it's just the beginning, and you will see a rapid pace of innovation and progress here.

對於所有這些人工智慧功能來說，這只是一個開始，您將在這裡看到快速的創新和進步。

Next, Google Cloud.

接下來是Google雲端。

I'm very pleased with our growth.

我對我們的成長感到非常滿意。

This business has real momentum, and the overall opportunity is increasing as customers embrace GenAI.

這項業務有著真正的發展勢頭，隨著客戶接受 GenAI，整體機會正在增加。

We generated Q3 revenues of $11.4 billion, up 35% over last year, with operating margins of 17%.

我們第三季的營收為 114 億美元，比去年成長 35%，營業利潤率為 17%。

Our technology leadership and a portfolio are helping us attract new customers, win larger deals, and drive 30% deeper product adoption with existing customers.

我們的技術領先地位和產品組合正在幫助我們吸引新客戶、贏得更大的交易，並將現有客戶的產品採用率提高 30%。

Customers are using our products in five different ways.

客戶以五種不同的方式使用我們的產品。

First, our AI infrastructure, which we differentiate with leading performance driven by storage, compute, and software advances, as well as leading reliability and a leading number of accelerators.

首先是我們的人工智慧基礎設施，我們透過儲存、運算和軟體進步驅動的領先性能以及領先的可靠性和數量領先的加速器來區分該基礎設施。

Using a combination of our TPUs and GPUs, LG AI research reduced inference processing time for its multimodal model by more than 50% and operating costs by 72%.

LG AI 研究結合使用我們的 TPU 和 GPU，將其多模態模型的推理處理時間減少了 50% 以上，並將營運成本減少了 72%。

Second, our enterprise AI platform, Vertex, is used to build and customize the best foundation models from Google and the industry.

其次，我們的企業人工智慧平台 Vertex 用於建立和自訂來自 Google 和業界的最佳基礎模型。

Gemini API calls have grown nearly 14x in a six month period.

Gemini API 呼叫在六個月內成長了近 14 倍。

When Snap was looking to power more innovative experiences within their myAI chatbot, they chose Gemini's strong multimodal capabilities.

當 Snap 希望在 myAI 聊天機器人中提供更多創新體驗時，他們選擇了 Gemini 強大的多模式功能。

Since then, Snap saw over 2.5 times as much engagement with myAI in the United States.

自此之後，Snap 在美國的 myAI 參與度增加了 2.5 倍以上。

Third, customers use our AI platform together with our data platform, BigQuery, because we analyze multimodal data no matter where it is stored with ultra-low latency access to Gemini.

第三，客戶將我們的人工智慧平台與我們的數據平台 BigQuery 一起使用，因為我們可以分析多模式數據，無論數據儲存在何處，並且對 Gemini 的超低延遲存取。

This enables accurate, real-time decision making for customers like Hiscox, one of the flagship syndicates in Lloyd's of London, which reduced the time it took to quote complex risks from days to minutes.

這使得 Hiscox（倫敦勞合社的旗艦集團之一）等客戶能夠做出準確、即時的決策，從而將複雜風險報價所需的時間從幾天縮短到幾分鐘。

These types of customer outcomes, which combine AI with data science, have led to 80% growth in BigQuery ML operations over a six-month period.

這些類型的客戶成果將人工智慧與資料科學結合，導致 BigQuery ML 作業在六個月內成長了 80%。

Fourth our AI-powered cybersecurity solutions, Google Threat Intelligence and Security Operations, are helping customers like BBVA and Deloitte prevent, detect, and respond to cybersecurity threats much faster.

第四，我們的人工智慧網路安全解決方案、Google 威脅情報和安全運營，正在幫助 BBVA 和德勤等客戶更快地預防、偵測和回應網路安全威脅。

We've seen customer adoption of our Mandiant-power threat deduction increase 4X over the last six quarters.

我們發現，在過去六個季度中，客戶對 Mandiant-power 威脅扣除額的採用率增加了 4 倍。

Fifth, in Q3, we broadened our applications portfolio with the introduction of our new Customer Engagement Suite.

第五，在第三季度，我們透過推出新的客戶參與套件擴大了我們的應用程式組合。

It's designed to improve the customer experience online and in mobile apps, as well as in call centers, retail stores, and more.

它旨在改善線上和行動應用程式以及呼叫中心、零售店等的客戶體驗。

A great example is Volkswagen of America who is using this technology to power its new myVW virtual assistant.

一個很好的例子是美國大眾汽車公司，他們正在使用這項技術來為其新的 myVW 虛擬助理提供支援。

In addition, the employee agents we've delivered through Gemini for Google Workspace are getting superb reviews. 75% of daily users say it improves the quality of their work.

此外，我們透過 Gemini 為 Google Workspace 提供的員工代理也獲得了極佳的評價。 75% 的日常用戶表示這提高了他們的工作品質。

Moving now to YouTube.

現在轉向 YouTube。

For the first time ever YouTube's combined ad and subscription revenue over the past four quarters has surpassed $50 billion.

YouTube 過去四個季度的廣告和訂閱總收入首次超過 500 億美元。

Together, YouTube TV, NFL Sunday Ticket, and YouTube Music Premium are driving subscription growth for the platform.

YouTube TV、NFL Sunday Ticket 和 YouTube Music Premium 共同推動了該平台訂閱量的成長。

And we are leaning into the living room experience with multiview and a new option for creators to organize content into episodes and seasons, similar to traditional TV.

我們正在傾向於多視圖的客廳體驗，以及創作者將內容組織成劇集和季節的新選項，類似於傳統電視。

At Made on YouTube, we announced that Google DeepMind's most capable model for video generation video is coming to YouTube Shorts to help creators later this year.

在 Made on YouTube 上，我們宣布 Google DeepMind 最強大的影片產生模型將於今年稍後登陸 YouTube Shorts，為創作者提供協助。

Next, platforms and devices.

接下來是平台和設備。

Gemini's deep integration is improving Android.

Gemini 的深度整合正在改進 Android。

For example, Gemini Live lets you have free flowing conversations with Gemini.

例如，Gemini Live 可讓您與 Gemini 進行自由流暢的對話。

People love it.

人們喜歡它。

It's available on Android, including Samsung Galaxy devices.

它可在 Android 上使用，包括 Samsung Galaxy 裝置。

We continue to work closely with them to deliver innovations across their newest devices, with much more to come.

我們將繼續與他們密切合作，在他們的最新設備上提供創新，未來將推出更多設備。

At Made by Google, we unveiled our latest Pixel 9 series of devices, featuring advanced AI models, including Gemini Nano.

在 Made by Google 大會上，我們推出了最新的 Pixel 9 系列設備，配備先進的 AI 模型，包括 Gemini Nano。

We have seen strong demand for these devices, and they've already received multiple awards.

我們看到了對這些設備的強勁需求，並且它們已經獲得了多個獎項。

Turning to other bets.

轉向其他賭注。

I want to Highlight Waymo, the biggest part of our portfolio.

我想重點介紹 Waymo，它是我們產品組合中最大的一部分。

Waymo is now a clear technical leader within the autonomous vehicle industry and creating a growing commercial opportunity.

Waymo 現在是自動駕駛汽車行業中明顯的技術領導者，並創造了不斷增長的商業機會。

Over the years, Waymo has been infusing cutting-edge AI into its work.

多年來，Waymo 一直將尖端人工智慧融入其工作中。

Now each week, Waymo is driving more than 1 million fully autonomous miles and serves over 150,000 paid rides, the first time any AV company has reached this kind of mainstream use.

現在，Waymo 全自動駕駛每周行駛超過 100 萬英里，並提供超過 15 萬次付費乘車服務，這是自動駕駛公司首次達到這種主流用途。

Through its expanded network and operations partnership with Uber in Austin and Atlanta, plus a new multi-year partnership with Hyundai, Waymo will bring fully autonomous driving to more people and places.

透過與 Uber 在奧斯汀和亞特蘭大擴大的網路和營運合作夥伴關係，以及與現代汽車的新的多年合作夥伴關係，Waymo 將為更多的人和地方帶來完全自動駕駛。

By developing a universal driver, Waymo has multiple paths to market.

透過開發通用驅動程序，Waymo 擁有多種進入市場的途徑。

And with its sixth-generation system, Waymo has significantly reduced unit costs without compromising safety.

憑藉第六代系統，Waymo 在不影響安全性的情況下顯著降低了單位成本。

Before I close, I'm delighted to welcome our new CFO, Anat.

在結束之前，我很高興歡迎我們的新財務長 Anat。

We're thrilled to have her on board, and you'll hear from her shortly.

我們很高興她加入，您很快就會收到她的消息。

And as always, I want to express my gratitude to our employees worldwide.

一如既往，我想向我們世界各地的員工表示感謝。

Your dedication and hard work have made this another exceptional quarter for Alphabet.

你們的奉獻和辛勤工作使 Alphabet 在這個季度又經歷了一個非凡的季度。

Now over to you, Philipp.

現在交給你了，菲利普。

Thanks, Sundar, and hello, everyone.

謝謝桑達爾，大家好。

I'll start with performance for the quarter and then describe the progress we are seeing across ads, YouTube, and partnerships, highlighting the impact AI is already having on our business.

我將從本季的業績開始，然後描述我們在廣告、YouTube 和合作夥伴關係方面所取得的進展，強調人工智慧已經對我們的業務產生的影響。

Google Services delivered revenues of $76.5 billion for the quarter, up 13% year on year.

谷歌服務本季營收達 765 億美元，年增 13%。

Search and other revenues grew 12% year on year, led by growth in the financial services vertical due to strength in insurance, followed by retail.

搜尋和其他收入年增 12%，其中保險業務的強勁帶動金融服務垂直領域的成長，其次是零售業。

YouTube ads revenues grew 12% year on year, driven by brand, closely followed by direct response.

在品牌推動下，YouTube 廣告收入較去年同期成長 12%，緊隨其後的是直接反應。

Network revenues were down 2% year on year.

網路收入較去年同期下降2%。

In subscriptions, platforms, and devices, year-on-year revenues were up 28%, driven by growth in subscriptions as well as the launch of our Made by Google devices in the third quarter.

在訂閱、平台和設備方面，由於訂閱成長以及第三季推出的 Made by Google 設備，營收年增 28%。

Before I double-click into ads, YouTube, and partnerships, a few comments on Search.

在雙擊進入廣告、YouTube 和合作夥伴關係之前，我先對搜尋發表一些評論。

Whether using their voice to find answers on the go or opening their camera to explore the world around them, people are expanding how they ask questions in Search, as well as the types of questions they ask.

無論是在旅途中使用語音尋找答案，還是打開相機探索周圍的世界，人們都在擴大在搜尋中提問的方式以及提出問題的類型。

New behaviors create new opportunities to help us connect businesses and consumers via amazing commercial experiences.

新的行為創造了新的機會，幫助我們透過令人驚嘆的商業體驗將企業和消費者聯繫起來。

As GenAI expands what's possible, we continue to see a significant opportunity in Search.

隨著 GenAI 不斷擴展可能性，我們繼續看到搜尋領域的重大機會。

Let me take a minute to explain why.

讓我花一點時間解釋一下原因。

AI really supercharges Search.

人工智慧確實增強了搜尋功能。

Our new AI-powered features make searches more helpful, and we continue to see great feedback, particularly from younger users, for example, with Circle to Search, where we see higher engagement from users aged 18 to 24.

我們新的人工智慧功能讓搜尋變得更有幫助，我們繼續看到很好的回饋，特別是來自年輕用戶的回饋，例如，在「Circle to Search」中，我們看到18 至24 歲用戶的參與度更高。

AI is expanding our ability to understand intent and connect it to our advertisers.

人工智慧正在擴展我們理解意圖並將其與廣告商聯繫起來的能力。

This allows us to connect highly relevant users with the most helpful ad and deliver business impact to our customers.

這使我們能夠將高度相關的用戶與最有幫助的廣告聯繫起來，並為我們的客戶帶來業務影響。

Let me share two new ad experiences we have rolled out alongside our popular AI-powered features in Search.

讓我分享一下我們在搜尋中推出的兩種新的廣告體驗以及流行的人工智慧功能。

First, as you heard from Sundar, every month, Lens is used for almost 20 billion visual searches, with one in four of these searches having commercial intent.

首先，正如您從 Sundar 那裡聽到的那樣，Lens 每個月都會用於近 200 億次視覺搜索，其中四分之一的搜索具有商業意圖。

In early October, we announced Product Search on Google Lens.

十月初，我們宣佈在 Google Lens 上進行產品搜尋。

And in testing this feature, we've found that shoppers are more likely to engage with content in this new format.

在測試此功能時，我們發現購物者更有可能參與這種新格式的內容。

We're also seeing that people are turning to Lens more often to run complex multimodal queries, voicing a question, or inputting text in addition to a visual.

我們還發現，人們越來越頻繁地使用 Lens 來執行複雜的多模式查詢、提出問題或輸入視覺內容以外的文字。

Given these new user behaviors, earlier this month, we announced the rollout of shopping ads above and alongside relevant Lens visual search results to help better connect consumers and businesses.

鑑於這些新的用戶行為，本月早些時候，我們宣佈在相關的 Lens 視覺搜尋結果上方和旁邊推出購物廣告，以幫助更好地連接消費者和企業。

Second, AI Overviews, where we have now started showing Search and shopping ads within the overview for mobile users in the US.

其次，人工智慧概述，我們現在開始在美國行動用戶的概述中顯示搜尋和購物廣告。

As you remember, we've already been running ads above and below AI Overviews.

如您所知，我們已經在人工智慧概述的上方和下方投放了廣告。

We're now seeing that people find ads directly within AI Overviews helpful because they can quickly connect with relevant businesses, products, and services to take the next step at the exact moment they need.

我們現在發現，人們直接在人工智慧概述中發現廣告很有幫助，因為他們可以快速與相關企業、產品和服務建立聯繫，以便在他們需要的時候採取下一步行動。

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

正如我之前所說，我們相信人工智慧將徹底改變行銷價值鏈的每個部分。

Let's start with creative.

讓我們從創意開始。

Advertisers now use our Gemini-powered tools to build and test a larger variety of relevant creatives at scale.

廣告主現在使用我們的 Gemini 支援的工具來大規模建立和測試更多種類的相關創意。

Audi used our AI tools to generate multiple video, image, and text assets in different lengths and orientations out of existing long-form videos.

奧迪使用我們的人工智慧工具從現有的長影片中產生不同長度和方向的多個影片、圖像和文字資源。

It then fed the newly-generated creatives into Demand Gen to drive reach, traffic, and booking to their driving experience.

然後，它將新生成的創意輸入 Demand Gen，以提高其駕駛體驗的覆蓋範圍、流量和預訂。

The campaign increased website visits by 80% and increased clicks by 2.7 times, delivering a lift in their sales.

該活動使網站訪問量增加了 80%，點擊量增加了 2.7 倍，從而提高了銷售額。

Last week, we updated image generation in Google Ads with our most advanced text-to-image model, Imagen 3, which we've tuned using ads performance data from multiple industries to help customers produce high-quality imagery for their campaigns.

上週，我們使用最先進的文本到圖像模型Imagen 3 更新了Google Ads 中的圖像生成功能，我們使用來自多個行業的廣告效果數據對其進行了調整，以幫助客戶為其廣告系列生成高質量的圖像。

Advertisers can now create even higher-performing assets for PMAX, Demand Gen, app, and display campaigns.

廣告主現在可以為 PMAX、Demand Gen、應用程式和展示廣告活動創建效能更高的資產。

Turning to media buying.

轉向媒體購買。

AI-powered campaigns help advertisers get faster feedback on what creatives work where and redirect their media buying.

人工智慧驅動的行銷活動可協助廣告主更快獲得有關創意在何處發揮作用的回饋，並重新導向他們的媒體購買。

Using Demand Gen, DoorDash tested a mix of image and video assets to drive more impact across Google and YouTube's visually immersive surfaces.

DoorDash 使用 Demand Gen 測試了圖像和影片資產的組合，以在 Google 和 YouTube 的視覺沉浸式表面上產生更大的影響。

They saw a 15-times higher conversion rate at a 50% more efficient cost per action when compared to video action campaigns alone.

與單獨的影片行動廣告系列相比，他們的轉換率提高了 15 倍，每次行動成本提高了 50%。

Last and most importantly, measurement.

最後也是最重要的，測量。

This quarter, we extended availability of our open-source marketing mix model, Meridian, to more customers, helping to scale measurement of cross-channel budgets to drive better business outcomes.

本季度，我們向更多客戶擴展了開源行銷組合模式 Meridian 的可用性，幫助擴大跨通路預算的衡量範圍，以推動更好的業務成果。

On YouTube, we remain focused on building a platform that enables creators to thrive and unlocking a whole new world of creativity with AI.

在 YouTube 上，我們仍然專注於建立一個平台，使創作者能夠蓬勃發展，並透過人工智慧解鎖全新的創造力世界。

Creators are at the heart of the YouTube ecosystem, and the content they are making is driving robust growth in watch time across the platform.

創作者是 YouTube 生態系統的核心，他們製作的內容正在推動整個平台觀看時長的強勁成長。

We are also using AI to greatly improve recommendations on YouTube.

我們也使用人工智慧來大幅改進 YouTube 上的推薦。

Driven by Gemini, our large language models have a deeper understanding of video content and viewers' preferences.

在Gemini的驅動下，我們的大語言模型對影片內容和觀眾的喜好有了更深入的理解。

As a result, they can recommend more relevant, fresher, and personalized content to the viewer.

因此，他們可以向觀眾推薦更相關、更新鮮和個人化的內容。

Short form creation continues to thrive on YouTube.

YouTube 上的短片創作繼續蓬勃發展。

Shorts monetization improved again this quarter, and we continued to significantly close the gap with in-stream video, particularly in the us and other more highly monetizing markets.

本季 Shorts 貨幣化程度再次提高，我們繼續大幅縮小與插播影片的差距，特別是在美國和其他貨幣化程度較高的市場。

Of all the channels uploading to YouTube each month, 70% are uploading shorts.

在每月上傳到 YouTube 的所有頻道中，70% 是上傳短片。

And we recently announced a top-requested feature, the ability to upload shorts up to three minutes long.

我們最近宣布了一項最受歡迎的功能，即上傳長達三分鐘的短片的能力。

Also, advertisers can now book first position on shorts blocks in close to 40 markets.

此外，廣告主現在可以在近 40 個市場的空頭區塊上預訂第一個位置。

We're unlocking more opportunities in the living room.

我們正在客廳中釋放更多機會。

Our momentum here continues as we maintain our status as the number one streamer in the US, according to Nielsen.

據尼爾森稱，隨著我們保持美國第一流媒體的地位，我們的勢頭仍在繼續。

This is driven by the strength of our creators, such as Michelle Khare and Rhett & Link, who are increasingly crafting experiences designed specifically for the big screen.

這是由 Michelle Khare 和 Rhett & Link 等創作者的力量推動的，他們越來越多地打造專為大螢幕設計的體驗。

And it's paying off.

它正在得到回報。

The number of creators making the majority of their YouTube revenue on TV screens is up more than 30% year on year.

YouTube 大部分收入來自電視螢幕的創作者數量年增超過 30%。

YouTube is becoming a premier destination for sports watching.

YouTube 正在成為觀看體育賽事的首選目的地。

People come for the games and stay for the commentary and around-the-game content from creators like Evelyn Gonzalez, Adam W., and Brett Kollman.

人們來觀看比賽，並留下來觀看 Evelyn Gonzalez、Adam W. 和 Brett Kollman 等創作者的評論和圍繞比賽的內容。

During the Olympics, content from Paris 2024 had over 12 billion views on YouTube.

奧運期間，2024 年巴黎奧運的內容在 YouTube 上的觀看次數超過 120 億次。

More than 850 million unique viewers watched over 40 billion minutes of content, with 35% on their Tv screens.

超過 8.5 億獨立觀眾觀看了超過 400 億分鐘的內容，其中 35% 是在電視螢幕上觀看的。

And recently, we kicked off our second season of NFL Sunday ticket on YouTube TV, which continues to receive a positive reception from advertisers, our partners at the NFL, and fans.

最近，我們在 YouTube TV 上推出了第二季 NFL 週日門票，該門票繼續受到廣告商、NFL 合作夥伴和球迷的積極歡迎。

We have continued to invest in our product experience, with improvements to multiview and deeper integrations for fantasy football fans.

我們繼續投資我們的產品體驗，改進了多視圖並為夢幻足球迷進行了更深入的整合。

Following up on my remarks from last quarter about Brandcast, we had a strong upfront performance, with commitments up about 20% year on year.

繼我上季度關於 Brandcast 的評論之後，我們的前期業績表現強勁，承諾量年增約 20%。

As always, let me wrap with the strong momentum we are seeing in partnerships.

一如既往，讓我總結一下我們在合作關係中看到的強勁勢頭。

More and more of our partners are recognizing the breadth of our technologies and building solutions that leverage the very best of google.

我們越來越多的合作夥伴認識到我們技術的廣度，並建立充分利用 Google 優勢的解決方案。

For example, our recently announced strategic partnership with Vodafone Group spans Google Cloud, AI, Android, ads, and digital services.

例如，我們最近宣布與沃達豐集團建立策略合作夥伴關係，涵蓋Google雲端、人工智慧、Android、廣告和數位服務。

This multi-billion dollar partnership will bring these technologies to more than 330 million customers across Europe and Africa.

這項耗資數十億美元的合作關係將把這些技術帶給歐洲和非洲超過 3.3 億的客戶。

We're collaborating on more than 30 initiatives across seven areas, including generative AI for consumers, a best-in-class TV platform, hardware, and cybersecurity.

我們正在七個領域合作 30 多項計劃，包括面向消費者的生成式人工智慧、一流的電視平台、硬體和網路安全。

With that, a heartfelt thank you to Googlers everywhere for their extraordinary commitment and to our customers and partners for their continued collaboration and trust.

在此，衷心感謝世界各地的 Google 員工的非凡承諾，以及我們的客戶和合作夥伴的持續合作和信任。

Anat, welcome to the team!

阿納特，歡迎加入我們的團隊！

It's great to have you with us.

很高興有你和我們在一起。

Over to you.

交給你了。

Thank you, Philipp, and thanks, Sundar, for the words of welcome.

謝謝菲利普，也謝謝桑達爾的歡迎詞。

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

除非我另有說明，我的評論將集中在第三季的年比比較。

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

我將從字母表層級的結果開始，然後我們將介紹我們的細分結果。

I'll end with high level commentary on investment at the Alphabet level.

最後我將對字母表級別的投資進行高級評論。

We had another strong quarter in Q3 with robust momentum across the business.

第三季我們又經歷了一個強勁的季度，整個業務勢頭強勁。

Consolidated revenue increased by 15% or 16% in constant currency.

以固定匯率計算，合併收入成長 15% 或 16%。

Search remained the largest contributor to revenue growth, followed by robust 35% growth in Cloud.

搜尋仍然是收入成長的最大貢獻者，其次是雲，成長了 35%。

Total cost of revenue was $36.5 billion, up 10%.

總收入成本為 365 億美元，成長 10%。

Tech was $13.7 billion, up 9%.

科技業營收 137 億美元，成長 9%。

We continue to see a revenue mix shift with Google Search growing at double digit levels, while Network Revenue which have a much higher tech rate declined.

我們繼續看到收入結構的變化，而谷歌搜尋以兩位數的速度成長，而技術含量更高的網路收入卻下降了。

Other cost of revenue was $22.8 billion, up 11%, with the increase primarily driven by content acquisition costs primarily for YouTube, an increase in depreciation associated with higher level of investment in our technical infrastructure, and higher hardware costs associated with the pull forward of our Made by Google launches from the fourth to the third quarter.

其他收入成本為 228 億美元，增長 11%，增長的主要原因是 YouTube 的內容採購成本、與技術基礎設施投資水平提高相關的折舊增加以及與我們的Made by Google 將於第四季度至第三季度推出。

Total operating expenses increased 5% to $23.3 billion.

總營運支出成長 5%，達到 233 億美元。

The increase was primarily driven by facilities-related charges as results of action that were taken to further optimize their office space footprint globally, followed by depreciation, partially offset by year-on-year decline in charges for legal and other matters.

這一增長主要是由與設施相關的費用推動的，這是為進一步優化全球辦公空間足跡而採取的行動的結果，隨後是折舊，但部分被法律和其他事項費用的同比下降所抵消。

R&D investments increased by 11%, primarily driven by increases in compensation and depreciation expenses.

研發投資成長 11%，主要是因為薪資和折舊費用的增加。

Sales and marketing expenses increased 5%, primarily reflecting investment in advertising and promotional efforts related to the Made by Google launches as well as for AI and Gemini.

銷售和行銷費用增加了 5%，主要反映了與 Made by Google 發布以及 AI 和 Gemini 相關的廣告和促銷工作的投資。

G&A expenses declined by 10%, primarily due to lower charges for legal and other matters.

一般管理費用下降了 10%，主要是因為法律和其他事務費用降低。

Operating income increased 34% to $28.5 billion, and operating margin increased to 32%.

營業收入成長 34%，達到 285 億美元，營業利益率增至 32%。

Net income increased 34% to $26.3 billion, and earnings per share increased 37% to $2.12.

淨利潤成長 34%，達到 263 億美元，每股收益成長 37%，達到 2.12 美元。

We're pleased with the progress we're making in reengineering our cost structure, which is reflected in our operating margin expansion this quarter.

我們對重新設計成本結構所取得的進展感到滿意，這反映在我們本季營業利潤率的擴張中。

We're also continuing to invest in the business to bring innovation to consumers, creators, and enterprises.

我們也將繼續投資業務，為消費者、創作者和企業帶來創新。

We delivered free cash flow of $17.6 billion for the third quarter and $55.8 billion for the trailing 12 months.

我們第三季的自由現金流為 176 億美元，過去 12 個月的自由現金流為 558 億美元。

Year-on-year free cash flow was negatively impacted by the following items.

同比自由現金流受到以下項目的負面影響。

In 2023, we deferred cash tax payments from the second and third quarter to the fourth quarter.

2023年，我們將現金稅繳納從第二季和第三季延後到第四季。

And in Q3 2024, we made a $3 billion cash payment related to the 2017 EC shopping fine.

2024 年第三季度，我們支付了與 2017 年 EC 購物罰款相關的 30 億美元現金。

We ended the quarter with $93 billion in cash and marketable securities.

本季結束時，我們擁有 930 億美元的現金和有價證券。

Now, turning to segment results.

現在，轉向細分結果。

Google Services revenue increased 13% to $76.5 billion.

Google 服務營收成長 13%，達到 765 億美元。

Google Search and other advertising revenue increased by 12% to $49.4 billion.

Google 搜尋和其他廣告收入成長 12%，達到 494 億美元。

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

搜尋的強勁表現在各個垂直領域都有廣泛的基礎，其中以金融服務垂直領域為首，因為保險業的實力強勁，其次是零售業。

YouTube advertising revenue increased 12% to $8.9 billion driven by brand, followed by direct response advertising.

在品牌推動下，YouTube 廣告收入成長 12%，達到 89 億美元，其次是直接回應廣告。

As Philipp mentioned, we're seeing strong momentum in YouTube, including robust growth in watch time across the platform, and are excited about the new features and products we're bringing to creators.

正如菲利普所提到的，我們看到 YouTube 的強勁勢頭，包括整個平台觀看時間的強勁增長，並對我們為創作者帶來的新功能和產品感到興奮。

Network advertising revenue of $7.5 billion were down 2%.

網路廣告收入為 75 億美元，下降 2%。

In the third quarter, the year-on-year growth in all our advertising revenue lines was impacted by the increase in strength in advertising revenue in Q3 of last year, in part from APAC-based retailers.

第三季度，我們所有廣告營收線的年增率受到去年第三季廣告收入強勁成長的影響，部分來自亞太地區零售商。

Subscription platforms and devices revenue increased 28% to $10.7 billion reflecting growth in subscription revenues as well as the launch of our Made by Google devices in the third quarter.

訂閱平台和設備收入成長了 28%，達到 107 億美元，這反映出訂閱收入的成長以及我們在第三季推出的 Made by Google 設備。

We continue to have significant growth in our subscription products, driven primarily by YouTube TV and YouTube Music Premium, as well as Google One, primarily due to increases in the number of paid subscribers.

我們的訂閱產品持續大幅成長，這主要是由 YouTube TV 和 YouTube Music Premium 以及 Google One 推動的，這主要是由於付費訂閱者數量的增加。

With regards to platforms, we're pleased with the performance and play primarily driven by an increase in buyers.

就平台而言，我們對主要由買家增加推動的表現和遊戲感到滿意。

Google service operating income increased by 29% to $30.9 billion, and operating margin was 40%.

谷歌服務營運收入成長29%，達到309億美元，營運利潤率為40%。

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

轉向谷歌雲端部門，該部門本季繼續取得非常強勁的業績。

Revenue increased by 35% to $11.4 billion in the third quarter, reflecting accelerated growth in GCP across AI infrastructure, generative AI solutions, and core GCP products.

第三季營收成長 35%，達到 114 億美元，反映出 GCP 在 AI 基礎設施、生成式 AI 解決方案和核心 GCP 產品方面的加速成長。

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

GCP 的成長速度再次高於雲端整體成長速度。

We also saw strong Google Workspace growth, primarily driven by increases in average revenue per seat.

我們也看到 Google Workspace 的強勁成長，這主要是由每個席位平均收入的成長所推動的。

As you just heard from Sundar, the robust innovation expended AI offerings within our cloud business are allowing existing and new customers to realize measurable business benefits, including reduced cost, greater customer engagement, faster response time, and better revenue conversion.

正如您剛從Sundar 聽到的那樣，我們的雲端業務中強大的創新擴展人工智慧產品使現有和新客戶能夠實現可衡量的業務利益，包括降低成本、提高客戶參與度、更快的回應時間和更好的收入轉化。

Google Cloud operating income increased to $1.9 billion, and operating margin increased to 17%.

Google Cloud 營業收入增至 19 億美元，營業利益率增至 17%。

The operating margin expansion was driven by strong revenue performance across cloud AI products, core GCP, and Workspace, as well as ongoing efficiency initiatives.

雲端人工智慧產品、核心 GCP 和 Workspace 的強勁收入表現以及持續的效率措施推動了營業利潤率的成長。

As to other bets, for the third quarter, revenue were $388 million and operating loss was $1.1 billion.

至於其他押注，第三季營收為 3.88 億美元，營運虧損為 11 億美元。

I'll highlight just a couple of accomplishments in the quarter for Waymo and Wing.

我將重點介紹 Waymo 和 Wing 在本季度取得的幾項成就。

We're excited about the progress we've seen in Waymo, as Sundar mentioned, and the increase in the number of paid rides.

正如 Sundar 所提到的，我們對 Waymo 所取得的進步以及付費乘車次數的增加感到興奮。

We're planning to continue to expand our geographic coverage and reach more customers in existing markets and new markets.

我們計劃繼續擴大我們的地理覆蓋範圍，並在現有市場和新市場中吸引更多客戶。

Wing, our drone delivery company, recently passed the one year of scaling its partnership with Walmart in the Dallas Fort Worth area, now operating in 11 stores and serving 26 different cities and towns.

我們的無人機送貨公司 Wing 最近與沃爾瑪在達拉斯沃思堡地區的合作夥伴關係擴大了一年，目前在 11 家商店運營，為 26 個不同的城鎮提供服務。

Turning to Alphabet-level activities.

轉向字母級別的活動。

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

該產品線最大的組成部分是我們對支援整個 Alphabet 的人工智慧研發活動的投資。

There were two notable items that impacted the operating loss and alphabet-level activities: first, a $607 million charge related to decisions we've made to further optimize our physical footprint and office space globally; and second, our ongoing investments in A I R&D, including the full core effect of the organizational changes we've made in May to move some additional AI teams from Google Services to Google DeepMind.

有兩個值得注意的項目影響了營運虧損和字母級活動：首先，與我們為進一步優化全球實體足跡和辦公空間所做的決策相關的 6.07 億美元費用；其次，我們對 AI 研發的持續投資，包括我們 5 月進行的組織變革的全部核心影響，將一些額外的 AI 團隊從 Google Services 轉移到 Google DeepMind。

With respect to CapEx, our reported CapEx in the third quarter was $13 billion reflecting investment in our technical infrastructure with the largest component being investment in servers, followed by data centers and networking equipment.

就資本支出而言，我們報告的第三季資本支出為 130 億美元，反映了對我們技術基礎設施的投資，其中最大的組成部分是對伺服器的投資，其次是資料中心和網路設備。

Looking ahead, we expect quarterly CapEx in the fourth quarter to be at similar levels to Q3, keeping in mind that the timing of cash payments can cause variability in quarterly reported CapEx.

展望未來，我們預計第四季度的季度資本支出將與第三季相似，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。

Our expansion of data center capacity is expected to bring economic benefits to countries and communities where we are investing.

我們資料中心容量的擴張預計將為我們投資的國家和社區帶來經濟效益。

In the third quarter alone, we made announcements of over $7 billion in planned data center investments with nearly $6 billion of that in the US.

光是第三季度，我們就宣布計畫投資超過 70 億美元的資料中心，其中近 60 億美元在美國。

In Q3, we also returned value to shareholders in the form of $15.3 billion in share repurchases and $2.5 billion in dividend payments.

第三季度，我們也以 153 億美元的股票回購和 25 億美元的股利支付的形式向股東回報了價值。

Overall, WE returned a total of nearly $70 billion over the trailing 12 months to shareholders.

總體而言，WE 在過去 12 個月內向股東總共返還了近 700 億美元。

As we look forward, we're working to balance our investments in AI and other growth areas with the cost discipline needed to fund those activities.

展望未來，我們正在努力平衡對人工智慧和其他成長領域的投資與資助這些活動所需的成本紀律。

As we think about the remainder of 2024, there are a couple of dynamics to consider.

當我們思考 2024 年剩餘時間時，有幾個動態需要考慮。

In terms of revenue, the year-on-year growth in advertising revenue will continue to be impacted by the increase in strength in advertising revenue in the second half of 2023, in part, from APAC-based retailers.

在收入方面，廣告收入的年增率將持續受到2023年下半年廣告收入實力增強的影響，部分來自亞太地區零售商。

And there will be a headwind to year-over-year growth in subscription platforms and devices revenue in the fourth quarter due to the pull forward of our Made by Google launches into the third quarter this year.

由於我們的 Made by Google 發佈時間提前到了今年第三季度，第四季度訂閱平台和設備收入的同比增長將面臨阻力。

In terms of expenses, we'll continue to see increases in depreciation and expenses associated with higher level of investment in our technical infrastructure, partially offset by a slight benefit from the cost revenue associated with our devices due to the pull forward of hardware launches into Q3.

在費用方面，我們將繼續看到與技術基礎設施投資水平較高相關的折舊和費用增加，但由於硬體推出時間提前，與我們的設備相關的成本收入的輕微收益抵消了部分費用。

Now before going into Q&A, as the new CFO, I would like to share a few thoughts on how I'm approaching and thinking through growth, cost structure, and capital location.

現在，在進入問答環節之前，作為新任財務官，我想分享一些關於我如何處理和思考成長、成本結構和資本定位的想法。

And expect to hear more from me on these topics in the coming quarters.

並期望在接下來的幾個季度中聽到我關於這些主題的更多資訊。

As I look at the business, I see opportunities for further growth propelled by AI and the underlying momentum across the business.

當我審視這項業務時，我看到了人工智慧和整個業務的潛在動力推動的進一步成長的機會。

You heard about some of these on the call today.

您在今天的電話會議上聽說了其中一些內容。

I also believe that we are well positioned to deliver meaningful innovation which will translate to revenue, given our strength in the core pillars that are required to succeed in AI at scale.

我還相信，鑑於我們在人工智慧大規模成功所需的核心支柱方面的實力，我們有能力提供有意義的創新，這些創新將轉化為收入。

Realizing those opportunities and great innovation in AI requires global reach, which we have through our products and platforms, as well as continued meaningful capital investment.

實現人工智慧領域的這些機會和偉大創新需要我們透過我們的產品和平台實現全球影響力，以及持續有意義的資本投資。

And while we have a strong balance sheet to be able to support these investments, we will be looking for efficiencies so that we can fund innovation priority areas.

雖然我們擁有強大的資產負債表來支持這些投資，但我們將尋求效率，以便我們能夠為創新優先領域提供資金。

Sundar, Ruth, and her leadership team started important work to reengineer our cost structure including efforts such as optimizing our head count growth, our physical footprint, improving the efficiencies of our technical infrastructure, and streamlining operations across the company through the use of AI.

Sundar、Ruth 和她的領導團隊開始了重新設計我們的成本結構的重要工作，包括優化我們的員工數量增長、物理足跡、提高技術基礎設施的效率以及透過使用人工智慧簡化整個公司的營運等工作。

I plan to build on these efforts, but also evaluate where we might be able to accelerate work and where we might need to pivot to free up capital for more attractive opportunities.

我計劃在這些努力的基礎上再接再厲，同時評估我們可以在哪些方面加速工作，以及我們可能需要在哪些方面進行調整，以釋放資金以獲得更具吸引力的機會。

Thank you.

謝謝。

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

桑達爾、菲利普和我現在將回答你們的問題。

Thank you.

謝謝。

(Operator Instructions) Brian Nowak, Morgan Stanley.

（操作員指示）Brian Nowak，摩根士丹利。

Thanks for taking my questions.

感謝您回答我的問題。

I have a two parter, Sundar.

我有一個二人伴侶，桑達爾。

The first one, over the over the course of the last year-plus, you've showcased a lot of different types of new GenAI enabled Search products, reimagine the search experience.

第一個，在過去一年多的時間裡，您展示了許多不同類型的新 GenAI 支援的搜尋產品，重新構想了搜尋體驗。

Can you help us hone in on one or two of these products that you're most excited about, that you think over the next two to three years could really lead to more durable multiyear search growth once they scale.

您能否幫助我們研究您最感興趣的一兩個產品，您認為這些產品在未來兩到三年內一旦擴大規模，確實可以帶來更持久的多年搜尋成長。

And then the second one, just as we're sort of thinking through constraints to how quickly they come out, what, what are sort of the key constraints that you see to really reimagining Search and scaling it across 2 billion to 3 billion people?

然後是第二個，就像我們正在思考它們出現的速度的限制一樣，你認為真正重新構想搜尋並將其擴展到 20 億到 30 億人的關鍵限制是什麼？

Thanks.

謝謝。

Thanks, Brian.

謝謝，布萊恩。

Great question.

很好的問題。

Look, I know it's been an extraordinary year of innovation.

看，我知道這是創新的非凡一年。

I mentioned in my remarks about Circle to Search, lens now with video search approaching over 20 billion queries a month, and obviously, AI Overviews.

我在關於 Circle to Search 的評論中提到，現在影片搜尋的查詢量每月接近 200 億次，當然還有 AI 概覽。

And with each of these changes, we are definitely expanding what's possible in Search.

透過這些變化，我們無疑正在擴展搜尋的可能性。

And it's been really heartening to see users adapt.

看到用戶的適應真是令人振奮。

They understand they can ask more queries.

他們知道他們可以提出更多問題。

They come back more often.

他們回來得更頻繁。

And so -- and we've seen growth there.

所以——我們已經看到了那裡的成長。

I think we are -- but very well, we rolled out AI Overviews to over 1 billion users.

我認為我們是——但很好，我們向超過 10 億用戶推出了 AI 概述。

There is a lot more innovation there we are actively working on.

我們正積極進行更多創新工作。

So I expect Search to continue to evolve significantly in 2025, both in the search product and in Gemini.

因此，我預計搜尋在 2025 年將繼續顯著發展，無論是在搜尋產品還是在 Gemini 中。

And so I think that's the opportunity ahead.

所以我認為這就是未來的機會。

I think we are in early days of what is a powerful, new technology.

我認為我們正處於一項強大的新技術的早期階段。

And with it, I think we can do a lot more for our users, but at the same time, underpin it on the foundational bedrock of quality and trust and user experience, which we've always done.

有了它，我認為我們可以為用戶做更多的事情，但同時，將其鞏固在品質、信任和用戶體驗的基礎上，這是我們一直在做的。

So we are at 1 billion people.

所以我們有 10 億人口。

I don't necessarily see a constraint there.

我並不一定認為那裡有限制。

Obviously, things like latency, cost per query, et cetera.

顯然，諸如延遲、每次查詢的成本等等。

But you know, you've seen us over the past 18 months make substantial progress.

但您知道，您已經看到我們在過去 18 個月中取得了實質進展。

So we'll continue rolling it out more, and we'll keep evolving it.

因此，我們將繼續更多地推出它，並不斷改進它。

I think Search -- if I were to take a 12-month outlook, I think it's going to continue to evolve and we will be at the forefront of that innovation.

我認為搜尋——如果我對未來 12 個月進行展望，我認為它將繼續發展，我們將處於創新的最前沿。

Doug Anmuth, JPMorgan.

道格·安姆斯，摩根大通。

Thanks for taking the question.

感謝您提出問題。

Perhaps for Sundar and Anat.

也許對於桑達爾和阿納特來說。

Can you talk more about the infrastructure advantages and CapEx efficiencies you've generated from Google's own TPUS?

您能否多談談您從 Google 自己的 TPUS 中獲得的基礎設施優勢和資本支出效率？

And how does that influence your CapEx spending going forward relative to peers and other leading cloud service providers?

相對於同行和其他領先的雲端服務供應商，這對您未來的資本支出有何影響？

Thanks.

謝謝。

Thanks, Doug, I'll take the first part, and Anat can give color on the CapEx spending part.

謝謝，Doug，我將討論第一部分，Anat 可以對資本支出部分進行說明。

Look, I think one of the -- we are well positioned because in our AI infrastructure, we have a comprehensive solution set, right?

看，我認為其中之一 - 我們處於有利位置，因為在我們的人工智慧基礎設施中，我們擁有一套全面的解決方案，對嗎？

We have all the leading AI accelerators, GPUs, TPUs, as well as CPUs, and we are investing in all of them.

我們擁有所有領先的人工智慧加速器、GPU、TPU 以及 CPU，並且我們正在對所有這些進行投資。

We have a wonderful partnership with NVIDIA.

我們與 NVIDIA 有著良好的合作關係。

We are excited for the GB200s, and we will be one of the first to provide it at scale.

我們對 GB200 感到非常興奮，我們將成為首批大規模提供該產品的公司之一。

On the TPU front, I think we have -- not only are we in our sixth generation -- I just spent some time with the teams on the road map ahead.

在 TPU 方面，我認為我們不僅是第六代，我只是花了一些時間與團隊一起制定未來的路線圖。

I couldn't be more excited at the forward-looking road map, but all of it allows us to both plan ahead in the future and really drive an optimized architecture for it.

我對前瞻性路線圖感到無比興奮，但這一切都讓我們能夠提前規劃未來，並真正為其推動優化的架構。

And I think because of all this both, we can have best in class efficiency not just for internal at Google, but what we can provide through cloud.

我認為，由於這一切，我們不僅可以在谷歌內部獲得一流的效率，而且可以透過雲端提供一流的效率。

And that's reflected in the growth we saw in our AI infrastructure and GenAI services on top of it.

這反映在我們的人工智慧基礎設施和基於它的 GenAI 服務的成長中。

So I'm pretty excited about how we are set up, and we'll continue executing there.

因此，我對我們的設置感到非常興奮，我們將繼續在那裡執行。

And maybe Anat can give comments on the CapEx spending.

也許阿納特可以對資本支出發表評論。

Yeah, sure.

是的，當然。

So let me provide a little more color on our capital investments. it's certainly an important area in this time of investments in AI.

因此，讓我對我們的資本投資進行更多介紹。這無疑是當前人工智慧投資的一個重要領域。

As you saw in the quarter, we invested $13 billion CapEx across the company.

正如您在本季看到的，我們在整個公司投資了 130 億美元的資本支出。

And as you think about it, really, it's divided into two categories.

當你思考它時，實際上，它分為兩類。

One is our technical infrastructure, and that's the majority of that $13 billion.

一是我們的技術基礎設施，這是這 130 億美元中的大部分。

And the other one goes into areas such as facilities, the bets, and other areas across the company.

另一項涉及設施、投注和公司其他領域。

Within TI, we have investments in servers which includes both TPUs and GPUs.

在 TI 內部，我們對伺服器進行了投資，其中包括 TPU 和 GPU。

And then the second categories are data centers and networking equipment.

第二類是資料中心和網路設備。

This quarter, approximately 60% of that investment in technical infrastructure went towards servers and about 40% towards the data center and networking equipment.

本季度，技術基礎設施投資中約 60% 用於伺服器，約 40% 用於資料中心和網路設備。

And as you think about them, we offer both GPUs and TPUs both internally and to our customers.

如您所想，我們在內部和向客戶提供 GPU 和 TPU。

So we have choices and options based on what our customer needs and what our internal needs are.

因此，我們可以根據客戶的需求和我們的內部需求進行選擇和選擇。

And as you think about the next quarter and going into next year, as I've mentioned in my prepared remarks, we will be investing in Q4 at approximately the same level of what we've invested in Q3, approximately $13 billion.

當你考慮下個季度和明年時，正如我在準備好的發言中提到的那樣，我們將在第四季度進行投資，其投資水平與第三季度的投資水平大致相同，約為130 億美元。

And as we think into 2025, we do see an increase coming in 2025.

當我們展望 2025 年時，我們確實看到 2025 年將會成長。

And we will provide more color on that on the Q4 call, likely not the same percent step up that we saw between '23 and '24, but additional increase.

我們將在第四季度的電話會議上提供更多信息，可能不會像我們在 23 年至 24 年間看到的那樣增加百分比，而是額外增加。

The one other thing I would add on the -- Doug, on your first part of the question on the TPUs is if you look at the flash pricing we've been able to deliver externally, I think -- and how much more attractive it is compared to other models of that capability, I think, probably, that gives a good sense of the efficiencies we can generate from our architecture.

我要補充的另一件事是——道格，關於 TPU 問題的第一部分，我想，如果你看看我們能夠對外提供的閃存定價——以及它有多少吸引力我認為，與具有該功能的其他模型進行比較，這可能可以很好地了解我們可以從架構中產生的效率。

And we are doing the same for internal use as well.

我們也在為內部使用做同樣的事情。

The models for Search, while they keep going up in capability, we've been able to really optimize them for the underlying architecture.

搜尋模型雖然功能不斷增強，但我們已經能夠針對底層架構真正優化它們。

And that's where we are seeing a lot of efficiencies as well.

這也是我們看到效率提高的地方。

Thank you.

謝謝。

Eric Sheridan, Goldman Sachs.

艾瑞克‧謝裡丹，高盛。

Thank you for taking the questions.

感謝您提出問題。

And Anat, congrats on the new role and welcome to Alphabet.

Anat，恭喜您擔任新職務並歡迎來到 Alphabet。

Sundar, maybe one for you on Waymo.

Sundar，也許是 Waymo 上最適合您的一款。

What are the key learnings as Waymo has rolled out to additional cities in terms of consumer adoption of the product and how you think about go to market strategies for Waymo.

在 Waymo 向更多城市推出產品的消費者採用情況以及您如何看待 Waymo 的市場策略方面，您學到了哪些關鍵知識。

And then maybe one for Philipp.

也許還有一個是給菲利普的。

In terms of looking at YouTube trends by long form versus short form video or shorts, how are you seeing consumption versus monetization trends continue to evolve for YouTube as broken down maybe in that means?

從長影片和短影片或短片的角度來看待 YouTube 的趨勢，您如何看待 YouTube 的消費趨勢和獲利趨勢的持續演變？

Thank you.

謝謝。

Thanks, Eric.

謝謝，埃里克。

On Waymo, obviously, it's been an exciting year, both in the Phoenix market in San Francisco.

顯然，對於 Waymo 來說，無論是在舊金山的菲尼克斯市場，今年都是令人興奮的一年。

We've definitely scaled, and particularly scaled paid rights, and definitely surprised us on the positive in terms of how much consumers are loving the experience from a safety standpoint, privacy standpoint, reliability standpoint, et cetera.

我們確實擴大了規模，特別是擴大了付費權利，並且從安全角度、隱私角度、可靠性角度等角度來看，消費者對這種體驗的喜愛程度絕對讓我們感到驚訝。

So I think all of that has been on the positive side.

所以我認為所有這些都是積極的一面。

And obviously, the product will continue to improve.

顯然，該產品將繼續改進。

So for us, we are mainly focused on each city as we go.

所以對我們來說，我們主要關注每個城市。

The pace at which we can now do additional city gets easier, so we are definitely accelerating that way.

現在，我們建造更多城市的步伐變得​​更加容易，因此我們肯定會加快步伐。

That's why you've seen us move into LA.

這就是您看到我們搬進洛杉磯的原因。

We're also striking partnerships in new and unique ways, hence the Uber partnership and expansion to Austin and Atlanta.

我們也以新穎獨特的方式建立合作關係，因此與 Uber 合作並擴展到奧斯汀和亞特蘭大。

And we have more options where we are looking at the Driven by Waymo model with other network partners, fleet managers, et cetera.

我們有更多選擇，我們正在與其他網路合作夥伴、車隊經理等一起研究 Driven by Waymo 模型。

So it's an exciting moment, but we are still obviously being safety focused but are looking to scale and testing out a variety of models which will help us plan ahead well for 2025 and beyond.

所以這是一個令人興奮的時刻，但我們顯然仍然注重安全，但正在尋求擴展和測試各種模型，這將幫助我們為 2025 年及以後做好規劃。

Yes.

是的。

And to your question on YouTube shorts, consumption versus monetization, maybe we start with the watch time.

至於你關於 YouTube 短片的問題，消費與貨幣化，也許我們從觀看時間開始。

It continues to grow actually across YouTube, with particular strength in Shorts and in the living room.

實際上，它在 YouTube 上持續成長，尤其是 Shorts 和客廳領域。

Just to give you a number, over 70 billion YouTube shorts are watched every day.

給你一個數字，每天觀看的 YouTube 短片超過 700 億條。

On the monetization side, the monetization rate of shorts relative to in-stream viewing is continuing to show a healthy rate of growth.

在變現方面，短片相對於插播觀看的變現率持續呈現健康的成長速度。

The GAAP continues to narrow, particularly in the US.

公認會計準則持續收窄，尤其是在美國。

We also see it in other more highly monetizing markets, and we continue to work very closely with our advertisers.

我們在其他貨幣化程度較高的市場中也看到了這一點，我們將繼續與廣告商密切合作。

We're committed to providing them with very effective ways to reach the growing audience here.

我們致力於為他們提供非常有效的方式來接觸這裡不斷增長的受眾。

I talked about advertisers now being able to book first position on Shorts blocks; that's exciting.

我談到廣告商現在可以在 Shorts 區塊上預訂第一位置；這太令人興奮了。

Shorts also integrated into video reach campaigns, YouTube Select, so you're really giving brands the precise targeting options here.

Shorts 也整合到影片覆蓋範圍廣告活動 YouTube Select 中，因此您實際上正在為品牌提供精確的定位選項。

So yeah, we're pleased with the progress we're making here.

所以，是的，我們對我們在這裡取得的進展感到滿意。

Ross Sandler, Barclays.

羅斯·桑德勒，巴克萊銀行。

Hey, everybody.

嘿，大家。

Thanks for taking questions.

感謝您提出問題。

Congrats, Anat.

恭喜，阿納特。

Two, if that's okay.

兩個，如果可以的話。

So first, Sundar, given the high stakes around native AI product usage, are there any milestones you can share around where Gemini usage is compared to the 250 million weekly active users that ChatGPT is seeing right now?

首先，Sundar，鑑於原生 AI 產品使用的風險很高，您是否可以分享 Gemini 使用情況與 ChatGPT 目前看到的 2.5 億每週活躍用戶相比的里程碑？

And then the second question is -- I'm sure this is something you guys have been thinking about for a while.

第二個問題是──我相信這是你們已經思考了一段時間的事情。

But it looks like the way that the Google versus DOJ search trial is going, there's a decent likelihood that the Apple ISA contract and some of the Android pre-install contracts are going to be voided out at some point in the future.

但從 Google 與 DOJ 搜尋審判的進展來看，Apple ISA 合約和部分 Android 預裝合約很可能會在未來某個時候失效。

So I guess the question is, what plans do we have in place to recapture some of the usage that might be going away in those search access points?

所以我想問題是，我們有什麼計劃來重新獲得這些搜尋訪問點中可能消失的一些使用情況？

How can we gain share on IOS queries if the Safari toolbar access point were to change?

如果 Safari 工具列存取點發生變化，我們如何獲得 IOS 查詢的份額？

Thank you very much.

非常感謝。

Thanks, Ross.

謝謝，羅斯。

Look, I think, obviously, we are serving Gemini across a lot of touch points, including it's now -- a billion people are using it in Search accessing.

看，我認為，顯然，我們正在透過許多接觸點為 Gemini 提供服務，包括現在——有十億人在搜尋訪問中使用它。

We are getting it across our products.

我們正在將其融入我們的產品中。

The Gemini app itself is very strong momentum on user growth.

Gemini 應用程式本身對用戶成長的推動力非常強勁。

Our API volume, I commented on the Gemini API, is having gone up 14x in the past six months.

我在 Gemini API 上評論說，我們的 API 數量在過去六個月中增加了 14 倍。

So we are seeing growth across the board, and the Gemini integration into Google Assistant is going super well on Android.

因此，我們看到了全面的成長，而且 Gemini 與 Google Assistant 的整合在 Android 上進展得非常順利。

The user feedback is positive.

使用者的回饋是正面的。

So we are continuing to roll that out more.

因此，我們將繼續推出更多產品。

So I think we -- you will see us, we are investing in the next generation of models.

所以我認為我們——你會看到我們，我們正在投資下一代模型。

And as part of that, we are investing in scaling up the usage both directly to the models as well as both on the consumer and the developer side.

作為其中的一部分，我們正在投資擴大模型的直接使用以及消費者和開發人員方面的使用。

So I think I'm pleased with the momentum there.

所以我想我對那裡的勢頭感到滿意。

On the second -- on the legal trials, obviously, I don't want to -- it's not appropriate for me to speculate given it's in the middle of ongoing litigation.

關於第二個問題——顯然，我不想在法律審判中——考慮到它正處於正在進行的訴訟之中，我不適合進行推測。

But what I would say is, stepping back, look, we've always -- and even as the court acknowledged, clearly, we've reached a position of success because we have deeply innovated and we are continuing to do so.

但我想說的是，退一步看，我們一直以來——甚至正如法院所承認的那樣，顯然，我們已經取得了成功，因為我們進行了深度創新，並且我們正在繼續這樣做。

People have chosen us because they viewed us the best product, be it consumers or partners.

人們選擇我們是因為他們認為我們是最好的產品，無論是消費者還是合作夥伴。

And we have a long track record of working hard to make sure our products are as easily available to users as possible across all platforms.

長期以來，我們一直在努力確保所有平台上的使用者都能輕鬆使用我們的產品。

So all that approach and all the learnings over the years, I think, will all be -- will give us a strong foundation.

因此，我認為，所有這些方法和多年來的所有學習都將為我們奠定堅實的基礎。

First of all, we plan to vigorously defend these cases.

首先，我們計劃對這些案件進行大力辯護。

And some of the early proposals from the DOJ, et cetera, have been far reaching.

美國司法部等機構提出的一些早期提案影響深遠。

And we plan to -- I think they could have unintended consequences, particularly to the dynamic tech sector and the American leadership there.

我們計劃——我認為它們可能會產生意想不到的後果，特別是對充滿活力的科技產業和美國的領導地位。

And so we plan to be -- we plan to engage very vigorously there.

因此，我們計劃在那裡積極參與。

Thanks.

謝謝。

Justin Post, BAML.

賈斯汀·波斯特，美銀美林銀行。

Great.

偉大的。

Thank you.

謝謝。

I wanted to ask a little bit more about AI overviews, maybe two parts.

我想詢問更多有關人工智慧概述的問題，可能分為兩個部分。

You mentioned you're seeing increasing queries or activity.

您提到您看到查詢或活動不斷增加。

Could you help us understand that for the billion users who have had access to the product, what you're seeing there?

您能否幫助我們了解對於有權使用該產品的十億用戶來說，您在那裡看到了什麼？

And then on the monetization side, is there a chance that AI Overviews would help monetize some of the information queries that maybe you weren't making much monetization from with old formats?

然後在貨幣化方面，人工智慧概述是否有可能幫助將一些資訊查詢貨幣化，而這些資訊查詢可能是您在舊格式中沒有獲得太多貨幣化的？

Thank you.

謝謝。

Thanks, Justin.

謝謝，賈斯汀。

Look, I think -- the main thing I would say is as we have rolled out -- we're obviously now scaling it out.

聽著，我認為——我想說的主要是我們已經推出了——我們現在顯然正在擴展它。

We just rolled it out 100 new countries and territories, and that's what will get us to 1 billion users.

我們剛剛在 100 個新的國家和地區推出了它，這將使我們擁有 10 億用戶。

But amongst the users where we had already rolled out, we clearly see strong engagement.

但在我們已經推出的用戶中，我們清楚地看到了強烈的參與。

It's one of the most positive user satisfaction launches we have done in Search.

這是我們在搜尋領域所做的最積極的用戶滿意度發布之一。

And it is increasing overall search usage.

而且整體搜尋使用量正在增加。

Like people are asking more complex questions, different types of questions.

就像人們提出更複雜的問題、不同類型的問題。

They are exploring a wider range of websites.

他們正在探索更廣泛的網站。

And what's particularly exciting is that this growth actually increases over time as people learn to adapt to that new behavior.

尤其令人興奮的是，隨著人們學會適應這種新行為，這種成長實際上會隨著時間的推移而增加。

So I'll stick to those comments, and I think -- to the second part of your question on the monetization side, I think Philipp can answer more of that.

所以我會堅持這些評論，而且我認為，對於你關於貨幣化方面的問題的第二部分，我認為菲利普可以回答更多。

Philipp?

菲利普？

Yeah.

是的。

So the transition year is working well, including for ads.

所以過渡年進展順利，包括廣告。

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

如您所知，我們最近在美國行動裝置上的 AI 概述中推出了廣告，這實際上是建立在我們之前在 AI 概述上方和下方推出的廣告的基礎上的。

So overall for AI Overviews, we see monetization at approximately the same rate, which gives us a really strong base on which we can innovate, even more.

因此，總體而言，對於人工智慧概述，我們看到貨幣化速度大致相同，這為我們提供了非常強大的基礎，可以在此基礎上進行更多創新。

And specifically to your question of monetizing quarries where we can monetization potentially at the moment, yes, I can see that there is an opportunity for that.

特別是關於您目前可以透過採石場貨幣化的問題，是的，我可以看到這是有機會的。

Michael Nathanson, MoffettNathanson.

麥可‧內森森，莫菲特‧內森森。

Thanks.

謝謝。

One for Sundar.

一份給桑達爾。

There is this perception, maybe false, that Alphabet was not as innovative on AI as it should.

有人認為 Alphabet 在人工智慧方面沒有像它應有的那樣具有創新性，這可能是錯誤的。

And it clearly shows that that was wrong.

它清楚地表明這是錯誤的。

You're moving pretty quickly, rolling out new products.

您的行動非常迅速，推出了新產品。

Can you talk a bit about how you may have changed the structure?

您能談談您是如何改變結構的嗎？

I know you've combined some assets, but talk a bit about how you maybe rethought how you go to market with some of your innovation products and maybe what's changed operationally as AI picked up steam for you guys.

我知道你們已經合併了一些資產，但請談談你們如何重新思考如何將一些創新產品推向市場，以及隨著人工智慧為你們帶來動力，營運上發生了什麼變化。

Thanks, Michael.

謝謝，麥可。

Look, I definitely think it's an extraordinary opportunity.

聽著，我絕對認為這是一個非凡的機會。

And I think the company, given the important moment we had to gear up to build models from scratch that could be productionized at scale on our architecture -- and that's what the Gemini era was about.

我認為，考慮到我們必須從頭開始建立可以在我們的架構上大規模生產的模型的重要時刻，這就是雙子座時代的意義所在。

So there was a fixed cost of getting it all set up and getting the Gemini era underway.

因此，完成所有設定並啟動雙子座時代是有固定成本的。

But now, I think we are in much more of a virtuous cycle with a lot of velocity in the underlying models.

但現在，我認為我們更處於一個良性循環中，基礎模型的速度很快。

We've had two generations of Gemini model.

我們已經有兩代 Gemini 型號了。

We are working on the third generation, which is progressing well.

我們正在開發第三代，進展順利。

And teams internally are now set up much better to consume the underlying model of innovation and translate that into innovation within their products.

現在，內部團隊的設置要好得多，可以更好地利用潛在的創新模型，並將其轉化為產品中的創新。

So now, all the seven products which have 2 billion users each have done their first versions of incorporating Gemini.

現在，擁有20億用戶的七款產品都已經完成了合併Gemini的第一個版本。

And there is aggressive road map ahead for 2025.

2025 年也有正面的路線圖。

I mentioned earlier, Search alone, I think there's a lot more we can do.

我之前提到過，僅是搜索，我認為我們還可以做更多的事情。

And we are also enabling smaller teams to ship new experiences.

我們也支持較小的團隊提供新體驗。

NotebookLM was the first instantiation of those types of efforts as well.

NotebookLM 也是這類工作的第一個實例。

Through it all -- but then we had to do this.

經歷了這一切——但我們不得不這樣做。

When the company evolves from desktop to mobile, we are restructuring the company effectively.

當公司從桌面發展到行動時，我們正在有效地重組公司。

If you think of Google as a neural network, we are forming new synapses which work much better to adapt to this moment.

如果你將谷歌視為一個神經網絡，那麼我們正在形成新的突觸，它們可以更好地適應這一刻。

And I think that sets us up well for the year ahead.

我認為這為我們未來的一年做好了準備。

And we are bringing all of this innovation to the outside world through Cloud as well.

我們也透過雲端將所有這些創新帶給外界。

And so we are going to do that.

所以我們將這樣做。

And so that's an additional opportunity at this moment.

所以這是目前的另一個機會。

Mark Mahaney, Evercore.

馬克·馬哈尼，Evercore。

Okay.

好的。

I'd like to ask two questions, please, to Anat.

我想問阿納特兩個問題。

First, the margins at Cloud have really started to ramp nicely.

首先，雲端運算的利潤率確實開始大幅成長。

There are comps in the industry with still materially higher operating margins.

該行業中有些公司的營業利潤率仍然較高。

I imagine that's a matter of scale and trying to catch up from a third place position.

我想這是一個規模問題，並試圖從第三名的位置上追趕。

But how do you think about the margin trends that you're seeing?

但您如何看待您所看到的利潤趨勢？

And what's your level of confidence that those margins can match up to other industry players that are doing closer to 30% margins?

您對這些利潤率能夠與利潤率接近 30% 的其他行業參與者相媲美的信心有多大？

And then secondly, just across the board, when you think about the business that's running at 32% operating margins this last quarter and you come in looking at this fresh, is it clear to you that there are a lot of newfound cost efficiencies or ongoing cost efficiencies?

其次，從整體上看，當你想到上個季度營業利潤率達到 32% 的業務，並且重新審視這一業務時，你是否清楚，有很多新發現的成本效率或正在進行的成本效率提升。效率？

Like what do you see as the biggest opportunities to kind of take those margins and maybe, over time, take them materially higher?

您認為什麼是獲得這些利潤的最大機會，隨著時間的推移，可能會大幅提高利潤？

Thank you very much.

非常感謝。

Thanks, Mark, for both of these questions.

謝謝馬克提出這兩個問題。

Let me start on the Cloud margin.

讓我從雲邊緣開始。

So certainly, very pleased to see not just the top-line growth rate, but the margin expansion to 17%.

當然，我們非常高興地看到，不僅是營收成長率，而且利潤率也擴大至 17%。

Really outstanding work by our Cloud team to drive continued benefit to customers.

我們的雲端團隊的工作非常出色，為客戶帶來了持續的利益。

And as you think about that margin expansion, really, it's a few things.

當你想到利潤率擴張時，實際上，有幾件事。

You've mentioned one of them.

你提到了其中一個。

The first is scale.

首先是規模。

Obviously, as we scale the business, we have more opportunity for margin expansion.

顯然，隨著我們業務規模的擴大，我們有更多的機會擴大利潤。

But the second and shouldn't be underestimated is the work the team has done to drive efficiencies across the Cloud business.

但第二個不容小覷的是團隊為提高整個雲端業務效率所做的工作。

And we're seeing those come through, whether it was through head count management or facilities management, other process efficiencies.

我們看到這些已經實現，無論是透過人員管理還是設施管理以及其他流程效率。

We're seeing that go to the bottom line and driving the results you're seeing this quarter.

我們看到這會影響利潤並推動您在本季看到的結果。

Hard to obviously compare it to any of our peers or competitors.

很難將其與我們的任何同行或競爭對手進行明顯的比較。

It's a different business, but more to come.

這是一個不同的行業，但未來還會有更多。

Now, the one thing to remember --- and I've mentioned this in my prepared remark.

現在，要記住一件事——我在準備好的發言中提到了這一點。

This is an area that requires investment.

這是一個需要投資的領域。

And a lot of these investments, you think about servers, et cetera, is based on the demand we're seeing from customers.

很多這些投資，你會想到伺服器等等，都是基於我們從客戶身上看到的需求。

So they will -- this will translate to revenue in the in the fairly short term.

所以他們會——這將在相當短的時間內轉化為收入。

But that means there are headwinds associated with the overall, the annual, run rate or costs associated with these investments, whether it's in the form of depreciation or just construction costs that are not capitalized, et cetera.

但這意味著與這些投資相關的總體、年度、運行率或成本存在不利因素，無論是折舊形式還是僅未資本化的建築成本等。

So we'll continue to drive efficiency in the business to try and offset some of these.

因此，我們將繼續提高業務效率，並嘗試抵消其中的一些影響。

But this is how I'm thinking about the dynamics for Cloud.

但這就是我對雲動態的思考。

Overall for the business, this is one of my key priorities is to look across the organization to see what we can do in terms of driving further efficiencies.

總體而言，對於業務而言，我的首要任務之一是審視整個組織，看看我們可以在進一步提高效率方面做些什麼。

There's really good work that was done -- started by Ruth and the rest of the lead team to reengineer the cost base.

Ruth 和領導團隊的其他成員發起了重新設計成本基礎的工作，這確實是一項出色的工作。

But I think any organization can always push a little further.

但我認為任何組織都可以走得更遠。

And I'll be looking at additional opportunities really across all the elements that I've mentioned on my prepared remarks.

我將在我準備好的發言中提到的所有要素中真正尋找更多機會。

Think not just about the size of the organization, but mostly how we operate and how we run the business.

不僅要考慮組織的規模，還要考慮我們的運作方式和業務運作方式。

And I think when you simplify the organization -- Sundar just made a few comments on that.

我認為當你簡化組織時——桑達爾只是對此發表了一些評論。

And when we use AI within our own processes and how we get work done, there are some efficiencies or opportunities for efficiencies.

當我們在自己的流程和完成工作的方式中使用人工智慧時，就會產生一些效率或提高效率的機會。

Now, all of that will go against substantial increases in capital investment.

現在，所有這些都將不利於資本投資的大幅增加。

And I've mentioned going into 2025.

我已經提到要進入 2025 年。

And again, I'll give more color when we are on the Q4 call.

再次強調，當我們進行第四季電話會議時，我會提供更多資訊。

So hopefully, we'll be able to drive efficiencies to work towards offsetting some or all of that increase.

因此，希望我們能夠提高效率，並努力抵消部分或全部成長。

Thank you very much.

非常感謝。

Ken Gawrelski, Wells Fargo.

肯‧加維爾斯基（Ken Gawrelski），富國銀行。

Thank you so much.

太感謝了。

Two, if I may.

如果可以的話，兩個。

First, can we -- just on Search.

首先，我們可以——僅在搜尋上。

Why does it make sense to have two completely -- why doesn't it make sense to have two completely different Search experiences: one, an agent answers engine; and then, two, a link-based more traditional search engine?

為什麼擁有兩種完全不同的搜尋體驗有意義——為什麼擁有兩種完全不同的搜尋體驗沒有意義：一是代理答案引擎；二是代理答案引擎。然後，兩個，基於連結的更傳統的搜尋引擎？

You could innovate on both and let the consumer decide.

您可以在兩者上進行創新，然後讓消費者決定。

Maybe think of it as the ultimate AB test.

也許可以將其視為終極 AB 測試。

So I'd be curious to get your thoughts there.

所以我很想知道你的想法。

And then the second, if you could touch a little bit on the consumer environment in 4Q, perhaps nobody has a better view into the health of the consumer in multiple verticals.

第二，如果你能稍微了解一下第四季的消費者環境，也許沒有人能更了解消費者在多個垂直領域的健康狀況。

If you could talk a little bit about -- you talked about tougher comps on the Asia e-commerce side.

如果你能談談——你談到了亞洲電子商務方面更嚴格的競爭。

But any other you could point out, be it around the election or fewer holiday days this year?

但您也可以指出其他任何問題，無論是選舉前後還是今年假期減少？

That would be really helpful.

這真的很有幫助。

Thank you.

謝謝。

Why don't I take the first part, and then Philipp can give color on the consumer vertical trends?

為什麼我不先講第一部分，然後 Philipp 可以對消費者垂直趨勢進行闡述？

On the first part, look, in this moment, people are using a lot of buzzwords like answer engines and all that stuff.

在第一部分中，看，此時此刻，人們正在使用許多流行語，例如答案引擎之類的東西。

I mean, Google started answering questions about 10 years ago in our Search product with featured snippets.

我的意思是，谷歌大約 10 年前開始在我們的搜尋產品中透過精選片段回答問題。

So look, I think ultimately, you are serving users.

所以我認為最終你是在為用戶服務。

User expectations are constantly evolving, and we work hard to stay a step ahead, anticipate and stay a step ahead.

用戶的期望不斷變化，我們努力保持領先、預測並保持領先。

And this is why we've really brought multimodality on the input side and the output side in Search pretty natively.

這就是為什麼我們真正在搜尋的輸入端和輸出端引入了多模態。

And so we'll continue expanding innovations there.

因此，我們將繼續在那裡擴大創新。

I do think having two surfaces for us allows us to experiment more.

我確實認為擁有兩個表面可以讓我們進行更多實驗。

And there are -- I view this moment as a moment in which there are new use cases which we will be able to do which we couldn't have done before.

我認為這一刻出現了新的用例，我們將能夠做到以前無法做到的事情。

And so having the flexibility, having product surfaces where we can move very, very fast, I think is actually helpful.

因此，擁有靈活性，擁有可以非常非常快速地移動的產品表面，我認為實際上是有幫助的。

And so we are embracing it and going to lean into this moment like we have done in the past year.

因此，我們正在擁抱它，並將像去年一樣，抓住這一刻。

And I think that will play out well for users.

我認為這對用戶來說會有很好的效果。

Philipp?

菲利普？

Yes, on the vertical trends.

是的，關於垂直趨勢。

Look, I called out search and other revenues being led by growth in the financial services due to improved economics in the insurance industry, followed by retail.

看，我指出，由於保險業經濟狀況改善，金融服務業的成長帶動了搜尋和其他收入的成長，其次是零售業。

But I think it's fair to say in general, we saw broad-based strength across all verticals, maybe specifically to election-related ad spend.

但我認為總的來說，我們看到了所有垂直領域的廣泛實力，也許特別是與選舉相關的廣告支出。

We had a slight tailwind from election-related ad spend in the third quarter, which was a little bit more pronounced in YouTube ads.

第三季與選舉相關的廣告支出為我們帶來了輕微的推動作用，這在 YouTube 廣告中更為明顯。

Stephen Ju, UBS.

史蒂芬居，瑞銀集團。

Okay.

好的。

Thank you so much.

太感謝了。

So hi, Sundar.

嗨，桑達爾。

I think in two separate blog posts from Google Cloud talking about the real life use cases for Gen AI, I think you highlighted what was a pretty material increase in a number of companies that are starting to turn their, I guess, ideas into products.

我認為，在Google Cloud 的兩篇單獨的部落格文章中，討論了Gen AI 的現實生活用例時，我認為您強調了許多公司的實質性增長，我猜這些公司正開始將他們的想法轉化為產品。

I think it was like an 80% increase in the six-month period.

我認為這在六個月內增加了 80%。

And I think you guys also published some survey data saying that your customers are generating tangible ROI there.

我認為你們也發布了一些調查數據，顯示你們的客戶正在那裡產生實際的投資報酬率。

So can you update us on what you're seeing in terms of sales cycles perhaps accelerating and how much of the heavy lifting the Cloud team may have to do to help your customers turn those ideas into reality or quickly?

那麼，您能否向我們介紹您在銷售週期可能加速方面所看到的最新情況，以及雲端團隊可能需要做多少繁重的工作才能幫助您的客戶將這些想法變為現實或快速實現？

And Philipp, I think one of the feedback that we're getting from advertisers is that while the initial use case for PMAX for them was in Search, they're starting to use it more and more for mid and upper funnel campaigns and budgets as well.

Philipp，我認為我們從廣告商那裡得到的反饋之一是，雖然他們的 PMAX 最初用例是在搜尋中，但他們開始越來越多地將其用於中上漏斗廣告系列和預算，因為出色地。

So can you talk about whether that's an anecdote or something that you're already seeing perpetuate among all of your advertisers?

那麼您能談談這是一個軼事還是您已經在所有廣告客戶中看到的情況嗎？

Thank you.

謝謝。

On the cloud side, look, I think -- sorry.

在雲端方面，我想——抱歉。

On the cloud side, look, I do think you hinted in your question itself.

在雲端方面，你看，我確實認為你在你的問題本身中暗示了這一點。

Definitely, customers are leaning in this moment, where we have been working.

毫無疑問，客戶正在關注我們一直在努力的這一刻。

We are definitely seeing real, concrete proof points, delivering real impact, right, be it in their user experience, be it in the bottom line, et cetera.

我們肯定看到了真實、具體的證據，帶來了真正的影響，無論是在使用者體驗中，還是在利潤中，等等。

And so I gave a few examples on my remarks.

所以我舉了幾個例子來說明我的言論。

And I think customers are getting savvier.

我認為客戶變得更加精明。

We, ourselves, are going through a lot of learnings both in deploying this within Google as an enterprise and bringing those learnings to our customers outside.

我們自己正在經歷很多學習，無論是在谷歌作為企業內部部署這一點，還是將這些知識帶給我們外部的客戶。

And as we see common patterns across the breadth of sectors we serve in, I think we are bringing those learnings.

當我們看到我們所服務的各個領域的共同模式時，我認為我們正在帶來這些經驗教訓。

So I would say, if anything, I think over time, I think, organizations are beginning to understand more.

所以我想說，如果有的話，我認為隨著時間的推移，組織開始了解更多。

They are leaning in.

他們正在傾斜。

Our models are getting better.

我們的模型越來越好。

We are building more comprehensive solutions on top of it.

我們正在在此基礎上建立更全面的解決方案。

So I think we are well set up for 2025, and I think there will be continued momentum in this area.

因此，我認為我們已經為 2025 年做好了充分準備，我認為該領域將保持持續的勢頭。

And on the PMAX side, look, we continue to see success with PMAX.

在 PMAX 方面，我們繼續看到 PMAX 取得成功。

And we see those success stories really from large advertisers, from agencies, from SMBs across marketing objectives, across different verticals.

我們從大型廣告商、代理商、跨行銷目標、跨不同垂直領域的中小型企業中看到了這些成功案例。

It's very cost effective, and it really finds customers wherever they are across all the different Google channels.

它非常具有成本效益，而且無論客戶身在何處，它都能透過所有不同的 Google 管道找到客戶。

And with the introduction of Gemini, we added a lot new features to PMAX, for example, to deliver more powerful performance, help advertise a scale, build high quality creative assets, and so on.

而隨著Gemini的推出，我們為PMAX添加了許多新功能，例如提供更強大的效能、幫助廣告規模、建立高品質的創意資產等等。

But going directly to your question on the funnel, also keep in mind we have a great product with Demand Gen that is all about inspiring consumers beyond the initial awareness and to take action.

但是，直接回答您在頻道上的問題，同時請記住，我們的 Demand Gen 提供了一款出色的產品，它的目的是激發消費者超越最初的意識並採取行動。

And we think Demand Gen is actually very powerful to win in today's marketplace with marketers.

我們認為，Demand Gen 實際上非常強大，可以幫助行銷人員在當今的市場中獲勝。

And we can't wait to see actually what more value it will drive.

我們迫不及待地想看看它實際上會帶來什麼更多的價值。

Thank you.

謝謝。

And that concludes our question-and-answer session for today.

我們今天的問答環節到此結束。

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

我想將會議轉回吉姆·弗里德蘭（Jim Friedland）以供進一步評論。

Thanks, everyone, for joining us today.

謝謝大家今天加入我們。

We look forward to speaking with you again on our fourth quarter 2024 call.

我們期待在 2024 年第四季的電話會議上再次與您交談。

Thank you, and have a good evening.

謝謝您，祝您晚上愉快。

Thank you, everyone.

謝謝大家。

This concludes today's conference call.

今天的電話會議到此結束。

Thank you for participating.

感謝您的參與。

You may now disconnect.

您現在可以斷開連線。