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。感謝各位撥冗參加 Alphabet 2025 年第四季財報電話會議。(接線員指示) 現在我想把會議交給今天的發言人——投資人關係主管 Jim Friedland。請開始。

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。今天與會者包括 Sundar Pichai、Philipp Schindler，以及 Anat Ashkenazi。我先快速說明安全港聲明。我們今天就業務、營運與財務表現所做的部分陳述，可能被視為前瞻性陳述。此類陳述係基於目前的預期與假設，並可能受到多項風險與不確定性影響。

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.

實際結果可能出現重大差異。請參閱我們的 10-K 與 10-Q 表格申報文件，包括其中的風險因素。我們不承擔更新任何前瞻性陳述的義務。在本次電話會議中，我們將同時呈現 GAAP 與非 GAAP 財務衡量指標。非 GAAP 與 GAAP 指標之調節表已包含於今日的財報新聞稿中，並已發布且可透過我們位於 abc.xyz/investor 的投資人關係網站供大眾查閱。我們的評論除非另有說明，將以年對年比較為主。

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

現在把電話交給 Sundar。

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，Jim。各位好。感謝加入我們。這一季對 Alphabet 來說表現非常出色。Gemini 3 的推出是一個重要里程碑，我們的動能非常強勁。Alphabet 年度營收首次突破 4,000 億美元。本季延續加速態勢，營收成長 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 的年度營收（含廣告與訂閱）突破 600 億美元。Cloud 明顯加速，營收成長 48%。目前年化營收運行率已超過 700 億美元。積壓訂單（backlog）較前一季成長 55% 至 2,400 億美元，涵蓋廣泛客戶群，主要由 AI 產品需求帶動。

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.

我們在消費者服務的付費訂閱總數超過 3.25 億，Google One 與 YouTube Premium 的採用表現強勁。此外，我們在僅四個月前推出的 Gemini Enterprise，已售出超過 800 萬個付費席次。我們的 Gemini 應用程式目前每月活躍使用者超過 7.5 億。自 12 月推出 Gemini 3 以來，我們也看到每位使用者的互動顯著提升。

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.

整體而言，我們看到 AI 投資與基礎設施正在推動全公司各面向的營收與成長，以滿足客戶需求並把握未來不斷擴大的機會。我們預期 2026 年資本支出（CapEx）投資將落在 1,750 億至 1,850 億美元區間。

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.

今天我將先更新我們的 AI 進展，接著分享搜尋、雲端、YouTube 與 Waymo 的重點。首先，談 AI 全堆疊的進展。我們無可匹敵的基礎設施是 AI 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.

我們提供業界最廣泛的運算選項，包括來自合作夥伴 NMDA 的 GPU；該公司在 CES 宣布，我們將是首批提供最新 verarubin GPU 平台的業者之一；此外還有我們自家已研發十年的 TPU。12 月，我們宣布有意收購 Intercept，該公司提供資料中心與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，我們的效率大幅提升。透過模型最佳化、效率提升與使用率改善，我們在 2025 年將 Gemini 的服務單位成本降低了 78%。接著是世界級的 AI 研究，包括模型與工具。

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.

我們提供全球最完整的模型產品組合，並在文字、視覺，以及影像轉影片等 LMArena 排行榜上領先。Gemini 3 Pro 在最先進能力、推理與多模態理解方面持續領跑。它創下我們史上所有模型中最快的採用速度。

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 平均每日處理的 token 數量持續為 2.5 Pro 的 3 倍。我們最新的模型也驅動 Google antigravity——我們全新的開發平台，代理（agents）可自主規劃並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.

該平台在推出僅兩個多月後，每週活躍使用者已超過 150 萬。我們的第一方模型（如 Gemini）目前透過客戶使用的直接 API，每分鐘處理超過 100 億個 token，高於上季的 70 億。

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，把 AI 帶到我們的產品與平台。我們正以規模化方式推出創新，將實用的 AI 功能帶給各地使用者。僅在 1 月，我們就在 AI 模式與搜尋以及 Gemini 應用程式中推出個人智慧（personal intelligence），並為 Gmail 引入新功能與更新的檢視方式。

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.

透過如 Chrome or to browse 等功能，將 Chrome 重新打造為 AI 優先的代理型瀏覽器。宣布 Project Genie，讓使用者可使用 Gen3（我們的通用 well 模型）即時生成並探索互動式世界。我們也透過在商務領域導入新的代理開放標準，為 AI 時代的購物奠定基礎。

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.

這項通用商務協定（universal commerce protocol）是與多家零售產業領導者共同打造。最後，從 Android 到 Pixel，我們正把最強的 AI 能力帶到使用者手中。在 CES 上，包括 Samsung 在內的一系列合作夥伴展示了他們如何把 Gemini 帶到更多裝置，從 XR 到客廳等各種場景；另外，為了證實傳聞，我們將很快推出 Pixel 10a，加入我們史上評價最佳的 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.

接著談本季的關鍵亮點，先從搜尋開始。在 AI 持續帶動擴張性成長的時刻，第四季的搜尋使用量創下歷史新高。我們以驚人的速度執行。僅在上一季，我們就在 AI 模式與 AIO 檢視中推出超過 250 項產品更新。

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 直接整合進搜尋的 AI 模式。現在搜尋能更好理解你的查詢、更深入探索網路，並生成互動式 UI 體驗。而在上週，我們將 AI overviews 升級為 Gemini，讓使用者在搜尋結果頁頂端獲得同級最佳的 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一致，確保從 AI 概覽到 AI 模式對話的轉換完全無縫。這些新體驗被證明更有幫助，並帶動更高的使用量。

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.

幾個重點。第一，一旦人們開始使用這些新體驗，就會更頻繁使用。在美國，我們看到每位使用者每日的 AI 模式查詢自推出以來翻倍，而 AI views 也持續表現非常好。第二，人們參與更長、更複雜的使用情境。AI 模式中的查詢長度是傳統搜尋的 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.

我們也看到使用情境變得更具對話性，AI 模式中相當比例的查詢現在會引導出後續提問。第三，人們以超越文字的新方式進行搜尋。目前 AI 模式查詢中，將近六分之一為非文字形式，使用語音或影像。Circle to search 現已可在超過 5.8 億台 Android 裝置上使用。

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 Cloud。我們在營收、營業利益率與積壓訂單的成長，凸顯了我們整體產品組合的實力。第一，我們以更快的速度贏得更多新客戶。我們在年底的新客戶獲取速度是第一季的兩倍。

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，我們也簽下更大規模的客戶承諾。2025 年超過 10 億美元的交易數量，超越前三年合計。第三，我們持續深化與既有客戶的關係，這些客戶的使用量較其初始承諾高出逾 30%。

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 客戶已使用我們針對垂直產業最佳化的 AI（從晶片、模型到 AI 平台與企業 AI 代理），在效能品質、安全性與成本效率方面表現更優。這些 AI 客戶使用的產品數量是未使用者的 1.8 倍，使我們得以多元化產品組合、深化客戶關係並加速營收成長。

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.

我們的產品線具備多種變現槓桿，涵蓋基礎架構平台以及高毛利的 AI 驅動產品與服務；其中有 14 條產品線的年營收各自都超過 10 億美元。我們為雲端客戶提供領先的 AI 訓練與推論基礎架構，提供業界最廣泛的運算選項，從我們自研第 7 代 TPU 到最新的 NVIDIA GPU；我們在自研加速器方面累積 10 年經驗，具備晶片、系統、網路與軟體的專業，轉化為在大規模推論與訓練上的領先功耗與效能效率。

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 AI 加速器服務於領先的前沿 AI 實驗室。也服務資本市場公司（如 Citadel Securities）、企業（如 Mercedes Benz）以及政府部門，用於高效能運算應用。我們也向雲端客戶提供領先的生成式 AI 模型，包括 Gemini、Imagine Veo、Chirp 與 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.

僅在 12 月，就有近 350 家客戶各自處理超過 1,000 億個 token。第四季，基於我們生成式 AI 模型所打造產品的營收年增近 400%，相較前一季顯著加速。

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.

目前，超過 12 萬家企業使用 Gemini，包括 lovable、open evidence 等 AI 獨角獸，以及 Airbus、Honeywell 等全球企業。前 20 大 SaaS 公司中有 95% 使用 Gemini，前 100 大中也有超過 80% 使用 Gemini，包括 Salesforce 與 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 正成為全球最成功軟體公司的 AI 引擎。領先企業也正帶動對我們企業 AI 代理的強勁需求。我們已向超過 2,800 家公司售出逾 800 萬個 Gemini Enterprise 付費席位（我們的企業 AI 平台），包括 BNY 與 Virgin Voyanges，用以精簡知識管理並自動化流程。

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 在第四季管理了超過 50 億次客戶互動，且年增 65%；客戶包括 Wendy's、Kroger 與 Wallboards Group。我們將 Gemini 整合進 Google Workspace，正推動與 Schwartz Group 等全球品牌，以及美國運輸部等公部門組織的勝出。

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（ISV）的動能。合作夥伴打造的 AI 解決方案營收年增近 300%，而前 15 大軟體合作夥伴的承諾金額年增超過 16 倍。在進入下一段之前，我很高興我們正與 Apple 合作，成為其首選雲端供應商，並基於 Gemini 技術共同開發下一代 Apple 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.

接下來談 YouTube，我想強調 4 點。第一，串流。在客廳場景中，根據 Nielsen 的資料，YouTube 近三年持續是美國排名第 1 的串流平台。從 NFL 到 Coachella，YouTube 是人們觀看當今最大流行文化時刻發生的地方。

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.

第二，訂閱。我們持續看到 YouTube 訂閱營收強勁成長，尤其是 YouTube Music Premium。我們將很快推出新的 YouTube TV 方案，提供超過 10 個類型專屬套裝，為訂閱者帶來更多選擇與彈性。此外，NFL Sunday Ticket 在 YouTube 上的訂閱成長強勁，付費訂閱數創下該產品史上新高。第三，Podcast。為了說明 YouTube 的受歡迎程度，在 2025 年 10 月，觀眾在客廳裝置上觀看 Podcast 的時數超過 7 億小時，較一年前成長 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，AI 正在改變創作者與觀眾的 YouTube 體驗。12 月期間平均每天有超過 100 萬個頻道使用我們新的 AI 創作工具，以強化其創意表現。同一個月，超過 2,000 萬名觀眾使用我們由 Gemini 驅動的新 Ask 工具，以更深入了解他們所觀看的內容。

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.

最後是 Waymo。本週，Waymo 完成迄今最大一輪投資，並在以安全為核心的前提下，具備持續推進動能的良好條件。12 月，我們的全自動駕駛行程累計突破 2,000 萬次，目前每週提供超過 40 萬次乘車服務。Waymo 持續擴大其服務範圍。其第六個市場邁阿密於兩週前上線，Waymo 也將很快把服務擴展到美國多座城市，以及英國與日本。

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.

團隊在多項重要能力上取得驚人進展，包括將公共服務延伸至機場與高速公路。總結來說，2025 年對公司而言是非常出色的一年，衷心感謝全球的員工與合作夥伴；我們在邁向 2026 年時已具備非常好的定位。

Now over to Philipp.

接下來交給 Philipp。

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.

謝謝你，Sundar，大家好。我將先說明本季 Google 服務的表現，接著把其餘談話重點放在我們在搜尋、YouTube 與合作夥伴方面所交付的重大進展。本季 Google 服務營收為 960 億美元，年增 14%，主要由搜尋加速成長所帶動，並補充一些我們業績的背景說明。搜尋與其他營收成長 17%，主要來自各大垂直領域的全面強勁表現，其中零售特別強。在 YouTube 方面，廣告營收成長 9%，主要由直接回應型廣告帶動。

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.

本季聯播網廣告營收年減 2%。先從搜尋與其他營收談起，本季貢獻超過 630 億美元營收。Sundar 提到搜尋正處於擴張性的時刻。我們也是如此；我們正投資 AI，以推動行銷各領域的顯著改善。

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.

我們正在擴大廣告主可競爭的整體版圖。AI 讓企業能在比以往更多的地方觸及更多客戶。Jim 和我具備獨特優勢，能將 AI 的轉型效益帶入廣告，並在三個對客戶至關重要的領域發揮作用：廣告品質、廣告主工具，以及全新的 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.

第一，品質。過去兩年，我們持續部署 Gemini 模型以提升核心理解能力，推出頻率幾乎達到每月一次。這些改進帶來更好的查詢匹配、排序與品質，讓搜尋廣告更具成效。

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.

隨著 Jim 與我在整個廣告品質技術堆疊中導入應用，我們評估相關性的準確度較前幾代模型更高。這大幅提升了我們系統性地投放更有幫助的高品質廣告的能力，並促成投放無關廣告的顯著下降。

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 對意圖的理解提升了我們在更長、更複雜的搜尋查詢上投放廣告的能力，而這些查詢過去較難變現。Gemini 模型也對非英語語言的核心理解帶來顯著影響，擴大企業全球規模化的機會。

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.

第二，我們正在把更多生成式動作建置到廣告主工具中。企業現在可在廣告與分析顧問中的對話式體驗運用 Gemini，以識別並執行建議動作，例如產生新活動。

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 作為即時夥伴來組裝創意素材。僅在第四季，他們透過 AI MAX 與 PAX 中的文字自訂功能，使用 Gemini 建立了近 7,000 萬個創意資產。例如，加拿大頂級時裝品牌 Aritzia 使用 AI MAX 找到傳統策略錯過的新高價值客戶，使第四季轉換價值額外提升 80%。L'Oreal 作為最早的 Alpha 測試者之一，將於 2025 年在 23 個國家、30 個品牌的 800 個獨特活動中使用 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 使 L'Oreal 集團能在完整的消費者旅程中最大化其曝光，推動消費者成長，並使 mix 等 DTC 品牌營收提升 23%。第三個領域是我們如何在搜尋中的新 AI 使用者體驗上實現變現。我們已大幅提高對 AI mode 的投入，目前正處於早期階段，進行 AI mode 變現的實驗，在 AI 回應下方測試廣告，且還有更多測試在進行中。

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，重新推出的直購優惠以及新的 Google Ads 試點計畫，將允許廣告主在 AI mode 中，直接向準備購買的消費者展示專屬優惠。這種新型內容運用 AI，將零售商提供的合適優惠配對給合適的使用者。

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.

如 Sundar 所提到的，我們正在打造代理式商務（agentic commerce）的時代，並與合作夥伴合作，在我們的消費者產品及整個網路上導入 Universal Commerce 協定。我們已收到業界大量回饋。很快，人們就能使用新的結帳體驗，在 AI mode 與 Gemini 中直接向部分商家購買。

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.

接著談 YouTube。根據 Nielsen，YouTube 近三年來一直是美國排名第一的串流平台。YouTube 創作者提供了無可比擬的內容廣度。我們在創作力、觀看體驗與變現方面對 AI 創新的投資持續帶來回報。

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.

我們看到訂閱業務的強勁動能，並持續創新以在消費者所在之處滿足需求。我們為 YouTube TV 新增了價格更親民的運動分級方案。YouTube Premium Light 證明是受歡迎的選擇。我們也持續在 YouTube 訂閱業務上實現強勁的年增長，特別是 YouTube Music 與 Premium。

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.

就 YouTube 的變現而言，Shorts 與客廳場景的動能持續。Shorts 目前平均每日觀看次數超過 2,000 億。且如我們先前分享，在多個國家（包括美國），Shorts 每觀看小時帶來的營收高於 YouTube 傳統的串流內廣告。零售垂直領域持續成長，主要受較小型廣告主日益採用需求開發（demand gen）所帶動。同樣地，直接回應（direct response）也持續受惠於我們在中小型廣告主身上看到的動能。

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 創作者的產品與品牌推薦，我們專注於讓 YouTube 成為首屈一指的購物目的地。例如可購買（shoppable）的廣告格式等創新，正在提升廣告主的投資報酬率。在 Cyber 5 期間，廣告主試行了可購買的 masthead（首頁頂部）廣告，這是一種新的互動式廣告格式，讓觀眾瀏覽商品並將連結傳送到手機上，帶來更輕鬆的購物體驗。

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，我們的創作者合作夥伴中心讓品牌更容易找到創作者並開發活動。這個假期季，JCPenney、Old Navy 與 Target 等品牌與創作者合作推出節慶活動。

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.

Mattel 與八位頂尖 YouTube 創作者合作，在假期購物旺季透過一項活動觸及家庭族群，並協助 Uno 的搜尋量提升 25%。如同以往，我最後以我們在各項合作夥伴關係上的進展作結；客戶正運用 Google 產品的強大能力與廣度，加速其轉型。

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.

我先與 Sundar 一同表示，我非常高興我們正與 Apple 合作，成為其首選雲端供應商，並基於 Genie 技術共同開發下一代 Apple Foundation 模型。我們與 Reliance Jio 合作，為超過 5 億名消費者提供為期 18 個月的 Gemini 產品套件免費試用，以及 2TB 的雲端儲存空間。

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 的企業客戶也將可使用 Google Cloud 的 Gemini Enterprise 與 TPU，將 Google AI 的最佳能力帶到每位員工與每個工作流程。Home Depot 正全面導入 Google AI，從雲端工具到 AI 驅動的廣告，以及能連結下一代工具的 YouTube 更深度合作夥伴關係。他們在 PMax 與 YouTube 更深度合作夥伴關係上的投資，使廣告點擊與造訪量出現兩位數成長。

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，我要感謝全球各地的 Googler 對我們成功的貢獻，也一如既往地感謝客戶與合作夥伴持續的信任。Anat，交給你。

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，Philipp。除非我另有說明，我的評論將聚焦於第四季的年對年比較。我將先從 Alphabet 整體層級的結果開始，接著說明各部門的表現。最後，我會就我們對 2026 年第一季與全年展望做一些評論。2025 年對 Alphabet 而言，是創新與執行表現強勁的一年。

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 AI 的投資，推動了整體業務的顯著成果。2025 全年，Alphabet 合併營收為 4,030 億美元，以報告基礎與固定匯率基礎計算皆成長 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.

接著看第四季表現。我們在第四季實現強勁成長。合併營收達 1,138 億美元，年增 18%（固定匯率年增 17%），主要由搜尋與雲端營收加速成長所帶動。

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%.

接著談成本與費用。由於 Waymo 估值因本週一宣布的投資輪而上升，我們認列了 21 億美元的以股份為基礎的薪酬費用。其中絕大部分費用反映在研發費用中。營收成本總額為 458 億美元，年增 13%。TAC 為 166 億美元，年增 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.

其他營收成本為 292 億美元，年增 13%，增加主要來自與我們技術基礎設施部署相關的折舊、主要為 YouTube 的內容取得成本，以及其他技術基礎設施營運成本。

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.

營業費用總額年增 29% 至 321 億美元。研發費用年增 42%，主要由薪酬與折舊所帶動。薪酬增加係因 Waymo 費用以及對 AI 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.

銷售與行銷費用上升 12%，主要是因為為支援 Gemini 應用程式與搜尋而加大行銷投資。而一般與行政（G&A）費用增加 21%，主要是由於我們慈善捐款時點的變動。

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.

營業利益增加 16% 至 359 億美元，營業利益率為 31.6%。本季 21 億美元的 Waymo 費用對營業利益與營業利益率皆造成負面影響。其他收益與費用為 32 億美元，主要來自我們非上市股權證券投資組合的未實現收益。淨利增加 30% 至 345 億美元，每股盈餘增加 31% 至 2.82 美元。我們在第四季創下 524 億美元的營運現金流新高，全年為 1,647 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.

這相當於第四季 246 億美元的自由現金流，全年為 733 億美元。本季末我們持有 1,268 億美元的現金與有價證券，以及 465 億美元的長期負債。接著看各部門表現。Google 服務營收增加 14% 至 959 億美元，反映搜尋與訂閱的強勁成長。Google 搜尋與其他廣告營收增加 17% 至 631 億美元，這又是一個強勁季度，所有主要垂直領域持續成長，其中以零售貢獻最大。

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.

YouTube 廣告營收增加 9% 至 114 億美元，主要由直接回應型廣告帶動。由於 2024 年第四季美國大選帶來的強勁投放形成基期效應（我們在先前財報電話會議中提過），本季結果受到負面影響。

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.

聯播網廣告營收為 78 億美元，下降 2%。本季訂閱平台與裝置營收增加 17% 至 136 億美元，主要因 YouTube 訂閱（尤其是 YouTube Music 與 Premium）強勁成長，以及 Google One 成長；後者受惠於 AI 方案需求增加。

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 服務營業利益增加 22% 至 401 億美元，營業利益率為 41.9%。Google Cloud 部門在第四季交出亮眼成績，業務持續受惠於企業 AI 產品的強勁需求。雲端營收顯著加速，增加 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.

營收成長主要由 GCP 的強勁表現帶動，其成長率持續遠高於雲端整體營收成長率。如 Sundar 所提，我們透過提高新客戶得標率、簽下更大規模的客戶承諾，以及提升既有客戶支出，來推動業績表現。

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 的表現由企業 AI 產品加速成長所帶動，這些產品每季創造數十億美元營收。我們在企業 AI 基礎設施與企業 AI 解決方案兩方面皆有強勁成長；前者由 TPU 與 GPU 的部署帶動，後者受惠於市場對我們業界領先模型（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.

核心 GCP 也因基礎設施與其他服務（如資安與資料分析）的強勁需求，對成長做出顯著貢獻。Workspace 亦實現雙位數成長，主要由每席位平均營收提升以及席位數增加所帶動。

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.

雲端營業利益為 53 億美元，年增超過一倍，營業利益率由去年第四季的 17.5% 提升至 30.1%。Google Cloud 的待履約合約（backlog）較前一季增加 55%，且年增超過一倍，於第四季末達到 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.

待履約合約的增加主要由雲端產品的強勁需求所帶動，其中以多家客戶採用的企業 AI 產品為主。在 Other Bets 方面，營收為 3.7 億美元，營業虧損為 36 億美元，反映我先前提到的 21 億美元 Waymo 費用。

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.

我們在 Other Bets 中將資源配置到像 Waymo 這類我們認為具有重大創造價值機會的業務。Alphabet 為 Waymo 週一宣布的 160 億美元投資輪提供了相當大一部分資金，這將使該業務得以加速全球擴張。第四季資本支出（CapEx）為 279 億美元，全年為 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.

我們的資本支出絕大部分投資於技術基礎設施，其中約 60% 投入伺服器，40% 投入資料中心與網路設備。在第四季，我們透過 55 億美元的股票回購與 25 億美元的股利發放，向股東返還資本。

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.

接著談我們的展望。我想就將影響我們 2026 年第一季與全年業務表現的因素提供一些評論。首先，在營收方面，我們對整體業務動能感到滿意。

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.

以目前即期匯率計算，我們預期外匯（FX）將在第一季對合併營收帶來順風。然而，匯率波動可能影響外匯對第一季營收的影響程度。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主投資報酬率（ROI）的提升所帶動，同時也會考量廣告營收的正常季節性型態。在 Google Cloud 方面，我們看到對產品與服務的顯著需求，儘管我們所處的供給偏緊環境仍在，我們預期這將持續推動強勁成長。

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.

接著談投資。我們在 AI 方面的投資已經轉化為全公司範圍的強勁表現，正如你們在財務結果中所見。我們的成功執行，加上強勁表現，進一步強化我們的信念：將投入必要的投資，以更充分把握 AI 機會。

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.

對 2026 全年而言，我們預期資本支出將落在 1,750 億至 1,850 億美元區間，且投資將在全年逐步加速。我們正投資 AI 運算能力，以支援 Google DeepMind 的 Frontier 模型開發、持續改善使用者體驗並在 Google 服務中提升廣告主 ROI、滿足顯著的雲端客戶需求，以及對 Other Bets 進行策略性投資。

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，供給可得性、零組件定價以及現金付款時點，可能使所報告的資本支出數字出現一定程度的波動。在費用方面，如同我們在先前電話會議中討論過的，技術基礎設施投資的大幅增加，將持續以更高的折舊費用以及相關資料中心營運成本（如能源）等形式，對損益表（P&L）造成壓力。

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.

在 2025 年，折舊較 2024 年的 153 億美元增加近 60 億美元（或 38%），至 2025 年的 211 億美元。鑑於近年我們資本支出投資的增加，我們預期 2026 年折舊的成長率將在第一季加速，並在全年顯著上升。我們也計畫在 AI 與雲端等關鍵投資領域持續招募。

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.

在 2025 年，我們的團隊以高度的紀律與速度，交付了令人驚豔的創新成果。這些努力為消費者帶來絕佳體驗，並為創作者、合作夥伴與企業客戶帶來卓越表現，推動營收強勁成長。我想藉此機會感謝我們員工對這項亮眼表現的貢獻。

Now Sundar, Philipp and I will take your questions.

現在 Sundar、Philipp 和我將回答各位的提問。

(Operator Instructions)

(接線員指示)

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?

謝謝讓我提問。我有兩個問題，一個關於代理式（agentic），一個關於 YouTube。第一個是關於代理式。Sundar，我想請你回顧 2025 年時談談，你認為在新型代理式商務產品上，哪一部分取得了最大的進展？再看向 2026 年，你對於在提升使用者效用以及對廣告主的價值方面，在哪些地方最為樂觀、能取得更多進展？

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.

第二個問題是關於 YouTube。我們看到很多新的內容創作模型，例如 Genie 等等。請你帶我們了解一下 Alphabet 的長期願景：Genie 以及這些內容創作工具，未來將如何隨時間推進而整合進 YouTube。

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.

很好。謝謝。謝謝你，Brian。首先我先回答代理式的部分。我確實認為 2025 年更多是在打地基，讓模型在代理式使用情境中開始變得更強健、更可靠。而且很明顯地，程式撰寫（coding）是進展最有感的領域。

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.

在商務等領域，我認為我們這一年都在與生態系合作，開發這個代理式世界所需要的底層協定。因此，我認為我們在 1 月於 NRF 與一群合作夥伴、創始合作夥伴共同推出 Universal Commerce Protocol（通用商務協定），市場反應非常好。

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.

所以我很興奮，因為我們已經奠定了可互通性的基礎，代理式商務就能在其上運作。而現在我們正把這些體驗整合進 Gemini、AI Mode 等等。因此我認為今年你會看到消費者實際能夠使用這一切，我也對眼前的機會感到非常期待。

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.

至於 YouTube，你看，我對 Genie 非常興奮，也被它震撼到——我花了很多時間用它創造這些不可思議的世界。我認為它會有非常廣泛的適用性。我覺得我們整體的一個強項是多模態，以及對真實世界的表徵。而我認為 Genie 在建立世界模型方面，是朝這個方向更進一步。

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.

我們正在做的所有創新，不論是 Imagen、Veo、Lyria、Genie，我們都會把這些成果帶進我們的產品，也提供給我們的雲端客戶。而 YouTube 對創作者來說會是一個很自然的場域。我們會持續把這些工具納入其中。

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.

創作者已經在回應並採用這些工具，但我們確實希望把創作者放在體驗的核心，這對我們非常、非常重要。因此，對我們而言，確保 YouTube 是創作者表達的聲音，是我們推進這件事的基礎與出發點。

Great. Thanks, Sundar.

很好。謝謝你，Sundar。

Eric Sheridan, Goldman Sachs.

Eric Sheridan，高盛。

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.

非常感謝讓我提問。如果可以的話，我有兩個問題。在過去幾次財報電話會議中，我們談了很多 AI 需求與產能之間的不平衡，包含內部與外部。在你們目前對 2026 年所預估的資本支出金額出現階躍式提升的情況下，能否談談縮小缺口或滿足算力需求的路徑（內部與外部皆然），以及隨著年度推進，該如何看待縮小缺口後的一些產出。

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.

另外，第二部分是：在你們目前對 2026 年所預估的這個支出水準下，你們如何看待持續在企業內部尋找營運效率，以資助這些投資——也就是成長型投資？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，Eric。你說得沒錯，即使我們一直在提升產能，我們仍然受到供給限制。很明顯地，我們今年的資本支出是著眼於未來。而且你必須記住，供應鏈等方面的時間週期正在拉長。所以我們一直在做長期規劃並朝那個方向努力。

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.

而且很明顯地，我們今年如何縮小缺口，取決於我們前幾年做了什麼，對吧？因此這裡有一個時間延遲需要納入考量。我預期我們在各方面、在我們的各項服務上所看到的需求——包含我們需要為 Google DeepMind 的未來工作以及雲端業務所投入的——都非常強勁。因此我確實預期今年會在供給受限的狀態下度過。第二部分也許 Anat 可以補充。

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.

好的。當然。謝謝你，Eric 的提問。我在之前某次財報電話會議中提過，我們看待效率與生產力的方式。我們不把這視為一次性的、階段性的專案或努力，而是把它當作我們日常經營企業的方式，並持續尋找在整個業務中提升效率的額外機會。

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.

而且，考量到我們看到的需求，不論是來自外部客戶或是組織內部，我們能在組織內釋放出越多資本用於投資，就越能推動這個飛輪：透過投資來帶動未來成長。

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.

我們在整個組織中都在做這件事，不論是在技術基礎設施方面；當然，當我們以這樣的規模投資時，我們會思考如何確保每一美元投入技術基礎設施都能達到最高效率。這其中包含科學創新、技術創新，如你所知，我們也曾提到，我們主要聚焦於自建資料中心。

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.

我們確實偶爾會與一些外部夥伴合作採用租賃方式，但我們大多數的資料中心都可以自行啟動建置，並確保以最高效率來完成，且能符合我們的工作負載與需求。

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.

我們也關注 Sundar 過去提到的程式撰寫生產力——我們大約有 50% 的程式碼是由代理（coding agents）撰寫，之後再由我們自己的工程師審查。但這確實能幫助工程師在現有規模下做得更多、推進得更快。

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.

我們也檢視整個組織的營運方式。也就是在企業內部使用 AI 來推動日常營運。這可以涵蓋從工程團隊到後勤辦公室的小型團隊；甚至以我的財務團隊為例，我們已在資金管理（treasury）組織中部署代理。我們也在部署代理，用於我們如何處理——如何支付並對帳發票等等。因此，我們會定期評估整個企業中的各種機會，以確保能釋放更多產能來投資我們的未來。

Doug Anmuth, JPMorgan.

Doug Anmuth，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.

感謝讓我提問。我有兩個問題。過去幾年，我們看到大型語言模型出現相當顯著的跨越式進展，且許多人預期這種趨勢會持續。Google 可以透過哪些方式，在資料、分發以及產品整合方面建立並維持 Gemini 的領先地位？另外，我們應該如何看待 TPU 走出 Google Cloud、進入外部資料中心，並發展成為一項增量營收來源的可能性？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.

Doug，你看，我認為 LLM 的前沿發展一直是一段令人振奮的軌跡。我也認為 2026 年將持續展現這樣的進展。我們顯然正在多個範式上持續改進這些模型，對吧，包括預訓練、後訓練、測試與運算等。同時我們也把多模態模型納入版圖。我們也在加入代理式（agentic）能力，程式撰寫領域也顯示出很大的進步。

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.

而且很明顯地，把這一切整合起來，並為我們的產品以及透過 API 提供給雲端客戶，帶來很棒的客戶體驗。對我而言，感覺未來仍有很大的成長空間。

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.

而且如你所見，過去兩年我們在推進進展方面的軌跡。我認為我們正以非常、非常持續且不懈的創新節奏前進。我也認為，隨著我們走過 2026 年，我們有信心維持這股動能。

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.

至於 TPU，我會這樣看：它反映在我們整體策略中——讓 Google Cloud 成為具吸引力選擇的一部分原因，是我們能提供廣泛的加速器選項；我們會依客戶需求提供相應的選擇，並結合 Google Cloud 其他能力，例如資料中心端到端的效率等，這些都會發揮作用。這也就是你在 Google Cloud 看到強勁動能的原因。而考量到我們正在進行的整體投資，我們預期能在那裡持續推動這股動能。所以我會這樣思考。

Thank you, Sundar.

謝謝你，Sundar。

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。第一，能否請你稍微評論一下 YouTube 廣告營收年增 9% 這件事？聽起來直接回應（direct response）表現不錯。而且從搜尋端來看，零售似乎相對強勁。所以有點意外，這些似乎沒有反映在 YouTube 廣告營收成長上。

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.

然後 Sundar，我想請你試著先行回應市場上的一個討論：好像又出現某種「DeepSeek 時刻」。你先前提到 Gemini 正成為全球一些最成功的軟體 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.

但市場似乎相信，這些軟體公司正在失去議價能力、失去定價權，而且看起來可能會變成一個非常糟糕的客戶基礎。我無法想像那真的會發生。

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.

但你能談談嗎？你站在 AI 的最前沿，也看到它對軟體公司的影響。為什麼這不會——或為什麼會——削弱你們大型軟體 SaaS 客戶基礎的經濟性？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.

Mark，首先謝謝你的問題。2025 全年，我們 YouTube 的年度營收（包含廣告與訂閱）已超過 600 億美元。在第四季，YouTube 廣告確實是由直接回應的強勁成長所帶動。

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.

在品牌端，如 Anat 所分享，對年增率造成負面影響的最大因素，是去年同期基期包含美國選舉的強勁投放。我們也在其他一些與品牌相關的垂直領域看到些微影響。但退一步來看，我認為重要的是要以整體角度看待 YouTube 的廣告與訂閱：當使用者從看廣告的使用者轉為 YouTube Music 與 Premium 的付費客戶時，會對 YouTube 廣告營收帶來些微負面影響，但對我們的整體業務是正面影響。

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.

而本季我們在 YouTube 訂閱營收上有強勁成長，特別是在 YouTube Music 與 Premium 類別。或許更有意思的是，我們對品牌端的產品路線圖其實很興奮：連網電視（Connected TV）的機會、更多創新的廣告格式，例如我先前提到、我們在 Cyber 5 期間試行的可購買（shoppable）首頁橫幅（mastheads）。

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.

我們非常努力進一步連結品牌與創作者，擴大贊助規模，並讓廣告主能在高能見度的焦點時刻展示他們的產品與服務。我們也持續擴充創作者合作夥伴中心（creator partnership hub）的功能，讓品牌更容易找到創作者並打造行銷活動。

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.

我們也大力聚焦在品牌合作的衡量（measurement）工作上。所以管線中有很多有趣的工作。此外，我們也看到成效型廣告（performance advertising）仍有上行機會。在中小型廣告主之間，需求開發（demand gen）的採用正快速升溫、動能很強。

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.

我們也對持續的廣告創新與直接回應機會感到興奮，例如可購買的格式，包括在客廳場景中，這也有助於帶動零售的強勢表現，以及 Shorts 的持續動能等等。所以整體而言，我們相當興奮。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.

很好。Mark，至於 Gemini 的採用，以及——這個時刻對 SaaS 等意味著什麼。你看，至少從我的角度，我確實看到我們有非常、非常優秀的 SaaS 客戶，他們在各自的類別中都是領導者。

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.

而我看到成功的公司正在做的事情是：他們確實把 Gemini 深度導入關鍵工作流程，不論是用來改善產品體驗並帶動成長，或是用來提升組織內部效率。我認為它是一個賦能工具，就像它在我們的產品與服務中一直扮演賦能工具一樣，不論是搜尋、YouTube 等等。

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.

我認為能把握這個時刻的公司，未來也有同樣的機會。至少我們對那裡的合作夥伴關係感到很興奮。而如果我從他們的 token 使用量等角度來看，第四季的成長非常強勁。

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。謝謝讓我提問。如果可以的話，兩個問題。第一個想請教 Anat：你能否再多談一些投資水準與你們預期核心績效走勢之間的關係？你們是否有一個要達成的營業利益或自由現金流目標，並以此來反推？或者你們如何思考資源與專案的核准（greenlighting）？

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?

接著第二個問題是問各位。一年前，我們大概可以猜到這個問題的答案。但以我們今天所處的位置來看，對各位而言，當你們思考 Google 的故事以及接下來會發生什麼時，這裡有哪些事情會讓你們夜不能寐？

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，Mark。我先從投資框架的問題談起，這是一個重要的問題。而且如你所想，對我們而言也同樣重要。我們內部使用一套高度嚴謹的框架，會檢視所有投資需求，不論是來自我們自身組織或外部客戶，並估算該投資可能帶來的產出，當然不僅是短期，也包括長期。因此在做出接下來的決策時，我們會把這些因素納入考量。

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.

第一個是我們在全公司層級所做的總投資。例如在 2025 年，我們在資本支出（CapEx）上投資了 910 億美元，以及我們對今年 CapEx 投資的估計。也就是說，我們希望投入的總額度是多少，才能確保推動公司短期與長期的成長。

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.

接著，我們使用該框架的第二種方式，是將這些資金在組織內部分配，決定應該在哪些地方進行投資。而且在一年當中，如你所想，我們會持續了解情勢如何變化，不論是外部動態或內部動態；我也提到過我們在外部看到的一些供應鏈壓力。

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.

因此我們以高度嚴謹的框架來檢視，確保做出正確的決策。令人振奮的是，我們已經開始變現，你也在我們本季剛發布的業績結果中看到了我們在 AI 上所做投資的成果。

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.

它已經在整個業務中帶來成果。我知道在雲端方面，外部表現非常明顯；但你也聽到我們在搜尋上看到的成功評論，包括 Sundar 與 Philipp 的說法，以及作為組織基礎的 Frontier 模型開發。接著我們也會看現金流、現金流的產生能力，以及我們財務狀況與資產負債表的健康程度。這同樣很重要。

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.

因此在決定整體投資水準時，我們會把這些因素納入考量。我們希望以財務上負責任的方式來做，適度投資，同時也要以能維持組織非常健康的財務體質的方式來進行。

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.

至於什麼會讓我們夜不能寐，也許我可以回答。你看，我認為整體而言，我們走在 AI 優先（AI-first）的軌道上已經超過十年了，這也是我們一直以來有系統地思考並推進的方向。例如，這也是為什麼我們在 TPU 上投入研發已經超過十年。

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.

但我認為在此刻，最核心的問題確實是算力容量：各種限制，不論是電力、土地、供應鏈限制；如何擴張以滿足此刻異常強勁的需求，為長期把投資做對，同時以推動效率、以世界級的方式把一切做好。所以我認為我們正在很好地把握這個時刻——但這確實是我們投入大量時間在處理的領域。

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。我有一個問題問 Sundar，另一個問 Anat。Sundar，你多次提到 Universal Commerce Protocol（通用商務協議）。我想請你花點時間談談開發它的理由、你認為它解決了什麼機會點，以及它對消費者的產品探索漏斗意味著什麼？另外對 Anat，你能否就 CapEx 指引提供一些細節：在較長年限資產（如建築與基礎設施）與較短週期資產（如技術設備）之間的分配？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，Michael。顯然，人們會在我們許多介面上經歷各式各樣的商務旅程，包括搜尋、YouTube、Gemini 應用程式等等。因此我認為——除了我們透過雲端與廣告提供支援之外，我們也支援整個零售合作夥伴生態系。

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.

我認為改善體驗的機會，可能會帶來非常巨大的、基礎性的提升。但重要的是——我們在推進時會同時考量使用者與商家，並釐清其中的價值。

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.

Universal Commerce Protocol 的設計之所以好的一部分，在於它讓使用者更容易完成交易。但同時，它也讓商家能夠展示其產品與服務的多樣性，例如想做促銷等等。因此這些都被納入協議之中。我認為你必須把生態系的價值主張做對，才能讓體驗變得更好。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，我們現在正在落地實作這些協議，而我們的 Gemini 模型在那些代理式（agentic）能力上也正在取得進展。我認為——因此我對未來感到興奮：當人們在探索、搜尋、發現新事物時，如果他們有興趣採取行動，整個流程都能無縫衔接。因此整體而言，這會創造一個擴張性的時刻。

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 CapEx 的問題，以及——今年與去年我們所宣布總額的構成：在 2025 年，我們約 60% 的投資（而 2026 年也會相當類似）用於機器，也就是伺服器。另外 40% 則是你所稱的長年限資產，也就是我們的資料中心、網路與設備。

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.

我想你指的可能是它們之間的折舊差異。那些長年限資產的折舊年限——建築物可能是四年或更長。其他組成部分可能會短於此。

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.

另一個重要的部分是我們如何分配這些 CapEx。我們過去曾談到我們在業務之間分配機器學習（ML）算力的方式。而在 2026 年，我們預期略高於一半的 ML 算力將用於雲端業務。

Thank you so much.

非常感謝。

Ross Sandler, Barclays.

Ross Sandler，Barclays。

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.

很好。我想問一下原生 Gemini 的 7.5 億這個數字。我們在第四季新增了 1 億 MAU。你能否從高層次談談原生 Gemini 的使用情況與留存？另外，這個 7.5 億是否是衡量你們相對於 ChatGPT 等公司的進展的正確方式？還是說還有另一群不包含在這 7.5 億之內的使用者，我們也應該一併考量？非常感謝。

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，我認為我們確實在第四季看到 Gemini 應用程式出現了一段可以說是非同尋常的成長期。不僅是月活躍使用者的成長，而且——每位使用者在應用程式上的互動參與度也確實大幅提升。

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，所有指標——無論是活躍使用、使用強度、留存——在 iOS、網頁、Android 等各平台，以及全球各地區，都展現出明顯進展。所以，所有產品體驗的改善、我們與 Nano Banana 所做的工作、以及 Gemini 模型的進展，都轉化為強勁動能，而且這股動能仍在延續。因此我們對此感到振奮，並將持續投資。

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，也有許多人在搜尋的 AI 模式情境中，獲得非常深度、以 AI 為原生的體驗。我們確實看到強勁的成長與進展。而在 AI 模式中導入 Gemini 3 也是非常正面的推動因素。當然，我們會持續演進這些體驗，我也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。如果可以的話兩個問題，都關於搜尋。第一，鑑於 AI 搜尋活動更具對話性、且每次工作階段的互動時間更長，而消費者效用也愈來愈由平台內結果所驅動，而非特別依賴外連與導流推薦；能否請你們說明一下，你們如何演進對 AI 搜尋活動變現的看法？

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?

在這樣的架構下，你們如何看待提升營收機會以匹配消費者效用？而這是否愈來愈是高階付費訂閱發揮作用的地方？第二個問題也相關：當你們思考像是與 Apple 在 Siri 上的新合作夥伴關係時，你們如何看待與這些合作夥伴對齊、以取得成功的正確方式？

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.

先前如 DOJ 文件等所揭露，那是一種營收分成關係。但現在若你們思考透過 AI 搜尋、以及在那些平台上透過 Gemini 所帶來的效用，它可能與實際的「搜尋營收」關聯較小。能否請你們談談，在那樣的情況下，你們如何與合作夥伴對齊以取得成功？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，或許值得一提的是，我們在搜尋看到的加速並非由單一因素所致，而是真正來自我們業務中許多不同部分展現出強勁表現，並且彼此協同運作良好。我也許再快速補充一下垂直領域的觀點：零售、金融、健康實際上對搜尋營收的貢獻最大，儘管幾乎每個主要垂直領域在第四季都加速成長。

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.

更具體回到你的問題，持續創新——如你所知——是我們工作的核心，而對使用者與廣告主體驗的強化確實持續推動我們的表現；我們每一季都會做出數百項這類變更。

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 Overviews 與 AI Mode 持續帶動更高的搜尋使用量與整體查詢量成長，其中也包括重要的商業查詢。以 Gemini 為基礎的搜尋廣告改進，幫助我們更好地匹配查詢，並為廣告主打造創意素材。

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.

我談到對意圖的理解，以及這如何顯著擴大我們在更長、更複雜的搜尋中投放廣告的能力；坦白說，這些搜尋在過去是很難變現的。例如 AI Max，已經被數十萬名廣告主使用，並持續在這個意義上解鎖數十億筆淨新增查詢。

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（SMB）廣告主擴大預算並採用自動化工具，帶來更好的投資報酬率（ROI）。在創意端，我們正使用 Gemini 透過 AI Max、PMax 等中的文字客製化，生成數以百萬計的創意素材資產。因此，我們對目前看到的成果非常滿意。

Justin Post, Bank of America.

Justin Post，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.

很好。我想追問一下 Gemini 應用程式。顯然那裡成長很強。隨著人們更常使用該應用程式，你們是否看到在活動量方面對搜尋有任何侵蝕（cannibalization）？第二，關於變現，你們目前進展到哪裡？隨著 agentic 以及其他廣告形式即將到來，未來幾年這是否可能為你們的成長帶來增量？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，目前整體而言，我認為我們是在給人們選擇。人們顯然在使用搜尋，在其中體驗 AI Overviews 與 AI Mode，也同時使用 Gemini 應用程式。而這些的組合，我認為正在創造一個擴張性的時刻。我認為它正在擴大人們整體上透過 Google 所進行的查詢類型。因此整體來看，我們把這一切視為成長機會，而且我們尚未看到任何侵蝕的證據。也許 Philipp 可以評論一下變現。

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。我想 Sundar 先前已評論過 agentic 以及我們如何看待它。而且你看，一般而言，就像我們所有產品一樣，我們首先、最優先聚焦在打造優秀的使用者體驗；我們也對目前在廣告與 AI Overviews、以及 AI Mode 的早期實驗（包括像 Direct Offers 這樣的創新）與未來路線圖感到非常振奮。

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.

就目前的 Gemini 應用程式而言，我們聚焦在免費層級與訂閱，並如 Sundar 所說看到很好的成長。但廣告一直是讓產品規模化、觸及數十億人的一部分。而如果做得好，廣告可以是非常有價值、也很有幫助的商業資訊。在適當的時機，我們會分享任何計畫。但如我們所說，我們不會在這裡倉促行事。

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。以上即為我們今天的問答環節。我想把電話會議交回給 Jim Friedland，請他做進一步的結語。

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.

感謝各位今天加入。我們期待在 2026 年第一季電話會議上再次與各位交流。謝謝，祝各位晚安。

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

謝謝各位。今天的電話會議到此結束。感謝各位參與。您現在可以掛線。