Alphabet Inc (GOOGL) 2025 Q3 法說會逐字稿

Welcome, everyone. Thank you for standing by for the Alphabet third quarter 2025 earnings conference call. (Operator Instructions)

歡迎各位。感謝您耐心等待參加 Alphabet 2025 年第三季財報電話會議。（操作說明）

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

現在我謹將會議交給今天的主講人，投資人關係主管吉姆‧弗里德蘭先生。

Thank you. Good afternoon, everyone, and welcome to Alphabet's third quarter 2025 earnings conference call. With us today are Sundar Pichai, Philipp Schindler, and Anat Ashkenazi.

謝謝。各位下午好，歡迎參加Alphabet 2025年第三季財報電話會議。今天和我們在一起的是桑達爾·皮查伊、菲利普·辛德勒和阿納特·阿什肯納齊。

Now, I'll quickly cover the Safe Harbor. Some of the statements that we make today regarding our business, operations, and financial performance may be considered forward-looking.

現在，我將快速介紹安全港條款。我們今天就我們的業務、營運和財務表現所做的一些陳述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. Actual results could differ materially. Please refer to our Forms 10-K and 10-Q, including the risk factors.

此類聲明基於當前的預期和假設，但存在許多風險和不確定性。實際結果可能與此有重大差異。請參閱我們的 10-K 表格和 10-Q 表格，其中包括風險因素。

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 throughout our investor relations website located at abc.xyz/investor.

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。今天的獲利新聞稿中包含了非GAAP指標與GAAP指標的調節表，該新聞稿已透過我們的投資者關係網站（網址為abc.xyz/investor）分發並向公眾開放。

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

除非另有說明，否則我們的評論將基於同比數據。

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

現在，我將把電話交給桑達爾。

Thank you, Jim. Good afternoon, everyone, and thanks for joining us. This was a terrific quarter for Alphabet, driven by double-digit growth across every major part of our business. We are seeing AI now driving real business results across the company.

謝謝你，吉姆。各位下午好，感謝各位的參與。對於 Alphabet 來說，這是一個非常棒的季度，這得益於我們業務各個主要部分都實現了兩位數的成長。我們現在看到人工智慧正在為公司帶來實際的業務成果。

We delivered our first ever $100 billion quarter. Five years ago, our quarterly revenue was at $50 billion. Our revenue number has doubled since then, and we are firmly in the generative AI era. In parallel, we've built for the long-term and diversified with successful businesses in cloud, YouTube and subscriptions. Our momentum is strong and we are shipping at speed. That's just a few examples.

我們實現了公司史上首個營收破千的季度。五年前，我們的季度營收為 500 億美元。自那時以來，我們的收入翻了一番，我們已經穩步邁入了生成式人工智慧時代。同時，我們著眼長遠，透過在雲端運算、YouTube 和訂閱服務等領域的成功業務實現了多元化發展。我們發展勢頭強勁，出貨速度也很快。以上僅舉幾例。

Our first-party models like Gemini now process 7 billion tokens per minute via direct API used by our customers. The Gemini app now has over 650 million monthly active users, and queries increased by 3x from Q2.

我們的第一方模型（例如 Gemini）現在透過客戶使用的直接 API 每分鐘處理 70 億個代幣。Gemini 應用程式目前擁有超過 6.5 億月活躍用戶，查詢量比第二季成長了 3 倍。

Cloud had another great quarter of accelerating growth, with AI revenue as a key driver. Cloud backlog grew 46% quarter over quarter to $155 billion. And we crossed 300 million paid subscriptions, led by growth in Google One and YouTube Premium.

雲端運算業務又迎來了一個高速成長的季度，其中人工智慧收入是關鍵驅動因素。雲端業務積壓訂單季增 46%，達到 1,550 億美元。我們付費訂閱用戶突破了 3 億，這主要得益於 Google One 和 YouTube Premium 的成長。

Today, I'll discuss progress in our full-stack approach to AI, and then share highlights from Search, Cloud, YouTube, and Waymo. As a reminder, our full-stack approach spans AI infrastructure, world-class research including models and tooling, and our products and platforms that bring AI to people everywhere.

今天，我將討論我們在人工智慧全端方法方面取得的進展，然後分享來自搜尋、雲端、YouTube 和 Waymo 的亮點。再次提醒大家，我們的全端式方法涵蓋人工智慧基礎設施、世界一流的研究（包括模型和工具），以及將人工智慧帶給世界各地人們的產品和平台。

First up, AI infrastructure. Our extensive and reliable infrastructure, which powers all of Google's products, is the foundation of our stack and a key differentiator. We are scaling the most advanced chips in our data centers, including GPUs from our partner NVIDIA, as well as our own purpose-built TPUs. And we are the only company providing a wide range of both.

首先是人工智慧基礎設施。我們廣泛而可靠的基礎設施為Google的所有產品提供支持，這是我們技術堆疊的基礎，也是我們的一項關鍵差異化優勢。我們正在資料中心擴展最先進的晶片，包括來自合作夥伴 NVIDIA 的 GPU，以及我們自己專門製造的 TPU。我們是唯一一家同時提供這兩種產品的公司。

As we announced yesterday at NVIDIA GTC, we are now shipping the new A4X Max instances powered by NVIDIA GB300 to our Cloud customers. Our highly sought-after TPU portfolio is led by our seventh-generation TPU, Ironwood, which will be generally available soon. We are investing in TPU capacity to meet the tremendous demand we are seeing from customers and partners, and we are excited that Anthropic recently shared plans to access up to 1 million TPUs.

正如我們昨天在 NVIDIA GTC 上宣布的那樣，我們現在開始向我們的雲端客戶交付由 NVIDIA GB300 提供支援的全新 A4X Max 實例。我們備受追捧的 TPU 產品組合以第七代 TPU 產品 Ironwood 為首，該產品即將全面上市。我們正在投資 TPU 產能，以滿足客戶和合作夥伴的巨大需求，我們很高興 Anthropic 最近分享了多達 100 萬個 TPU 的計畫。

Next, world-class AI research, including models and tooling. Our models are world-leading. Gemini 2.5 Pro, Veo, Genie 3, and our viral sensation Nano Banana are among the very best in class. Over 230 million videos have been generated with Veo 3, and more than 13 million developers have built with our generative models. We're looking forward to the release of Gemini 3 later this year.

接下來是世界一流的人工智慧研究，包括模型和工具。我們的模型處於世界領先地位。Gemini 2.5 Pro、Veo、Genie 3 以及我們爆紅的 Nano Banana 都是同類產品中的佼佼者。Veo 3 已產生超過 2.3 億個視頻，超過 1300 萬開發者使用我們的生成模型進行開發。我們期待今年稍後發布的 Gemini 3。

Our research leadership is advancing next-frontier technologies. Last week, we announced that our Willow quantum chip achieved a major breakthrough, running an algorithm 13,000 times faster than one of the world's best supercomputers, and the result is verifiable, paving the way to future practical applications.

我們的科學研究領導者正在推動下一代前沿技術的發展。上週，我們宣布我們的 Willow 量子晶片取得了重大突破，其演算法運行速度比世界上最好的超級電腦之一快 13,000 倍，而且結果可驗證，為未來的實際應用鋪平了道路。

Speaking of quantum, let me congratulate Michel Devoret, our Chief Scientist for Quantum Hardware. He received a Nobel in Physics for early research he did in the 1980s. Three Nobels awarded to current Googlers in two years, incredible.

說到量子技術，請容許我祝賀我們的量子硬體首席科學家 Michel Devoret。他因 1980 年代的早期研究獲得諾貝爾物理學獎。兩年內三位諾貝爾獎得主是Google的現任員工，太不可思議了。

And third, our products and platforms. We are bringing AI to more people and developers than anyone else. In July, we announced that we processed 980 trillion monthly tokens across all our surfaces. We are now processing over 1.3 quadrillion monthly tokens, more than 20x growth in a year. Phenomenal.

第三，我們的產品和平台。我們正在將人工智慧帶給比任何人都多的人和開發者。7 月，我們宣布我們所有平台上的月交易量達到了 980 兆代幣。我們現在每月處理超過 1.3 千萬億個代幣，一年內成長超過 20 倍。太棒了。

This quarter, we took big steps to reimagine Chrome as a browser powered by AI, through deep integrations with Gemini and AI Mode in Search, with more agentic capabilities coming soon.

本季度，我們透過與 Gemini 和搜尋中的 AI 模式的深度集成，邁出了將 Chrome 重新構想為一款由 AI 驅動的瀏覽器的重大步伐，更多智能功能即將推出。

In August, at Made by Google, we unveiled our Pixel 10 series of devices. They are the first with our most powerful chip, designed to run on Gemini, Tensor G5. They're our best-reviewed devices ever. And last week, we launched Android XR, a new operating system with Samsung's Galaxy XR device. It brings new ways to use headsets and glasses, with Gemini at the core.

8 月，在Google製造大會上，我們發布了 Pixel 10 系列設備。它們是首批搭載我們最強大的晶片的產品，該晶片專為 Gemini Tensor G5 設計。它們是我們迄今為止評價最高的設備。上週，我們發表了搭載全新作業系統 Android XR 的三星 Galaxy XR 裝置。它帶來了使用頭戴式設備和眼鏡的新方式，其核心是 Gemini。

Now turning to highlights from Search. AI is driving an expansionary moment for Search, as people learn what they can do with our new AI experiences, they're increasingly coming back to Search more. Search and its AI experiences are built to highlight the web, sending billions of clicks to sites every day.

接下來是搜尋結果的亮點。隨著人們了解了我們全新的人工智慧體驗能為他們帶來什麼，人工智慧正在推動搜尋業務的擴張，他們也越來越頻繁地回到搜尋功能中。搜尋及其人工智慧體驗旨在突出網絡，每天為網站帶來數十億次點擊。

During the Q2 call, we shared that overall queries and commercial queries continue to grow year over year. This growth rate increased in Q3, largely driven by our AI investments in Search, most notably AI Overviews and AI Mode.

在第二季電話會議上，我們分享了整體查詢量和商業查詢量持續年增率的情況。第三季成長率有所提高，這主要得益於我們在搜尋領域的 AI 投資，尤其是 AI 概覽和 AI 模式。

As we've shared before, AI Overviews drive meaningful query growth. This effect was even stronger in Q3, as users continued to learn that Google can answer more of their questions. And it's particularly encouraging to see the effect was more pronounced with younger people.

正如我們之前分享過的，AI概覽能夠大幅提升查詢量。第三季這種效應更加明顯，因為用戶不斷了解到Google可以回答他們更多的問題。尤其令人鼓舞的是，這種效果在年輕人身上更為明顯。

We're also seeing that AI Mode is resonating well with users. In the US, we have seen strong and consistent week-over-week growth in usage since launch, and queries doubled over the quarter.

我們也發現，AI模式也受到了用戶的好評。在美國，自推出以來，我們看到每週的使用量都實現了強勁且持續的成長，查詢量在一個季度內翻了一番。

Over the last quarter, we rolled out AI Mode globally across 40 languages in record time. It now has over 75 million daily active users, and we shipped over 100 improvements to the product in Q3, an incredibly fast pace. Most importantly, AI Mode is already driving incremental total query growth for Search. Philipp will talk more about monetization and share how AI is helping people connect with businesses and shop on Search.

上個季度，我們以創紀錄的速度在全球推出了支援 40 種語言的 AI 模式。目前該產品擁有超過 7,500 萬日活躍用戶，我們在第三季對產品進行了 100 多項改進，速度非常快。最重要的是，AI模式已經推動了搜尋總查詢量的成長。Philipp 將進一步探討獲利模式，並分享人工智慧如何幫助人們與商家建立聯繫以及在搜尋上購物。

Next, Google Cloud. Our complete enterprise AI product portfolio is accelerating growth in revenue, operating margins, and backlog. In Q3, customer demand strengthened in three ways.

接下來是Google雲端。我們完整的企業級人工智慧產品組合正在加速收入、營業利潤率和積壓訂單的成長。第三季度，客戶需求在三個方面得到加強。

One, we are signing new customers faster. The number of new GCP customers increased by nearly 34% year over year.

第一，我們簽約新客戶的速度更快了。GCP 新客戶數量較去年同期成長近 34%。

Two, we are signing larger deals. We have signed more deals over $1 billion through Q3 this year than we did in the previous two years combined.

第二，我們正在簽署更大的交易。今年第三季度，我們簽署的超過10億美元的交易數量超過了過去兩年的總和。

Third, we are deepening our relationships. Over 70% of existing Google Cloud customers use our AI products, including Banco BV, Best Buy, and FairPrice Group.

第三，我們正在加深彼此的關係。超過 70% 的現有 Google Cloud 客戶使用我們的 AI 產品，其中包括 Banco BV、百思買和 FairPrice Group。

Today, 13 product lines are each at an annual run rate over $1 billion. And we are improving operating margin with highly differentiated products built with our own technology. This deep product differentiation starts with our AI infrastructure. We have a decade of experience building AI accelerators and today offer the widest array of chips. This leadership is winning customers like HCA Healthcare, LG AI Research, and Macquarie Bank. And it's why 9 of the top 10 AI labs choose Google Cloud.

目前，13 條產品線的年銷售額均超過 10 億美元。我們利用自主技術打造高度差異化的產品，進而提高營業利益率。這種深層的產品差異化始於我們的人工智慧基礎設施。我們在建造人工智慧加速器方面擁有十年的經驗，如今提供種類最齊全的晶片。這種領導地位正在贏得 HCA Healthcare、LG AI Research 和麥格理銀行等客戶的青睞。這就是為什麼排名前十的人工智慧實驗室中有九家選擇谷歌雲端的原因。

We are also the only cloud provider offering our own leading generative AI models, including Gemini, Imagen, Veo, Chirp, and Lyria.

我們也是唯一一家提供自主研發的領先生成式人工智慧模型的雲端服務供應商，這些模型包括 Gemini、Imagen、Veo、Chirp 和 Lyria。

Adoption is rapidly accelerating. In Q3, revenue from products built on our generative AI models grew more than 200% year over year. Over the past 12 months, nearly 150 Google Cloud customers each processed approximately 1 trillion tokens with our models for a wide range of applications.

採用率正在迅速提高。第三季度，基於我們生成式人工智慧模型的產品的收入年增超過 200%。在過去的 12 個月裡，近 150 家 Google Cloud 客戶使用我們的模型處理了大約 1 兆個代幣，這些代幣應用於各種不同的應用程式。

For example, WPP is creating campaigns with up to 70% efficiency gains. Swarovski has increased email open rates by 17% and accelerated campaign localization by 10 times.

例如，WPP 正在打造效率提升高達 70% 的行銷活動。施華洛世奇將電子郵件開啟率提高了 17%，並將行銷活動在地化速度提高了 10 倍。

Earlier this month, we launched Gemini Enterprise, the new front door for AI in the workplace, and we are seeing strong adoption for agents built on this platform. Our packaged enterprise agents in Gemini Enterprise are optimized for a variety of domains, are highly differentiated, and offer significant out-of-box value to customers. We have already crossed 2 million subscribers across 700 companies.

本月初，我們推出了 Gemini Enterprise，這是工作場所人工智慧的新入口，我們看到基於該平台構建的代理程式得到了廣泛採用。我們在 Gemini Enterprise 中提供的打包企業代理程式針對各種領域進行了最佳化，具有高度差異化，並為客戶提供了顯著的開箱即用價值。我們已經擁有超過200萬訂閱用戶，涵蓋700家公司。

Next, YouTube. In the living room, YouTube has remained number one in streaming watch time in the US for more than two years, according to Nielsen. Last month marked YouTube's first time as a live NFL broadcaster. This exclusive global broadcast, live from Brazil, drew more than 19 million fans and set a new record for most concurrent viewers of a live stream on YouTube.

接下來是YouTube。根據尼爾森公司的數據顯示，在美國，YouTube 客廳串流觀看時間已連續兩年多位居榜首。上個月，YouTube首次成為NFL比賽的直播平台。這場來自巴西的獨家全球直播吸引了超過 1900 萬粉絲，並創下了 YouTube 直播同時觀看人數的新紀錄。

YouTube Shorts also continues to perform well. In the US, Shorts now earn more revenue per watch hour than traditional in-stream on YouTube. At our Made on YouTube event, we rolled out a number of AI-powered features that are helping creators supercharge creation and build their businesses.

YouTube Shorts 的表現也持續良好。在美國，YouTube Shorts 的每觀看小時收入現在比傳統的 YouTube 直播收入更高。在我們的「Made on YouTube」活動中，我們推出了一系列由人工智慧驅動的功能，這些功能正在幫助創作者提升創作效率並發展他們的業務。

AI is now streamlining the entire content creation workflow, from generative video tools and more efficient editing to AI-powered insights that help creators optimize their channels. We're also using AI to expand monetization, automatically identifying products to make their videos more shoppable. Philipp will discuss in more detail.

人工智慧正在簡化整個內容創作工作流程，從生成式影片工具和更有效率的編輯到人工智慧驅動的洞察，幫助創作者優化他們的頻道。我們也利用人工智慧來擴大獲利範圍，自動辨識產品，使影片更具購物性。Philipp 將會詳細討論這個問題。

And finally, Waymo. Next year, Waymo aims to open service in London, and they are working to bring service to Tokyo. They've also announced expansions to Dallas, Nashville, Denver, and Seattle, and secured permission to operate fully autonomously at San Jose and San Francisco airports. Autonomous testing continues to scale in New York City.

最後，還有 Waymo。Waymo計劃明年在倫敦開通服務，並且正在努力將服務帶到東京。他們還宣布將業務擴展到達拉斯、納許維爾、丹佛和西雅圖，並獲得了在聖荷西和舊金山機場完全自主運作的許可。紐約市的自動駕駛測試規模持續擴大。

The new Waymo for Business allows enterprises to offer Waymo as a work travel option. And we launched Waymo Teens accounts in Phoenix this summer. We are pleased to see usage steadily increase, with positive feedback from teens and their parents alike.

全新的 Waymo for Business 允許企業將 Waymo 作為員工出行選擇之一。今年夏天，我們在鳳凰城推出了 Waymo Teens 帳戶。我們很高興看到使用量穩定成長，青少年及其家長都給予了正面的回饋。

Waymo's growth and momentum are strong, and 2026 is shaping up to be an exciting year.

Waymo 的發展勢頭強勁，2026 年有望成為令人興奮的一年。

Overall, a milestone quarter. The incredible work of our teams is driving momentum across the Board, and our leadership in AI positions us so well for the opportunity ahead. I want to thank all of our partners and our employees for their hard work and an excellent Q3.

總體而言，這是一個具有里程碑意義的季度。我們團隊的出色工作正在推動各方面的發展，我們在人工智慧領域的領先地位使我們為未來的機會做好了充分準備。我要感謝我們所有的合作夥伴和員工的辛勤工作，感謝他們為我們帶來了出色的第三季業績。

With that, I'll turn it over to Philipp.

接下來，我將把麥克風交給菲利普。

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.

謝謝桑達爾，大家好。我將簡要介紹 Google 服務本季的業績，然後圍繞我們在搜尋、廣告、YouTube 和合作夥伴關係方面取得的巨大進展來展開我的其餘發言。

Google Services revenues were $87 billion for the quarter, up 14% year over year, driven by accelerated growth in Search and YouTube, partially offset by year-over-year decline in Network revenues.

本季Google服務營收為 870 億美元，年增 14%，主要得益於搜尋和 YouTube 的加速成長，但部分被網路營收年減所抵銷。

Adding some further color to our results, the 15% increase in Search and Other was led by growth across all major verticals, with the largest contributions from Retail and Financial Services. YouTube saw similar performance across verticals. Its 15% growth in advertising revenues was driven by Direct Response, followed by brand.

為了進一步說明我們的結果，搜尋和其他業務成長了 15%，這主要得益於所有主要垂直領域的成長，其中零售和金融服務的貢獻最大。YouTube在各個垂直領域都取得了類似的表現。其廣告收入成長 15%，主要得益於直接行銷，其次是品牌行銷。

Starting with Search and Other revenues, which delivered over $56 billion in revenue for the quarter. As Sundar mentioned, AI is driving an expansionary moment and transforming how people use Google Search. Our investments in new AI experiences, such as AI Overviews and AI Mode, continue to drive growth in overall queries, including Commercial Queries, creating more opportunities for monetization. These AI experiences are enhancing how people connect with businesses and shop on Search.

首先是搜尋和其他收入，該季度收入超過 560 億美元。正如桑達爾所提到的，人工智慧正在推動一個擴張的時刻，並改變人們使用谷歌搜尋的方式。我們對人工智慧新體驗（如人工智慧概覽和人工智慧模式）的投資，持續推動整體查詢量（包括商業查詢量）的成長，從而創造了更多獲利機會。這些人工智慧體驗正在增強人們與商家互動以及在搜尋上購物的方式。

We recently added Shopping capabilities in AI Mode, which now help people shop conversationally in Search, and we expanded Try-On capabilities to more clothing items, now available to anyone in the US.

我們最近在 AI 模式下添加了購物功能，現在可以幫助人們在搜尋中進行對話式購物，並且我們將試穿功能擴展到了更多服裝，現在美國境內的任何人都可以使用。

Lastly, we're making it easier for consumers to benefit from deals through new Loyalty offerings, like personalized annotations on organic results and ads.

最後，我們正在透過新的忠誠度計劃，例如在自然搜尋結果和廣告上添加個人化註釋，讓消費者更容易享受優惠。

Looking at monetization, businesses can now tap into our most powerful AI Search experiences. Using our most advanced AI models, we can understand and predict intent like never before, unlocking entirely new commercial pathways to provide valuable new consumer connections and helping us monetize even more efficiently.

從獲利模式來看，企業現在可以利用我們最強大的AI搜尋體驗。利用我們最先進的人工智慧模型，我們可以以前所未有的方式理解和預測意圖，從而開闢全新的商業途徑，提供有價值的新消費者聯繫，並幫助我們更有效地實現盈利。

Rolled out globally in September, AI Max in Search is already used by hundreds of thousands of advertisers, currently making it the fastest-growing AI-powered Search Ads product.

AI Max in Search 於 9 月在全球推出，目前已被數十萬廣告商使用，是成長速度最快的 AI 驅動搜尋廣告產品。

In Q3 alone, AI Max unlocked billions of net new queries by delivering the most relevant ad across surfaces and matching advertisers against additional queries they weren't reaching before, AI Max helps advertisers discover new customers at the exact moment they need their product or service.

僅在第三季度，AI Max 就透過跨平台投放最相關的廣告，並將廣告商與他們以前未曾觸及的搜尋查詢進行匹配，從而解鎖了數十億個新的淨搜尋查詢。 AI Max 協助廣告主在客戶需要產品或服務的確切時刻發現新客戶。

Kayak, for example, looked to grow conversions while staying within their ROAS goals. After turning on AI Max in Search, they grew conversion value by 12% in early tests.

例如，Kayak 希望在保持 ROAS 目標不變的情況下提高轉換率。在搜尋中啟用 AI Max 後，早期測試顯示轉換價值提高了 12%。

We continue to infuse generative AI capabilities at every step of the marketing process. We rolled out Imagen for Asset Studio and Product Studio, helping businesses produce more and better creatives.

我們將持續在行銷流程的每個環節融入生成式人工智慧技術。我們推出了適用於 Asset Studio 和 Product Studio 的 Imagen，幫助企業製作更多更好的創意作品。

On the measurement front, we enriched the model supporting Meridian, our Marketing Mix Model, with additional variables, and more granular reporting in PMax is making bidding more effective. Financial services company SoFi has been using PMax to meet its ambitious growth targets and helped drive a 39% improvement in its conversion volume year over year.

在衡量方面，我們透過添加更多變數來豐富支援 Meridian（我們的行銷組合模型）的模型，並在 PMax 中提供更精細的報告，使競價更加有效。金融服務公司 SoFi 一直使用 PMax 來實現其雄心勃勃的成長目標，並幫助其轉換率年增了 39%。

Moving to YouTube, where we saw accelerated revenue growth, our recommendation systems are driving robust watch time growth in our key monetization areas like Shorts and Living Room. As we leverage models, we're seeing further discovery improvement. On Direct Response, we're excited about the growth in revenue we're seeing, especially from small and medium advertisers adopting Demand Gen.

遷移到 YouTube 後，我們看到了營收的加速成長，我們的推薦系統正在推動 Shorts 和 Living Room 等主要獲利領域的觀看時間實現強勁成長。隨著我們對模型的運用，我們發現的成果也進一步提升。在直接回應方面，我們對目前的收入成長感到興奮，尤其是來自採用需求產生的中小型廣告商的收入成長。

We also improved performance on Demand Gen, with over 100 launches helping to increase conversion value by more than 40% for advertisers using Target-based Bidding on YouTube. The Retail vertical continues to lead our growth on YouTube, with Demand Gen helping us further monetize shopping-related categories.

我們也提高了需求產生的表現，超過 100 次的推廣活動幫助使用 YouTube 定向競價的廣告主將轉換價值提高了 40% 以上。零售垂直領域持續引領我們在 YouTube 上的成長，需求產生功能幫助我們進一步實現購物相關類別的獲利。

Looking at the Living Room, a long-term bet, more advertisers are adopting Interactive Direct Response Ads, leading to an annual revenue run rate exceeding $1 billion globally for this format.

從長遠來看，客廳廣告市場是一個值得關注的領域，越來越多的廣告商開始採用互動式直接回應廣告，使得這種廣告形式的全球年收入超過 10 億美元。

For our viewers, we continue to give access across Sports, while tapping into the best of YouTube's product innovation and Creator-led content. Sundar mentioned that we expanded our NFL partnership with our first-ever exclusive global broadcast of an NFL game opportunity and we sold all our ad inventory within a couple of weeks.

我們將繼續為觀眾提供體育賽事內容，同時充分利用 YouTube 的產品創新和創作者主導的內容。Sundar提到，我們擴大了與NFL的合作關係，首次獲得了NFL比賽的全球獨家轉播機會，並在幾週內售罄了所有廣告位。

Looking at Creators, a significant force behind the thriving YouTube Creator Economy, is creators and brands. Tools like Direct Linking to deals, websites in Shorts, and Shoppable Brand Segments in long-form will soon help creators show how they deliver great value for brands.

關注創作者，就會發現創作者和品牌是蓬勃發展的 YouTube 創作者經濟背後的重要力量。諸如直接連結到優惠資訊、短影片中的網站連結以及長影片中的可購物品牌板塊等工具，很快就會幫助創作者展示他們如何為品牌創造巨大價值。

Thanks to a collaboration with [Doorfect], Comcast Xfinity drove an 8% Search lift, beating other Xfinity ads' Recall Lift on Shorts by 34%. At the same time, it decreased the cost per lifted user by 50% when compared to the next most efficient ad.

透過與 [Doorfect] 的合作，Comcast Xfinity 的搜尋量提升了 8%，比其他 Xfinity 廣告在 Shorts 上的回憶提升幅度高出 34%。同時，與效率第二高的廣告相比，它使每個提升用戶的成本降低了 50%。

We continue to invest in AI-powered features that are helping creators supercharge creation and build their businesses. With Veo 3 integration and speech-to-song, creators go from idea to iteration quicker, and new Channel Insights help them better understand performance.

我們持續投資於人工智慧驅動的功能，以幫助創作者提升創作效率並發展業務。透過 Veo 3 整合和語音轉歌曲功能，創作者可以更快地從想法到迭代，而新的頻道洞察功能可以幫助他們更好地了解效果。

Ending on YouTube with our subscriptions products, we're also seeing momentum with strong growth in offerings such as YouTube Music, YouTube Premium, and YouTube TV.

最後說說 YouTube 的訂閱產品，我們也看到 YouTube Music、YouTube Premium 和 YouTube TV 等產品也呈現強勁成長動能。

We're also applying Gemini internally to help us serve customers with increased speed, intelligence, and efficiency. Our Sales Teams use Gemini Enriched with Ads Knowledge to streamline customer interactions. This increased productivity by over 10%, led to hundreds of millions in incremental revenue, and frees up sellers to engage with more customers at a deeper, more strategic level.

我們也在內部應用 Gemini 來幫助我們以更快的速度、更高的智慧性和更有效率的效率為客戶提供服務。我們的銷售團隊使用 Gemini Enriched with Ads Knowledge 來簡化客戶互動。這使生產力提高了 10% 以上，帶來了數億美元的增量收入，並使銷售人員能夠以更深入、更具策略性的層面與更多客戶互動。

In our Customer Support Division, Gemini-powered solutions have managed over 40 million customer sessions so far this year and resolved hundreds of thousands of customer inquiries and we're just getting started.

今年到目前為止，我們的客戶支援部門已經透過 Gemini 提供的解決方案處理了超過 4000 萬次客戶會話，解決了數十萬個客戶諮詢，而這只是個開始。

And as always, I'll wrap with the progress we're seeing across Partnerships, where our customers tap into the strength and breadth of Google's products to accelerate their transformation.

最後，我將一如既往地介紹我們在合作關係方面取得的進展，我們的客戶正在利用 Google 產品的強大功能和廣泛覆蓋範圍來加速他們的轉型。

Revolut, the global financial services company, leverages Google Cloud's Vertex AI platform and Gemini models to help power its advanced customer service chatbot, develop new hyper-personalized financial products, and offer predictive insights.

全球金融服務公司 Revolut 利用 Google Cloud 的 Vertex AI 平台和 Gemini 模型來支援其先進的客戶服務聊天機器人，開發新的高度個人化的金融產品，並提供預測性見解。

Revolut is also increasing its presence on YouTube adopting Veo 3 for personalized creatives, making Google a key ads partner for delivering growth and launching new markets.

Revolut 也正在加大在 YouTube 上的投入，採用 Veo 3 實現個人化創意，使 Google 成為其實現成長和開拓新市場的關鍵廣告合作夥伴。

In closing, I'd like to thank Google everywhere for their contributions to our success. And as always, to our customers and partners for their continued trust. And of course, a huge thanks to all of you as we celebrate 25 years of Google Ads.

最後，我要感謝谷歌在全球範圍內為我們的成功所做的貢獻。一如既往，感謝我們的客戶和合作夥伴一直以來的信任。當然，值此 Google Ads 成立 25 週年之際，我們也要衷心感謝大家。

Anat, over to you.

阿納特，該你了。

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

謝謝你，菲利普。除非另有說明，我的評論將主要集中在第三季的年比比較。我將先介紹Alphabet層面的結果，然後再介紹我們各個業務板塊的結果。最後，我將對2025年第四季的展望做一些評論。

We had an outstanding quarter in Q3, continuing the strong momentum we've had throughout the year, delivering double-digit revenue growth across Search and YouTube advertising, Subscriptions, Platforms and Devices, and Google Cloud.

我們在第三季度取得了卓越的成績，延續了全年強勁的成長勢頭，在搜尋和 YouTube 廣告、訂閱、平台和設備以及 Google Cloud 等業務領域實現了兩位數的收入成長。

Consolidated revenue reached $102.3 billion, a 16% year-over-year increase, or 15% in constant currency. Total cost of revenue was $41.4 billion, up 13%. Tech was $14.9 billion, up 8%. Other cost of revenues was $26.5 billion, up 16%, with the increase primarily driven by content acquisition costs, largely for YouTube, followed by depreciation and other technical infrastructure operations costs.

合併收入達 1,023 億美元，年增 16%，以固定匯率計算成長 15%。營業總成本為 414 億美元，成長 13%。科技股成交額為149億美元，成長8%。其他收入成本為 265 億美元，成長 16%，成長主要由內容獲取成本（主要是 YouTube 的內容獲取成本）推動，其次是折舊和其他技術基礎設施營運成本。

Total operating expenses increased 28% to $29.7 billion. R&D expenses increased by 22%, driven by compensation and depreciation expenses related to our AI efforts. Sales and marketing expenses were flat, and G&A expenses increased meaningfully, primarily due to the $3.5 billion charge related to the European Commission fine mentioned in the earnings press release.

總營運支出成長28%，達到297億美元。研發支出增加了 22%，主要原因是與人工智慧相關的薪酬和折舊費用。銷售和行銷費用持平，而一般及行政費用大幅增加，這主要是由於盈利新聞稿中提到的與歐盟委員會罰款相關的 35 億美元支出。

Operating income increased 9% this quarter to $31.2 billion, and operating margin was 30.5%. Excluding the EC fine, operating income increased 22%, and operating margin was 33.9%. Operating margin benefited from strong revenue growth and continued efficiencies in our expense base, offset by the legal charge and a significant increase in depreciation expense.

本季營業收入成長9%至312億美元，營業利益率為30.5%。不計歐盟罰款，營業收入成長22%，營業利益率為33.9%。營業利潤率受益於強勁的收入成長和費用基礎的持續提高，但被法律費用和折舊費用的大幅增加所抵消。

Other income and expenses was $12.8 billion, primarily due to unrealized gains in our non-marketable equity securities portfolio. Net income increased 33% to $35 billion, and earnings per share increased 35% to $2.87.

其他收入和支出為 128 億美元，主要原因是我們的非上市股權證券投資組合中未實現的收益。淨利潤成長 33% 至 350 億美元，每股收益成長 35% 至 2.87 美元。

We generated free cash flow of $24.5 billion in the third quarter and $73.6 billion for the trailing 12 months. Free cash flow in Q3 benefited from strong operating cash flow and recent tax changes regarding the timing of when research and development costs are expensed and assets are depreciated. This was partially offset by higher CapEx. We ended the quarter with $98.5 billion in cash and marketable securities.

第三季我們創造了 245 億美元的自由現金流，過去 12 個月創造了 736 億美元的自由現金流。第三季的自由現金流受益於強勁的營運現金流以及近期有關研發成本費用化和資產折舊時間的稅收變化。資本支出增加部分抵銷了這一影響。本季末，我們持有現金及有價證券985億美元。

Turning to segment results, Google Services revenues increased 14% to $87.1 billion, reflecting strength in Google Search, YouTube advertising, and Subscriptions. Google Search and Other advertising revenues increased by 15% to $56.6 billion, representing another robust quarter with continued growth across all major verticals, with the largest contributions from Retail and Financial Services.

從各業務部門的業績來看，Google服務收入成長了 14%，達到 871 億美元，這主要得益於Google搜尋、YouTube 廣告和訂閱業務的強勁表現。Google 搜尋和其他廣告收入成長 15% 至 566 億美元，再次展現強勁成長勢頭，所有主要垂直領域均持續成長，其中零售和金融服務貢獻最大。

YouTube advertising revenues increased 15% to $10.3 billion, driven by Direct Response advertising, followed by Brand. Network advertising revenues of $7.4 billion were down 3%. Subscriptions, Platforms, and Devices revenues increased 21% this quarter to $12.9 billion, driven by very strong growth in both YouTube and Google One subscriptions.

YouTube 廣告收入成長 15% 至 103 億美元，主要得益於直接回應廣告，其次是品牌廣告。網路廣告收入為 74 億美元，下降了 3%。訂閱、平台和裝置營收本季成長 21% 至 129 億美元，主要得益於 YouTube 和 Google One 訂閱的強勁成長。

Google Services operating income increased 9% to $33.5 billion. Operating margin declined year over year to 38.5%, as healthy revenue growth and continued efficiencies in our expense base were offset by the impact of the EC fine, which was fully reflected in the Google Services segment.

谷歌服務業務營業收入成長9%，達到335億美元。營業利潤率年減至 38.5%，原因是健康的營收成長和費用基礎的持續效率提升被歐盟罰款的影響所抵消，而該罰款已完全反映在 Google 服務部門中。

Turning to the Google Cloud segment, which again delivered very strong results this quarter, as Cloud continued to benefit from our Enterprise AI-optimized stack, including our own custom TPUs and our industry-leading AI models.

再來看Google雲端業務，該業務在本季度再次取得了非常強勁的業績，因為雲端業務繼續受益於我們針對企業 AI 優化的技術棧，包括我們自己的客製化 TPU 和我們行業領先的 AI 模型。

Cloud revenue increased by 34% to $15.2 billion in the third quarter, driven by strong performance in GCP (technical difficulty) than Cloud's overall revenue growth rate.

第三季雲端營收成長 34% 至 152 億美元，這主要得益於 GCP（技術難度）的強勁表現，其成長速度高於雲端業務的整體營收成長率。

GCP's growth was driven by Enterprise AI products, which are generating billions in quarterly revenue. We had strong growth in Enterprise AI infrastructure and Enterprise AI solutions, which benefited from demand for our industry-leading models, including Gemini 2.5. Core GCP was also a meaningful contributor to growth.

GCP 的成長主要得益於企業級 AI 產品，這些產品每季都能創造數十億美元的收入。我們在企業人工智慧基礎設施和企業人工智慧解決方案方面實現了強勁成長，這得益於市場對我們行業領先模型（包括 Gemini 2.5）的需求。核心 GCP 也為成長做出了重要貢獻。

And we had double-digit growth in Workspace, which was driven by an increase in average revenues per seat and the number of seats.

Workspace 業務實現了兩位數的成長，這主要得益於每個席位的平均收入和席位數的增加。

Cloud operating income increased by 85% to $3.6 billion, and operating margin increased from 17.1% in the third quarter last year (technical difficulty). 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 depreciation expense and other operations costs such as energy.

雲端業務營運收入成長85%至36億美元，營運利潤率較去年第三季的17.1%有所提高。（技術難題）雲端業務營運利潤率的提升得益於強勁的收入表現和費用基礎的持續提高，但部分被更高的技術基礎設施使用成本所抵消，其中包括折舊費用和其他營運成本，如能源成本。

Google Cloud's backlog increased 46% sequentially and 82% year over year, reaching $155 billion at the end of the third quarter. The increase was driven primarily by strong demand for Enterprise AI.

谷歌雲端的積壓訂單季增 46%，年增 82%，第三季末達到 1,550 億美元。這一成長主要受企業人工智慧強勁需求的推動。

As Sundar mentioned earlier, Cloud has signed more billion-dollar deals in the first nine months of 2025 than in the past two years combined.

正如桑達爾之前提到的，雲端服務在 2025 年前九個月簽署的十億美元交易比過去兩年加起來還要多。

In Other Bets, revenues were $344 million, and operating loss was $1.4 billion in the third quarter. Within Other Bets, we continue to allocate more resources to businesses like Waymo, where we see opportunities to create substantial value.

其他業務第三季營收為 3.44 億美元，營業虧損為 14 億美元。在其他投資領域，我們繼續向像 Waymo 這樣的企業投入更多資源，因為我們看到了在這些企業中創造巨大價值的機會。

With respect to CapEx, in the third quarter, our CapEx was $24 billion. The vast majority of our CapEx was invested in technical infrastructure, with approximately 60% of that investment in servers and 40% in data centers and networking equipment.

關於資本支出，第三季我們的資本支出為 240 億美元。我們絕大部分資本支出都投資於技術基礎設施，其中約 60% 的投資用於伺服器，40% 用於資料中心和網路設備。

In Q3, we returned capital to shareholders through repurchases of stock of $11.5 billion and dividend payments of $2.5 billion.

第三季度，我們透過回購股票115億美元和支付股利25億美元向股東返還了資本。

Turning to our outlook, I would like to provide some commentary on factors that will impact our business performance in the fourth quarter of 2025, as well as an updated outlook for CapEx for the year.

展望未來，我想就影響我們2025年第四季業務表現的因素以及該年度資本支出的最新展望做一些評論。

First, in terms of revenues, we're pleased with the overall momentum of our business. At the current spot rates, we could see an FX tailwind to our revenues in Q4. However, the volatility in exchange rates could affect the impact of FX on Q4 revenues.

首先，就收入而言，我們對公司的整體發展動能感到滿意。以目前的即期匯率來看，我們第四季的營收可能會受到外匯市場的利多影響。然而，匯率波動可能會影響外匯對第四季營收的影響。

As far as segments, in Google Services, year-over-year comparisons in advertising will be negatively impacted by the strong spend on US elections in the fourth quarter of 2024, particularly on YouTube.

就細分市場而言，Google服務部門的廣告年比數據將受到 2024 年第四季美國大選期間的巨額支出（尤其是在 YouTube 上的支出）的負面影響。

In Cloud, demand for our products remains high, as evidenced by the accelerating revenue growth and the $49 billion sequential increase in Cloud backlog in Q3. In GCP, we see strong demand for Enterprise AI infrastructure, including TPUs and GPUs, Enterprise AI solutions driven by demand for Gemini 2.5 and our other AI models, and Core GCP infrastructure and other services such as cybersecurity and data analytics.

在雲端領域，對我們產品的需求依然旺盛，這從第三季營收加速成長和雲端積壓訂單季增 490 億美元即可看出。在 GCP 中，我們看到對企業級 AI 基礎設施（包括 TPU 和 GPU）、受 Gemini 2.5 和其他 AI 模型需求驅動的企業級 AI 解決方案以及核心 GCP 基礎設施和其他服務（如網路安全和資料分析）的強勁需求。

As I've mentioned on previous earnings calls, while we have been working hard to increase capacity and have improved the pace of server deployments and data center construction, we still expect to remain in a tight demand-supply environment in Q4 and 2026.

正如我在之前的財報電話會議上提到的那樣，雖然我們一直在努力提高產能，並加快伺服器部署和資料中心建設的速度，但我們仍然預計在第四季和 2026 年仍將面臨供需緊張的環境。

Moving to investments. We're continuing to invest aggressively due to the demand we're experiencing from Cloud customers, as well as the growth opportunities we see across the company. We now expect CapEx to be in the range of $91 billion to $93 billion in 2025, up from our previous estimate of $85 billion. Keep in mind that the timing of cash payments can cause variability in the reported CapEx number. Looking out to 2026, we expect a significant increase in CapEx, and we will provide more detail on our fourth quarter earnings call.

接下來談談投資。由於雲端客戶的需求以及我們在公司內部看到的成長機會，我們將繼續大力投資。我們現在預計 2025 年資本支出將在 910 億美元至 930 億美元之間，高於我們先前估計的 850 億美元。請注意，現金支付的時間可能會導致報告的資本支出數字波動。展望 2026 年，我們預計資本支出將大幅成長，我們將在第四季財報電話會議上提供更多細節。

In terms of expenses, first, as I've mentioned on previous earnings calls, the significant increase in our investments in technical infrastructure will continue to put pressure on the P&L in the form of higher depreciation expenses and related data center operations costs, such as energy.

就支出而言，首先，正如我在先前的財報電話會議上提到的，我們對技術基礎設施投資的大幅增加將繼續給損益表帶來壓力，表現為更高的折舊費用和相關的資料中心營運成本，例如能源成本。

In the third quarter, depreciation increased $1.6 billion year over year to $5.6 billion, reflecting a growth rate of 41%. Given the overall increase in CapEx investments, we expect the growth rate in depreciation to accelerate slightly in Q4. Second, we expect Sales and Marketing expenses to be more heavily weighted to the end of the year, in part to support product launches and the holiday season.

第三季折舊額年增 16 億美元，達到 56 億美元，成長率為 41%。鑑於資本支出投資的總體增加，我們預計第四季度折舊成長率將略有加快。其次，我們預計銷售和行銷費用將更集中在年底，部分原因是支持產品發布和假期季節。

Q3 was a strong quarter, and we're excited with the adoption of our AI products, helped by a rapid pace of innovation and great execution by our teams. This translated into strong momentum in Search, YouTube Ads, Subscription Platforms and Devices, and Cloud, resulting in our first $100 billion-plus quarter.

第三季業績強勁，我們對人工智慧產品的普及感到興奮，這得益於我們團隊快速的創新步伐和出色的執行力。這轉化為搜尋、YouTube 廣告、訂閱平台和設備以及雲端業務的強勁成長勢頭，使我們首次實現了超過 1000 億美元的季度營收。

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

現在，桑達爾、菲利普和我將回答你們的問題。

(Operator Instructions) Brian Nowak, Morgan Stanley.

（操作說明）布萊恩·諾瓦克，摩根士丹利。

The first one, maybe for Philipp or Sundar's on agentic e-commerce and agentic travel. There's a lot of external Wall Street discussion about agentic e-commerce potentially monetizing at a lower rate than Search. So the question is, what factors are you most focused on to ensure a smooth transition for your search business and for your advertisers as you move over to a more agentic world?

第一個問題，或許是給 Philipp 或 Sundar 的，關於代理式電子商務和代理式旅行的問題。華爾街外部有很多關於代理型電子商務可能以低於搜尋的速度獲利的討論。所以問題是，在向更依賴代理商的世界過渡的過程中，您最關注哪些因素來確保您的搜尋業務和廣告商的平穩過渡？

And the second one, Sundar, is on Waymo. How far are we from an integration of Waymo into more of the core Gemini capabilities and the users on the platform taking your user data of where I'm going, what hotel I'm staying at, what airport I'm staying at and have integrated that into Waymo. If you can actually have users use their profiles to pre-schedule Waymo. How far off is that? What do we have to do?

第二個角色 Sundar 則由 Waymo 提供。我們距離將 Waymo 整合到 Gemini 的更多核心功能中，以及平台上的用戶將我的用戶資料（例如我要去哪裡、我住的飯店、我入住的機場）整合到 Waymo 中還有多遠？如果真的能讓使用者使用他們的個人資料來預先安排 Waymo 的行程。那還有多遠？我們該怎麼辦？

Brian, great question. This is all early, but we see agentic experiences really as additive to the way people information. It helps us answer people's tough questions. It helps us -- it helps people get stuff done, and it helps businesses in the process. And we're working on multiple agentic experiences across key verticals such as travel, commerce shopping, and so on.

布萊恩，問得好。這一切都還處於早期階段，但我們認為能動性體驗確實可以增強人們獲取資訊的方式。它能幫助我們解答人們提出的棘手問題。它對我們有幫助——它幫助人們完成工作，在這個過程中也幫助了企業。我們正在開發多個關鍵垂直領域的代理商體驗，例如旅遊、電商購物等等。

And we're paying a lot of attention to creating a seamless user experience but also to the fact that we need to integrate different partner ecosystems in a way that it creates value for them. And by the way, we're also working closely with a lot of our partners on the other side, through our Cloud services to improve their own agentic experiences. And so maybe we go a little deeper on the shopping side where we actually use AI already very actively to improve the shopping experience.

我們非常注重打造無縫的使用者體驗，同時也非常注重整合不同的合作夥伴生態系統，進而為他們創造價值。順便一提，我們也透過我們的雲端服務與許多合作夥伴密切合作，以改善他們自身的代理體驗。因此，我們或許可以更深入地探討購物方面，我們實際上已經在積極地使用人工智慧來改善購物體驗。

As you know, we launched a more experience on AI mode that gives people a much more intuitive conversational way to shop. You can simply describe what you're looking for now like the way you talk to a friend, and we'll show you the visual shopping results.

如您所知，我們推出了更具體驗感的AI模式，為人們提供了更直觀的對話式購物方式。您現在只需像跟朋友聊天一樣描述您想要的東西，我們就會向您展示可視化的購物結果。

And then we think about building an agentic shopping future and it has to be one again, that benefits both users and merchants here. And you know that AI we also introduced new agentic checkout, which will let shoppers use like agentic AI to buy products from merchant sites and so on. We have a partnership with PayPal to help merchants build agentic commerce experiences. We have a new open protocol for agent to agent transactions and so on and so on.

然後我們思考如何建立一個智慧化的購物未來，而這個未來必須再次讓使用者和商家都受益。而且您也知道，我們也推出了新的智慧結帳功能，讓購物者可以使用類似智慧體的 AI 從商家網站購買產品等等。我們與 PayPal 建立了合作關係，幫助商家打造智慧商務體驗。我們有一個用於代理之間交易等的全新開放協議。

And Brian, on Waymo, a great question. I was reflecting, I think, on the exact same topic. I'm scheduled to meet with the team to do a review on it in a few weeks out. Look, it is an exciting time. Waymo clearly scaling up, particularly in 2026. And I think the possibility, as you said, of Gemini, particularly with the multimodal experience as well as services like YouTube, I think there's a real opportunity to make the in-car experience dramatically better. Definitely something we are excited about, and you'll see newer experiences in 2026 for sure.

Brian，關於 Waymo，你問了個好問題。我想，我當時思考的正是同樣的問題。我計劃在幾週後與團隊開會，對此事進行審查。你看，這是一個令人興奮的時代。Waymo 顯然正在擴大規模，尤其是在 2026 年。正如你所說，我認為 Gemini 的可能性，特別是結合多模態體驗以及 YouTube 等服務，確實有機會大幅改善車內體驗。這絕對是我們非常期待的事情，而且在2026年你一定會看到更新的體驗。

Doug Anmuth, JPMorgan.

道格·安穆斯，摩根大通。

Philipp, maybe you can just talk more about some of the drivers of the core search strength. And I guess, in particular, when you think about AI overviews and AI mode, we know that query growth is accelerating, but can you help us understand from there kind of what happens in terms of clicks per query and conversion rates and pricing in these AI-driven search formats?

Philipp，或許你可以再詳細談談核心搜尋優勢的一些驅動因素。我想，特別是當我們考慮人工智慧概述和人工智慧模式時，我們知道查詢成長正在加速，但您能否幫助我們了解在這些人工智慧驅動的搜尋格式中，每次查詢的點擊量、轉換率和定價方面會發生什麼變化？

And then Anat, can you talk about where you see opportunities in the core cost base as you look to make room to absorb the rapid growth in infrastructure and depreciation going forward?

那麼，Anat，您能否談談您認為在核心成本基礎方面有哪些機會，以便為未來基礎設施和折舊的快速成長騰出空間？

So let me give you a bit of vertical color first. In Q3, Search and Other revenues again delivered growth across all major verticals, as we said, was from Retail and Financial services. Health care was also a contributor to the growth here.

那麼，首先讓我來介紹一下垂直方向的色彩。第三季度，搜尋和其他收入在所有主要垂直領域再次成長，正如我們所說，成長主要來自零售和金融服務。醫療保健也是推動該地區經濟成長的因素之一。

Our new AI experiences, you mentioned the overview AI mode, continued to drive growth in overall queries, including commercial queries, really creating more opportunities for monetization, AI overviews of scaling up and working for our entire user base. We're now scaled to over 2 billion users here, and we're continuing to expand ads in overviews in English to more countries, across desktop, mobile and so on.

您提到的全新 AI 體驗，即概覽 AI 模式，持續推動整體查詢量的成長，包括商業查詢量，真正創造了更多獲利機會，AI 概覽正在擴展並服務於我們的整個用戶群。我們目前的用戶規模已超過 20 億，我們正在繼續將英文概覽廣告擴展到更多國家，覆蓋桌面、行動裝置等平台。

And as I've shared before, for AI overviews, even at our current baseline of ads, below end within the AI's response, overall, we see the monetization at approximately the same rate. So over time, we're excited about the opportunity of richer experiences in AI mode and AI overviews to basically open up and the opportunity for also a much richer placements.

正如我之前分享過的，對於人工智慧概覽，即使在我們目前的廣告基準線下，低於人工智慧回應的終點，總體而言，我們看到的貨幣化速度也大致相同。因此，隨著時間的推移，我們對人工智慧模式和人工智慧概覽中更豐富的體驗以及更豐富的佈局機會感到興奮。

And I think as I've said on our prior call, we managed the business to drive great outcomes for our users and an attractive ROI for advertisers. We don't really manage to paid clicks and CPC targets. But as you will see in the 10-Q, paid clicks were up 7% year-on-year and CPCs were up 7% year-on-year.

正如我在先前的電話會議中所說，我們成功地管理了業務，為用戶帶來了良好的成果，並為廣告商帶來了可觀的投資報酬率。我們實際上並沒有達到付費點擊和每次點擊費用目標。但正如您將在 10-Q 報告中看到的那樣，付費點擊量同比增長 7%，每次點擊費用同比增長 7%。

Doug, into your question around where else can we see more opportunity for efficiency and productivity. And I think you heard me say before, this is not a onetime type of effort, but rather an ongoing way in which we manage the business, and the key here is that the more we drive productivity across our business, the more we can invest in the business for growth and obviously continue to drive improvement in the P&L.

道格，關於你提出的「我們還能在哪些方面看到更多提高效率和生產力的機會」這個問題。我想你們之前也聽我說過，這不是一次性的努力，而是我們持續經營業務的方式。關鍵在於，我們越是提高整個業務的生產力，就越能投資於業務成長，並且顯然會繼續推動損益表的改善。

Some of the areas are things that you've heard us talk about in the past, such as moderating the pace of head count growth, optimizing real estate footprint, but also as we invest more and more in our technical infrastructure, ensuring that we are optimizing that build-out and the overall technical infrastructure we have that a lot of the data centers, for example, that we build ourselves, so they're optimized and we make sure we do them in the most efficient way.

有些領域你們以前也聽我們談過，例如控制員工人數增長速度、優化房地產佈局，但隨著我們對技術基礎設施的投資越來越多，我們也在確保優化建設和整體技術基礎設施，例如我們自己建造的許多數據中心，確保它們得到優化，並且我們以最有效的方式進行建設。

Sundar mentioned on one of the previous calls, the productivity associated with leveraging AI for Google. So this -- the example, the percent of code, now nearly half of all code generated by AI, that's a way for us to leverage AI to drive further productivity across the business.

Sundar 在先前的電話會議中提到，利用人工智慧為Google帶來的生產力提升。所以，舉個例子，現在近一半的程式碼都是由人工智慧產生的，這是我們利用人工智慧來進一步提高整個業務生產力的一種方式。

And obviously, we always look at making sure that when we provide services or products that we get the right economics and the right value for what we provide. So the one good example is Shorts, which has a lower revenue share than in stream that helps to improve some of our gross margins.

顯然，我們始終會確保在提供服務或產品時，能夠獲得合理的經濟效益和應有的價值。因此，Shorts 就是一個很好的例子，它的收入份額低於 instream，這有助於提高我們的一些毛利率。

So this is an effort. We have ongoing -- I've mentioned in the past that we have headwind with depreciation, obviously, increasing alongside our CapEx increase. So we're -- we have efforts across the organization to ensure we run the business in the most disciplined and productive way while continuing to invest for future growth.

所以這是一項努力。我們目前面臨著持續的阻力——我之前提到過，折舊顯然會隨著資本支出的增加而增加，這給我們帶來了不利影響。因此，我們—我們在整個組織內開展工作，以確保我們以最嚴謹、最高效的方式經營業務，同時繼續投資以促進未來的成長。

Eric Sheridan, Goldman Sachs.

艾瑞克‧謝裡丹，高盛集團。

Maybe two, if I could. Sundar, when you think about your custom silicon efforts across the organization, can you reflect a little bit about the opportunity set you see with each passing generation silicon both in terms of driving operating efficiencies inside the organization and potentially increased monetization efforts around those outside of the organization.

如果可以的話，也許兩個。Sundar，當你思考整個組織內的客製化晶片工作時，你能否反思一下，隨著每一代晶片的更迭，你看到了哪些機會，包括提高組織內部的運營效率，以及在組織外部可能增加的盈利機會。

Second question would be for Philipp. Obviously, we could see the YouTube advertising revenue number in the reported results. Can you reflect little bit about the scaling of the Subscription side of YouTube offerings and how the two parts together maybe represent an interesting framework in thinking about the monetization side of YouTube, increasingly being a mix of both ads and Subscription.

第二個問題要問菲利普。顯然，我們可以在公佈的業績報告中看到 YouTube 的廣告收入數據。您能否稍微談談 YouTube 訂閱服務的規模化發展，以及這兩個部分如何結合起來，為思考 YouTube 的盈利模式提供一個有趣的框架，使其越來越成為廣告和訂閱的混合模式？

Eric, overall, I would say, we are seeing substantial demand for our AI infrastructure products, including TPU-based and GP-based solutions. It is one of the key drivers of our growth over the past year. And I think on a going-forward basis, I think we continue to see very strong demand, and we are investing to meet that.

Eric，總的來說，我認為我們看到市場對我們的人工智慧基礎設施產品（包括基於 TPU 和基於 GP 的解決方案）有相當大的需求。這是過去一年我們成長的關鍵驅動因素之一。展望未來，我認為我們將繼續看到非常強勁的需求，我們也正在投資以滿足這種需求。

I do think a big part of what differentiates Google Cloud effectively are -- we have taken a full deep food stack approach to AI. So we are -- and that really plays out, right? We are the only hyperscaler who is really building offerings on our own models and we are also highly differentiated on our own technology.

我認為谷歌雲端真正與眾不同的地方在於——我們採用了完整的深度堆疊式人工智慧方法。所以，我們確實是——而且這確實會發生，對吧？我們是唯一一家真正基於自身模式建立產品的超大規模資料中心營運商，而且我們的技術也具有高度差異化。

So to your question, I think that does give us the opportunity to continue driving growth in operating margins in cloud as we have done in the past. And also, I think from a revenue sets the infrastructure portion of our business to be a growth driver looking ahead as well.

所以對於你的問題，我認為這確實給了我們機會，讓我們能夠像過去一樣，繼續推動雲端業務營運利潤率的成長。而且，我認為從收入來看，基礎設施部分將成為我們業務未來成長的驅動力。

And to the second part of your question, look, just taking a quick step back. We often describe YouTube's business as a flywheel. Obviously, it first all starts with the creators, and we have significantly invested here to be the place that YouTube creators really call their home. That's a big piece of it, the number one piece.

至於你問題的第二部分，我先簡單回顧一下。我們常把 YouTube 的商業模式比喻成飛輪。顯然，這一切首先要從創作者開始，我們在這裡投入了大量資金，力求成為 YouTube 創作者真正稱之為家的地方。這是其中很重要的一部分，也是最重要的一部分。

Viewers, of course, YouTube has billions of monthly logged-in users and every day, people watch billions of hours of video and we talked about how our recommendation systems are driving robust watch time growth and so on and so on.

當然，還有觀眾，YouTube 每月有數十億登入用戶，每天人們觀看數十億小時的視頻，我們討論了我們的推薦系統如何推動觀看時長的強勁增長等等。

So on the monetization side, YouTube's business is really powered, I would say, let's call it, a twin engine monetization strategy, combining its advertising business and its growing subscription services. Both YouTube ads and Subscription saw strong growth this quarter. And so looking at YouTube Music and Premium, users are, on average, delivering more value to creators, to music, media partners, and YouTube itself then even at supported users do.

因此，在獲利方面，YouTube 的業務實際上是由雙引擎獲利策略驅動的，我稱之為雙引擎獲利策略，它將廣告業務和不斷增長的訂閱服務結合起來。本季YouTube廣告和訂閱收入均實現了強勁成長。因此，從 YouTube Music 和 Premium 的用戶來看，平均而言，他們為創作者、音樂、媒體合作夥伴以及 YouTube 本身帶來的價值甚至超過了付費用戶。

So in other words, on average, a YouTube Music and Premium subscriber generates a meaningful high gross profit than they were simply an ad-supported users. And fans come from all over the world. You know this and this engagement through ads and Subscription generates YouTube's revenue and funds what I started with these creators here and this then drives more viewership and engagement and so on, and that's the flywheel. And so our priority to continues like this growth cycle. We're happy with this twin engine monetization strategy.

換句話說，平均而言，YouTube Music 和 Premium 訂閱用戶產生的毛利比單純的廣告支援用戶高得多。粉絲來自世界各地。你知道，透過廣告和訂閱獲得的這種互動為 YouTube 帶來了收入，並為我在這裡與這些創作者一起開展的項目提供了資金，而這又會推動更多的觀看量和互動，如此循環往復，這就是飛輪效應。因此，我們的首要任務將繼續遵循這種成長週期。我們對這種雙引擎獲利策略感到滿意。

Mark Shmulik, Bernstein.

馬克舒穆利克，伯恩斯坦。

Sundar, with the strong adoption of Gemini, AI mode and overviews across the user base, are there any meaningful differences to call out around the behavior and depth of engagement for those users across the entire Google ecosystem. And then, Philipp, I know we asked this most quarters, but I'm curious what some of the adoption you've seen around AI overviews in mode, how you see the economics of search evolving with the higher commercial and total query volume? And how it compares against the incremental cost to deliver these results.

Sundar，隨著 Gemini、AI 模式和概覽功能在使用者群體中的廣泛應用，在整個 Google 生態系統中，這些使用者的行為和參與深度是否存在任何值得關注的顯著差異？然後，Philipp，我知道我們每季都會問這個問題，但我很好奇你觀察到的 AI 概覽模式的採用情況，你認為隨著商業搜尋量和總搜尋量的增加，搜尋的經濟效益會如何演變？以及與實現這些結果所需的增量成本相比如何。

Mark, look, I think obviously, AIO views are a natural part of the Google experience. And so engagement is very, very high. I would say AI mode, you have varied cohorts that are people who are casual users were checking it out. And then -- but there's a core group which really likes AI mode and is passionate about it. And so you see the early adopters -- the product is resonating very strongly and they are seeking it out.

馬克，你看，我認為很明顯，AIO 視圖是 Google 體驗的自然組成部分。因此，用戶參與度非常非常高。我認為，在人工智慧模式下，有許多不同的用戶群，包括一些休閒用戶，他們都在體驗這個模式。但是，也有一部分核心使用者非常喜歡 AI 模式，並且對此充滿熱情。所以你會看到早期用戶——這款產品引起了非常強烈的共鳴，他們都在主動尋找它。

So I think that's how I would highlight the difference. Would Gemini again, sort of engaged user base who are seeking out the product and so on. But across the board, I think the trajectory has been we are definitely seeing in each of those use cases, a set of early adopters and then more people coming in and the people who are using it continue to use it more over time and report high user satisfaction. So I would say underlying product metrics are pretty encouraging to see as well.

所以我覺得這就是我強調兩者差異的方式。我會再選 Gemini 嗎？它擁有相當活躍的用戶群體，他們會主動尋找產品等等。但總的來說，我認為發展軌跡是這樣的：在每一個使用案例中，我們都看到了一批早期採用者，然後更多的人加入進來，而那些正在使用它的人隨著時間的推移會繼續使用它，並表示用戶滿意度很高。所以我覺得，產品的基本指標也相當令人鼓舞。

Look, into the second part of your question. I think we covered before, Sundar covered the core development. And as I just said before, for the AI overviews, even at our current baseline of ads, right, whether above, below and within the AI response. Overall, we see the monetization at approximately the same rate. And this is a great baseline for further innovation. We talked about this. We're excited about where this can go.

請看你問題的第二部分。我想我們之前已經講過了，Sundar 講解了核心開發部分。正如我剛才所說，對於 AI 概覽，即使在我們目前的廣告基準線，無論是在 AI 回應的上方、下方或內部。整體而言，我們看到貨幣化速度大致相同。這是進一步創新的一個很好的基礎。我們討論過這個問題。我們對它的未來發展充滿期待。

And on the AI side, we're testing as an AI mode, and we'll continue to test and learn before we expand this any further. So that's in combination with what we mentioned about the commercial query overall development, I think we're in a good place here.

在人工智慧方面，我們正在測試人工智慧模式，在進一步擴展之前，我們將繼續進行測試和學習。所以，結合我們之前提到的商業查詢整體發展情況，我認為我們現在處境不錯。

You could also argue that on queries that historically have not been well monetized. We think there is a potential opportunity here where you can obviously imagine that we can build this out with smart AI integration.

你也可以認為，對於那些歷史上沒有良好貨幣化的查詢來說，情況也是如此。我們認為這裡存在一個潛在的機會，您可以想像，我們可以透過智慧人工智慧整合來建構它。

Michael Nathanson, Moffettnathanson.

Michael Nathanson，Moffettnathanson。

I have two, one for Philipp, one for Anat. Philipp, it's clear that when people use AI mode, the query length is much longer. Could you talk about how that longer length maybe impacting your ability to drive ROAs and what you're seeing in some of the early -- the benefits of maybe longer query length?

我有兩個，一個給菲利普，一個給阿納特。Philipp，很明顯，當人們使用 AI 模式時，查詢長度要長得多。您能否談談更長的查詢長度可能會如何影響您提高投資回報率的能力，以及您在早期階段看到的——更長的查詢長度可能帶來的好處？

And then Anat, you came to Alphabet from a pharmaceutical company. You've been there more than a year, talk a bit about how you're working to look at ROIC internally? And what early signs are you seeing that gives you confidence that the spending is really driving better returns longer term?

然後，Anat，你之前在一家製藥公司工作，後來加入了Alphabet。你在那裡工作一年多了，可以談談你們公司內部是如何看待投資報酬率（ROIC）的嗎？您目前看到了哪些早期跡象，讓您確信這些支出確實會在長期內帶來更好的回報？

Look, as Sundar shared AI Mode now has over like 75 million daily active users in the US and we see a strong and consistent week-over-week growth in usage since launch and the queries doubled over the quarter. And as I also mentioned, we're testing ads in AI mode. We'll continue to test before we expand any further. It's really too early to tell and go into any of the details of that testing.

你看，正如 Sundar 分享的那樣，AI 模式目前在美國擁有超過 7500 萬日活躍用戶，自推出以來，我們看到每週的使用量都實現了強勁且持續的增長，查詢量在一個季度內翻了一番。正如我之前提到的，我們正在測試人工智慧模式下的廣告。我們會在進一步擴大規模之前繼續進行測試。現在談論測試的任何細節都為時過早。

Yes. And the question related to ROIC and how we look at just overall our business and where do we see early signs that are encouraging. So first, I would say it's not just early signs because we're seeing returns, obviously, in the cloud business. You've heard us talk about the fact that we already are generating billions of dollars from AI in the quarter.

是的。還有一個問題與投資報酬率 (ROIC) 有關，那就是我們如何看待我們整體的業務，以及我們在哪些方面看到了令人鼓舞的早期跡象。首先，我認為這不僅僅是早期跡象，因為我們顯然在雲端運算業務中看到了回報。你們已經聽我們說過，本季我們已經從人工智慧領域獲得了數十億美元的收入。

But then across the board, we have a rigorous framework and approach by which we evaluate these long-term investments that are meant to do two things. One is to ensure we have -- we built a resilient growth profile for the company, but also that we meet the demand of the customers that we have here in the more near and midterm.

但是，總的來說，我們有一套嚴格的框架和方法來評估這些旨在實現兩個目標的長期投資。一方面，我們要確保公司擁有穩健的成長動能；另一方面，我們也要確保在近期和中期內滿足現有客戶的需求。

So we look at it across the business. We evaluate the potential return for each one of them. whether it's in cloud, and I think that's more visible, obviously, externally given that you see the revenue generated and the fact that we're unable to meet at this point, customer demand. We have more demand than we have supplied.

所以我們要從整個業務角度來看這個問題。我們會評估每一項的潛在回報。無論是在雲端，我認為這顯然更顯而易見，因為從外部可以看到產生的收入，以及我們目前無法滿足客戶需求的事實。我們的需求量大於供給量。

In our ads business, you see the fact that we're investing to transform search, as you heard from Philipp and Sundar, with AIO and AI Mode. So we're excited to see what our investments are held -- our investors are helping advertisers as well. YouTube where it's helping power recommendations.

在我們的廣告業務中，正如 Philipp 和 Sundar 所說，我們正在投資變革搜索，採用 AIO 和 AI 模式。所以我們很高興看到我們的投資成果——我們的投資者也在幫助廣告商。它為 YouTube 的推薦系統提供了支援。

So we -- when we make a decision on investment in the long term, we go through a very rigorous process of assessing what the return could be and over what time frame we will see that return to give us the high level of confidence to then invest and make those investments for the long term. So it's a very rigorous approach.

因此，當我們做出長期投資決策時，我們會經過非常嚴格的流程來評估可能的回報以及我們將在多長時間內看到回報，讓我們有足夠的信心進行長期投資。所以這是一種非常嚴謹的方法。

Ross Sandler, Barclays.

羅斯·桑德勒，巴克萊銀行。

Great. About 20% of Google's search queries are commercial historically. And you've talked a bunch on this call about how AI overviews are expanding the breadth of queries. Could you talk about how new products from the monetization side like AI MAX are potentially increasing the percent of commercial queries.

偉大的。從歷史上看，Google搜尋查詢中約有 20% 是商業性的。在這次電話會議中，您多次談到人工智慧概覽如何擴大查詢範圍。您能否談談像 AI MAX 這樣的獲利性新產品是如何潛在地提高商業查詢比例的？

Look, AI MAX, and I mentioned this in my call before, improves the ability for advertisers to target a wider range of queries. Separately, there is the question of whether queries actually increase with AI mode, and Sundar actually talked about it and mentioned the opportunity that he sees here. So I think it's important to separate those two things. And I personally also see this is what I just said in my last remark, that I think over time, there's an opportunity to actually take, let's say, cores that are not fully commercial, but could have an adjacent commercial relationship to basically expand this into more attractive ads offerings without a while really creating a really interesting user experience at the same time.

你看，AI MAX，我之前在電話會議中也提到過，它提高了廣告商定位更廣泛搜尋查詢的能力。另外，還有一個問題是，AI 模式是否真的會增加查詢量，而 Sundar 實際上也談到了這一點，並提到了他在這裡看到的機會。所以我認為區分這兩件事很重要。我個人也認為，正如我剛才在最後發言中所說，隨著時間的推移，我們有機會將一些尚未完全商業化的核心內容，與商業化建立一定的聯繫，從而將其擴展為更具吸引力的廣告產品，同時又不真正創造有趣的用戶體驗。

Yeah. And the only thing I would add is just stepping back broadly, I think AI overviews in AI mode are dramatically improving Search. We can see it in user satisfaction, user quality, all our metrics and they're universal in the nature. They apply across the universality of human needs. So I think we are seeing it in breadth. And so naturally, over time, that will apply to commercial categories as well.

是的。我唯一想補充的是，從更宏觀的角度來看，我認為 AI 模式下的 AI 概覽正在大大改善搜尋。我們可以從用戶滿意度、用戶品質以及我們所有的指標中看出這一點，而且這些指標本質上是普遍適用的。它們適用於人類需求的普遍性。所以我認為我們正在從廣度上看到這一點。因此，隨著時間的推移，這自然也會適用於商業領域。

Ken Gawrelski, Wells Fargo.

Ken Gawrelski，富國銀行。

Two questions, please. First, it appears more and more clear that all the new modes at Google with Gemini overview, AI overviews, AI mode, even ChatGPT is growing the addressable market for engagement and search-like behavior. Could you talk about what gives you confidence that it will also grow the addressable market for marketing activity and overall revenue associated with that behavior? That's question one.

請問兩個問題。首先，越來越明顯的是，Google的所有新模式，包括 Gemini 概覽、AI 概覽、AI 模式，甚至 ChatGPT，都在擴大用戶參與和類似搜尋行為的潛在市場。您能否談談是什麼讓您確信它還能擴大行銷活動的潛在市場以及與此行為相關的整體收入？這是第一個問題。

And question two is just more about as you think about AI mode, AI overviews and traditional Google Search, how do you think -- do you see a world in 12 to 24 months, those all exist? And does the user -- does the user eventually pick what mode they want? Is that the algorithm pick the mode. Can you talk a little bit about how you think that will progress over the next 12 to 24 months.

第二個問題更多的是關於當你思考人工智慧模式、人工智慧概述和傳統谷歌搜尋時，你認為——你認為12到24個月後的世界會是什麼樣子？這些都已經存在了。用戶最終會選擇他們想要的模式嗎？演算法會選擇模式。您能否談談您認為未來 12 到 24 個月內情況會如何發展？

Ken, thanks. Look, I think it's a dynamic moment and I think we are meeting people in the moment with what they are trying to do. Obviously, Search is evolving and between AI overviews and AI mode, I think we are able to give that range of experience for people in this moment. Over time, you will expect us to -- you can expect us to make the experiences simpler in a way that just like we did universal search many, many years ago.

肯，謝謝。我認為這是一個充滿活力的時刻，我們正在與人們一起迎接他們正在做的事情。顯然，搜尋技術正在不斷發展，透過人工智慧概述和人工智慧模式，我認為我們目前能夠為人們提供這種範圍的體驗。隨著時間的推移，你們會期望我們——你們可以期望我們以某種方式簡化用戶體驗，就像我們多年前推出的全站搜尋一樣。

We may have done tech search, image search, video search, et cetera, and then we brought it together as Universal Search. So you will see evolutions like that, but I think we want to be sensitive to making sure we are meeting the users in terms of what they are looking for.

我們可能做過技術搜尋、圖片搜尋、影片搜尋等等，然後我們把它們整合到了通用搜尋中。所以你會看到這樣的演變，但我認為我們應該注意確保我們能夠滿足用戶的需求。

I think Gemini allows us to build a more personal, proactive, powerful AI assistant for that moment. And I think having the two surfaces search in Gemini allows us to really serve users across the breadth of their needs. And -- but over time, we will thoughtfully look for opportunities to make the experience better for users.

我認為 Gemini 可以讓我們為當下打造一個更個人化、更主動、更強大的 AI 助理。我認為，Gemini 的雙介面搜尋功能使我們能夠真正滿足用戶的各種需求。而且——但隨著時間的推移，我們會認真尋找機會，讓使用者體驗變得更好。

And to the first part, I would broadly say as I do think we've been consistently saying for a while now, this is an expansionary moment, and we are seeing people engage more. And I think when they do that, naturally a portion of that information for users at those journeys are commercial in nature. So I would expect that to play out over time as well.

對於第一部分，我想大致說，正如我們一直以來所說的那樣，這是一個擴張的時刻，我們看到人們的參與度越來越高。我認為，當他們這樣做時，使用者在這些旅程中獲得的資訊自然會有一部分是商業性質的。所以我認為這種情況也會隨著時間的推移而發生。

Justin Post, BAML.

賈斯汀·波斯特，美國銀行美林。

Great. Just a couple. Sundar, I think you mentioned Gemini 3 is coming. Maybe you can comment on the pace of innovation in Frontier models. Is there still just a tremendous amount of innovation or is it slowing at all?

偉大的。就幾個。桑達爾，我記得你提到雙子星3號即將到來。或許您可以談談 Frontier 模式的創新速度。創新活動依然十分活躍，還是放緩？

And then you mentioned a number of large deals signed in the last nine months for Cloud, which is great. Any changes in the economics of these deals as far as long-term profitability? Anything we should be aware of?

然後您提到，在過去九個月裡，Cloud 簽署了多項大額交易，這非常好。從長期獲利能力來看，這些交易的經濟效益是否有任何變化？有什麼需要注意的嗎？

Thanks, Justin. The first on the on the pace of frontier model research and development. Look, I think -- two things about simultaneously true. I'm incredibly impressed by the pace at which the teams are executing and the pace at which we are improving these models. But it also is true at the same time that each of the prior, we are trying to get better over is now getting more and more capable.

謝謝你，賈斯汀。在前沿模型研發方面處於領先地位。你看，我認為──這兩件事幾乎可以同時成立。我對各團隊的執行速度以及我們改進這些模型的速度印象深刻。但同時，我們努力改進的每一個先前的事物，現在也變得越來越強大。

So I think both the pace is increasing, but sometimes we are taking the time to put out a notably improved model. So I think -- and that may take slightly longer. But I do think the underlying pace is phenomenal to see. And I'm excited about our Gemini 3.0 release later this year.

所以我認為，速度正在加快，但有時我們也會花時間推出明顯改進的模型。所以我覺得——這可能需要稍微長一點時間。但我認為其整體發展速度令人驚訝。我非常期待今年稍後發布的 Gemini 3.0 版本。

On Cloud, I would point out as a sign of the momentum, I think the number of deals greater than $1 billion that we signed in the first three quarters of this year are greater than the two years prior. So we are definitely seeing strong momentum, and we are executing at pace.

在雲端業務方面，我認為，作為發展勢頭的標誌，今年前三個季度我們簽署的超過 10 億美元的交易數量超過了前兩年的總和。所以我們確實看到了強勁的發展勢頭，而且我們正在快速推進各項工作。

And in terms of long-term economics, I would say that, again, us being a full stack AI player. And the fact that we are developing highly differentiated products on our own technology, I think, will help us drive a good trajectory here as you have seen over the past few years.

從長遠經濟角度來看，我認為，我們作為一家全端人工智慧公司，將會取得更大的成功。我認為，正如你們在過去幾年中所看到的，我們正在利用自己的技術開發高度差異化的產品，這將有助於我們在這裡取得良好的發展勢頭。

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。我謹將會議交還給吉姆‧弗里德蘭，請他再作發言。

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

感謝各位今天蒞臨。我們期待在2025年第四季電話會議上再次與您交流。謝謝，祝您晚安。

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了。