Alphabet Inc (GOOGL) 2025 Q4 法說會逐字稿

Welcome, everyone. Thank you for standing by for the Alphabet fourth 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.

歡迎各位。感謝您耐心等待參加 Alphabet 2025 年第四季財報電話會議。（操作員指示）現在，我謹將會議交給今天的演講嘉賓，投資者關係主管吉姆·弗里德蘭。請繼續。

Thank you. Good afternoon, everyone, and welcome to Alphabet's fourth quarter 2025 earnings conference call. With us today are Sundar Pichai; Philipp Schindler; and Anat Ashkenazi. Now I'll quickly cover the safe harbor. Some of the statements that we make today regarding our business, operations and financial performance may be considered forward-looking. Such statements are based on current expectations and assumptions that are subject to a number of risks and uncertainties.

謝謝。各位下午好，歡迎參加Alphabet 2025年第四季財報電話會議。今天和我們在一起的是桑達爾·皮查伊；菲利普·辛德勒；以及阿納特·阿什肯納齊。現在我快速介紹安全港灣。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。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。

Actual results could differ materially. Please refer to our forms 10-K and 10-Q, including the risk factors. We undertake no obligation to update any forward-looking statement. During this call, we will present both GAAP and non-GAAP financial measures. A reconciliation of non-GAAP to GAAP measures is included in today's earnings press release, which is distributed and available to the public through our Investor Relations website located at abc.xyz/investor. Our comments will be on year-over-year comparisons unless we state otherwise.

實際結果可能與此有重大差異。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。今日發布的獲利新聞稿中包含非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abc.xyz/investor發布，供公眾查閱。除非另有說明，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。

Thanks, Jim. Hi, everyone. Thanks for joining us. It was a tremendous quarter for Alphabet. The launch of Gemini 3 was a major milestone, and we have great momentum. Alphabet annual revenues exceeded $400 billion for the first time. This quarter, such continued to accelerate with revenues growing 17%.

謝謝你，吉姆。大家好。謝謝您的參與。對Alphabet來說，這是一個業績斐然的季度。雙子星3號的發射是一個重要的里程碑，我們目前勢頭強勁。Alphabet 的年收入首次突破 4000 億美元。本季度，這種成長勢頭繼續加速，營收成長了 17%。

YouTube's annual revenues surpassed $60 billion across ads and subscriptions. Cloud significantly accelerated with revenues growing 48%. Now on an annual run rate of over $70 billion. Backlog grew by 55% quarter-over-quarter to $240 billion, representing a wide breadth of customers, driven by demand for AI products.

YouTube 的年收入（包括廣告和訂閱收入）超過 600 億美元。雲端運算業務顯著加速發展，營收成長了 48%。目前年運行率超過700億美元。積壓訂單季增 55%，達到 2,400 億美元，客戶群十分廣泛，主要得益於對人工智慧產品的需求。

We have over 325 million paid subscriptions across consumer services with strong adoption for Google One and YouTube Premium. In addition, we have sold more than 8 million paid seats of Gemini Enterprise, which we launched just four months ago. And our Gemini app now has over 750 million monthly active users. We are also seeing significantly higher engagement per user, especially since the launch of Gemini 3 in December.

我們在消費者服務領域擁有超過 3.25 億付費訂閱用戶，其中 Google One 和 YouTube Premium 的用戶成長勢頭強勁。此外，我們僅四個月前推出的 Gemini Enterprise 付費席位就已售出超過 800 萬個。我們的 Gemini 應用程式目前擁有超過 7.5 億月活躍用戶。我們也發現，用戶參與度顯著提高，尤其是在 12 月 Gemini 3 發布之後。

Overall, we are seeing our AI investments and infrastructure drive revenue and growth across the Board to meet customer demand and capitalize on the growing opportunities ahead of us our 2026 CapEx investments are anticipated to be in the range of $175 billion to $185 billion.

總體而言，我們看到我們在人工智慧領域的投資和基礎設施正在全面推動收入和成長，以滿足客戶需求並抓住未來不斷增長的機會。我們預計 2026 年的資本支出投資將在 1,750 億美元至 1,850 億美元之間。

Today, I'll provide an update on our AI progress and then share highlights from search, cloud, YouTube and Waymo. First, AI progress across the full stack. Our unrivaled infrastructure serves as the bedrock of our AI stack.

今天，我將介紹我們人工智慧的最新進展，然後分享來自搜尋、雲端運算、YouTube 和 Waymo 的亮點。首先，人工智慧在整個技術堆疊上取得了進展。我們無與倫比的基礎設施是我們人工智慧技術堆疊的基石。

We have the industry's widest variety of compute options that includes GPUs from our partner NMDA, who announced at CES that we'll be among the first to offer the latest verarubin GPU platform plus our own TPUs that we have been developing for a decade. In December, we announced our intent to acquire Intercept, which provides data center and energy infrastructure solutions.

我們擁有業界最廣泛的運算選項，包括來自合作夥伴 NMDA 的 GPU。 NMDA 在 CES 上宣布，我們將成為首批提供最新 verarubin GPU 平台的公司之一，此外還有我們自己開發了十年的 TPU。去年 12 月，我們宣布了收購 Intercept 的意向，該公司提供資料中心和能源基礎設施解決方案。

As we scale, we are getting dramatically more efficient. We were able to lower Gemini serving unit cost by 78% over 2025 through model optimizations, efficiency and utilization improvements. Next, world-class AI research, including models and tooling.

隨著規模擴大，我們的效率也顯著提高。透過模型最佳化、效率和利用率提高，我們得以在 2025 年前將 Gemini 的服務單位成本降低 78%。接下來是世界一流的人工智慧研究，包括模型和工具。

We offer the most extensive model portfolio in the world and lead across text, vision and image to video LMArena leaderboards. Gemini 3 Pro drives the state-of-the-art and reasoning and multimodal understanding. It has seen the fastest adoption of any model in our history.

我們擁有全球最廣泛的模型組合，並在 LMArena 的文字、視覺和圖像影片排行榜上處於領先地位。Gemini 3 Pro 驅動最先進的推理和多模態理解。它在我們歷史上實現了最快的推廣速度。

Since launch, Gemini 3 Pro has consistently processed 3 times as many daily tokens on average as 2.5 Pro. Our latest model powers Google antigravity, our new development platform where agents can autonomously plan and execute complex software tasks.

自推出以來，Gemini 3 Pro 的日均代幣處理量一直是 2.5 Pro 的 3 倍。我們最新的模型為 Google 反重力平台提供動力，該平台是我們的新開發平台，智能體可以在其中自主規劃和執行複雜的軟體任務。

It already has more than 1.5 million weekly active users after launching just over two months ago. Our first-party models like Gemini now process over 10 billion tokens per minute via direct API used by our customers, up from 7 billion last quarter.

該應用程式上線僅兩個多月，每週活躍用戶就已超過 150 萬。我們的第一方模型（例如 Gemini）現在透過客戶使用的直接 API 每分鐘處理超過 100 億個代幣，高於上一季的 70 億個。

Third, bringing AI to our products and platforms. We are shipping innovation at scale to bring helpful AI features to people everywhere. In January alone, we have launched personal intelligence in AI mode and search and the Gemini app, introduced new features to Gmail an updated view.

第三，將人工智慧引入我們的產品和平台。我們正在大規模地推出創新產品，為世界各地的人們帶來有用的人工智慧功能。僅在 1 月份，我們就推出了 AI 模式下的個人智慧和搜尋功能以及 Gemini 應用，並為 Gmail 引入了新功能和更新後的視圖。

Reimagined Chrome as an AI-first agent browser through features like Chrome or to browse. Announced Project Genie, which lets users create and explore interactive world generated in real time using Gen3, our general purpose well model. And we laid the brown work for shopping in the AI era by introducing a new open standard for agent in commerce.

透過 Chrome 等功能，將 Chrome 重新構想為一款以 AI 為先的代理瀏覽器，用於瀏覽網頁。發布了 Project Genie，該平台允許用戶創建和探索使用我們的通用油井模型 Gen3 即時生成的互動式世界。我們為人工智慧時代的購物奠定了基礎，引入了商業代理的新開放標準。

The universal commerce protocol built alongside many retail industry leaders. Finally, from Android to Pixel, we are getting our best AI capabilities into people's hands. At CES, a range of partners, including Samsung, showcased how they are bringing Gemini to more devices from XR to the living room and beyond and to confirm the rumors, we'll be introducing our Pixel 10a to our best ever-rated Pixel 10 series very soon.

與眾多零售業領導企業共同打造的通用商業協議。最終，從安卓到Pixel，我們將最先進的人工智慧功能帶到了人們手中。在 CES 展會上，包括三星在內的眾多合作夥伴展示了他們如何將 Gemini 技術應用到更多設備，從 XR 到客廳設備等等。為了證實這些傳聞，我們很快就會推出 Pixel 10a，加入我們有史以來評價最高的 Pixel 10 系列。

Turning now to key highlights from the quarter, starting with search. Search saw more usage in Q4 than ever before as AI continues to drive an expansionary moment. We have executed with the incredible speed. We shipped over 250 product launches within AI mode and AIO views just last quarter.

接下來，讓我們來看看本季的主要亮點，首先是搜尋業務。第四季搜尋的使用量比以往任何時候都高，人工智慧持續推動搜尋業務的擴張。我們以驚人的速度完成了任務。光是上個季度，我們就推出了超過 250 款 AI 模式和 AIO 視圖的產品。

We have integrated Gemini 3 directly into AI mode in search. Now search can better understand your query, dive deeper on the web and generate interactive UI experiences. And last week, we upgraded AI overviews to Gemini giving users a best-in-class AI response at the top of the search results page.

我們已將 Gemini 3 直接整合到搜尋的 AI 模式中。現在，搜尋可以更好地理解您的查詢，深入挖掘網路內容，並產生互動式使用者介面體驗。上週，我們將 AI 概覽升級到了 Gemini，使用戶能夠在搜尋結果頁面的頂部獲得一流的 AI 回應。

We have also made the search experience more cohesive, ensuring the transition from an AI overview to a conversation in AI mode is completely seamless. These new experiences are proving to be more helpful and are driving greater usage.

我們也讓搜尋體驗更加連貫，確保從 AI 概覽到 AI 對話模式的過渡完全無縫。事實證明，這些新體驗更有幫助，並推動了更高的使用率。

A few highlights. First, once people start using these new experiences, they use them more. In the US, we saw daily AI mode queries per user double since launch, and AI views continue to perform very well. Second, people are engaging in longer, more complex sessions. Queries in AI mode are 3 times longer than traditional searches.

幾個亮點。首先，一旦人們開始使用這些新體驗，他們就會更頻繁地使用它們。在美國，我們看到自推出以來，每位用戶的每日 AI 模式查詢次數翻了一番，AI 視圖的表現也一直非常好。其次，人們參與的會議時間較長，內容也較複雜。AI模式下的查詢時間是傳統搜尋的3倍。

We are also seeing sessions become more conversational with a significant portion of queries in AI mode now leading to a follow-up question. Third, people are searching in new ways beyond text. Nearly one in six AI mode queries are now nontext using voice or images. Circle to search is now available on over 580 million Android devices.

我們也發現，AI 模式的會話變得更加對話化，很大一部分查詢現在都會引發後續問題。第三，人們正在以文字以外的新方式進行搜尋。現在，近六分之一的 AI 模式查詢是使用語音或圖像的非文字查詢。目前，超過 5.8 億台安卓裝置已支援圈選搜尋功能。

Next, Google Cloud. Our growth in revenue, operating margin and backlog highlights the strength of our entire portfolio. One, we are winning more new customers faster. We exited the year with double the new customer velocity compared to Q1.

接下來是Google雲端。我們的營收、營業利益率和積壓訂單的成長凸顯了我們整個產品組合的實力。第一，我們贏得新客戶的速度更快了。與第一季相比，我們年底的新客戶成長速度翻了一番。

Two, we are also signing larger customer commitments. The number of deals in 2025, over $1 billion surpassed the previous three years combined. And three, we continue to deepen our relationships with existing customers who are outpacing their initial commitments by over 30%.

第二，我們還在簽署更大的客戶協議。2025 年的交易數量將超過 10 億美元，超過前三年的總和。第三，我們繼續深化與現有客戶的關係，這些客戶的表現比他們最初的承諾高出 30% 以上。

Nearly 75% of Google Cloud customers have used our vertically optimized AI from chips to models to AI platforms and enterprise AI agents, which offers superior performance quality, security and cost efficiency. These AI customers use 1.8 times as many products as those who do not, enabling us to diversify our product portfolio, deepen customer relationships and accelerate revenue growth.

近 75% 的 Google Cloud 客戶使用了我們垂直優化的 AI 技術，涵蓋從晶片到模型、AI 平台和企業級 AI 代理，從而提供卓越的性能品質、安全性和成本效益。這些人工智慧客戶使用的產品數量是其他客戶的 1.8 倍，這使我們能夠豐富產品組合，加深客戶關係，並加速收入成長。

Our product line has multiple monetization levers spanning infrastructure platform and high-margin AI-powered products and services with 14 product lines each exceeding $1 billion in annual revenue. We offer leading infrastructure for AI training and inference to our cloud customers with the industry's widest variety of compute options from our own 7-generation iron ore TPU to the latest NVIDIA GPUs, our 10-year track record in building our own accelerators with expertise in chips systems, networking and software translates to leading power and performance efficiency for large-scale inference and training.

我們的產品線擁有多種獲利手段，涵蓋基礎設施平台和高利潤的人工智慧產品和服務，其中 14 條產品線的年收入均超過 10 億美元。我們為雲端客戶提供領先的 AI 訓練和推理基礎設施，擁有業界最廣泛的運算選項，從我們自己的第 7 代鐵礦石 TPU 到最新的 NVIDIA GPU，我們擁有 10 年構建自有加速器的經驗，在晶片系統、網路和軟體方面擁有專業知識，這轉化為大規模推理和訓練的領先功率和性能效率。

Our cloud AI accelators serve the leading frontier AI labs. Capital markets firms like Citadel Securities, enterprises like Mercedes Benz and governments for high-performance computing applications. We also offer our leading generative AI models, including Gemini, Imagine Veo, chirp and Lyria to cloud customers.

我們的雲端人工智慧加速器服務於領先的前沿人工智慧實驗室。資本市場公司（如 Citadel Securities）、企業（如梅賽德斯-奔馳）和政府機構都在使用高效能運算應用。我們也向雲端客戶提供我們領先的生成式人工智慧模型，包括 Gemini、Imagine Veo、chirp 和 Lyria。

In December alone, nearly 350 customers each processed more than 100 billion tokens. In Q4, revenue from products built on our generative AI models grew nearly 400% year-over-year. significantly accelerating from the prior quarter.

光是 12 月份，就有近 350 位客戶各自處理了超過 1,000 億個代幣。第四季度，基於我們生成式人工智慧模型的產品的營收年增近 400%，較上一季顯著加速成長。

Today, more than 120,000 enterprises use Gemini, including AI unicorns like lovable and open evidence and global enterprises like Airbus and Honeywell. 95% of the top 20 and over 80% of the top 100 SaaS companies use Gemini, including Salesforce and Shopify.

如今，超過 12 萬家企業使用 Gemini，其中包括 Loveable 和 Open Evidence 等人工智慧獨角獸企業，以及 Airbus 和 Honeywell 等全球性企業。前 20 名的 SaaS 公司中有 95% 使用 Gemini，排名前 100 的 SaaS 公司中有超過 80% 使用 Gemini，其中包括 Salesforce 和 Shopify。

Gemini is becoming the AI engine for the world's most successful software companies. Leading enterprises are also driving strong demand for our enterprise AI agents. We have sold more than 8 million paid seats of Gemini Enterprise, our enterprise AI platform, to more than 2,800 companies, including BNY and Virgin Voyanges to streamline knowledge management and automate processes.

Gemini 正成為全球最成功的軟體公司的 AI 引擎。領先企業也對我們的企業級人工智慧代理提出了強勁的需求。我們已向超過 2800 家公司（包括 BNY 和 Virgin Voyanges）售出了超過 800 萬個 Gemini Enterprise 付費席位，這是我們的企業人工智慧平台，旨在簡化知識管理和自動化流程。

Gemini Enterprise managed over 5 billion customer interactions in Q4 and growing 65% year-over-year for customers, including Wendy's, Kroger and Wallboards Group. Our integration of Gemini in Google Workspace is driving wins with global brands like Schwartz Group and public sector organizations like the US Department of Transportation.

Gemini Enterprise 在第四季度為包括 Wendy's、Kroger 和 Wallboards Group 在內的客戶處理了超過 50 億次客戶互動，較去年同期成長 65%。我們將 Gemini 整合到 Google Workspace 中，贏得了 Schwartz Group 等全球品牌和美國交通部等公共部門組織的青睞。

We are also seeing momentum with independent software vendors. Revenue from AI solutions built by our partners increased nearly 300% year-over-year and commitments from our top 15 software partners grew more than 16x year-over-year. Before moving on, I'm pleased that we are collaborating with Apple as their preferred cloud provider and to develop the next generation of Apple foundation models based on Gemini technology.

我們也看到獨立軟體供應商的發展勢頭良好。我們的合作夥伴開發的 AI 解決方案的收入同比增長近 300%，我們前 15 大軟體合作夥伴的承諾同比增長超過 16 倍。在繼續之前，我很高興我們能與蘋果合作，成為他們首選的雲端服務供應商，並基於 Gemini 技術開發下一代蘋果基礎模型。

Up next to YouTube, I want to highlight 4 points. First, streaming. In the living room, YouTube continues to be the number 1 streamer in the US for nearly three years according to Nielsen. From the NFL to Coachella, YouTube is where people watch today's biggest popular culture moments unfold.

除了 YouTube 之外，我想重點強調 4 點。首先是串流媒體。根據尼爾森公司的統計，在客廳收視率方面，YouTube 已連續近三年蟬聯美國收視率第一的串流媒體平台。從 NFL 到 Coachella 音樂節，YouTube 是人們觀看當今最熱門流行文化事件發生的地方。

Second, subscriptions. We continue to see strong subscription revenue growth across YouTube, particularly YouTube Music premium. We'll soon launch new YouTube TV plants, bringing more choice and flexibility to subscribers with over 10 genre-specific packages. And the NFL has seen strong NFL Sunday Ticket subscriber growth with YouTube, with the highest paid subscriber number ever in the history of the product. Third, podcast. To illustrate YouTube's popularity in October 2025, viewers watched over 700 million hours of podcasts on living room devices, up 75% from just a year prior.

其次是訂閱服務。我們看到 YouTube 的訂閱收入持續強勁成長，尤其是 YouTube Music Premium。我們很快就會推出新的 YouTube TV 套餐，為訂閱用戶帶來更多選擇和靈活性，提供超過 10 種特定類型的套餐。NFL 的 NFL Sunday Ticket 在 YouTube 上的訂閱用戶數量實現了強勁增長，付費訂閱用戶數量創下了該產品歷史上的最高紀錄。第三，播客。為了說明 YouTube 在 2025 年 10 月的受歡迎程度，觀眾在客廳設備上觀看播客的時間超過 7 億小時，比前一年增長了 75%。

And fourth, AI is transforming the YouTube experience for both creators and viewers. On average, every day in December, over 1 million channels used our new AI creation tools to supercharge their creativity. During that same month, more than 20 million viewers use our new Ask tool powered by Gemini to learn more about the content they watched.

第四，人工智慧正在改變 YouTube 為創作者和觀眾帶來的體驗。12 月，平均每天有超過 100 萬個頻道使用我們全新的 AI 創作工具來激發他們的創造力。同月，超過 2000 萬觀眾使用我們由 Gemini 提供技術支援的全新 Ask 工具，以了解他們觀看的內容的更多資訊。

And finally, Waymo. This week, Waymo raised its largest investment round to date and is well positioned to continue its momentum with safety at the core. In December, we surpassed 20 million fully autonomous trips and are now providing more than 400,000 rights every week. Waymo continues to expand its service territory. Its sixth market, Miami, launched two weeks ago and Waymo will soon expand its service to multiple cities across the US and in the UK and Japan.

最後，還有 Waymo。本週，Waymo 完成了迄今為止最大的一輪融資，並以安全為核心，預計將繼續保持成長動能。12 月，我們實現了超過 2,000 萬次完全自動駕駛出行，現在每週提供超過 40 萬次出行服務。Waymo持續擴大其服務範圍。Waymo 的第六個市場邁阿密於兩週前推出，Waymo 很快就會把服務擴展到美國、英國和日本的多個城市。

The team has made incredible progress on important capabilities including opening a public service to airports and freeways. In closing, 2025 was a fantastic year for the company, a big thanks to our employees and partners worldwide we are really well positioned going into 2026.

該團隊在重要能力方面取得了令人矚目的進展，包括開通機場和高速公路的公共服務。最後總結一下，2025 年對公司來說是輝煌的一年，非常感謝我們遍布全球的員工和合作夥伴，我們已經為 2026 年做好了充分的準備。

Now over to Philipp.

現在輪到菲利普了。

Thanks, Sundar, and hello, everyone. I'll cover performance for Google services for the quarter then structure the rest of my remarks on the great progress we're delivering across Search, YouTube and partnerships. Google services revenues were $96 billion for the quarter, up 14% year-on-year primarily driven by accelerated growth in search, adding some further color to our results. The 17% increase in search and other was led by broad strength across all major verticals, with retail particularly strong. On YouTube, the 9% growth in advertising revenues was driven by direct response.

謝謝桑達爾，大家好。我將介紹Google服務本季的業績，然後圍繞我們在搜尋、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。谷歌服務營收本季達到 960 億美元，年增 14%，主要得益於搜尋業務的加速成長，這進一步豐富了我們的業績。搜尋和其他業務成長 17%，主要得益於各大垂直領域的全面強勁成長，其中零售業表現尤為突出。YouTube 廣告收入成長 9%，主要得益於直接響應式廣告。

Network advertising revenues were down 2% year-on-year this quarter. Starting with search and other revenues, which delivered over $63 billion in revenue for the quarter. Sundar mentioned the expansionary moment for Search. The same is true for us. we're investing in AI to drive significant improvements across all areas of marketing.

本季網路廣告收入較去年同期下降 2%。首先是搜尋和其他收入，該季度這些收入超過了 630 億美元。Sundar提到了Search的擴張時刻。對我們來說也是如此。我們正在投資人工智慧，以推動行銷各個領域的顯著改進。

We're expanding the entire playing field that advertisers can compete on. AI gives businesses the ability to reach more customers in more places than ever before. Jim and I uniquely positions us to bring the transformational benefits of AI two ads in three critical areas for our customers, adds quality, advertiser tools and new AI user experiences.

我們正在擴大廣告商可以參與競爭的整個領域。人工智慧使企業能夠比以往任何時候都更有效地觸及更多地區的更多客戶。Jim 和我擁有獨特的優勢，能夠為我們的客戶在三個關鍵領域帶來 AI 的變革性好處，增加廣告品質、廣告商工具和新的 AI 使用者體驗。

First, as quality. We've been deploying Gemini models to improve core understanding at a rate of almost a launch per month for the last two years. These improvements drive better quarry matching, ranking and quality, making search ads even more effective.

首先，就品質而言。在過去的兩年裡，我們一直在部署 Gemini 模型，以提高對核心的理解，平均每個月都會推出一個模型。這些改進提升了搜尋結果的匹配度、排名和質量，使搜尋廣告更加有效。

With Jim and I across our ads quality stack, we evaluate relevance with greater accuracy than with previous generations of models. This has significantly improved our ability to systematically deliver more helpful high-quality ads contributing to a meaningful reduction in irrelevant ads served.

有了 Jim 和我共同打造的廣告品質體系，我們評估相關性的準確性比以往幾代模型更高。這顯著提高了我們系統性地投放更多有用高品質廣告的能力，從而顯著減少了無關廣告的投放量。

Gemini's understanding of intent has increased our ability to deliver ads on longer, more complex searches that were previously challenging to monetize. Gemini models also have a significant impact on core understanding in non-English languages, expanding opportunities for businesses to scale globally.

Gemini 對使用者意圖的理解提高了我們在更長、更複雜的搜尋中投放廣告的能力，而這些搜尋以前很難實現盈利。雙子座模型對非英語語言的核心理解也有顯著的影響，從而為企業拓展全球規模提供了更多機會。

Second, we're building more genetic actions into our advertiser tools. Business can now leverage Gemini in conversational experiences within ads and analytics adviser to identify and run recommended actions such as generating new campaigns.

其次，我們正在將更多基因操作整合到我們的廣告工具中。企業現在可以在廣告和分析顧問的對話體驗中利用 Gemini 來識別和執行建議的操作，例如創建新的廣告系列。

Advertisers use Gemini as a real-time partner to assemble creatives. In Q4 alone, they use Gemini to create nearly 70 million creative assets via tax customization in AI MAX and PAX. For instance, Aritzia, Canada's premier fashion house used AM MAX to find new high-value customers, the traditional strategies miss, delivering an 80% incremental uplift in conversion value for Q4. L'Oreal, one of the first alpha testers use AI MAX in 2025 across 800 unique campaigns in 23 countries and 30 brands.

廣告主將 Gemini 作為即時合作夥伴，用於組裝創意素材。光是在第四季度，他們就利用 Gemini 透過 AI MAX 和 PAX 中的稅務客製化功能創建了近 7,000 萬個創意資產。例如，加拿大頂級時尚品牌 Aritzia 使用 AM MAX 尋找傳統策略無法觸及的新高價值客戶，在第四季度實現了 80% 的轉換價值提升。歐萊雅是首批 alpha 測試者之一，計劃在 2025 年在 23 個國家的 30 個品牌中開展 800 個獨特的行銷活動，使用 AI MAX。

AI MAX enabled L'Oreal Group to maximize its presence across the full consumer journey, fuel its consumer growth and increased revenue for DTC brands like mix by 23%. The third area is how we monetize new AI user experiences in search. We have significantly increased our focus on AI mode and are in the early stages of experimenting with AI mode monetization testing ads below the air response with more underway.

AI MAX 讓歐萊雅集團能夠最大限度地在整個消費者旅程中佔有一席之地，推動消費者成長，並使 Mix 等 DTC 品牌的營收成長 23%。第三個方面是我們如何將新的 AI 用戶體驗在搜尋領域中貨幣化。我們已大幅增加對 AI 模式的關注，目前正處於 AI 模式貨幣化試驗的早期階段，測試廣告在空氣反應下方的效果，更多試驗正在進行中。

For example, renounced direct offers and new Google ads pilot, which will allow advertisers to show exclusive offers for shoppers who are ready to buy directly in AI mode. This new type of content uses AI to match the right offer provided by the retailer to the right user.

例如，放棄了直接優惠和新的Google廣告試點項目，該項目將允許廣告商向準備在人工智慧模式下直接購買的購物者展示獨家優惠。這種新型內容利用人工智慧技術，將零售商提供的合適優惠與合適的用戶進行配對。

As Sundar mentioned, we are building the era of agenda commerce and working with our partners to introduce the Universal Commerce protocol in our consumer products and across the web. We've received tremendous feedback from the industry. Soon, people can use a new checkout experience to buy directly in AI mode and Gemini from select merchants.

正如桑達爾所提到的，我們正在建立議程商業時代，並與我們的合作夥伴共同努力，將通用商業協議引入我們的消費產品和整個網路。我們收到了來自業界的巨大回饋。不久之後，人們可以使用全新的結帳體驗，直接在 AI 模式和 Gemini 平台上從指定商家購買商品。

Turning now to YouTube, which remains the number 1 stream in the US for nearly three years according to Nielsen. YouTube creators are providing an unmatched breadth of content. Our investment in AI innovation across creativity, viewing experience and monetization continues to pay off.

現在讓我們來看看 YouTube，根據尼爾森的數據，它已經連續近三年保持美國串流媒體播放量第一的地位。YouTube創作者提供了無可比擬的豐富內容。我們在人工智慧創新方面的投入，涵蓋創意、觀看體驗和獲利模式等方面，持續獲得回報。

We're seeing strong traction in our subscription business are innovating to meet consumers where they are. We added a new sports tier for YouTube TV at a lower price point. YouTube Premium Light is proving to be a popular choice. And we continue to deliver strong year-on-year growth across YouTube subscriptions, particularly YouTube Music and premium.

我們的訂閱業務發展勢頭強勁，我們正在不斷創新，以滿足消費者的需求。我們為 YouTube TV 新增了一個價格較低的體育頻道套餐。YouTube Premium Light 逐漸成為熱門選擇。我們繼續保持 YouTube 訂閱業務的強勁同比增長，尤其是 YouTube Music 和高級會員服務。

Looking at monetization across YouTube, momentum continues in shorts in the living room. Short now averages over 200 billion daily views. And as we've shared before, in a number of countries, Shortz earns more revenue per watch hour than traditional in-stream on YouTube, including the US. The retail vertical continues to grow, fueled by smaller advertisers increasingly adopting demand gen. Likewise, direct response continues to benefit from the momentum we're seeing with asmall- and medium-sized advertisers.

從 YouTube 的獲利模式來看，客廳短片的獲利動能依然強勁。目前，做空行為的日均瀏覽量超過2000億次。正如我們之前分享過的，在包括美國在內的許多國家，Shortz 的每觀看小時收入比 YouTube 上的傳統直播收入更高。零售垂直領域持續成長，這主要得益於小型廣告商越來越多地採用需求產生策略。同樣，直接回應廣告也持續受益於中小廣告主的成長動能。

Viewers trust product and brand recommendations from YouTube creators, and we are focused on making YouTube a premier shopping destination. Innovations like shoppable add formats improving advertiser return on investment. During Cyber 5, advertisers piloted shoppable mastheads, a new interactive ad format, their viewers browse products and send links to their phones for an easy shopping experience.

觀眾信任 YouTube 創作者的產品和品牌推薦，而我們的目標是將 YouTube 打造成首屈一指的購物平台。可購物廣告形式等創新提高了廣告主的投資報酬率。在 Cyber​​ 5 期間，廣告商試行了可購物的橫幅廣告，這是一種新的互動廣告形式，觀眾可以瀏覽產品並將連結發送到手機，從而獲得輕鬆的購物體驗。

On brands, our creator partnership hub makes it easier for brands to find creators and develop campaigns. This holiday season, brands like JCPenney, Old Navy and Target work with craters for their holiday campaigns.

在品牌方面，我們的創作者合作中心讓品牌更容易找到創作者並進行行銷活動。今年假日季，JCPenney、Old Navy 和 Target 等品牌在其假日行銷活動中都運用了隕石坑元素。

Mattel partnered with eight top YouTube creators to reach families during the peak holiday shopping season in a campaign that helped drive a 25% increase in search volume for Uno. As always, I wrap with the progress we're seeing across partnerships where customers tap into the strength and breadth of Google's products to accelerate their transformation.

美泰兒公司與八位頂級 YouTube 創作者合作，在假日購物旺季期間開展行銷活動，以觸達家庭用戶，該活動幫助 Uno 的搜尋量增加了 25%。像往常一樣，最後我想談談我們在各個合作夥伴關係中取得的進展，客戶正在利用谷歌產品的強大功能和廣泛覆蓋面來加速他們的轉型。

I would start by joining Sundar and saying how pleased I am that we are collaborating with Apple as their preferred cloud provider and to develop the next generation of Apple Foundation models based on Genie technology. We partnered with Reliance Jio to provide over 500 million consumers with an 18-month free trial of our Gemini suite of products and 2 terabyte of cloud storage.

首先，我要和桑達爾一起表達我對蘋果公司作為其首選雲端服務供應商，並基於 Genie 技術開發下一代蘋果基金會模型的喜悅。我們與 Reliance Jio 合作，為超過 5 億消費者提供 18 個月的 Gemini 產品套件免費試用和 2 TB 的雲端儲存。

Reliance Enterprise customers will also get access to Google Cloud's German enterprise and TPUs bringing the best of Google AI to every employee and workflow. The Home Depot is applying Google AI across the board from cloud tools to AI-powered ads and YouTube greater partnerships that connect with the next generation of tools. Their investments in PMax and YouTube greater partnerships have resulted in double-digit increase in ad clicks and visits.

Reliance Enterprise 的客戶還將獲得 Google Cloud 德國企業版和 TPU 的使用權，將 Google AI 的最佳功能帶給每位員工和每個工作流程。家得寶正在全面應用Google人工智慧技術，從雲端工具到人工智慧驅動的廣告，再到與 YouTube 建立更廣泛的合作夥伴關係，以連接下一代工具。他們對 PMax 和 YouTube 的投資以及更緊密的合作關係，使得廣告點擊和訪問量實現了兩位數的成長。

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

最後，我要感謝所有Google員工為我們的成功所做的貢獻，並一如既往地感謝我們的客戶和合作夥伴的持續信任。阿納特，該你了。

Thank you, Philipp. My comments will focus on year-over-year comparisons for the fourth quarter, unless I state otherwise. I will start with results at the Alphabet level and will then cover segment results. I'll end with some commentary on our outlook for the first quarter and full year 2026. 2025 was a strong year of innovation and execution for Alphabet.

謝謝你，菲利普。除非另有說明，我的評論將主要集中在第四季度的同比比較。我將先介紹字母表層面的結果，然後再介紹細分市場的結果。最後，我將對2026年第一季和全年的展望做一些評論。 2025年是Alphabet在創新和執行方面表現強勁的一年。

These efforts, combined with our investments in AI, drove meaningful results across the business. For the full year 2025, Alphabet consolidated revenues were $403 billion, up 15% on a reported and constant currency basis.

這些努力，加上我們在人工智慧領域的投資，為整個業務帶來了顯著的成果。2025 年全年，Alphabet 合併收入為 4,030 億美元，以報告匯率和固定匯率計算成長 15%。

Moving to Q4 performance. We delivered strong growth in the fourth quarter. Consolidated revenues reached $113.8 billion, up 18% or 17% in constant currency and was driven by an acceleration in Search and Cloud revenues.

接下來是第四季業績報告。我們在第四季度實現了強勁成長。合併收入達 1,138 億美元，成長 18%（以固定匯率計算成長 17%），主要得益於搜尋和雲端收入的加速成長。

Turning to costs and expenses. We reported a $2.1 billion stock-based compensation charge due to an increase in Waymo's valuation related to the investment round that was announced on Monday. The vast majority of the charge was reflected in R&D expenses. Total cost of revenue was $45.8 billion, up 13%. Tech was $16.6 billion, up 12%.

接下來談談成本和費用。由於 Waymo 的估值因週一宣布的融資輪而增加，我們報告了 21 億美元的股票選擇權補償費用。絕大部分費用都計入了研發支出。營業總成本為 458 億美元，成長 13%。科技板塊市值達166億美元，成長12%。

Other cost of revenues was $29.2 billion, up 13%, with the increase primarily driven by depreciation associated with the deployment of our technical infrastructure, content acquisition costs largely for YouTube and other technical infrastructure operations costs.

其他收入成本為 292 億美元，成長 13%，成長主要由與技術基礎設施部署相關的折舊、YouTube 的內容取得成本以及其他技術基礎設施營運成本所致。

Total operating expenses were up 29% to $32.1 billion. R&D expense increased by 42%, driven by compensation and depreciation. The increase in compensation was due to the Waymo charge and investment in AI talent.

總營運支出成長29%，達到321億美元。研發費用增加了 42%，主要原因是薪資和折舊。薪資增加是由於 Waymo 收費和對人工智慧人才的投資。

Sales and marketing expenses were up 12%, primarily driven by marketing investments to support the Gemini app and Search. And G&A expenses increased 21%, primarily due to a shift in timing of our charitable contributions.

銷售和行銷費用增加了 12%，主要原因是為支援 Gemini 應用和搜尋功能而進行的行銷投資。一般及行政費用增加了 21%，主要是因為我們慈善捐款的時間安排改變了。

Operating income increased 16% to $35.9 billion, and operating margin was 31.6%. Both operating income and operating margin were negatively impacted by the $2.1 billion Waymo charge in the quarter. Other income and expenses was $3.2 billion, primarily due to unrealized gains in our nonmarketable equity securities portfolio. Net income increased 30% to $34.5 billion and earnings per share increased 31% to $2.82. We generated record operating cash flow of $52.4 billion in the fourth quarter and $164.7 billion for the full year.

營業收入成長16%至359億美元，營業利益率為31.6%。本季度，Waymo 21億美元的支出對營業收入和營業利潤率都產生了負面影響。其他收入和支出為 32 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。淨利成長30%至345億美元，每股收益成長31%至2.82美元。第四季我們創造了創紀錄的經營現金流524億美元，全年經營現金流達1647億美元。

This translated into $24.6 billion of free cash flow in the fourth quarter and $73.3 billion for the full year. We ended the quarter with $126.8 billion in cash and marketable securities and $46.5 billion in long-term debt. Turning to segment results. Google Services revenues increased 14% to $95.9 billion, reflecting strong growth in search and subscriptions. Google Search and other advertising revenues increased by 17% to $63.1 billion, representing another strong quarter with continued growth across all major verticals with the largest contribution from retail.

這意味著第四季自由現金流為 246 億美元，全年自由現金流為 733 億美元。本季末，我們持有現金及有價證券1268億美元，長期債務465億美元。接下來查看細分市場結果。谷歌服務營收成長 14% 至 959 億美元，反映出搜尋和訂閱業務的強勁成長。谷歌搜尋和其他廣告收入成長 17%，達到 631 億美元，這又是一個強勁的季度，所有主要垂直領域均持續成長，其中零售業貢獻最大。

YouTube advertising revenues increased 9% to $11.4 billion, driven by direct response advertising. Results were negatively affected from the lapping of the strong spend on US election in the fourth quarter of 2024 that we've mentioned on previous earnings calls.

受直接回應廣告的推動，YouTube 廣告收入成長 9%，達到 114 億美元。我們在先前的財報電話會議上提到過，2024 年第四季美國大選的巨額支出對業績產生了負面影響。

Network advertising revenues of $7.8 billion were down 2%. Subscription platforms and devices revenues increased 17% this quarter to $13.6 billion due to strong growth in YouTube subscriptions, particularly YouTube Music and Premium and growth in Google One, which benefited from increased demand for AI plans.

網路廣告收入為 78 億美元，下降了 2%。由於 YouTube 訂閱業務（尤其是 YouTube Music 和 Premium）的強勁成長，以及 Google One 的成長（受益於對 AI 計畫需求的增加），本季訂閱平台和裝置收入成長了 17%，達到 136 億美元。

Google Services operating income increased 22% to $40.1 billion, and operating margins was 41.9%. The Google Cloud segment delivered outstanding results in the fourth quarter as the business continued to benefit from strong demand for our enterprise AI products. Cloud revenue accelerated meaningfully and were up 48% to $17.7 billion.

Google 服務業務的營業收入成長了 22%，達到 401 億美元，營業利益率為 41.9%。谷歌雲端業務在第四季度取得了優異的業績，這得益於市場對我們企業級人工智慧產品的強勁需求。雲端收入顯著加速成長，成長 48% 至 177 億美元。

Revenues were driven by strong performance in GCP, which continued to grow at a rate that was much higher than cloud's overall revenue growth rate. As Sundar noted, we're driving performance through strong growth in the win rate of new customers, signing larger customer commitments and increasing spend with existing customers.

營收成長主要得益於 GCP 的強勁表​​現，其成長速度遠高於雲端業務的整體營收成長率。正如桑達爾指出的那樣，我們透過提高新客戶的成交率、簽署更大的客戶協議以及增加現有客戶的支出來推動業績成長。

GCP's performance was driven by accelerating growth in enterprise AI products, which are generating billions in quarterly revenues. We had strong growth in both enterprise AI infrastructure, driven by deployment of TPUs and GPUs and enterprise AI solutions, which benefited from demand for our industry-leading models, including Gemini 3.

GCP 的業績成長主要得益於企業級 AI 產品加速成長，這些產品每季都能創造數十億美元的收入。在企業人工智慧基礎設施和企業人工智慧解決方案方面，我們都實現了強勁成長。企業人工智慧基礎設施的成長得益於 TPU 和 GPU 的部署，而企業人工智慧解決方案的成長則得益於對我們產業領先模型（包括 Gemini 3）的需求。

Core GCP was also a meaningful contributor to growth due to strong demand for infrastructure and other services such as cybersecurity and data analytics. We also had double-digit growth in Workspace, driven by an increase in average revenue per seats and the number of seats.

由於對基礎設施以及網路安全和數據分析等其他服務有著強勁的需求，核心 GCP 也為成長做出了重要貢獻。在工作空間方面，我們也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 was $5.3 billion, more than doubling year-over-year, and operating margin increased from 17.5% in the fourth quarter of last year to 30.1%. Google Cloud's backlog increased 55% sequentially and more than doubled year-over-year, reaching $240 billion at the end of the fourth quarter.

雲端運算業務的營業收入為 53 億美元，年成長超過一倍；營業利潤率從去年第四季的 17.5% 成長至 30.1%。谷歌雲端的積壓訂單季增 55%，較去年同期成長超過一倍，在第四季末達到 2,400 億美元。

The increase in backlog was driven by strong demand for our cloud products, led by our enterprise AI offerings from multiple customers. In Other Bets, revenues were $370 million, and operating loss was $3.6 billion, reflecting the $2.1 billion Waymo charge I mentioned earlier.

積壓訂單的增加是由於多家客戶對我們雲端產品的強勁需求，其中以我們的企業級人工智慧產品最為突出。在其他投資方面，收入為 3.7 億美元，營業虧損為 36 億美元，這反映了我之前提到的 21 億美元的 Waymo 支出。

We allocate resources in Other Bets to businesses like Waymo, where we see meaningful opportunities to create value. Alphabet funded a significant portion of the $16 billion investment round that Waymo announced on Monday, which will allow the business to accelerate its global expansion. CapEx was $27.9 billion for the fourth quarter and $91.4 billion for the full year, in line with our expectation.

我們將「其他投資」中的資源分配給像 Waymo 這樣的企業，因為我們看到了在這些企業中創造價值的有意義的機會。Alphabet 為 Waymo 週一宣布的 160 億美元融資輪提供了很大一部分資金，這將使該公司能夠加速其全球擴張。第四季資本支出為 279 億美元，全年資本支出為 914 億美元，符合我們的預期。

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. In Q4, we returned capital to shareholders through $5.5 billion of share repurchase and $2.5 billion of dividend payments.

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。第四季度，我們透過55億美元的股票回購和25億美元的股利支付，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 first quarter and full year 2026. First, in terms of revenues, we're pleased with the overall momentum of the business.

展望未來。我想就一些將影響我們2026年第一季和全年業務表現的因素發表一些看法。首先，就收入而言，我們對公司的整體發展動能感到滿意。

At current spot rates, we would expect to see an FX tailwind to our consolidated revenues in Q1. However, the volatility in exchange rates could affect the impact of FX on Q1 revenues. In Google Services, we expect growth to be driven by ongoing innovation in the user experience as well as improved ROI for advertisers, keeping in mind the normal seasonal pattern for advertising revenue. In Google Cloud, we're seeing significant demand for our products and services, which we expect to continue to drive strong growth despite the tight supply environment we're operating in.

以目前的即期匯率計算，我們預期第一季的外匯市場利好因素將對我們的合併收入發揮積極作用。然而，匯率波動可能會影響外匯對第一季營收的影響。在 Google 服務方面，我們預期成長將由使用者體驗的持續創新以及廣告商投資報酬率的提高來驅動，同時也要考慮到廣告收入的正常季節性規律。在 Google Cloud，我們看到對我們的產品和服務有顯著的需求，儘管我們目前處於供應緊張的環境中，但我們預計這種需求將繼續推動強勁成長。

Moving to investments. The investment we have been making in AI are already translating into strong performance across the business, as you've seen in our financial results. Our successful execution, coupled with strong performance reinforces our conviction to make the investments required to further capitalize on the AI opportunity.

接下來談談投資。正如您從我們的財務表現所看到的，我們對人工智慧的投資已轉化為整個業務的強勁業績。我們成功的執行以及強勁的業績，更加堅定了我們進行必要投資以進一步掌握人工智慧機會的決心。

For the full year 2026, we expect CapEx to be in the range of $175 billion to $185 billion with investments ramping over the course of the year. We're investing in AI compute capacity to support Frontier model development by Google DeepMind, ongoing efforts to improve the user experience and drive higher advertiser ROI in Google Services, significant cloud customer demand as well as strategic investments in Other Bets.

預計 2026 年全年資本支出將在 1,750 億美元至 1,850 億美元之間，投資將在年內逐步增加。我們正在投資人工智慧運算能力，以支援 Google DeepMind 的 Frontier 模型開發，持續努力改善使用者體驗，提高 Google 服務中廣告主的投資報酬率，滿足龐大的雲端客戶需求，並進行其他方面的策略投資。

Keep in mind that the availability of supply, pricing of components and timing of cash payments can cause some variability in the reported CapEx number. In terms of expenses, as we've discussed on previous 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 expense and related data centers operations costs such as energy.

請注意，供應情況、零件價格和現金支付時間可能會導致報告的資本支出數字出現一些波動。就支出而言，正如我們在先前的電話會議中所討論的那樣，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（如能源）。

In 2025, depreciation increased by nearly $6 billion or 38% from $15.3 billion in 2024 to $21.1 billion in 2025. Given the increase in our CapEx investments in recent years, we expect the growth rate in 2026 depreciation to accelerate in Q1 and meaningfully increase for the full year. We're also planning to continue hiring in key investment areas such as AI and cloud.

2025年，折舊額從2024年的153億美元增加到2025年的211億美元，成長近60億美元，即38%。鑑於近年來資本支出投資的增加，我們預計 2026 年折舊成長率將在第一季加速，並在全年顯著成長。我們也計劃繼續在人工智慧和雲端運算等關鍵投資領域招募人才。

In 2025, our teams delivered amazing innovation, executing with a high level of discipline and velocity. These efforts provide great experiences for consumers and outstanding performance for creators, partners and enterprise customers, driving strong revenue growth. I want to take this opportunity to thank our employees for their contribution to this impressive performance.

2025年，我們的團隊帶來了驚人的創新，並以高度的紀律性和速度執行。這些努力為消費者帶來卓越的體驗，為創作者、合作夥伴和企業客戶帶來出色的性能，從而推動了強勁的收入成長。我想藉此機會感謝我們的員工為取得如此驕人的成績所做的貢獻。

Now Sundar, Philipp and I will take your questions.

現在，桑達爾、菲利普和我將回答你們的問題。

(Operator Instructions)

（操作說明）

Brian Nowak, Morgan Stanley.

Brian Nowak，摩根士丹利。

Thanks for taking my questions. I have two, one on agentic, one on YouTube. The first one on agentic. Sundar, I'd be curious to hear about as you look back at 2025, where do you think you made the most progress on new types of agentic commerce products? And then looking into '26, where are you most optimistic to sort of have even more progress in utility for users and your advertisers?

謝謝您回答我的問題。我有兩個帳號，一個在 Agentic 上，一個在 YouTube 上。第一個是關於代理的。Sundar，我很想知道，當你回顧 2025 年時，你認為你在新型智慧商務產品方面取得的最大進展是什麼？展望 2026 年，您最樂觀地認為在哪些方面能夠為使用者和廣告商帶來更大的實用性？

And the second one is on YouTube. We've seen a lot of the new content creation models like Genie, et cetera. Walk us through sort of the Alphabet long-term vision for how Genie and some of these content creation tools could be integrated into YouTube over time.

第二個影片在 YouTube 上。我們已經看到了許多新的內容創作模式，例如 Genie 等等。請您簡單介紹Alphabet的長期願景，即如何隨著時間的推移將Genie和其中一些內容創作工具整合到YouTube中。

Great. Thanks. Thanks, Brian. First, maybe I'll take the agentic part first. I definitely think '25 was more about laying the foundation, getting the models to start being more robust in agentic use cases. And obviously, coding is an area where the progress was the most felt.

偉大的。謝謝。謝謝你，布萊恩。首先，或許我可以先扮演代理人的角色。我絕對認為 '25 年更多的是在奠定基礎，讓模型在代理用例中變得更加穩健。顯然，程式設計領域是進步最顯著的領域。

In areas like commerce, I think we spent the year working with the ecosystem to develop the underlying protocol that's going to be needed for this agentic world. So I think the launch of Universal Commerce Protocol at NRF in January with a bunch of partners, founding partners, I think has been super well received.

在商業等領域，我認為我們花了一年時間與生態系統合作，開發出這個智能體世界所需的底層協定。所以我認為，1 月在 NRF 上與眾多合作夥伴（包括創始合作夥伴）共同推出的通用商業協議受到了非常熱烈的歡迎。

So I'm excited now that we have laid the foundation of interoperability on which agentic commerce can work. And now we are integrating those experiences into Gemini, AI Mode and so on. So I think this is a year where you will see consumers actually being able to use all of this, and I'm excited about the opportunity ahead.

現在我們已經奠定了互通性的基礎，代理商業可以在此基礎上運作，我感到非常興奮。現在，我們將這些經驗整合到 Gemini、AI 模式等功能中。所以我認為今年消費者將真正能夠使用所有這些技術，我對未來的機會感到興奮。

On YouTube, look, super excited by Genie and blown away by -- spent a lot of time creating this incredible worlds. I think it's going to have a wide level of applicability. I think an area where we shine in general is multimodality and representing the real world. And I think Genie is a further step in that direction in terms of building world models.

在 YouTube 上，你看，我對 Genie 超級興奮，並且被深深震撼——他們花了很多時間創造了這些不可思議的世界。我認為它將具有廣泛的適用性。我認為我們整體上比較擅長的領域是多模態和真實世界的呈現。我認為 Genie 在建立世界模型方面是朝著這個方向邁出的又一步。

All the innovation we are doing, be it a Imagen, Veo, Lyria, Genie, all that work we bring in into our products and to our cloud customers. And YouTube is going to be a natural place for creators. We are going to keep incorporating these tools.

我們正在進行的所有創新，無論是 Imagen、Veo、Lyria、Genie，我們所有的工作都融入我們的產品和我們的雲端客戶。YouTube 將會成為內容創作者的理想之地。我們將繼續使用這些工具。

Already creators are responding by adopting these, but we do want to put creators at the center of the experience, and that's very, very important to us. And so it's for us making sure YouTube is a voice for creator expression is the foundation by which we will approach this.

創作者們已經開始回應並採用這些措施，但我們確實希望將創作者置於體驗的中心，這對我們來說非常非常重要。因此，對我們來說，確保 YouTube 成為創作者表達意見的平台，是我們進行這項工作的基礎。

Great. Thanks, Sundar.

偉大的。謝謝你，桑達爾。

Eric Sheridan, Goldman Sachs.

艾瑞克‧謝裡丹，高盛集團。

Thanks so much for taking the questions. Two, if I could. Over the last couple of earnings calls, we've talked a lot about imbalances between demand and capacity for AI, both internally and externally. With the step function change in absolute capital dollars you're projecting now in '26, can you talk about the pathway to closing the gaps or the need for compute, both internally and externally and how to think about some of the outputs of closing that gap as the year progresses.

非常感謝您回答這些問題。如果可以的話，我希望有兩個。在過去幾次財報的電話會議上，我們多次談到了人工智慧的需求與產能之間的不平衡問題，包括內部和外部的需求與產能不平衡的問題。鑑於您目前預測 2026 年絕對資本美元將發生階躍式變化，您能否談談彌合差距的途徑，或者說內部和外部計算的必要性，以及隨著時間的推移，如何考慮彌合這一差距的一些產出。

And again, the second part would be against that level of spend that you're now projecting for '26, how do you think about continuing to find operating efficiencies inside the business to fund those investment -- growth investments as well? Thank you.

其次，針對您目前預測的 2026 年支出水平，您認為如何繼續在企業內部尋找營運效率來為這些投資（包括成長投資）提供資金？謝謝。

Thanks, Eric. You are right, and we've been supply constrained even as we've been ramping up our capacity. Obviously, our CapEx spend this year is an eye towards the future. And you have to keep in mind some of the time horizons that are increasing in the supply chain, et cetera. So we are constantly planning for the long term and working towards that.

謝謝你，埃里克。你說得對，即使我們一直在提高產能，也一直受到供應限制。顯然，我們今年的資本支出著眼於未來。你還必須考慮到供應鏈中一些時間跨度正在不斷增加等等。因此，我們一直在進行長遠規劃，並朝著這個目標努力。

And obviously, how we close the gap this year is a function of what we have done in the prior years, right? And so there is that time delay to keep in mind. I expect the demand we are seeing across the Board, across our services, what we need to invest for future work for Google DeepMind as well as for cloud, I think, is exceptionally strong. And so I do expect to go through the year in a supply-constrained way. And maybe Anat can touch on the second part.

顯然，我們今年如何縮小差距取決於我們前幾年所做的工作，對吧？所以，我們需要記住這個時間延遲。我認為，我們目前在各個方面，包括我們的服務，以及我們未來在GoogleDeepMind和雲端運算方面的投資需求，都將非常強勁。因此，我預計今年將面臨供應受限的情況。或許阿納特可以談談第二部分。

Yeah. Sure. Thanks, Eric, for the question. I've mentioned on one of the previous earnings call, our approach to how we look at efficiency and productivity. And we don't view this as an episodic onetime project or effort, but rather how we run the business on a regular basis and always seek additional opportunities to drive efficiency across the business.

是的。當然。謝謝埃里克的提問。我在之前的財報電話會議上提到過，我們看待效率和生產力的方法。我們並不認為這是一個一次性的專案或努力，而是我們日常經營業務的方式，我們始終尋求更多機會來提高整個業務的效率。

And certainly, with the demand we're seeing, whether it's from external customers or across the organization, the more capital we can free up within the organization to invest, the better we can turn this flywheel of making investments to drive future growth.

當然，就我們目前看到的需求而言，無論是來自外部客戶還是來自整個組織，我們越能在組織內部釋放出越多的資金進行投資，就越能更好地利用這種投資驅動未來成長的良性循環。

And we're doing this across the organization, whether it's within our technical infrastructure, certainly, when we invest at these amounts, we look at how we can ensure that we are the most efficient with every dollar that goes towards our technical infrastructure. There are scientific innovation that are part of that process, technical innovation, as you know, and we've mentioned before, we primarily focus on construction of our own data centers.

我們正在整個組織內推行這項舉措，無論是在我們的技術基礎設施方面，當然，當我們進行如此大規模的投資時，我們會考慮如何確保每一分錢都花在技術基礎設施上，做到最有效。這個過程包含科學創新和技術創新，正如您所知，我們也曾提到過，我們主要專注於建立我們自己的資料中心。

We do partner with some external parties on lease on occasion, but most of our data center, we can start ourselves, and we ensure that we do it in the most efficient way in a way that matches our workloads and our needs.

我們偶爾會與一些外部方合作租賃資料中心，但我們的大部分資料中心都是我們自己建造的，我們會確保以最有效的方式建設，以滿足我們的工作負載和需求。

We look at coding productivity that Sundar mentioned in the past, our -- about 50% of our codes are written by agents, coding agents, which are then reviewed by our own engineers. But certainly, it helps our engineers do more and move faster with the current footprint.

我們專注於 Sundar 之前提到的編碼效率，我們大約 50% 的程式碼是由代理程式（編碼代理）編寫的，然後由我們自己的工程師進行審查。但可以肯定的是，這有助於我們的工程師在現有資源有限的情況下完成更多工作，並加快工作速度。

We look at how we run the business across the organization. So using AI within the business to drive daily operations. It can be all the way from the engineering team to small teams within our back office, even within my finance team, for example, we deployed agents within our treasury organization. We're deploying agents within how we run -- how we pay and reconcile invoice, et cetera. So there are opportunities across the business that we evaluate on a regular basis to ensure we can free up more of that capacity to invest in our future.

我們會審視整個組織的業務運作方式。因此，在企業內部使用人工智慧來驅動日常營運。從工程團隊到後台的小團隊，甚至包括我的財務團隊，例如，我們在財務部門部署了代理商。我們正在將代理商部署到我們的營運方式中——例如我們如何支付和核對發票等等。因此，我們會定期評估公司各個業務領域的機會，以確保我們能夠釋放更多資源，投資未來。

Doug Anmuth, JPMorgan.

道格·安穆斯，摩根大通。

Thanks for taking questions. I have two. Over the last couple of years, we've seen considerable large language model leapfrogging and many expect that to continue. What are the ways that Google can build and maintain its Gemini position around data and distribution and product integration? And then how should we think about the potential for TPUs to move outside of Google Cloud and into external data centers and develop as an incremental revenue stream? Thank you.

謝謝回答問題。我有兩個。在過去的幾年裡，我們看到了大型語言模型的大幅跨越式發展，許多人預計這種情況還會持續下去。谷歌可以透過哪些方式在資料、分發和產品整合方面建立並維持其在 Gemini 中的地位？那麼，我們應該如何看待 TPU 從 Google Cloud 轉移到外部資料中心並發展成為增量收入來源的可能性呢？謝謝。

Doug, look, I think the LLM frontier, it's been an exciting trajectory. And I think 2026 will continue to show that progress. We are obviously improving these models across many paradigms, right, on pretraining, post-training, test and compute and so on. And we are bringing multimodal models into the picture. We are bringing agentic capabilities, the coding area is showing a lot of progress.

道格，你看，我認為法學碩士（LLM）領域的發展軌跡令人振奮。我認為2026年將繼續展現這項進步。我們顯然正在透過多種範式來改進這些模型，對吧，包括預訓練、後訓練、測試和計算等等。我們正在將多模態模型引入其中。我們正在引入智能體功能，編碼領域也取得了很大進展。

And obviously, integrating all of this together and offering a great customer experience for our -- to our products as well as through our APIs to our cloud customers. To me, it feels like there's a lot of headroom ahead.

顯然，我們將所有這些整合在一起，為我們的產品以及透過我們的 API 為雲端客戶提供卓越的客戶體驗。我覺得未來還有很大的發展空間。

And as you've seen our trajectory over the past two years in terms of how we have been making progress. I think we are in a very, very relentless innovation cadence. And I think we are confident about maintaining that momentum as we go through '26.

正如你們所看到的，在過去的兩年裡，我們在取得進展方面取得了長足的進步。我認為我們正處於一個非常、非常持續的創新節奏。我認為我們有信心在 2026 年保持這種勢頭。

In terms of TPUs, I would think about it as it's reflected in our overall part of what makes Google Cloud an attractive choice is the wide choice of accelerators we bring to bear here, and we meet customers in terms of what their needs are and the choice as well as other things we bring as part of Google Cloud, the end-to-end efficiencies in our data centers, all of that comes to bear. And that's what you see in the strong momentum in Google Cloud. And given the overall investment we are making, we expect to be able to drive that momentum there. So that's how I would think about it.

就 TPU 而言，我認為它體現了我們整體的優勢，也正是 Google Cloud 吸引人的原因之一，那就是我們提供了廣泛的加速器選擇，我們根據客戶的需求提供選擇，以及 Google Cloud 的其他優勢，例如我們資料中心的端到端效率等等。這就是Google雲端強勁發展勢頭的體現。鑑於我們正在進行的整體投資，我們期望能夠推動這一勢頭繼續保持下去。我就是這麼想的。

Thank you, Sundar.

謝謝你，桑達爾。

Mark Mahaney, Evercore.

Mark Mahaney，Evercore。

Thanks. Two questions. One, could you just comment a little bit on the YouTube ad revenue, that 9% year-over-year growth? It sounded like direct response was good. And it sounded like from search that retail came in relatively strong. So it's a little surprising that didn't kind of come through in the YouTube ads revenue growth.

謝謝。兩個問題。首先，您能否就 YouTube 廣告收入，特別是 9% 的年成長，發表一下看法？聽起來直接響應的效果不錯。從搜尋結果來看，零售業似乎表現相對強勁。所以，YouTube 廣告收入的成長並沒有反映出這一點，這有點令人驚訝。

And then Sundar, can I ask you to try to get ahead of a debate in the market, which is there's kind of maybe at a DeepSeek moment again. You talked earlier about Gemini being the AI engine for the most -- for some of the most successful software SaaS companies out there in the world.

那麼，Sundar，我能否請你試著搶先談談市場上的一個爭論，那就是DeepSeek可能又要出現類似的情況了。您之前提到過，Gemini 是世界上一些最成功的軟體 SaaS 公司的 AI 引擎。

And it just seems like there's a market belief that the software companies are kind of losing seat power, losing pricing power, and it looks like it could be a really terrible customer base. I can't imagine that that's actually going to happen.

市場似乎普遍認為軟體公司正在失去市場份額和定價權，而且看起來他們的客戶群可能非常糟糕。我無法想像這真的會發生。

But could you just talk about it? You're at the forefront of AI and the impact that that's having on software companies. Why wouldn't that be or why would it be undermining the economics of your large software SaaS company base? Thanks.

但您能談談這件事嗎？您處於人工智慧及其對軟體公司影響的最前沿。為什麼這不會損害你龐大的軟體 SaaS 公司客戶群的經濟利益？謝謝。

So Mark, so first of all, thank you for the question. For the full year 2025, our YouTube's annual revenue surpassed $60 billion across ads and subscription. In Q4, YouTube ads was driven indeed by strong growth in direct response.

馬克，首先感謝你的提問。預計到 2025 年全年，YouTube 的廣告和訂閱收入將超過 600 億美元。第四季度，YouTube 廣告的成長確實得益於直接響應式廣告的強勁成長。

On the brand side, as Anat shared, the largest factor negatively impacting the year-over-year growth rate was lapping the strong spend on US elections. We also saw a slight impact in some other brand-related verticals. But taking a step back, I think it's important to think about YouTube ads and subs holistically because when a user shifts from being an ad-supported user to a YouTube Music and Premium customer, it has a slightly negative impact on YouTube ads revenues, but a positive impact on our business.

就品牌而言，正如 Anat 所說，對年成長率產生負面影響的最大因素是美國大選的巨額支出。我們也發現其他一些與品牌相關的垂直領域也受到了輕微影響。但退一步講，我認為應該從整體上考慮 YouTube 廣告和訂閱，因為當用戶從廣告支援用戶轉變為 YouTube Music 和 Premium 用戶時，雖然會對 YouTube 廣告收入產生輕微的負面影響，但會對我們的業務產生積極影響。

And we had strong revenue growth in YouTube subscriptions this quarter, particularly in the YouTube Music and Premium category. Maybe interesting part is what we're actually excited about our road map in brand, the opportunity on connected TVs, more innovative ad formats, for example, the shoppable mastheads I spoke about earlier that we piloted during Cyber 5.

本季我們在 YouTube 訂閱業務方面實現了強勁的收入成長，尤其是在 YouTube Music 和 Premium 類別中。或許最有趣的部分是我們真正感到興奮的品牌發展路線圖，連網電視的機會，以及更具創新性的廣告形式，例如我之前提到的、我們在 Cyber​​ 5 期間試行的可購物橫幅廣告。

We're working really, really hard to further connect brands and creators, scaling sponsorships and enabling advertisers to showcase their products, their services during high visibility spotlight moments. We continue to expand the functionality of the creator partnership hub, making it a lot easier for brands to actually find creators and develop campaigns.

我們正在非常努力地進一步連結品牌和創作者，擴大贊助規模，並讓廣告主在備受矚目的時刻展示他們的產品和服務。我們不斷擴展創作者合作中心的功能，讓品牌更容易找到創作者並進行行銷活動。

We're heavily focusing on brand deals on measurement efforts. So there's a lot of interesting work in the pipeline. And on top of that, we actually see opportunity also for upside with performance advertising. There's a lot of momentum with demand gen adoption across small and medium advertisers.

我們正大力關注品牌合作的衡量指標。所以有很多有趣的項目正在籌備中。除此之外，我們也看到了效果廣告帶來的成長機會。中小廣告主對需求生成技術的採用勢頭強勁。

We're also excited about the opportunity for continued ads innovation and direct response, like, for example, shoppable formats, including in the living room, which is then helping drive strength in retail, the continued momentum in Shorts and so on. So overall, we're quite excited. Yeah.

我們也對廣告創新和直接回應的持續發展機會感到興奮，例如可購物格式，包括在客廳中的購物格式，這有助於推動零售業的強勁增長，以及短視頻的持續發展勢頭等等。總的來說，我們非常興奮。是的。

Great. And Mark, on -- in terms of Gemini adoption and how -- what this moment means for SaaS, et cetera. Look, at least from my vantage point, I definitely see we have very, very good SaaS customers who are leaders in their respective categories.

偉大的。馬克，關於 Gemini 的採用情況以及如何採用，這一刻對 SaaS 等意味著什麼。至少從我的角度來看，我確實看到我們有非常非常優秀的 SaaS 客戶，他們都是各自領域的領導者。

And what I see the successful companies doing is they are definitely incorporating Gemini deeply in critical workflows, be it on improving their product experience and driving growth or using it to drive efficiency within their organizations. And I think it is an enabling tool, just like it has been an enabling tool for us across our products and services, be it Search, YouTube, et cetera.

我看到成功的公司正在積極地將 Gemini 深度融入關鍵工作流程中，無論是改善產品體驗和推動成長，還是利用它來提高組織內部的效率。我認為它是一個賦能工具，就像它一直是我們所有產品和服務（無論是搜尋、YouTube 等）的賦能工具一樣。

I think the companies who are seizing the moment, I think, have the same opportunity ahead. And at least we are excited about the partnerships we have there. And the momentum, if I look at it in terms of their tokens usage, et cetera, the growth has been very robust in Q4.

我認為，那些抓住機會的公司，未來也將擁有同樣的機會。至少我們對在那裡建立的合作關係感到興奮。如果從代幣使用等方面來看，第四季的成長動能非常強勁。

Thank you.

謝謝。

Mark Shmulik, AllianceBernstein.

Mark Shmulik，AllianceBernstein。

Yes. Thanks for taking my questions. Two, if I may. The first for Anat is can you talk a little bit more about the relationship between investment levels and how you kind of expect core performance to trend? Is there like an operating income or a free cash flow objective that you solve towards? Or how do you think about greenlighting resources and projects?

是的。謝謝您回答我的問題。如果可以的話，我想說兩個。首先，Anat，你能否再詳細談談投資水準與你預期核心績效趨勢之間的關係？你們的目標是否包含營業收入或自由現金流之類的指標？或者，您如何看待批准資源和項目？

And then the second question is for all of you. A year ago, we probably could have guessed the answer to this question. But given where we are today, for each of you, what keeps you up at night here as you think about the Google story and what's next?

第二個問題是問你們所有人的。一年前，我們或許能猜到這個問題的答案。但就我們目前的處境而言，對你們每個人來說，在思考谷歌的發展歷程和未來走向時，什麼事情讓你們夜不能寐？

Thanks, Mark. Let me start with a question on the investment framework, and it's an important one. And as you can imagine, an important one for us as well. We have a highly rigorous framework that we use internally where we look at all the needs for investment, whether it's from our own organization or from external customers and have an estimate of what that investment could potentially yield, obviously, not just near term but long term as well. So we take that into consideration when we make the following decision.

謝謝你，馬克。首先，我想問一個關於投資框架的問題，這是一個重要的問題。正如你所想，這對我們來說也很重要。我們內部使用一套非常嚴格的框架，用來審視所有投資需求，無論是來自我們自己的組織還是外部客戶，並估算這些投資可能帶來的收益，顯然，不僅是短期收益，還有長期收益。因此，我們在做出以下決定時會考慮到這一點。

The first one is the total investment that we make across the company. This was, for example, in 2025, the $91 billion we invested in CapEx and our estimate for CapEx investment this year. So what's the total envelope that we want to invest to ensure that we can drive both near-term and long-term growth for the company.

第一個指標是我們公司整體的投資金額。例如，2025 年我們投資了 910 億美元的資本支出，以及我們今年對資本支出投資的估計。那麼，我們總共想要投資多少資金，才能確保公司能達到近期和長期的成長？

And then the second way we use that framework is to just allocate these funds across the organization, determine where we should make these investments. And throughout the year, as you can imagine, we always look to understand where things are moving, whether it's external dynamics or internal dynamics, and I've mentioned some of the supply chain pressures we're seeing externally.

然後，我們運用該框架的第二種方法是將這些資金分配到整個組織，確定我們應該在哪裡進行這些投資。如你所想，我們全年都在關注事物的發展趨勢，無論是外部動態還是內部動態，我已經提到了一些我們從外部看到的供應鏈壓力。

So we look at this with a highly rigorous framework to make sure that we're making the right decision. It was exciting to see the fact that we're already monetizing and you saw it in the results that we just issued this quarter, the investments that we've made in AI.

因此，我們採用非常嚴格的框架來審視這個問題，以確保我們做出正確的決定。令人興奮的是，我們已經開始實現盈利，這一點從我們剛發布的本季業績報告中可以看到，我們在人工智慧領域也進行了投資。

It's already delivering results across the business. I know it in cloud, it's very obvious external, but you've heard the comments on the success we're seeing in search, the comments from Sundar and from Philipp and then the Frontier model development that really serves as the foundation for the organization. We then also look at just the cash flow, cash flow generation and the health of our financials and the balance sheet. That's important as well.

它已經為公司帶來了顯著成效。我知道在雲端，這一點在外部非常明顯，但你們也聽到了關於我們在搜尋領域取得的成功的評論，Sundar 和 Philipp 的評論，以及 Frontier 模型的發展，這真正構成了組織的基礎。然後，我們也會檢視現金流量、現金流量產生狀況以及財務狀況和資產負債表。這一點也很重要。

So we take that into consideration when we make the decision about the overall level of investment. We want to make sure we do it in a fiscally responsible way and that we invest appropriately, but we do it in a way that maintains a very healthy financial position for the organization.

因此，我們在決定整體投資水準時會考慮到這一點。我們希望確保以對財務負責的方式進行，並進行適當的投資，同時保持組織非常健康的財務狀況。

And yeah, maybe I can answer on what keeps us up at night. Look, I think overall, we've been on this AI-first trajectory for over a decade now, and it's what we have been methodically thinking our way through. It's the reason why we've been working on TPUs for over a decade as an example.

是啊，或許我可以回答一下是什麼讓我們夜不能寐。總的來說，我認為十多年來，我們一直走在人工智慧優先的發展道路上，這也是我們一直有條不紊地思考和推進的方向。這就是為什麼我們十多年來一直在研究 TPU 的原因。

But I think specifically at this moment, maybe the top question is definitely around compute capacity, all the constraints, be it power, land, supply chain constraints, how do you ramp up to meet this extraordinary demand for this moment, get our investments right for the long term and do it all in a way that we are driving efficiencies and doing it in a world-class way. And so that's where I think we are meeting the moment well and -- but it's definitely an area where we're spending a lot of time on.

但我認為，就目前而言，最重要的問題肯定是計算能力，以及所有限制因素，無論是電力、土地還是供應鏈限制，如何才能迅速提升以滿足當前這種非凡的需求，如何才能確保我們的投資能夠著眼長遠，並且能夠以提高效率和達到世界一流水平的方式來完成這一切。所以我覺得我們在這方面做得很好——但這絕對是我們投入大量時間的領域。

Michael Nathanson, MoffettNathanson.

Michael Nathanson，MoffettNathanson。

Thanks. I have one for Sundar and one for Anat. Sundar, you mentioned the Universal Commerce Protocol a bunch of times. I wonder if you could spend some time talking about the rationale for developing it, the opportunity that you see it solves for and what it means for the product discovery funnel for consumers? And then for Anat, any color you can provide on the CapEx guide between longer duration assets like buildings and infrastructure and shorter cycle assets like technical equipment? That would be helpful. Thanks.

謝謝。我為桑達爾準備了一本，為阿納特準備了一本。Sundar，你多次提到了通用商業協議。我想請您花點時間談談開發它的理由、您認為它解決了什麼問題以及它對消費者產品發現流程的意義？那麼，Anat，你能否在資本支出指南中，用顏色區分建築物和基礎設施等長期資產與技術設備等短期資產？那會很有幫助。謝謝。

Thanks, Michael. Obviously, people go through a lot of commercial journeys across many of our surfaces, search, YouTube, Gemini app and so on. So I think there's -- as well as we support through cloud and ads, our entire retail partners as well.

謝謝你，麥可。顯然，人們會透過我們的許多平台進行大量的商業活動，例如搜尋、YouTube、Gemini 應用程式等等。所以我認為，除了我們透過雲端和廣告提供的支援外，我們所有的零售合作夥伴也都得到了支持。

And the opportunity to improve the experience, I think, can be a kind of a huge foundational uplift here. But it's important to -- we are approaching it keeping in mind that our users as well as merchants here and figuring out that value.

我認為，改善使用者體驗的機會可以帶來巨大的基礎性提升。但重要的是——我們在處理這個問題時，要考慮到我們的用戶和商家，並找出其中的價值。

Part of what's been good in designing the Universal Commerce Protocol is it makes it much easier for users to complete transactions. But at the same time, it allows merchants to help showcase the range of their offerings, if they want to make promotions, et cetera. So all of that is built into the protocol. And I think you have to get that value prop for the ecosystem right to make the experience better. And so it's foundational.

通用商務協議設計的優點之一是，它使用戶更容易完成交易。但同時，它也能幫助商家展示他們的產品範圍，如果他們想進行促銷活動等等。所以所有這些都已內建在協議中。我認為，要提升使用者體驗，就必須正確地為生態系統找到價值主張。所以它是基礎性的。

And more importantly, we are now implementing the protocols and our Gemini models are making progress in those agentic capabilities. And I think -- so I'm excited about a future where as people are going through discovery, searching, finding new things, if they're interested in acting upon it, all of that is seamless. And so it overall creates an expansionary moment.

更重要的是，我們現在正在實施這些協議，我們的 Gemini 模型在這些智慧能力方面取得了進展。所以，我對未來充滿期待，因為在未來，當人們探索、尋找、發現新事物時，如果他們有興趣採取行動，所有這些都將無縫銜接。因此，總體而言，它創造了一個擴張的時刻。

And the question with regards to the CapEx and the -- kind of what makes up the total that we've announced for this year and last year, approximately 60% of our investment in 2025, and it's going to be fairly similar in 2026, went towards machines, so the servers. And then 40% is what you referred to as long-duration assets, which is our data centers and network and equipment.

至於資本支出以及——我們今年和去年宣布的總額的組成——大約 60% 的投資用於機器，也就是伺服器。 2025 年的投資額，2026 年的情況也大致相同。然後，您所說的 40% 是長期資產，也就是我們的資料中心、網路和設備。

And I think you probably are referring to the depreciation delta between them. Those long-term duration assets depreciate over -- the building could be four years or longer. Other components may be less than that.

我想你可能指的是它們之間的折舊差額。這些長期資產會隨著時間的推移而貶值——例如，一棟建築物可能需要四年或更長時間才能報廢。其他部件的用量可能少於此。

Another important component is how we allocate this CapEx. And we've commented in the past about the allocation of our ML compute across the business. And for 2026, just over half of our ML compute is expected to go towards the cloud business.

另一個重要因素是如何分配這筆資本支出。我們過去也曾就公司內部機器學習計算資源的分配問題發表過評論。預計到 2026 年，我們超過一半的機器學習運算將用於雲端運算業務。

Thank you so much.

太感謝了。

Ross Sandler, Barclays.

羅斯·桑德勒，巴克萊銀行。

Great. Just a question on the native Gemini 750 million. So we added 100 million MAUs in the fourth quarter. Could you just talk high level about usage and retention of native Gemini? And is this 750 million the right way to measure your progress against companies like ChatGPT or is there another cohort of users that aren't in that 750 million that maybe we should also consider? Thanks a lot.

偉大的。關於雙子座7.5億人的問題。因此，我們在第四季新增了 1 億月活躍用戶。能否簡單談談原生Gemini的使用情況和使用者留存狀況？那麼，用 7.5 億用戶來衡量你與 ChatGPT 等公司相比的進展是否正確呢？或者，除了這 7.5 億用戶之外，是否還有其他用戶群我們也應該考慮？多謝。

Ross, I think we definitely saw, I would say, an extraordinary period of growth in Q4 for Gemini app. It's not just the growth in monthly active users, but there's definitely -- there was a sharp increase in engagement per user on the app.

Ross，我認為我們確實看到了 Gemini 應用在第四季度經歷了非凡的增長期。不僅是每月活躍用戶數量的增長，應用程式的每個用戶的參與度也確實大幅提高。

So all the metrics be it active usage, the intensity of usage, retention all showed distinct progress across iOS, web, Android, et cetera, and geographically globally. So definitely, all the product experience improvements, the work we did with Nano Banana, the progress with the Gemini models all translated into strong momentum and that momentum is continuing. So we are excited about that, and we'll continue to invest.

因此，無論是活躍用戶數、使用強度或用戶留存率，所有指標都在 iOS、Web、Android 等平台以及全球範圍內取得了明顯的進展。所以，所有產品體驗的改進，我們與 Nano Banana 合作的工作，Gemini 機型的進展，都轉化為強勁的發展勢頭，而且這種勢頭還在繼續。我們對此感到興奮，並將繼續投資。

Obviously, there are many people who are getting a deeply AI-native experience in the context of AI mode in search as well. And we are definitely seeing strong growth and progress. And the introduction of Gemini 3 in AI mode was a very positive driver as well. And obviously, we'll continue to evolve these experiences, and I'm excited about the opportunities there.

顯然，在搜尋的 AI 模式下，也有很多人獲得了深度 AI 原生體驗。我們確實看到了強勁的成長和進步。而 Gemini 3 在 AI 模式下的引入也是一個非常正面的推動因素。顯然，我們會繼續發展這些體驗，我對其中的機會感到興奮。

Thank you.

謝謝。

Ken Gawrelski, Wells Fargo.

Ken Gawrelski，富國銀行。

Thank you very much. Two, if I may, both on search. First, could you walk us through how you are evolving your views on the monetization of AI search activity given the more conversational nature and longer periods of engagement per session, consumer utility is increasingly driven by the on-platform results, not specifically the linkouts and referrals.

非常感謝。如果可以的話，我想說兩點，都在找答案。首先，鑑於人工智慧搜尋活動的對話性增強，每次會話的參與時間延長，消費者效用越來越取決於平台內搜尋結果，而不是連結和推薦，您能否向我們介紹一下您對人工智慧搜尋活動貨幣化的看法是如何轉變的？

In that construct, how do you think about increasing the revenue opportunity to match the consumer utility? And is this increasingly where premium subscriptions play? And then question two, and it's related, as you think about partnerships such as the new Apple partnership on Siri, how do you think about the right way to align for success with those partners?

在這種架構下，您如何考慮增加收入機會以符合消費者的效用？而這是否正日益成為付費訂閱服務發揮作用的地方？第二個問題與此相關，當您考慮像蘋果公司在 Siri 上的新合作關係這樣的合作時，您認為與這些合作夥伴取得成功的正確方法是什麼？

Previously, as disclosed in the DOJ documents, et cetera, it was a revenue share relationship. But now if you think about the utility that you're driving through AI search and through Gemini on those platforms, it may be less related to the actual 'search revenue'. Could you just talk a little bit about how you align with partners for success there? Thank you.

此前，正如司法部文件所揭露的那樣，這是一種收益分成關係。但現在，如果你思考你透過人工智慧搜尋和 Gemini 在這些平台上所創造的效用，它可能與實際的「搜尋收入」關係不大。您能否簡單談談您如何與合作夥伴攜手取得成功？謝謝。

So first of all, it may be worthwhile to say that the acceleration we saw in search was not due to a single driver, but was really the result of many different parts of our business showing strength and working well together. And maybe I quickly add the vertical perspective, retail, finance, health drove actually the greatest contribution to search revenue, though nearly every major vertical actually accelerated in Q4.

首先值得一提的是，我們在搜尋領域看到的加速成長並非單一因素造成的，而是我們業務中許多不同部門展現實力並良好合作的結果。或許我應該快速補充一下垂直產業的觀點，零售、金融和醫療保健產業實際上對搜尋收入的貢獻最大，儘管幾乎所有主要垂直產業在第四季度都實現了加速成長。

More specifically to your question, the ongoing innovation is, as you know, core to what we do and the enhancements to the user and the advertiser experience really continue to drive our performance, and we make hundreds of these changes every quarter.

更具體地回答您的問題，正如您所知，持續創新是我們工作的核心，使用者和廣告商體驗的提升確實持續推動著我們的業績，我們每個季度都會進行數百次這樣的改變。

We see AI Overviews and AI Mode continue to drive greater search usage and growth in overall queries, including important in commercial queries. Gemini-based improvements in search ads help us better match queries and craft creatives for advertisers.

我們看到 AI 概覽和 AI 模式繼續推動搜尋使用量和整體查詢量的成長，其中商業查詢尤其重要。基於 Gemini 的搜尋廣告改進有助於我們更好地匹配搜尋查詢並為廣告商製作創意廣告。

I talked about the understanding of intent and how this has significantly expanded our ability to deliver ads on longer and more complex searches that were, frankly, previously difficult to monetize. AI Max, for example, is already used by hundreds of thousands of advertisers and continues to unlock billions of net new queries in that sense.

我談到了對用戶意圖的理解，以及這種理解如何極大地擴展了我們在更長、更複雜的搜尋中投放廣告的能力，坦白說，這些搜尋以前很難變現。例如，AI Max 已被數十萬廣告商使用，從這個意義上講，它仍在不斷解鎖數十億個新的淨搜尋查詢。

We see strength with SMB advertisers expanding their budgets and adopting automation tools, leading to better ROI. On the creative side, we're using Gemini to generate millions of creative assets via text customization in AI Max and PMax and so on. So we're very pleased with what we're seeing here.

我們看到中小企業廣告商加大預算並採用自動化工具，從而獲得更高的投資回報率，這體現了強勁的成長勢頭。在創意方面，我們使用 Gemini 透過 AI Max 和 PMax 等軟體中的文字自訂功能產生數百萬個創意素材。所以我們對目前所看到的情況非常滿意。

Justin Post, Bank of America.

賈斯汀·波斯特，美國銀行。

Great. Just want to follow up on the Gemini app. Obviously, great growth there. Are you seeing any cannibalization of search as far as activity as people start using that app more? And then second, on monetization, where are you on that? And with agentic and other ads coming, could that be incremental to your growth over the next few years? Thank you.

偉大的。我想跟進一下Gemini應用程式的情況。顯然，那裡發展迅速。隨著人們越來越多地使用該應用，您是否觀察到搜尋功能的活動受到蠶食？其次，關於獲利模式，你們的進展如何？隨著代理廣告和其他廣告的出現，這能否在未來幾年內促進您的成長？謝謝。

Look, right now, overall, look, I think we are giving people choice. People are obviously using search, experiencing AI Overviews and AI Mode as part of it and Gemini app as well. And the combination of all of that, I think, creates an expansionary moment. I think it's expanding the type of queries people do with Google overall. And so overall, some of it all is what we see as a growth opportunity, and we haven't seen any evidence of cannibalization there. And maybe Philipp can comment on the monetization.

你看，現在，總的來說，我認為我們正在給人們選擇。人們顯然在使用搜尋功能，體驗人工智慧概覽和人工智慧模式，以及 Gemini 應用。我認為，所有這些因素結合起來，創造了一個擴張的機會。我認為這正在拓展人們使用谷歌進行搜尋的類型。因此，總的來說，我們認為其中一些是成長機會，而且我們還沒有看到任何蠶食現象的跡象。或許菲利普可以就獲利模式發表一些看法。

Yeah. I think Sundar previously commented on agentic and how we think about it. And look, in general, as with all of our products, we really focus, first and foremost, on creating a great user experience, and we're very excited about where we are with the ads and AI Overviews and early experiments in AI Mode, including innovations like Direct Offers and our road map for the future.

是的。我認為桑達爾之前評論過能動性以及我們如何看待它。總的來說，就像我們所有的產品一樣，我們始終將創造卓越的用戶體驗放在首位，我們對廣告、AI概覽以及AI模式的早期實驗（包括直接優惠等創新）和未來的發展路線圖感到非常興奮。

In terms of the Gemini app today, we are focused on our free tier and subscriptions and seeing great growth, as Sundar discussed. But ads have always been part of scaling products to reach billions of people. And if done well, ads can be really valuable and helpful commercial information. And at the right moment, we'll share any plans. But as we've said, we're not rushing anything here.

就 Gemini 應用程式而言，我們目前專注於免費版和訂閱版，並且正如 Sundar 所討論的那樣，我們看到了巨大的成長。但廣告一直是產品規模化推廣、觸及數十億用戶的重要手段。如果做得好，廣告可以成為非常有價值和有用的商業資訊。時機成熟時，我們會分享任何計劃。但正如我們所說，我們不會操之過急。

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 first quarter 2026 call. Thank you, and have a good evening.

感謝各位今天蒞臨。我們期待在 2026 年第一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。