Alphabet Inc (GOOGL) 2025 Q2 法說會逐字稿

Welcome, everyone. Thank you for standing by for the Alphabet second quarter 2025 earnings conference call. (Operator Instructions) I would now like to hand the conference over to your speaker today, Jim Friedland, Head of Investor Relations. Please go ahead.

歡迎大家。感謝您參加 Alphabet 2025 年第二季財報電話會議。（操作員指示）現在，我想將會議交給今天的發言人、投資者關係主管吉姆·弗里德蘭 (Jim Friedland)。請繼續。

Thank you. Good afternoon, everyone, and welcome to Alphabet's second quarter 2025 earnings conference call. With us today are Sundar Pichai, Philipp Schindler, and Anat Ashkenazi. Now I'll quickly cover the Safe Harbor.

謝謝。大家下午好，歡迎參加 Alphabet 2025 年第二季財報電話會議。今天和我們在一起的有 Sundar Pichai、Philipp Schindler 和 Anat Ashkenazi。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. Such statements are based on current expectations and assumptions that are subject to a number of risks and uncertainties. Actual results could differ materially.

我們今天就我們的業務、營運和財務表現所做的一些聲明可能被視為前瞻性的。此類聲明基於當前的預期和假設，受多種風險和不確定性的影響。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. We undertake no obligation to update any forward-looking statement. 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.

請參閱我們的 10-K 和 10-Q 表格，其中包括風險因素。我們不承擔更新任何前瞻性聲明的義務。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 發布並向公眾開放。

Our comments will be on year-over-year comparisons unless we state otherwise. And now I'll turn the call over to Sundar.

除非另有說明，否則我們的評論將基於同比比較。現在我將把電話轉給 Sundar。

Thanks, Jim. Good afternoon, everyone. Q2 was a standout quarter for us, with robust growth across the company. As you saw at I/O, we are leading at the frontier of AI and shipping at an incredible pace. AI is positively impacting every part of the business, driving strong momentum.

謝謝，吉姆。大家下午好。第二季度對我們來說是一個突出的季度，整個公司都實現了強勁成長。正如您在 I/O 大會上看到的，我們正以驚人的速度引領人工智慧和航運領域的前沿。人工智慧正在對業務的各個部分產生積極影響，並帶來強勁的發展勢頭。

This quarter, Search delivered double-digit revenue growth. Our new Search features continue to perform well. AI Mode has launched in the US and India and is going well. While AI Overviews now has over 2 million monthly users across more than 200 countries and territories and 40 languages. I'll give some more details on Search in a moment.

本季度，搜尋收入實現了兩位數成長。我們的新搜尋功能持續表現良好。AI 模式已在美國和印度推出，並且運作良好。目前，AI Overviews 每月擁有超過 200 萬用戶，覆蓋 200 多個國家和地區，使用 40 種語言。我稍後會提供有關搜索的更多詳細資訊。

We continue to see strong performance in YouTube as well as subscriptions, reflecting great momentum across these high-growth businesses. In the US, Shorts now earned as much revenue per watch hour as traditional in-stream on YouTube. And in some countries, it now even exceeds in streams rate.

我們繼續看到 YouTube 和訂閱業務的強勁表現，反映出這些高成長業務的強勁勢頭。在美國，Shorts 的每觀看小時收入現在與 YouTube 上的傳統插播廣告一樣多。在一些國家，現在它的播放率甚至超過了串流媒體播放率。

Cloud had another great quarter of strong growth in revenues, backlog and profitability. The annual revenue run rate is now more than $50 billion. We are seeing significant demand for our comprehensive AI product portfolio.

雲端運算業務又迎來了一個輝煌的季度，營收、積壓訂單和獲利能力均強勁成長。目前，年營業收入已超過 500 億美元。我們發現市場對我們全面的人工智慧產品組合的需求巨大。

Of course, this is all possible because of the long-term investments we have made in our differentiated full stack approach to AI. This pans AI infrastructure, world-class research, models and tooling and our products and platforms that brings AI to people all over the world. I'll briefly touch on the AI stack before turning to quarterly highlights.

當然，這一切都是因為我們對差異化的全端人工智慧方法進行了長期投資。這涵蓋了人工智慧基礎設施、世界一流的研究、模型和工具以及將人工智慧帶給全世界人們的產品和平台。在介紹季度亮點之前，我將簡要介紹一下人工智慧堆疊。

First, AI infrastructure. We operate the leading global network of AI-optimized data centers and cloud regions. We also offer the industry's widest range of TPUs and GPUs and along with storage and software build on top.

第一，AI基礎設施。我們經營全球領先的人工智慧優化資料中心和雲端區域網路。我們還提供業界最廣泛的 TPU 和 GPU 以及基於其的儲存和軟體建置。

That's why nearly all GenAI unicorns use Google Cloud. And it's why a growing number, including leading AI research labs like Safe Superintelligence, and Physical Intelligence, use TPU specifically. Our AI infrastructure investments are crucial to meeting the growth in demand from Cloud customers.

這就是為什麼幾乎所有 GenAI 獨角獸都使用 Google Cloud。這就是為什麼越來越多的機構，包括領先的人工智慧研究實驗室（如安全超級智慧和實體智慧）都專門使用 TPU。我們的人工智慧基礎設施投資對於滿足雲端客戶日益增長的需求至關重要。

Next, world-class AI research, including models and tooling. We continue to expand our Gemini 2.5 family of hybrid reasoning models, which provide industry-leading performance in nearly every major benchmark. In addition to improving our popular workhorse model, Flash, we debuted an extremely fast Flash Lite version. We achieved gold medal level performance in the International Math Olympiad, using an advanced version of Gemini and Deep Think. We can wait to bring Deep Think to users soon.

接下來是世界一流的人工智慧研究，包括模型和工具。我們繼續擴展我們的 Gemini 2.5 系列混合推理模型，該模型在幾乎所有主要基準測試中都提供了業界領先的效能。除了改進我們廣受歡迎的主力車型 Flash 之外，我們還推出了速度極快的 Flash Lite 版本。我們利用 Gemini 和 Deep Think 的高級版本在國際數學奧林匹克競賽中取得了金牌水準。我們迫不及待地想盡快將 Deep Think 帶給用戶。

We have some of the best models available today at every price point. Our 2.5 models have been a catalyst for growth and 9 million developers have now built with Gemini. I also want to mention Veo 3, our state-of-the-art video generation model.

我們擁有當今各個價位的最佳型號。我們的 2.5 模型已成為成長的催化劑，目前已有 900 萬名開發人員使用 Gemini 進行建造。我還想提一下 Veo 3，我們最先進的影片生成模型。

It's been a viral head with people sharing clips created in the Gemini app and with our new AI fund-making tool, Flow. Since May, over 70 million videos have been generated using Veo 3. And we recently introduced a feature in the Gemini app to turn photos into videos, which people absolutely love. It's also rolling out to Google Photos users starting today.

人們分享使用 Gemini 應用程式和我們的新 AI 籌款工具 Flow 製作的剪輯，這已成為熱門話題。自 5 月以來，使用 Veo 3 已產生了超過 7000 萬個影片。我們最近在 Gemini 應用程式中推出了一項將照片轉換為影片的功能，人們非常喜歡。從今天開始，該功能也將向 Google Photos 用戶推出。

Third, our products and platforms. We are bringing AI to all our users and partners through surfaces like Workspace, Chrome and more. The growth in usage has been incredible. At IO in May, we announced that we processed 480 trillion across our services. Since then, we have doubled that number, now processing over 980 trillion monthly tokens, a remarkable increase.

第三，我們的產品和平台。我們透過 Workspace、Chrome 等介面為所有使用者和合作夥伴帶來 AI。使用量的成長令人難以置信。在五月的 IO 大會上，我們宣布我們的服務處理了 480 兆的數據。自那時起，我們已將這一數字翻了一番，現在每月處理的代幣超過 980 萬億，這是一個顯著的增長。

The Gemini app now has more than 450 million monthly active users, and we continue to see strong growth and engagement, with daily requests growing over 50% from Q1. In June alone, over 50 million people used AI-powered meeting notes in Google Meet.

Gemini 應用程式目前每月擁有超過 4.5 億活躍用戶，我們繼續看到強勁的成長和參與度，每日請求量較第一季成長了 50% 以上。光是 6 月份，就有超過 5,000 萬人使用了 Google Meet 中基於人工智慧的會議記錄。

And powered by Veo 3, our new short video product in workspace called Google Vids, reached nearly 1 million monthly active users. This month at Samsung Galaxy Unpacked, we announced new Android and AI features that are available on Samsung latest devices. And we are really pleased with the growth in subscriptions, which got a boost from our Google AI Pro and Ultra plans.

在 Veo 3 的支援下，我們工作區中的新短影片產品 Google Vids 每月活躍用戶已接近 100 萬。本月在三星 Galaxy Unpacked 上，我們宣布了三星最新裝置上可用的全新 Android 和 AI 功能。我們對訂閱量的成長感到非常高興，這得益於我們的 Google AI Pro 和 Ultra 計劃。

Now some key highlights from Search, Cloud, YouTube and Waymo for the quarter. First up is an incredibly exciting moment for Search. We see AI powering an expansion in how people are searching for and accessing information, unlocking completely new kinds of questions you can ask Google.

以下是本季搜尋、雲端、YouTube 和 Waymo 的一些主要亮點。首先對於搜尋來說是一個無比令人興奮的時刻。我們看到人工智慧正在推動人們搜尋和獲取資訊的方式的擴展，從而解鎖你可以向谷歌提出的全新類型的問題。

Overall queries and commercial queries on Search continue to grow year-over-year. and our new AI experience is significantly contributed to this increase in usage. We are also seeing that our AI features cause users to search more as they learn that Search can meet more of their needs. That's especially true for younger users.

搜尋中的整體查詢和商業查詢繼續逐年增長。我們的新 AI 體驗對使用量的成長做出了重大貢獻。我們也發現，隨著用戶了解到搜尋可以滿足他們的更多需求，我們的人工智慧功能會促使他們進行更多搜尋。對於年輕用戶來說尤其如此。

Let me go deeper on our new Search experiences. We know how popular AI Overviews abuse are because they are now driving over 10% more queries globally for the types of queries that show them, and this growth continues to increase over time. AI Overviews are now powered by Gemini 2.5, delivering the fastest AI responses in the industry.

讓我更深入地了解我們的新搜尋體驗。我們知道 AI 概覽濫用有多麼普遍，因為它們現在在全球範圍內推動了顯示它們的查詢類型的查詢增加 10% 以上，並且這種增長會隨著時間的推移而持續增加。AI 概覽現由 Gemini 2.5 提供支持，可提供業界最快的 AI 回應。

We also saw strong growth in the use of multimodal search, particularly the combination of Lens or Circle to Search, together with AI Overviews. This growth was most pronounced among younger users. Our new end-to-end AI Search experience, AI Mode continues to receive very positive feedback, particularly for longer and more complex questions.

我們也看到多模式搜尋的使用強勁成長，特別是 Lens 或 Circle 搜尋與 AI 概覽的組合。這種成長在年輕用戶中表現得最為明顯。我們的全新端對端 AI 搜尋體驗 AI 模式持續獲得非常正面的回饋，特別是對於較長且更複雜的問題。

It's still rolling out, but already has over 100 million monthly active users in the US and India. We plan to keep enhancing the AI Mode experience for users by shipping great features fast. That includes our advanced research tool, deep search and more personalized responses.

該應用程式仍在推廣中，但在美國和印度的月活躍用戶已超過 1 億。我們計劃透過快速推出出色的功能來持續增強用戶的 AI 模式體驗。其中包括我們先進的研究工具、深度搜尋和更個人化的回應。

Next, Google Cloud. We see strong customer demand, driven by our product differentiation and our comprehensive AI product portfolio. Post stats show this. One, the number of deals over $250 million, doubling year-over-year.

接下來是 Google Cloud。我們看到了強勁的客戶需求，這得益於我們的產品差異化和全面的人工智慧產品組合。帖子統計數據表明了這一點。一是2.5億美元以上交易數量較去年同期增加一倍。

Two, in the first half of 2025, we signed the same number of deals over $1 million that we did in all of 2024. Three, the number of new GCP customers increased by nearly 28% quarter-over-quarter or more than 85,000 enterprises, including LVMH, Salesforce and Singapore's DBS Bank now built with Gemini, driving a 35x growth in Gemini usage year-over-year.

二是，2025 年上半年，我們簽署的 100 萬美元以上的交易數量與 2024 年全年相同。第三，GCP 新客戶數量較上季成長近 28%，即超過 85,000 家企業，其中包括 LVMH、Salesforce 和新加坡星展銀行等現已與 Gemini 合作的企業，推動 Gemini 使用量年增 35 倍。

Our models have served on our AI infrastructure, which offers industry-leading performance and cost efficiency for both training and inference. Along with our AI accelerators, we introduced new innovations in storage, including Anywhere Cache, which improves inference latency by up to 70% and Rapid Storage, which delivers a 5x improvement in latency compared to leading hyperscalers.

我們的模型在我們的人工智慧基礎設施上運行，該基礎設施為訓練和推理提供了業界領先的性能和成本效率。除了我們的 AI 加速器之外，我們還在儲存領域引入了新的創新，包括 Anywhere Cache（可將推理延遲提高高達 70%）和 Rapid Storage（與領先的超大規模運算伺服器相比，可將延遲提高 5 倍）。

In addition, we have optimized AI software packages, including PyTorch and JAX with full open source supports for various AI training and serving demands. We've also integrated AI agents deeply into each of our Cloud products.

此外，我們也優化了AI軟體包，包括PyTorch、JAX等，並完全開源支援各種AI訓練和服務需求。我們還將 AI 代理深度整合到我們的每個雲端產品中。

Wayfair is leveraging our databases, integrated with AI to streamline data pipelines and deliver more personalized customer experiences. Mattel is leveraging our Gemini powered data agents and BigQuery to review and act on product feedback more quickly. Target is using our Gemini part Threat Intelligence and security operations agents to improve cybersecurity.

Wayfair 正在利用我們的資料庫，並與人工智慧相結合，以簡化資料管道並提供更個人化的客戶體驗。美泰兒正在利用我們的 Gemini 資料代理程式和 BigQuery 來更快地審查產品回饋並採取行動。目標是使用我們的 Gemini 部分威脅情報和安全營運代理來提高網路安全。

Capgemini is utilizing our AI software engineering agents to deliver higher quality software faster by automating tasks from cogeneration to testing. And BBVA says Gemini and Google Workspace is saving employees nearly three hours per week by automating repetitive tasks.

凱捷正在利用我們的人工智慧軟體工程代理，透過自動化從熱電聯產到測試的任務來更快地交付更高品質的軟體。BBVA 表示，Gemini 和 Google Workspace 透過自動執行重複性任務每周可為員工節省近三小時的時間。

It's now rolling it out to 100,000 employees globally. We are also focused on building a flourishing AI agent ecosystem. We introduced an open source agent development kit, which now has over 1 million downloads in less than four months.

目前，該公司正在向全球 10 萬名員工推廣這項措施。我們也致力於建構蓬勃發展的人工智慧代理生態系統。我們推出了一款開源代理開發工具包，不到四個月的下載量就已超過 100 萬次。

We also introduced Agentspace and opened an interoperable enterprise, Chat, Search and agent platform. Gordon Food Service is bringing Agentspace to its US employees, which is enabling better, more efficient decision-making. And over 1 million subscriptions have been booked for Agentspace ahead of its general availability.

我們還引入了 Agentspace，並開設了一個可互通的企業、聊天、搜尋和代理平台。Gordon Food Service 正在為其美國員工提供 Agentspace，以便他們能夠做出更好、更有效率的決策。在 Agentspace 全面上市之前，其訂閱量已超過 100 萬。

Turning now to YouTube. Nielsen data shows YouTube has led US streaming watch time for over two years. A generation that grew up with YouTube on their devices is now increasingly watching their favorite creators and content on their televisions, that includes millions of sports fans too. Globally, they consume more than 40 million hours of sports content on YouTube annually. And in September, we'll stream the NFL's first Friday game of the season, live from Brazil.

現在轉到 YouTube。尼爾森數據顯示，YouTube 已連續兩年多佔據美國串流觀看時間榜首。伴隨著 YouTube 成長的一代現在越來越多地在電視上觀看自己喜歡的創作者和內容，其中也包括數百萬體育迷。在全球範圍內，他們每年在 YouTube 上觀看超過 4000 萬小時的體育內容。9 月份，我們將在巴西現場直播 NFL 本賽季第一場週五的比賽。

From sports to shorts, we now average over 200 billion daily views on YouTube Shorts. AI is helping improve our recommendations and auto dubbing which translates to better returns for creators and brands by dramatically increasing the potential audiences they can reach.

從運動賽事到短片，YouTube Shorts 的日均觀看次數現已超過 2,000 億次。人工智慧正在幫助我們改進推薦和自動配音功能，從而大幅增加創作者和品牌能夠接觸到的潛在受眾，為他們帶來更好的回報。

And today, we began rolling out a whole raft of new AI tools for creators on YouTube Shorts. Finally, YouTube continues to diversify its subscription options, recently expanding its premium light offerings to 15 new countries with more to come.

今天，我們開始為 YouTube Shorts 創作者推出一系列全新的 AI 工具。最後，YouTube 繼續豐富其訂閱選項，最近將其優質輕量級服務擴展到 15 個新國家，未來也將擴展到更多國家。

And lastly, Waymo continues to scale and expand to safely serve more riders in more places. Last month, Waymo launch in Atlanta, more than doubled its host in service territory and expand in its Los Angeles and San Francisco Bay Area territories by approximately 50%. Waymo also launched teen accounts, starting with rider's age 14 to 17 in Phoenix. Overall, great momentum here.

最後，Waymo 將繼續擴大規模和擴張，以便在更多地方安全地為更多乘客提供服務。上個月，Waymo 在亞特蘭大正式開業，服務區域擴大了一倍多，洛杉磯和舊金山灣區的服務區域也擴大了約 50%。Waymo 也推出了青少年帳戶，首先在鳳凰城針對年齡 14 至 17 歲的乘客。總體而言，這裡勢頭強勁。

The Waymo driver has now autonomously driven over 100 million miles on public roads. And the team is testing across more than 10 cities this year, including New York and Philadelphia. We hope to serve riders in all 10 in the future. As I said, a standout quarter, a big thank you as always to our employees and partners for an amazing Q2. Philipp, over to you.

Waymo 駕駛目前已在公共道路上自動駕駛超過 1 億英里。該團隊今年將在紐約和費城等 10 多個城市進行測試。我們希望將來能為所有 10 個地區的騎士提供服務。正如我所說，這是一個出色的季度，一如既往地感謝我們的員工和合作夥伴，讓我們取得瞭如此出色的第二季度。菲利普，交給你了。

Thanks, Sundar, and hello, everyone. I'll quickly cover performance for Google Services for the quarter, then structure the rest of my remarks around the great progress we're delivering across Search, Ads, YouTube and Partnerships.

謝謝，Sundar，大家好。我將快速介紹本季 Google 服務的表現，然後圍繞我們在搜尋、廣告、YouTube 和合作夥伴關係方面取得的巨大進展展開我的其餘發言。

Google Services revenues were $83 billion for the quarter, up 12% year-on-year, driven by strong growth in Search and YouTube, partially offset by year-on-year decline in network revenues. To add some further color to our results. The 12% increase in Search and other revenues was led by growth across all verticals, with the largest contributions from retail and financial services.

本季Google服務營收為 830 億美元，年成長 12%，這得益於搜尋和 YouTube 的強勁成長，但被網路收入的同比下降部分抵消。為我們的結果添加一些色彩。搜尋和其他收入成長 12%，這得益於所有垂直行業的成長，其中零售和金融服務的貢獻最大。

YouTube saw similar performance across verticals. It's 13% growth in advertising revenues was driven by direct response followed by Brand. Starting with Search and other revenues, which delivered over $54 billion in revenue for the quarter.

YouTube 在各個垂直領域都展現了類似的表現。其廣告收入成長 13% 主要是由直接反應推動的，其次是品牌效應。從搜尋和其他收入開始，本季的收入超過 540 億美元。

Shifts like AI are what propels our industry forward. Gemini's native multimodality is helping bring the offline audio and visual world back into the online world, creating a number of opportunities for Search. Let me share a few examples.

人工智慧等轉變推動著我們的產業向前發展。Gemini 的原生多模式功能有助於將線下音訊和視訊世界帶回線上世界，為搜尋創造了大量機會。讓我分享幾個例子。

Take visual queries. Google Search is one of the fastest-growing query types on Search and grew 70% since this time last year. Majority of Lens searches are incremental, and we're seeing healthy growth for shopping queries using Lens. And you can obviously take this to the next level by moving from image to video-based capabilities like Search Lite.

進行視覺查詢。Google 搜尋是搜尋中成長最快的查詢類型之一，自去年同期以來成長了 70%。大多數 Lens 搜尋都是增量式的，而且我們看到使用 Lens 的購物查詢正在健康成長。顯然，您可以透過從影像轉向基於視訊的功能（如 Search Lite）將其提升到一個新的水平。

And then there's Circle to Search, which is now in over 300 million Android devices. We've been adding capabilities to help people explore complex topics and ask follow-up questions without switching apps. For example, gamers can now use Circle to Search while playing mobile games to see an AI Overview or answers. And just last week, we brought in new agent capability directly into search for all US users with AI-powered calling to local businesses.

然後還有 Circle to Search，目前已安裝在超過 3 億台 Android 裝置中。我們一直在添加功能來幫助人們探索複雜的主題並提出後續問題，而無需切換應用程式。例如，遊戲玩家現在可以在玩手機遊戲時使用 Circle 進行搜索，查看 AI 概覽或答案。就在上週，我們為所有美國用戶帶來了新的代理功能，透過人工智慧呼叫本地企業。

Finally, shopping, where in Q2, we introduced a virtual trial experience for Search Labs users in the US. Now people can try billions of clothing products on themselves virtually. Early results and engagement have been extremely positive, particularly with Gen Z users, and we'll be bringing this functionality to all US users imminently.

最後，在購物方面，我們在第二季為美國的搜尋實驗室用戶推出了虛擬試用體驗。現在人們可以虛擬地試穿數十億種服裝產品。早期結果和參與度非常積極，尤其是對於 Z 世代用戶，我們很快就會向所有美國用戶推出此功能。

All these innovations are opening up completely new ways for people to use technology, bringing the offline world into the online world in ways that simply have not been possible before. Add in our amazing AI translation capabilities and just imagine the possibilities.

所有這些創新都為人們使用科技開闢了全新的方式，以以前不可能實現的方式將線下世界帶入線上世界。加上我們驚人的人工智慧翻譯功能，想像一下各種可能性。

People can access more content in the language, and businesses, large and small, international or local can reach even more customers. I'm excited about how all of these elements will come together and the opportunities ahead of us in Search.

人們可以獲得更多該語言的內容，企業，無論大小，國際或本地，都可以接觸到更多的客戶。我對所有這些元素如何結合在一起以及我們在搜尋領域面臨的機會感到興奮。

Moving to Ads where our strategy to reinvent the entire marketing process with AI is delivering value for our customers and our business. Last quarter, we introduced AI Max in Search, a new suite of AI powered features in existing Search campaigns. Advertisers that activate AI Max in Search campaigns typically see 14% more conversions.

轉向廣告，我們利用人工智慧重塑整個行銷流程的策略正在為我們的客戶和業務創造價值。上個季度，我們在搜尋中推出了 AI Max，這是一套在現有搜尋活動中由人工智慧驅動的全新功能。在搜尋廣告系列中啟動 AI Max 的廣告客戶通常會看到轉換率提高 14%。

On media buying, Smart Bidding Exploration, the biggest update to bidding strategy in a decade brings better performance to advertisers by allowing them to bid on a less obvious but potentially higher value cores more often.

在媒體購買方面，智慧競價探索是十年來競價策略的最大更新，它允許廣告商更頻繁地對不太明顯但潛在價值更高的核心進行競價，從而為廣告商帶來更好的業績。

Campaigns using Smart Bidding Exploration, see a 19% increase in conversions on average. Demand Gen continues to drive revenue growth and deliver measurable impact for our customers. As an example, Depop, Etsy's resell clothing marketplace used a Shorts only Demand Gen campaign to drive new customers to the site. Shorts drove 80% buyer brand love and double click-through rates versus benchmarks.

使用智慧出價探索的廣告活動的轉換次數平均增加了 19%。Demand Gen 繼續推動收入成長並為我們的客戶帶來可衡量的影響。例如，Etsy 的轉售服裝市場 Depop 僅使用 Shorts Demand Gen 活動來吸引新客戶造訪該網站。Shorts 獲得了 80% 的買家品牌喜愛度，點擊率較基準高出一倍。

On creatives, we launched Asset Studio using our latest models to help businesses, large and small, generate creative assets. Small businesses benefit from top quality assets and deployment scaling capabilities, but larger businesses can go faster from proof of concept to launch and resize at lower cost. Over 2 million advertisers now use Google's AI powered asset generation tools to run Ads, a 50% increase on this time last year.

在創意方面，我們利用最新模型推出了 Asset Studio，幫助大大小小的企業創造創意資產。小型企業受益於最優質的資產和部署擴展能力，但大型企業可以更快地從概念驗證到啟動並以更低的成本進行調整。目前有超過 200 萬廣告商使用 Google 的 AI 資產產生工具來投放廣告，比去年同期增加了 50%。

Turning to YouTube, where we saw continued strong revenue growth driven by direct response followed by Brand. YouTube creators are connected to the global Zeitgeist and trusted by their audiences like no others.

轉向 YouTube，我們看到其收入持續強勁成長，這主要得益於直接反應和品牌效應。YouTube 創作者與全球時代精神緊密相連，並受到觀眾的極大信任。

As part of BrandConnect, we launched Creator Partnership Hub, which allows brands to more easily work with the right creators and tap into cultural moments. We introduced Veo 3, photo to video and generative effects to Shorts, making content creation easier and offering unexplored avenues for creativity.

作為 BrandConnect 的一部分，我們推出了創作者合作中心，讓品牌更輕鬆地與合適的創作者合作並利用文化時刻。我們在 Shorts 中引入了 Veo 3、照片轉影片和產生效果，使內容創作變得更加容易，並為創造力提供了前所未有的途徑。

We're seeing both the volume and the price of Ads and Shorts increase, particularly in developed markets. The fee-based nature of the product allows for more ad opportunities on average, and this growth is further supported by ad formats native to Shorts, AI-powered ad creative resizing tools, improved ad targeting and the rise in viewer engagement.

我們看到廣告和短片的數量和價格都在上漲，尤其是在已開發市場。該產品的收費性質平均而言提供了更多的廣告機會，而 Shorts 原生的廣告格式、人工智慧廣告創意調整工具、改進的廣告定位以及觀眾參與度的提高進一步支持了這一增長。

McDonald's USA harness the influence of YouTube creators to ignite awareness for the Minecraft Movie Meal. It leveraged YouTube Shorts Partnership ads to increase its reach, generating a 3.3 times higher view through rate than the industry benchmark.

麥當勞美國公司利用 YouTube 創作者的影響力來提高人們對 Minecraft 電影套餐的認識。它利用 YouTube Shorts Partnership 廣告來擴大覆蓋面，觀看率比行業基準高出 3.3 倍。

Finally, on CTV where the momentum continues. According to the gauge report by Nielsen, YouTube has been number one in streaming watch time in the US for more than two years, hitting a record high of 12.8% of total TV viewing in June 2025.

最後，在 CTV 上，這種勢頭仍在繼續。根據尼爾森的監控報告，YouTube 已連續兩年多佔據美國串流媒體觀看時長第一的位置，並在 2025 年 6 月創下電視總觀看時長的 12.8% 的新高。

In the past 12 months, YouTube ads viewed on CTV screens drove over 1 billion conversions. We saw strong growth in retail, thanks to CTV shopping ads, which allows viewers to shop directly via QR codes, helping us leverage direct marketing opportunities.

在過去的 12 個月中，在 CTV 螢幕上觀看的 YouTube 廣告促成了超過 10 億次轉換。由於 CTV 購物廣告，我們的零售業務實現了強勁增長，它允許觀眾透過二維碼直接購物，幫助我們利用直接行銷機會。

As always, I'll wrap up with the momentum we're seeing in Partnerships, where our customers increasingly recognize the strength and breadth of Google's ability to help them transform their business with AI. For instance, a new partnership with PayPal will improve the digital commerce experience for their merchants and customers.

像往常一樣，我將總結我們在合作夥伴關係中看到的勢頭，我們的客戶越來越認識到谷歌幫助他們利用人工智慧轉變業務的能力的實力和廣度。例如，與 PayPal 建立新的合作夥伴關係將改善其商家和客戶的數位商務體驗。

PayPal expand its Google Cloud adoption for AI-driven recommendations, transaction processing and enhanced security. The partnership also broadens the availability and functionality of PayPal's payment services and capabilities across a range of Google products.

PayPal 擴大其 Google Cloud 的採用，以實現人工智慧驅動的建議、交易處理和增強的安全性。此次合作也擴大了 PayPal 支付服務在一系列 Google 產品中的可用性和功能性。

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

最後，我要感謝世界各地的Google員工為我們的成功所做的貢獻和承諾，並感謝我們的客戶和合作夥伴對我們持續的信任。阿納特，交給你了。

Thank you, Philipp. My comments will focus on year-over-year comparisons for the second quarter unless I state otherwise. I will start with the results at the Alphabet level and will then cover our segment results. I'll end with some commentary on our outlook for the second half of 2025.

謝謝你，菲利普。除非我另有說明，我的評論將集中於第二季的年比比較。我將從字母層級的結果開始，然後介紹我們的細分結果。最後，我將對 2025 年下半年的展望發表一些評論。

We had another solid quarter in Q2. Consolidated revenue of $96.4 billion, increased by 14% or 13% in constant currency. Search and YouTube advertising, subscription platforms and devices and Google Cloud each had double-digit revenue growth this quarter, reflecting strong momentum across the business.

我們在第二季又取得了穩健的成績。綜合營收為 964 億美元，成長 14%，以固定匯率計算成長 13%。本季度，搜尋和 YouTube 廣告、訂閱平台和設備以及 Google Cloud 的收入均實現了兩位數成長，反映出整個業務的強勁勢頭。

Total cost of revenue was $39 billion, up 10%. Tech was $14.7 billion, up 10%; and other cost of revenue was $24.3 billion, up 10%, with the increase primarily driven by content acquisition costs, largely for YouTube, followed by depreciation.

總收入成本為 390 億美元，成長 10%。科技成本為 147 億美元，成長 10%；其他收入成本為 243 億美元，成長 10%，成長主要源自於內容取得成本（大部分來自 YouTube），其次是折舊。

Total operating expenses increased 20% to $26.1 billion. The biggest driver of growth was expense for legal and other matters, which reflected the impact of $1.4 billion charge related to a settlement in principle of certain legal matters.

總營運支出成長 20%，達到 261 億美元。成長的最大驅動力是法律和其他事務的費用，這反映了與某些法律事務原則上和解相關的 14 億美元費用的影響。

R&D investments increased by 16%, primarily driven by increases in compensation and depreciation expenses. Sales and marketing expenses increased 5%, primarily reflecting an increase in advertising and promotional expenses.

研發投資增加了 16%，主要原因是薪資和折舊費用的增加。銷售和行銷費用增加了5％，主要反映了廣告和促銷費用的增加。

Operating income increased 14% this quarter to $31.3 billion, and operating margin was 32.4%. Operating margin benefited from strong revenue growth and continued efficiencies in our expense base, partially offset by the legal charge I mentioned earlier, and a significant increase in depreciation expense.

本季營業收入成長 14% 至 313 億美元，營業利潤率為 32.4%。營業利潤率受益於強勁的收入成長和費用基礎的持續效率，但部分被我之前提到的法律費用和折舊費用的大幅增加所抵消。

Net income increased 19% to $28.2 billion, and earnings per share increased 22% to $2.31. We generated free cash flow of $5.3 billion in the second quarter, and $66.7 billion for the trailing 12 months. Free cash flow in the second quarter was affected by a sizable sequential increase in CapEx and cash tax payments as we make federal tax payments in the second quarter for both Q1 and Q2. We ended the quarter with $95 billion in cash and marketable securities.

淨利成長19%，達到282億美元，每股收益成長22%，達到2.31美元。第二季度，我們創造了53億美元的自由現金流，過去12個月的自由現金流為667億美元。由於我們在第二季繳納第一季和第二季的聯邦稅，因此第二季的自由現金流受到資本支出和現金稅支付連續大幅增加的影響。本季結束時，我們的現金和有價證券總額為 950 億美元。

Turning to segment results. Google Services revenues increased 12% to $82.5 billion reflecting strength in Google Search and YouTube advertising and subscriptions. Google Search and other revenues increased by 12% to $54.2 billion.

轉向細分結果。谷歌服務營收成長 12%，達到 825 億美元，反映出Google搜尋和 YouTube 廣告及訂閱業務的強勁表現。谷歌搜尋和其他收入成長 12%，達到 542 億美元。

Search and other revenues delivered growth across all verticals, with the largest contributions coming from retail and financial services. YouTube advertising revenues increased 13% to $9.8 billion, driven by direct response advertising, followed by Brand. Network advertising revenue of $7.4 billion were down 1%.

搜尋和其他收入推動了所有垂直行業的成長，其中最大的貢獻來自零售和金融服務。YouTube 廣告收入成長 13%，達到 98 億美元，這主要得益於直接反應廣告，其次是品牌廣告。網路廣告收入74億美元，下降1%。

Subscription, platforms and devices revenues increased 2% to $11.2 billion, primarily reflecting growth in subscription revenues. This growth was driven by YouTube subscription offerings followed by Google One, with the growth in paid subscriptions being the biggest driver of revenue growth.

訂閱、平台和設備收入成長 2% 至 112 億美元，主要反映了訂閱收入的成長。這一成長主要得益於 YouTube 訂閱服務以及 Google One，其中付費訂閱的成長是營收成長的最大驅動力。

Google Service operating income increased 11% to $33.1 billion. Operating margin was flat year-on-year at 40.1% as healthy revenue growth and continued efficiency in our expense base were partially offset by the legal charge I mentioned earlier.

谷歌服務營運收入成長11%，達到331億美元。營業利益率與去年同期持平，為 40.1%，因為健康的收入成長和費用基礎的持續效率被我之前提到的法律費用部分抵消。

Turning to the Google Cloud segment, which delivered very strong results this quarter, revenues increased by 32% to $13.6 billion in the second quarter, reflecting growth in GCP across core and AI products at the rate that was much higher than Cloud's overall revenue growth, and growth in Google Workspace, driven by an increase in average revenue per seat and the number of seats.

談到本季業績非常強勁的Google雲端部門，第二季營收成長 32%，達到 136 億美元，反映出 GCP 核心和 AI 產品的成長速度遠高於雲端的整體營收成長，以及 Google Workspace 的成長，這得益於每席位平均營收和席位數量的增加。

Google Cloud operating income increased to $2.8 billion, and operating margin increased from 11.3% to 20.7%. The expansion in Cloud operating margin was driven by strong revenue performance and continued efficiencies in our expense base, partially offset by higher technical infrastructure usage costs, which includes the associated depreciation.

谷歌雲端營運收入增至28億美元，營運利潤率從11.3%增至20.7%。雲端營運利潤率的擴大是由強勁的收入表現和費用基礎的持續效率推動的，但被更高的技術基礎設施使用成本（包括相關折舊）部分抵消。

As we ramp our AI investments, we continue to focus on driving improvements in productivity and efficiency to offset growth in technical infrastructure-related expenses, particularly from higher depreciation. Google Cloud backlog increased 18% sequentially in Q2 and 38% year-over-year, reaching $106 billion at the end of the quarter.

隨著我們增加對人工智慧的投資，我們將繼續致力於提高生產力和效率，以抵消技術基礎設施相關費用的成長，特別是更高的折舊費用。谷歌雲端積壓訂單在第二季季增 18%，年增 38%，截至本季末達到 1,060 億美元。

This growth was driven by strong demand for our products and services from both new and existing customers. As Sundar mentioned, we have signed multiple billion dollar plus deals in the first half of the year.

這一成長是由新舊客戶對我們的產品和服務的強勁需求所推動的。正如 Sundar 所提到的，我們在今年上半年已經簽署了多筆價值數十億美元的交易。

As to our Other Bets, in the second quarter, revenue were $373 million, and operating loss was $1.2 billion. within Other Bets, we're allocating more resources to businesses like Waymo, where we see opportunities to create additional value.

至於我們的其他投資，第二季的營收為 3.73 億美元，營運虧損為 12 億美元。在其他投資中，我們正在向 Waymo 等業務分配更多資源，我們看到了創造額外價值的機會。

With respect to CapEx, in the second quarter, our CapEx was $22.4 billion. The vast majority of our CapEx was invested in technical infrastructure with approximately two-third of investments in servers and one-third in data centers and networking equipment.

關於資本支出，第二季我們的資本支出為 224 億美元。我們的資本支出絕大部分都投資於技術基礎設施，其中約三分之二的投資用於伺服器，三分之一的投資用於資料中心和網路設備。

In Q2, we returned capital to shareholders through repurchase of stock of $13.6 billion and dividend payments of $2.5 billion. Turning to our outlook, I would like to provide some commentary on several factors that will impact our business performance in the second half of 2025 as well as an updated outlook for full year CapEx.

第二季度，我們透過回購 136 億美元的股票和支付 25 億美元的股息向股東返還了資本。談到我們的展望，我想對影響我們 2025 年下半年業務表現的幾個因素以及全年資本支出的最新展望提供一些評論。

First, in terms of revenues, we're pleased with the overall momentum we're seeing across the business. At current spot rates, we could see a tailwind to our revenue in Q3. However, volatility in exchange rates could affect the impact of FX on Q3 revenue.

首先，就收入而言，我們對整個業務的整體發展勢頭感到滿意。以目前的現貨價格，我們預計第三季的營收將出現順風。然而，匯率波動可能會影響外匯對第三季營收的影響。

As for our segments, in Google Services, advertising revenues in the second half of 2025 will be affected by the following. The continued lapping of the strength we experienced in financial service verticals throughout 2024 and year-over-year comparisons will be negatively impacted by the strong spend on US election in the second half of 2024, particularly on YouTube.

就我們的部門而言，在Google服務中，2025 年下半年的廣告收入將受到以下因素的影響。2024 年全年，我們在金融服務垂直領域所經歷的強勁勢頭以及同比表現將持續受到抑制，而這將受到 2024 年下半年美國大選支出強勁（尤其是在 YouTube 上）的負面影響。

In Cloud, as I mentioned, the demand for our products is high as evidenced by the continued revenue growth and the cloud backlog of $106 billion. While we have been working hard to increase capacity and have improved the pace of server deployment, we expect to remain in a tight demand supply environment going into 2026.

正如我所提到的，在雲端運算領域，我們產品的需求很高，這從持續的收入成長和 1,060 億美元的雲端運算積壓訂單中可以看出。雖然我們一直在努力提高容量並加快伺服器部署的速度，但我們預計到 2026 年，供需環境仍將緊張。

Moving to investments. Given the strong demand for our Cloud products and services, we now expect to invest approximately $85 billion in CapEx in 2025, up from a previous estimate of $75 billion. Our updated outlook reflects additional investment in servers, the timing of delivery of servers, and an acceleration in the pace of data center construction, primarily to meet Cloud customer demand.

轉向投資。鑑於對我們的雲端產品和服務的強勁需求，我們現在預計 2025 年的資本支出將達到約 850 億美元，高於先前估計的 750 億美元。我們更新後的展望反映了對伺服器的額外投資、伺服器交付的時間以及資料中心建置步伐的加快，主要是為了滿足雲端客戶的需求。

Looking out to 2026, we expect a further increase in CapEx due to the demand we're seeing from customers as well as growth opportunities across the company. We will provide more details on the 2026 CapEx outlook on a future earnings call.

展望 2026 年，我們預計資本支出將進一步增加，因為我們看到的是客戶的需求以及整個公司的成長機會。我們將在未來的收益電話會議上提供有關 2026 年資本支出前景的更多詳細資訊。

In terms of expenses, first, as I mentioned in our previous earnings call, the significant increase in our investments in CapEx over the past few years will continue to put pressure on the P&L, primarily in the form of higher depreciation.

在費用方面，首先，正如我在先前的財報電話會議上提到的，過去幾年我們在資本支出方面的投資大幅增加，將繼續對損益表造成壓力，主要表現為折舊費用增加。

In the second quarter, depreciation increased $1.3 billion year-over-year to $5 billion, reflecting a growth rate of 35%. Given the recent increase in CapEx investments, we expect the growth rate and depreciation to accelerate further in Q3.

第二季度，折舊年增13億美元，達50億美元，成長率為35%。鑑於近期資本支出的增加，我們預計第三季的成長率和折舊率將進一步加速。

Second, as we've previously said, we expect some headcount growth in 2025 in key investment areas. In the third quarter, we expect a sequential increase in total headcount additions due in part to the hiring of new graduates.

其次，正如我們之前所說，我們預計 2025 年主要投資領域的員工數量將會增加。在第三季度，我們預計員工總數將季增，部分原因是招募了新畢業生。

And third, Q3 will reflect the expense associated with the upcoming August launch of the new Pixel family of products. In conclusion, as you heard from Sunder and Philipp, we're pleased with the momentum in the business and excited about the pace of innovation.

第三，第三季將反映即將於 8 月推出的全新 Pixel 系列產品的相關費用。總而言之，正如您從桑德和菲利普那裡聽到的，我們對業務的發展勢頭感到滿意，並對創新的步伐感到興奮。

Our full stack approach, which combines AI infrastructure, AI research and AI products and platforms position us well to deliver new products and services across the company. We're seeing great momentum with our efforts as demonstrated by the increase in cumulative token processed.

我們的全端方法結合了人工智慧基礎設施、人工智慧研究以及人工智慧產品和平台，使我們能夠在整個公司範圍內提供新產品和服務。我們的努力取得了巨大的進展，這從累積處理的代幣數量的增加就可以看出。

Search revenues are seeing healthy growth, with features like AI Overviews, AI mode and Lens, offering new ways for users to access the information. Cloud has reached an annual revenue run rate of more than $50 billion and is delivering margin expansion while continue to invest to meet customer demand.

搜尋收入正在健康成長，AI 概覽、AI 模式和 Lens 等功能為使用者提供了獲取資訊的新方式。雲端運算的年收入運行率已超過 500 億美元，並且在繼續投資以滿足客戶需求的同時實現利潤率的擴大。

And YouTube has expanded its addressable market by building new services like Shorts, which now averages over 200 billion daily views. We're excited to see the value our products and services are bringing to customers and partners around the globe.

YouTube 也透過推出 Shorts 等新服務擴大了其潛在市場，目前 Shorts 的每日平均觀看次數已超過 2,000 億次。我們很高興看到我們的產品和服務為全球客戶和合作夥伴帶來的價值。

Now I'll turn it over to the operator, and Sundar, Philipp and I will take your questions.

現在我將把時間交給接線員，Sundar、Philipp 和我將回答你們的問題。

(Operator Instructions) Eric Sheridan, Goldman Sachs.

（操作員指示）高盛的 Eric Sheridan。

Thank you so much for taking the question. Maybe one for Sundar and one for Philipp. Sundar, when you think about the journey you're on with respect to the evolution of products and platforms, how do you think about some of the implications of change consumer behavior? And how investors should think about that from the volume perspective versus the monetization perspective?

非常感謝您回答這個問題。也許一個給 Sundar，一個給 Philipp。桑達爾，當您思考產品和平台演變的歷程時，您如何看待改變消費者行為的一些影響？投資者該如何從交易量角度和貨幣化角度來思考這個問題？

So I think there's a lot of long-standing dynamics out there about clicks and click monetization that might be very different when you look out over the next three to five years.

因此，我認為點擊和點擊貨幣化存在許多長期存在的動態，但展望未來三到五年，這些動態可能會大不相同。

And Philipp, when you think about the evolution of YouTube you made a number of comments there about subscription revenue, I'm just curious how you think about the mix of advertising versus subscription? And what some of your key learnings might have been as the subscription side of the business continues to scale? Thank you.

菲利普，當您思考 YouTube 的發展時，您對訂閱收入發表了許多評論，我只是好奇您如何看待廣告和訂閱的組合？隨著訂閱業務規模的不斷擴大，您獲得了哪些重要的經驗教訓？謝謝。

Thanks, Eric. I appreciate the question. I don't think looking ahead, based on everything we are seeing, it's -- people are excited about AI. They are adopting it well across our products. For me, just in multimodality, how people have modified their behavior to include images, both through Lens and Circle to Search, seamlessly as part of interacting with Google are early indications that people are going to be adopting through these moments very, very well.

謝謝，埃里克。我很感謝你提出這個問題。我認為，展望未來，根據我們所看到的一切，人們對人工智慧並不感到興奮。他們在我們的產品中很好地採用了它。對我來說，僅在多模式中，人們如何改變他們的行為以包括圖像，透過鏡頭和圓圈進行搜索，無縫地作為與谷歌互動的一部分，這些早期跡象表明人們將會非常非常好地適應這些時刻。

I think I'm trying to understand your question in terms of about click and click monetization, maybe that's something Philipp can touch on. But overall, we expect as we build out our organic experiences, we have a good understanding of how to continued training on monetization, so that will work well with organic experiences.

我想我正在嘗試從點擊和點擊貨幣化的角度來理解你的問題，也許這是菲利普可以談論的一點。但總的來說，我們期望在建立有機體驗的過程中，我們會很好地了解如何繼續進行貨幣化培訓，以便與有機體驗很好地配合。

And what we will lead with organic experience. So in terms of newer surfaces like Gemini app, et cetera, we'll focus on organic experience for the near term. But just like we are doing with AI Overviews and with AI Mode over time, we'll be able to bring very, very good commercial experiences there as well, and we think people will adapt to them as they've always done. Maybe Philipp can add more. Philipp?

我們將透過有機經驗來引領一切。因此，就 Gemini 應用等較新的介面而言，我們近期將專注於有機體驗。但就像我們隨著時間的推移對 AI 概覽和 AI 模式所做的那樣，我們也能夠在那裡帶來非常非常好的商業體驗，我們認為人們會像往常一樣適應它們。也許菲利普可以補充更多。菲利普？

Yeah. On your question on YouTube subscriptions versus Ads, look, I mean we love our Ads business. We love our subscription business. YouTube subscriptions are increasingly important for YouTube. We'll definitely our long-term focus here.

是的。關於你關於 YouTube 訂閱與廣告的問題，我的意思是我們熱愛我們的廣告業務。我們熱愛我們的訂閱業務。YouTube 訂閱對 YouTube 來說越來越重要。我們肯定會把長期關注點放在這裡。

We had a strong growth across the YouTube subscription products, which includes, just to be clear, YouTube TV, YouTube Music and Premium. And I think one comment theme for our subscription services in general is offering viewers more choice here.

我們的 YouTube 訂閱產品均實現了強勁成長，其中包括 YouTube TV、YouTube Music 和 Premium。我認為我們訂閱服務的一個評論主題是為觀眾提供更多選擇。

We also have a very deep understanding of the monetization side here. Where are we monetizing more with Ads, where can we potentially monetize more with subscriptions. So I think we will continue this as a double tier strategy actively going forward.

我們對這裡的貨幣化方面也有非常深入的了解。我們在哪裡可以透過廣告獲得更多的貨幣化，我們在哪裡可以透過訂閱獲得更多的貨幣化。因此，我認為我們將繼續積極推行這項雙層策略。

Thank you.

謝謝。

Doug Anmuth, JPMorgan.

摩根大通的道格安穆斯 (Doug Anmuth)。

Thanks so much for taking the questions. One for Sundar, one for Philipp. Sundar, can you just talk about how you're thinking about your current access to compute even as you spend $10 billion more this year in CapEx, you also said that you're still in a tight supply environment. So just trying to marry those?

非常感謝您回答這些問題。一個給 Sundar，一個給 Philipp。Sundar，您能否談談您對當前計算訪問的看法，即使您今年在資本支出上增加了 100 億美元，您也說過您仍然處於緊張的供應環境中。所以只是想跟那些人結婚嗎？

And then Phil, perhaps on Search growth, can you talk a little bit about pay click and pricing growth just within the 12% Search growth? And how we should think about volume versus monetization trends going forward? Thanks.

然後 Phil，也許關於搜尋成長，您能否談談 12％ 搜尋增長範圍內的付費點擊和定價成長？我們該如何看待未來的數量與貨幣化趨勢？謝謝。

Doug, thanks. On the CapEx stuff, obviously, we are seeing strong momentum across our portfolio and especially in Cloud. You are right. It's a tight supply environment. And we are investing more to expand, but there is obviously a time delay between this additional investment will play out in future years. And so that's why both of them are true at the same time.

道格，謝謝。在資本支出方面，顯然，我們看到整個投資組合，尤其是雲端運算領域都呈現強勁勢頭。你是對的。這是一個供應緊張的環境。我們正在加大投資以擴大規模，但這些額外投資在未來幾年內發揮作用顯然存在時間延遲。這就是為什麼它們同時都是正確的。

And -- but we are planning ahead, and we are investing and -- but overall, it's exciting to see the traction, particularly in Cloud. I think the comprehensiveness of our AI portfolio, the breadth of our offerings, providing our models on GPUs and TPUs for our customers. All of that has been really driving demand. And so we are investing to match up to it.

而且 — — 但我們正在提前規劃，我們正在投資 — — 但總的來說，看到這種發展勢頭令人興奮，特別是在雲端運算領域。我認為我們的 AI 產品組合的全面性、我們產品的廣度，為我們的客戶在 GPU 和 TPU 上提供我們的模型。所有這些都確實推動了需求。因此，我們正在進行投資以適應這一趨勢。

And on your paid click question, look, to be very clear, I think we said this before, we manage the business to drive great outcomes for our users and an attractive ROI for our advertisers. We actually don't manage to pay clicks and CPC targets.

關於您提出的付費點擊問題，請明確一點，我想我們之前就說過，我們管理業務是為了給我們的用戶帶來出色的成果，並為我們的廣告商帶來誘人的投資回報率。我們實際上無法實現點擊付費和每次點擊費用目標。

Some of the product and policy changes we make actually drive better monetization at the expense of paid clicks. You will actually see in the 10-Q that paid clicks were up 4% year-on-year. But a number of factors affect these metrics from quarter-to-quarter, such as a few examples, advertiser spending, product changes, policy changes, user engagement and so on. So it's really important when it comes to paid clicks and CPCs to avoid drawing like overly broad conclusions solely based on these metrics.

我們所做的某些產品和政策變更實際上是以付費點擊為代價來推動更好的貨幣化。您實際上會在 10-Q 中看到付費點擊量比去年同期增長了 4%。但許多因素都會影響這些指標的季度變化，例如廣告商支出、產品變化、政策變化、用戶參與度等等。因此，當涉及付費點擊和每次點擊費用時，避免僅根據這些指標得出過於寬泛的結論非常重要。

Thank you both.

謝謝你們兩位。

Brian Nowak, Morgan Stanley.

摩根士丹利的布萊恩·諾瓦克。

Thanks for taking my questions. I have two. First one, Sundar, is that there is a lot of discussion about agentic search for commercial activities and agents that can be broadly deployed. Maybe could you just -- from a technology perspective, when you sit down with the engineering teams working on some of these new agentic capabilities that could come, what are some of the predominant technological hurdles they think need to be cleared in order to launch scalable agents for commercial queries is the first one.

感謝您回答我的問題。我有兩個。首先，Sundar，關於商業活動的代理搜尋和可以廣泛部署的代理商有很多討論。也許您可以從技術角度出發，當您與工程團隊坐下來研究可能出現的一些新代理功能時，他們認為需要清除哪些主要技術障礙才能為商業查詢推出可擴展的代理？

And second one, I think in the past, you've updated us on stats on sources of internal efficiency you've seen from GenAI enabled capabilities. Any updates there? And then any sort of learnings on friction points that also need to be overcome for some of these internal tools for GenAI? Thanks.

第二，我想您過去曾向我們更新您從 GenAI 支援的功能中看到的內部效率來源的統計數據。有任何更新嗎？那麼，對於 GenAI 的一些內部工具來說，是否也需要克服一些摩擦點呢？謝謝。

Thanks, Brian. Let me start with the first one on agentic capabilities. Look, overall, we are definitely in many ways when we built -- our series of 2.5 models, particularly with Pro, et cetera, it's the direction where we are investing the most. There's definitely exciting progress, including in the models we haven't fully released yet.

謝謝，布萊恩。讓我先從第一個關於代理能力的問題開始。看起來，總的來說，我們在建造我們的 2.5 系列車型時，尤其是在 Pro 等車型上，在許多方面都是我們投入最多的方向。確實有令人興奮的進展，包括我們尚未完全發布的模型。

And the main gaps we're all trying to do is you're obviously changing a sequence of events. And so being able to do it reliably the latency compounds, the cost compounds and being able to do it reliably in a way for the users all of this comes together.

我們所有人都在努力彌補的主要差距是，你顯然在改變事件的順序。因此，能夠可靠地做到這一點，延遲複合，成本複合，並且能夠以用戶需要的方式可靠地做到這一點，所有這些都結合在一起。

In each of this, we are making progress, and it all needs to kind of hang together. The good news is we are making robust progress. We think we are at the frontier there. And in all of these areas, when you look back in a 12 month basis, you end up making the models much more efficient for any given capability.

在每一個方面，我們都在取得進展，而且所有一切都需要齊心協力。好消息是我們正在取得穩步進展。我們認為我們正處於那裡的邊界。在所有這些領域，當你回顧 12 個月的情況時，你會發現模型對於任何給定的功能都更有效率。

So the forward-looking trajectory, I think, will really unlock these agentic experiences. We see the potential being able to do them but they're a bit slow and costly and takes time, and sometimes are brutal, right? But they're making progress on all of that. And I think that's what will really unlock. And I expect 2026 to be the year in which people kind of use agentic experiences more broadly, right? And so it's an exciting opportunity ahead.

因此，我認為，前瞻性的軌跡將真正解開這些代理體驗。我們看到了實現這些目標的潛力，但它們有點慢、成本高、耗時，有時還很殘酷，對嗎？但他們在所有這些方面都取得了進展。我認為這才是真正能夠解開的謎團。我預計 2026 年將是人們更廣泛地使用代理體驗的一年，對嗎？所以這是一個令人興奮的機會。

On the second part, I think when you say a source of internalization, I presume you're talking about how we are using all of this internally. Again, given you've asked a question about agents, we are now beginning to roll out agentic coding Journeys for our software engineers within the company.

關於第二部分，我認為當您說內部化的來源時，我假設您是在談論我們如何在內部使用所有這些。再次，鑑於您詢問了有關代理商的問題，我們現在開始為公司內部的軟體工程師推出代理程式設計之旅。

And it's been exciting to see just for the last few months at over the last few weeks, people are definitely doing more agentic workflows and software engineering as well internally. And that's a good example of the kind of the same experiences a few months ago, had a lot of friction points, but we are overcoming it and people are beginning to use internally on the coding side as well as in certain other areas of the company are small.

令人興奮的是，在過去的幾個月和幾周里，人們在內部確實開展了更多的代理工作流程和軟體工程。這是一個很好的例子，幾個月前也有過類似的經歷，有很多摩擦點，但我們正在克服它，人們開始在編碼方面以及公司其他某些小領域內部使用。

So exciting progress. I expect it to be an active area where we will roll out Journeys for our users as well. So look forward to it.

如此令人興奮的進展。我希望它是一個活躍的領域，我們將在這裡為我們的用戶推出旅程。所以，請期待吧。

Thanks, Sundar. That's great.

謝謝，桑達爾。那太棒了。

Michael Nathanson, MoffettNathanson.

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

Thanks, Sundar, I have two for you. At I/O, you announced a partnership to Warby Parker, so to develop glasses. So I wonder if you show your view of how important a cycle new devices will be to further scale AI and do envision a world in which the more functional or are central to our consumer experience. That's one.

謝謝，Sundar，我有兩件東西給你。在 I/O 大會上，您宣布與 Warby Parker 合作開發眼鏡。所以我想知道您是否能談談新設備週期對於進一步擴展人工智慧的重要性，並設想一個更具功能性或對我們的消費者體驗至關重要的世界。那是一個。

And secondly, how does Google Search with AI Mode usage different -- differ, sorry, versus Gemini standalone apps. So I'm wondering, are you seeing any differences in usage or the types of consumers who go to the app versus go traditional search with AI? Thanks.

其次，具有 AI 模式的 Google 搜尋的使用有何不同 - 抱歉，與 Gemini 獨立應用程式有何不同。所以我想知道，您是否發現使用該應用程式的消費者與使用傳統人工智慧搜尋的消費者在使用方式或類型上有任何差異？謝謝。

Thanks, Michael. On the first thing, look, I think any time I/O changes, you can drive new experiences, including on hardware experiences too. So I think AI will particularly enable. You long had the promise of glasses and other form factors.

謝謝，麥可。首先，我認為任何時候 I/O 發生變化，您都可以獲得新的體驗，包括硬體體驗。所以我認為人工智慧將特別具有推動作用。您長期以來一直承諾提供眼鏡和其他外形產品。

But I think AI will spur a whole new wave of innovation there. We are super excited about our investment in glasses and found the experiences have taken a dramatic step-up compared to the last inflation. So I think it's been an exciting new emerging category, but I still expect phones to be at the center of the experience for the next two to three years at least.

但我認為人工智慧將在那裡掀起一股全新的創新浪潮。我們對在眼鏡方面的投資感到非常興奮，並發現與上次通貨膨脹相比，體驗有了顯著的提升。所以我認為這是一個令人興奮的新興類別，但我仍然預計手機至少在未來兩到三年內將成為體驗的中心。

And so I still think that's going to be phones who would continue to be at the center of the consumer experience. But we are excited about the emerging categories as well. On your second question on AI Mode versus Gemini standalone app, broadly, there are some use cases where you can get a great experience in both places, but there are use cases which are very specific.

因此我仍然認為手機將繼續成為消費者體驗的中心。但我們也對新興類別感到興奮。關於您關於 AI 模式與 Gemini 獨立應用程式的第二個問題，廣義上講，有些用例您可以在兩個地方獲得出色的體驗，但也有一些用例非常具體。

I think where the queries are information-oriented but people really want to rely on the information, but I have the full power of AI, I think AI Mode really shines in that. You can go there, and you know it's backed up. The Gemini models are using Search deeply as a tool.

我認為查詢是面向資訊的，但人們確實希望依賴這些信息，但我擁有人工智慧的全部力量，我認為人工智慧模式在這方面真正發揮了作用。你可以去那裡，而且你知道它已經備份了。雙子座模型正在深度使用搜尋作為工具。

And so it's on ground and in that Search experience. And I think users are responding very positively to it. And whereas the Gemini standalone app, you see everything from -- people can have a long conversation of chat just trying to pass time, right, in the Gemini app.

因此，它是在地面上和搜索體驗。我認為用戶對此的反應非常積極。而在 Gemini 獨立應用程式中，您可以看到一切——人們可以在 Gemini 應用程式中進行長時間的聊天，只是為了消磨時間。

You've seen early cases where people may get into it in a therapy like experience, right? So these are all emerging experiences of what people do. And I think this is why I'm glad we have both surfaces and we can innovate in both of these areas. And of course, there will be areas which will be commonly served by both applications. And over time, I think we can make experience more seamless for our users.

您曾經看過早期的案例，人們可能會在類似治療的體驗中陷入這種狀態，對嗎？這些都是人們所做的事情的新興經驗。我認為這就是為什麼我很高興我們擁有這兩種表面並且我們可以在這兩個領域進行創新。當然，有些領域是這兩種應用程式共同服務的。隨著時間的推移，我認為我們可以為用戶提供更無縫的體驗。

Thanks Sundar.

謝謝 Sundar。

Mark Shmulik, Bernstein.

馬克‧施穆里克，伯恩斯坦。

Yes, thanks for taking the question. Sundar, it seems there's almost like a daily news report about the AI talent war and high-profile folks moving around which is kind of like your perspective on how you think Google has been doing it both kind of attracting and retaining key AI talent?

是的，感謝您提出這個問題。Sundar，似乎每天都有新聞報導有關人工智慧人才爭奪戰和知名人士的變動，這有點像您對谷歌如何吸引和留住關鍵人工智慧人才的看法？

And along the similar lines, how do we think about AI-related resourcing costs alongside kind of the step up in capital investments required to go build for AI? Thank you.

類似地，我們如何看待與人工智慧相關的資源成本以及建立人工智慧所需的資本投資的增加？謝謝。

Mark, on the first question, look, I think we've gone through these moments before. We've obviously always deeply invested in talent, including an AI talent for well over a decade now. And I think we have an extraordinary both breadth and depth of the talent.

馬克，關於第一個問題，看，我想我們以前經歷過這些時刻。顯然，我們一直在大力投資人才，包括十多年來對人工智慧人才的投資。我認為我們的人才廣度和深度都非常出色。

In my experience, the top people look for a combination of they want to really be at the frontier driving progress. And so the mission and how state-of-the-art work is matter. So that's super important to them, access to compute resources.

根據我的經驗，頂尖人才尋求的是他們真正想要站在推動進步的前端。因此，使命和最先進的工作很重要。因此，獲取計算資源對他們來說非常重要。

And access to your peers, right, working with the best people in the industry, and it's a combination of all of that and using it to drive impact. And I think we are pretty competitive on all those fronts. And through this moment, we continue to -- I look at the -- both our retention metrics as well as the new talent coming in and both are healthy.

並與同行接觸，與行業內最優秀的人才一起工作，將所有這些結合起來並利用它們來產生影響。我認為我們在所有這些方面都具有相當的競爭力。而透過這一刻，我們繼續——我看——我們的保留指標以及新人才的加入，兩者都是健康的。

I do know individual cases can make headlines, but when we look at numbers deeply, I think we are doing very well through this moment. And we'll continue investing in the people and the talent and the compute needed to make sure we are set up for the opportunity ahead. And maybe I'll pass it on to Anat.

我確實知道個別案件可能會成為頭條新聞，但當我們深入研究數字時，我認為我們目前做得很好。我們將繼續投資所需的人才和運算能力，以確保我們為未來的機會做好準備。也許我會把它傳給阿納特。

Yeah, on the question on how we integrate this into our overall cost structure. And I've mentioned before, having the benefit of having the full stack includes research, which is our people and one of our most critical resources.

是的，關於我們如何將其整合到我們的整體成本結構中。我之前提到過，擁有全端的優勢包括研究，這是我們的人才，也是我們最重要的資源之一。

So we make sure that we invest appropriately to have the best and brightest minds in the industry sitting here at Google and advancing our innovation to customers. It is part of what you're seeing now in our operating expense line across the organization, but we're also working hard to offset not just growth in investment across the business, but also to ensure that we can allocate research appropriately.

因此，我們確保進行適當的投資，以便讓業內最優秀、最聰明的人才聚集在谷歌，並將我們的創新推向客戶。這是您現在在整個組織的營運費用線中看到的一部分，但我們也在努力抵消整個業務的投資成長，同時也確保我們能夠適當地分配研究。

So Sundar mentioned earlier, the use of AI tools within the company. So that's another area where we can drive efficiency across the businesses to use these tools internally in terms of how we run the organization. then we're continuing on the same efforts that I've talked about before with regards to in the company with a high level of discipline, execution and driving efficiency across the business.

Sundar 之前提到了公司內部使用 AI 工具。因此，就我們如何經營組織而言，這是我們可以提高整個企業效率的另一個領域，即在內部使用這些工具。然後，我們將繼續我之前談到的有關在公司內部保持高水準紀律性、執行力和提高整個企業效率的努力。

Ross Sandler, Barclays.

巴克萊銀行的羅斯桑德勒。

Great. If I can ask two, that would be great. So the first one is on Search click through rates as a driver of monetization. So you guys have done a great job over the past decade of driving better ad relevancy and higher click through rates in Search.

偉大的。如果我可以問兩個，那就太好了。因此，第一個是搜尋點擊率作為貨幣化的驅動力。過去十年來，你們在提高廣告相關性和搜尋點擊率方面做得非常出色。

Just curious, as we look forward and we see lower ad impressions per SERP and all these things that are changing with AI Overviews and different AI search formats. How do you feel about your ability to drive CTR going forward?

只是好奇，當我們展望未來時，我們發現每個 SERP 的廣告展示次數較低，而所有這些情況都隨著 AI 概覽和不同的 AI 搜尋格式而改變。您認為自己未來推動 CTR 的能力如何？

And then the second question is, it looks like you're now working with OpenAI for some aspect of Cloud infrastructure. Just curious how that relationship might expand in the future? Thank you.

第二個問題是，看起來您現在正在與 OpenAI 合作進行某些雲端基礎架構工作。只是好奇這段關係將來會如何發展？謝謝。

I can take the first one. Look, specifically referring to AI Overviews, if I understood your question correctly, as Sundar mentioned it, they continue to drive higher satisfaction. They continue to drive higher Search users. They're scaling up very nicely and they're actually working for our entire user base now, scaled to over 2 billion users for 200 countries. So very happy with this development.

我可以拿第一個。看，具體提到人工智慧概述，如果我理解正確的話，正如 Sundar 提到的那樣，它們會繼續提高滿意度。它們繼續推動搜尋用戶數量的增加。他們的擴展速度非常快，實際上現在已經服務我們的整個用戶群，覆蓋 200 個國家的 20 億多用戶。我對這一發展感到非常高興。

But when it comes specifically to the monetization of it, we talked about it before. We see monetization at approximately the same rate, which gives us actually a really strong base on which we can then innovate and drive actually a more innovative and new and next-generation ad formats. That's how we look at it at this moment in time.

但具體到它的貨幣化，我們之前已經討論過了。我們看到貨幣化的速度大致相同，這實際上為我們提供了一個非常強大的基礎，我們可以在此基礎上進行創新，並推動更具創新性的新一代廣告形式。這就是我們此刻對它的看法。

On the second part, with respect to OpenAI, we are very excited to be partnering with them on Google Cloud. Google Cloud is an open platform, and we have a strong history of supporting great companies, startups, AI labs, et cetera. So super excited about our partnership there on the cloud side. And we look forward to investing more in that relationship and growing in there.

第二部分，關於 OpenAI，我們非常高興能夠在 Google Cloud 上與他們合作。Google Cloud 是一個開放式平台，我們在支援優秀公司、新創公司、人工智慧實驗室等方面有著悠久的歷史。我對我們在雲端的合作感到非常興奮。我們期待對這段關係投入更多並實現共同發展。

Mark Mahaney, Evercore.

馬克‧馬哈尼 (Mark Mahaney)，Evercore。

Okay, two questions, please. First, could you just describe maybe Philipp, what you see in terms of the Ad environment maybe for the back half of the year maybe versus last year? Does it seem as certain or as uncertain as it was last year, the results seemed pretty strong. Are there any unusual concerns you would have for the back half of the year?

好的，請問兩個問題。首先，菲利普，您能否描述一下，與去年相比，您對今年下半年的廣告環境有何看法？它看起來是否像去年一樣確定或不確定，結果似乎相當強勁。您對今年下半年有什麼不尋常的擔憂嗎？

And then, Sundar, I want to ask you again about the two surfaces approach to Search. And you obviously got some -- you must have some internal metrics that would tell you that that's the optimal way for you to approach the market.

然後，Sundar，我想再次問您有關搜尋的兩個表面方法。而且你顯然得到了一些——你必須有一些內部指標來告訴你這是你進入市場的最佳方式。

But there's -- I'm sure there's a counterargument that just having that unified search and being able to discern the intent of the Search, whether it's pure information or commercial, just from the query that, that could give you a material advantage over other offerings in the market. Just talk a little bit about what metrics you've seen that make it -- that make the two surface solutions seem to be optimal. Thank you.

但是，我相信肯定有人會反駁說，只要有統一的搜索，並且能夠從查詢中辨別搜索的意圖，無論是純信息還是商業目的，就能讓你在市場上獲得比其他產品更大的優勢。只需稍微談論一下您所看到的使得這兩個表面解決方案看起來是最佳的指標。謝謝。

So let me start. Look, we said our Ad business performed strongly in Q2, give you maybe some vertical color of it in Q2, Search and other performance was led by growth across all verticals. We mentioned the largest contributions from retail and financial services, which was primarily due actually to strength in insurance.

那麼就讓我開始吧。你看，我們說過我們的廣告業務在第二季度表現強勁，也許可以給你一些第二季度的垂直色彩，搜尋和其他表現是由所有垂直領域的成長所引領的。我們提到零售和金融服務貢獻最大，其實主要歸功於保險業的強勁表現。

We saw healthcare as a sizable contributor to growth as well. Look, we're only a few weeks into Q3. So I think it's really too early to comment on anything happened in the second half of the year.

我們認為醫療保健也對成長做出了巨大貢獻。瞧，我們才進入第三季幾週。所以我認為現在評論下半年發生的任何事情都為時過早。

And Mark, on the second part of the question, look, I think between these two surfaces, you're pretty much covering (inaudible) in breadth and depth of humanity can possibly do. So I think the split for two surfaces to tackle at this moment.

馬克，關於問題的第二部分，看，我認為在這兩個層面之間，你幾乎涵蓋了（聽不清楚）人類所能做到的廣度和深度。所以我認為現在要解決的是兩個表面的分裂問題。

Obviously, you are right, Search is more information focused. And we think of the Gemini app as more your assistant, more personal, proactive and powerful assistant for every aspect of your daily life. And so you can imagine wanting to call deeply or create a long video, et cetera, like those things can be done by the Gemini app today better.

顯然，你是對的，搜尋更注重資訊。我們認為 Gemini 應用程式更像是您的助手，是您日常生活各個方面的更個人化、更主動、更強大的助手。因此，你可以想像想要深度通話或製作長影片等，這些事情今天都可以透過 Gemini 應用程式更好地完成。

Over time, like we've always done, we've gone through these evolutions before, like, as you point out, we can understand user intent better and abstract some of the complexity for our users. At one point, people used to go to pretty separately for text, differently from images, differently from videos, et cetera, and we kind of made it all seamless with universal Search.

隨著時間的推移，就像我們一直以來所做的那樣，我們之前經歷過這些演變，正如您所指出的，我們可以更好地理解用戶意圖並為用戶抽像一些複雜性。人們曾經一度將文字、圖像、影片等分開搜索，而我們透過通用搜尋使它們變得無縫銜接。

So we have the experience of being able to bring together experiences in a way that makes sense for users and do the heavy lifting for them. But I think when you're in this early stage of new emerging paradigms, I think we want to make sure we can meet them where they -- what they are expecting today. And over time, I think it will give us an opportunity to serve them better. So I think that's how we are thinking about.

因此，我們有能力以對使用者有意義的方式匯集體驗並為他們完成繁重的工作。但我認為，當你處於新興範式的早期階段時，我們希望確保能夠滿足他們今天的期望。隨著時間的推移，我認為這將為我們提供更好地為他們服務的機會。所以我認為這就是我們的想法。

Okay, thank you.

好的，謝謝。

Ken Gawrelski, Wells Fargo.

富國銀行的肯‧加夫雷爾斯基 (Ken Gawrelski)。

Thank you very much. Two, if I may, please. The first on Cloud, I'm just hoping maybe you could clarify your back half outlook. Given last quarter, you talked about some supply constraints that would ease towards the end of 2025, but yet you put up a really nice acceleration in 2Q.

非常感謝。如果可以的話，請給我兩張。關於雲的第一個問題，我只是希望您能澄清一下您後半部分的看法。鑑於上個季度，您談到了一些供應限制將在 2025 年底緩解，但您卻在第二季度實現了非常好的加速。

Now you're talking about some supply constraints easing into '26. If you could just clarify a little bit on the back half outlook for cloud given the strong results in 2Q?

現在您正在談論一些供應限制在 26 年有所緩解。鑑於第二季的強勁業績，您能否稍微澄清一下雲端運算下半年的前景？

And then the second is a bigger picture question, which is an agentic experience, does it democratize the web like Search did two decades ago, enabling discovery in the long tail? Or does it lead to more concentration with a smaller group of vertical winners? Would love if you could opine on that. Thank you.

第二個問題更大，即代理體驗，它是否像二十年前的搜尋一樣使網路民主化，從而實現長尾發現？或者它會導致集中度更高，只集中於一小群垂直贏家？如果您能對此發表意見我將非常高興。謝謝。

Okay. On your first question on the Cloud second half outlook and the comments I previously made on with regards to where we're going to see the capacity increase. So obviously, we're working hard to bring more capacity online, which means data centers and servers that are coming online.

好的。關於您關於雲端運算下半年前景的第一個問題，以及我之前就我們將在哪裡看到容量增加所發表的評論。顯然，我們正在努力提供更多的線上容量，這意味著資料中心和伺服器上線。

And we see more of an increase towards the back end of the year. But we're increasing capacity with every quarter that goes by, as you can see with the growth rates we've had both this quarter and the previous quarter.

我們看到今年年底會出現更多的成長。但我們的產能每個季度都在增加，正如您從本季和上一季的成長率所看到的那樣。

As Sundar mentioned earlier, this is not the type of investment that's a light switch. It takes time to make this investment. So what you're seeing now is investment we made some time ago, it's now translating to additional capacity coming online, but more of that towards the back end of the year.

正如 Sundar 之前提到的，這不是那種可以改變電燈開關的投資。進行這項投資需要時間。所以，您現在看到的是我們之前進行的投資，現在它正在轉化為上線的額外產能，但更多的產能將在今年年底前實現。

I will say, it's important as you think about Cloud growth, not to think about this in a linear fashion, because the quarter-on-quarter growth rates could depend on the timing of capacity delivery and when that comes online, so that could move a little bit from quarter-to-quarter.

我想說的是，當你考慮雲端運算成長時，重要的是不要以線性方式思考，因為季度環比成長率可能取決於容量交付的時間以及上線的時間，因此季度環比成長率可能會略有變化。

Look on agentic experience, look, I think there was an earlier question on the technology aspects of it and how we are making progress. Obviously, there is the value proposition for all the players involved. And I think that's going to be an equally important thing to create the unlock here.

看看代理經驗，看，我認為之前有一個關於它的技術方面以及我們如何取得進展的問題。顯然，這對所有參與者來說都有價值主張。我認為這對於在這裡創建解鎖同樣重要。

And I do think over time, users will -- it's clear to me as we make progress on the agentic experience, it's going to be a much better experience for users, right? And so you'll find savvier players leaning into these experiences, and that will help them grow and meet this moment.

而且我確實認為隨著時間的推移，用戶會——我很清楚，隨著我們在代理體驗方面取得進展，這將為用戶帶來更好的體驗，對嗎？因此，你會發現更精明的玩家傾向於這些經驗，這將幫助他們成長並迎接這一刻。

And I think -- so I do think it's an opportunity for some of the players. And so you are right, just like the early days of the web, there are aspects about it, which will expand access, grow the use cases, et cetera. And I think that elements are there.

我認為——所以我確實認為這對一些球員來說是一個機會。所以你是對的，就像網路早期一樣，它的某些方面可以擴大存取範圍、增加使用案例等等。我認為這些因素是存在的。

But I do think it's important. It's not just a technology play, but we have to solve the business models for remaining players involved. So I think that's going to be an important part of this evolution as well.

但我確實認為這很重要。這不僅僅是技術遊戲，我們還必須為剩餘的參與者解決商業模式。所以我認為這也將成為這演變的重要組成部分。

Thank you.

謝謝。

Justin Post, BAML.

賈斯汀·波斯特（Justin Post），美銀美林。

Great, thank you. A couple for Sundar. First, it looks like the subscription businesses are all tracking well. And certainly, Gemini 2.5 has got some much good reviews. How are you doing with Gemini subscriptions. I know it's a focus area for the company. And anything you can kind of do to accelerate the consumer subscriptions of Gemini within Google One.

太好了，謝謝。給 Sundar 的一對。首先，看起來訂閱業務進展順利。當然，Gemini 2.5 已經獲得了許多好評。您對 Gemini 訂閱的體驗如何？我知道這是公司的重點領域。您可以採取任何措施來加速 Google One 中 Gemini 的消費者訂閱。

And then secondly, just on the course change of CapEx, obviously, a bigger increase, which appears to be because of Cloud demand. But just your comments on Cloud ROI -- and I'm sorry, CapEx ROI. What gives you confidence that you're going to get good returns on that spend? Thank you.

其次，就資本支出的進程變化而言，顯然出現了更大的成長，這似乎是由於雲端需求所致。但只是您對雲端投資報酬率 (Cloud ROI) 的評論——抱歉，是資本支出投資報酬率 (CapEx ROI)。什麼讓您有信心從這些支出中獲得良好的回報？謝謝。

Great. On the first thing on subscriptions, we definitely -- Google One has been an attractive value proposition powered by Storage. But with now our AI plants, including Mode, Pro and Ultra and particularly with the 2.5 series of models, we have definitely seen accelerated tractions. So it was a very healthy quarter. And so we are definitely excited about the opportunities ahead.

偉大的。關於訂閱，首先，我們肯定——Google One 一直是一個由儲存支持的有吸引力的價值主張。但現在，隨著我們的 AI 工廠（包括 Mode、Pro 和 Ultra，尤其是 2.5 系列車型）的推出，我們確實看到了加速的牽引力。所以這是一個非常健康的季度。因此，我們對未來的機會感到非常興奮。

And you will find through this moment, I think we'll be able to drive growth in that area based on our AI offerings. And so it's definitely an area we are both excited by, and we are actually seeing traction, particularly in the last quarter ever since we introduced 2.5 Pro. So we are excited about the trajectory there.

你會發現，透過這一刻，我認為我們將能夠基於我們的人工智慧產品推動該領域的成長。因此，這絕對是我們都感到興奮的一個領域，而且我們實際上看到了發展勢頭，特別是自從我們推出 2.5 Pro 以來的上個季度。因此我們對那裡的發展軌跡感到興奮。

On the CapEx on the Cloud side, look, I think we are definitely investing because we are delivering a lot of value through our cloud offerings. And I think it's important to understand as we build more and more of an installed base with Google Cloud, we have very high customer satisfaction, our churn rates are very low, and we are much more efficient in the investments needed to grow those lines of businesses.

在雲端的資本支出方面，我認為我們肯定會進行投資，因為我們透過雲端產品提供了很大的價值。我認為，重要的是要明白，隨著我們利用 Google Cloud 建立越來越多的安裝基礎，我們的客戶滿意度非常高，客戶流失率非常低，而且我們在發展這些業務線所需的投資方面效率更高。

So you're seeing all of that play out in our margin trajectory, particularly if you look at it any sequentially over the past few years. And so all that gives us confidence as we are investing in this, we'll be able to have a healthy ROI on our investments.

因此，您可以看到所有這些都體現在我們的利潤軌跡中，特別是如果您連續觀察過去幾年的情況。因此，所有這些都讓我們對投資充滿信心，我們將能夠獲得豐厚的投資回報。

And particularly in this AI moment, there's definitely -- the value we are delivering to the customers is also growing pretty significantly on a forward-looking basis. And so I think all that will help us do well here.

特別是在這個人工智慧時代，我們為客戶提供的價值肯定也在前瞻性地顯著成長。所以我認為所有這些都將幫助我們在這裡取得好成績。

Thank you. And that concludes our question-and-answer session for today. I'd like to turn the conference back over to Jim Friedland for any further remarks.

謝謝。今天的問答環節到此結束。我想將會議交還給吉姆‧弗里德蘭 (Jim Friedland)，請他發表進一步的評論。

Thanks, everyone, for joining us today. We look forward to speaking with you again on our third quarter 2025 call. Thank you, and have a good evening.

感謝大家今天加入我們。我們期待在 2025 年第三季電話會議上再次與您交談。謝謝，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。