Alphabet 2026 年第二季度财报：AI 推动营收增长 24%

欢迎各位。感谢大家等待 Alphabet 2026 年第二季度财报电话会议。目前所有参与者都处于只听模式。演讲结束后将进行问答环节。如需提问，请按电话上的 *1。现在有请今天的发言人，投资者关系主管 Jim Friedland。请开始。

Welcome, everyone. Thank you for standing by for the Alphabet Second Quarter 2026 Earnings Conference Call. At this time, all participants are in listen-only mode. After the speaker presentation, there will be a question-and-answer session. To ask a question during the session, you will need to press *1 on your telephone. I would now like to hand the conference over to your speaker today, Jim Friedland, Head of Investor Relations. Please go ahead.

谢谢。大家下午好，欢迎参加 Alphabet 2026 年第二季度财报电话会议。今天与我们在一起的有 Sundar Pichai、Philipp Schindler 和 Anat Ashkenazi。现在我将简要介绍安全港声明。我们今天关于业务、运营和财务业绩的一些陈述可能被视为前瞻性陈述。这些陈述基于当前的预期和假设，受许多风险和不确定因素的影响。实际结果可能大相径庭。请参阅我们的 10-K 和 10-Q 表格，包括风险因素。我们没有义务更新任何前瞻性陈述。在本次电话会议中，我们将同时提供 GAAP 和非 GAAP 财务指标。非 GAAP 与 GAAP 指标的对账包含在今天的收益新闻稿中，该新闻稿通过我们的投资者关系网站 abc.xyz/investor 分发并向公众提供。除非另有说明，我们的评论将基于同比比较。现在我将把电话交给 Sundar。

Thank you. Good afternoon, everyone, and welcome to Alphabet's Second Quarter 2026 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. 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. And now I'll turn the call over to Sundar.

大家好。感谢加入我们。我们势头强劲。Alphabet 营收同比增长 24%。我们的 AI 投资正在重新定义业务各个方面的可能性。我们的势头始于搜索，人们正在采用 AI Overviews 和 AI Mode 的无缝搜索体验。搜索及其他业务营收增长 17%，YouTube 广告增长 13%。云业务营收增长 82%，得益于对 AI 基础设施和 AI 解决方案的强劲需求。云积压订单增至 5140 亿美元。很高兴看到 Gemini Enterprise 被广泛采用，近 90% 的财富 100 强公司都在使用它。今天，我将详细阐述我们的 AI 进展、以搜索和 YouTube 为主导的全球产品布局、Google Cloud 的领导地位以及我们的长期押注。首先是 AI。昨天我们发布了新模型——Gemini 3.6 Flash 和 Gemini 3.5 Flash-Lite——它们成本效益高且效率极高。我们的主力 Gemini Flash 系列需求旺盛，因为它达到了性能和成本的最佳平衡点。我们还推出了 Gemini 3.5 Flash Cyber，我对此非常兴奋。结合我们的 CodeMender 智能体，它能发现并修复漏洞，提供前沿性能，可与大得多的网络模型相媲美。构建下一代模型。我们已经开始了 Gemini 4 迄今为止最雄心勃勃的预训练运行，并对前沿进展感到兴奋。对我们模型的需求正在转化为开发者和企业客户强劲的 token 使用量，我们仍然供应紧张，这是势头和快速采用的标志。每月有超过 900 万开发者通过我们的 API 和主要开发者产品使用我们的模型进行构建，每分钟处理约 220 亿个 token。这比一个季度前的 160 亿有所增加。此外，本季度我们推出了从任何输入创建任何内容的能力，从视频开始。自 5 月在 I/O 大会上推出以来，在 Gemini App 上创建视频的日活跃用户增长了 40%。我们的 Gemma 系列开放模型体积小，可在本地设备上运行，非常受欢迎。这些模型已被下载超过 9 亿次。自 4 月推出以来，最新的 Gemma 4 模型已被下载超过 3 亿次。我们的智能体式开发平台 Antigravity 允许任何人构建智能体，拥有超过 240 万周活跃用户。Antigravity 是用户和企业的强大工具，它完全加速了我们的内部构建。仅举一个例子，Chrome 的一个团队现在有望将交付速度提升 8 倍，通过模型驱动的重构将两年时间压缩到三个月。

Hi, everyone. Thanks for joining us. We have exciting momentum. Alphabet revenue grew 24% year-over-year. Our AI investments are redefining what's possible across every part of our business. Our momentum starts with Search, where people are adopting one seamless search experience across AI Overviews and AI Mode. We saw 17% revenue growth in Search & Other, and YouTube Ads grew 13%. Cloud revenue grew 82%, powered by strong demand for AI infrastructure and AI solutions. And Cloud backlog grew to $514 billion. It's great to see the wide adoption of Gemini Enterprise, with nearly 90% of the Fortune 100 using it. Today, I'll expand on our AI progress, our global product footprint led by Search and YouTube, Google Cloud's leadership, and our long-term Bets. First, AI. Yesterday we announced new models -- Gemini 3.6 Flash and Gemini 3.5 Flash-Lite -- which are cost effective and highly efficient. We're seeing tons of demand for our workhorse Gemini Flash series because it hits the sweet spot of performance and cost. We also launched Gemini 3.5 Flash Cyber, which I'm really excited about. Paired with our CodeMender agent, it finds and fixes vulnerabilities and delivers performance at the frontier, comparable to far bigger cyber models. Building the next generation of models. We have started our most ambitious pre-training run yet for Gemini 4 and are excited by the progress we are seeing at the frontier. Demand for our models is translating to strong token usage across developers and enterprise customers, and we continue to be supply constrained, a sign of momentum and rapid adoption. More than nine million developers are building each month with our models across our APIs and key developer products, processing approximately 22 billion tokens per minute. That's up from 16 billion just a quarter ago. Additionally, this quarter, we launched the ability to create anything from any input, starting with video. Since launching at I/O in May, there's been a 40% increase in daily active users creating videos on the Gemini App. Our Gemma family of open models, small enough to run on local devices, are hugely popular. These models have been downloaded over 900 million times. And our latest Gemma 4 models have been downloaded over 300 million times since launching in April. Our agentic development platform Antigravity allows anyone to build agents; it has more than 2.4 million weekly active users. Antigravity is a powerful tool for users and enterprises, and it's completely accelerated how we build internally. As just one example, a team in Chrome is now on track to accelerate delivery by eight times, compressing a two-year timeline into three months through model-driven refactoring.

接下来是我们的全球产品布局，将 AI 带给每个人。首先是搜索。AI 继续推动扩张性时刻，新体验引起用户共鸣并推动查询增长。作为一个足球迷，我特别兴奋地看到今年世界杯期间搜索使用量创下历史新高。这凸显了人们在关键时刻多么依赖 Google。我们继续让搜索更有用、更直观。我们最近将 AI Overviews 和 AI Mode 整合为一个无缝的搜索体验，结合了我们的前沿能力和网络精华。我们还在继续将更多前沿能力融入搜索，包括智能体、个人智能和笔记本。我们的 AI 驱动功能正在推动搜索使用量的增长。自去年 10 月全球扩展 AI Mode 以来，我们已超过 10 亿月活跃用户。与 AI Overviews 一样，AI Mode 正在推动搜索查询的整体增量增长，我们现在每周通过搜索中的 AI 功能向网站发送数十亿次点击。随着我们服务更多此类查询，我们持续提升效率。得益于我们的工程和硬件团队，我们将 AI Mode 响应的成本降至发布以来的最低水平，同时带来了更先进的 AI 能力。Philipp 还将进一步介绍我们如何创新广告体验。接下来是 Gemini App，目前拥有 9.5 亿月活跃用户，日活跃用户在过去一年中增长了两倍。用户喜欢新的智能体式功能，如 Daily Brief 和我们的个性化智能体 Gemini Spark，后者现已在美国和国际上可用。我们以惊人的速度推出此类有用的新功能。然后是 YouTube。每个月，当世界上发生重大事件时，世界都会转向 YouTube。令人难以置信的是，在 2026 年 FIFA 世界杯期间，全球超过 17 亿独立观众在 YouTube 上观看了与世界杯相关的视频。我们正在将对话式 AI 直接集成到 YouTube 体验中。Ask YouTube 使用我们的 Gemini 模型，让人们可以就单个视频提出复杂问题，快速获取要点，并直接跳转到视频中的那些时刻。早期的参与度令人鼓舞。2026 年 6 月，超过 1.4 亿用户在观看页面上使用了 Ask YouTube。我们正在将 Ask 体验推广到 YouTube 上更广泛的搜索体验中。

Moving on to our global product footprint, which brings AI to everyone. Starting with Search. AI continues to drive an expansionary moment, with new experiences resonating with users and driving growth in queries. As a big football fan, I was particularly excited to see Search usage hit an all-time high during the World Cup this year. This really highlights how much people turn to Google in moments that matter. We continue to make Search more helpful and intuitive. We recently brought together AI Overviews and AI Mode into one seamless Search experience that combines our frontier capabilities with the best of the web. And we're continuing to incorporate more frontier capabilities into Search with agents, personal intelligence and notebooks. Our AI-powered features are driving increased Search usage. Since expanding AI Mode globally last October, we've surpassed one billion monthly active users. And just like AI Overviews, AI Mode is driving an incremental increase in Search queries overall, and we're now sending billions of clicks to websites every week through AI features in Search. As we serve more of these queries, we have continued to drive efficiencies. Thanks to our engineering and hardware teams, we reduced the cost of AI Mode responses to its lowest level since launch, even as we have brought more advanced AI capabilities. Philipp will also talk more about how we are innovating the ads experience. Next, the Gemini App, which now has 950 million monthly active users, with daily active users tripling in the last year. Users love new agentic features like Daily Brief and our personalized agent, Gemini Spark, which is now available in the US and internationally. We've been shipping helpful new features like this at an incredible clip. On to YouTube. Month after month, when a big event happens in the world, the world turns to YouTube. It's been incredible to see that over 1.7 billion unique viewers globally watched World Cup-related videos on YouTube during the FIFA World Cup 2026. We're integrating conversational AI directly into the YouTube experience. Ask YouTube uses our Gemini models to let people ask complex questions about individual videos, get quick takeaways, and jump straight to moments in those videos. The early engagement is encouraging. More than 140 million users engaged with Ask YouTube on the watch page in June 2026. And we're bringing that Ask experience to the wider search experience on YouTube.

我们的平台由芯片、模型、数据、安全和智能体平台组成，所有组件都设计为协同工作。Gemini 仍然是增长的关键驱动力，并深度集成到我们所有的云产品中，包括 Gemini Enterprise、数据分析、网络安全和 Google Workspace。我们看到跨产品、客户、地区和行业的强劲且多元化的需求。我们的产品差异化正在通过三种方式推动扩张：我们正在赢得新客户，客户获取速度同比翻了一番以上；我们正在深化与现有客户的关系，他们正在扩大使用量并超出预期，这也比上季度有所加速；我们正在通过合作伙伴推动增长，Google Cloud Marketplace 上的交易量同比增长超过七倍。增长最强劲的部分之一来自 Gemini Enterprise 平台的快速采用。该平台通过易于使用的工具来构建智能体和自动化流程、与企业系统的连接、成本管理和治理工具而实现差异化。在第二季度，用于构建和部署企业 AI 智能体的框架 Agent Development Kit 的总下载量接近 7000 万次。正如我所说，近 90% 的财富 100 强企业正在使用 Gemini Enterprise。我们的客户包括百事可乐（用于 AI 和分析解决方案）、英特尔（用于简化核心流程）、汇丰银行（用于财富管理）、贝尔加拿大（用于客户互动）、梅西百货（用于商业体验）和 SIGNAL IDUNA（用于知识管理）。更广泛地说，Gemini 正在改变数百万企业使用 AI 的方式，包括构建自定义智能体、自动化流程、改善网络安全、管理客户关系、简化数据分析、有效协作等。所有这些势头都在推动我们付费令牌使用量的增长。近 500 家云客户在过去一年中各自处理了超过一万亿个令牌，而且使用深度远不止于此。在过去 12 个月中，超过 2000 家企业消耗了超过 1000 亿个令牌。

consisting of chips, models, data, security, and agent platforms, all designed to work together. Gemini continues to be a key driver of growth, and is deeply integrated across all of our Cloud products, including Gemini Enterprise, Data Analytics, Cybersecurity, and Google Workspace. We are seeing strong, diversified demand across products, customers, geographies, and industries. Our product differentiation is driving expansion in three ways. We're winning new customers, more than doubling our acquisition velocity year-over-year. We're deepening our relationships with existing customers, who are expanding their usage and exceeding their also an acceleration over last quarter. We are driving growth with partners, with transactions on Google Cloud Marketplace growing over seven times year-over-year. One of the strongest parts of our growth comes from the rapid adoption of our Gemini Enterprise platform. It is differentiated with easy-to-use tools to build agents and automate processes, connectivity to enterprise systems, cost management and governance tools. In Q2, Agent Development Kit, our framework for building and deploying enterprise AI agents, reached nearly 70 million total downloads. As I said, nearly 90% of the Fortune 100 are using Gemini Enterprise. We have customers like PepsiCo for AI and analytics solutions, Intel to streamline core processes, HSBC for wealth management, Bell Canada for customer engagement, Macy's for commerce experiences, and SIGNAL IDUNA for knowledge management. More broadly, Gemini is transforming how millions of businesses use AI to build custom agents, automate processes, improve cybersecurity, manage customer relationships, streamline data analytics, collaborate effectively and more. All of this momentum is driving growth in our paid token usage. Nearly 500 Cloud customers have each processed more than one trillion tokens in the last year, and usage is so much deeper than that. Over the last 12 months, more than 2,000 enterprises consumed over 100 billion tokens.

我们还看到了强大的安全平台，它的差异化在于集成了威胁情报、与 Wiz 合作的网络响应优先级排序、AI 自动化扫描、代码修复和监控。如今，90% 的财富 100 强企业是 Google Cloud Security 用户；近 90% 的 Wiz 客户正在使用 AI 驱动的安全功能；我们看到由我们的安全平台扫描和保护的 AI 工作负载数量环比增长了超过 45%。我们的安全工具正被用于保护关键基础设施，包括摩根士丹利等金融服务机构、Tell-us 等电信提供商、Texas Children's 等医疗机构、Atlassian 等软件公司以及多个政府机构。通过我们新的 Google AI Threat Defense，我们非常兴奋地推出我们的新网络模型和 CodeMender，以帮助客户防御 AI 威胁。

We are also seeing strong security platform, which is differentiated because it integrates threat intelligence, cyber-response prioritization with Wiz, AI-automated scanning, code remediation, and monitoring. Today, 90% of the Fortune 100 are Google Cloud Security users; nearly 90% of Wiz customers are using AI-powered security features; and we have seen a more than 45% quarter-over-quarter increase in the number of AI workloads scanned and protected by our security platform. Our security tools are being used to protect critical infrastructure, including financial services organizations such as Morgan Stanley; telecommunication providers such as Tell-us; healthcare organizations such as Texas Children's; software companies such as Atlassian; and several government agencies. And with our new Google AI Threat Defense, we are really excited to bring our new cyber model and CodeMender to help our customers defend against AI threats.

所有这些都由我们领先的 AI 基础设施提供支持。我们提供来自 Google 和 NVIDIA 的业界最广泛的加速器，包括新的 NVIDIA Vera Rubin 平台，以及提供强大性价比的 TPU 8t 和 8i。除此之外，让我提三项独特产品：首先，我们的 Virgo 网络旨在满足现代大规模 AI 工作负载的需求。它允许客户将跨多个数据中心站点的百万个 AI 加速器连接成一个统一的超级计算机。其次，我们的软件栈原生支持 JAX、PyTorch、vLLM 和 SGLang，实现了跨 GPU 和 TPU 的工作负载可移植性。第三，我们新的智能体优化 Axion CPU 相比同类产品提供了 30% 的每美元性能提升。我们看到来自领先实验室（如 Ineffable Intelligence）、下一代 AI 构建者（包括 Kakao）、金融服务（如 Deutsche Börse Group）、制药公司（如辉瑞和罗氏）以及机器人和空间智能公司（如 World Labs）对我们 AI 基础设施产品的需求强劲增长。

All of this is powered by our leading AI infrastructure. We offer the industry's broadest range of accelerators from Google and NVIDIA, including the new NVIDIA Vera Rubin platform, and TPU 8t and 8i, which deliver strong price performance. On top of this, let me mention three unique offerings. First, our Virgo Network, which is designed to meet the needs of modern, large-scale AI workloads. It allows customers to connect a million AI accelerators across multiple data center sites into a unified supercomputer. Second, our software stack has native support for JAX, PyTorch, vLLM, and SGLang - enabling workload portability across GPUs and TPUs. And third, our new agent-optimized Axion CPU provides 30% better performance per dollar compared to peer offerings. We are seeing strong growth in demand for our AI infrastructure offerings from leading labs such as Ineffable Intelligence, next-generation AI builders including Kakao, financial services like Deutsche Bo3rse Group, pharmaceutical companies such as Pfizer and Roche, and robotics and spatial intelligence companies such as World Labs.

我们继续执行投资有前途的公司和内部项目的战略，将开创性的 AI 研究带入现实世界。我们从 Other Bets 中看到了令人兴奋的进展。Waymo 向公众乘客推出了其最新车辆 Ojai。这是首款搭载第六代 Waymo Driver 的车辆，并将在未来几个月迎接更多乘客。Wing 已安全完成超过 100 万次家庭配送，我们通过与沃尔玛、DoorDash 和棒约翰的合作继续扩大影响力。在健康和药物发现领域，Isomorphic Labs 筹集了超过 20 亿美元，用于支持其 AI 药物设计引擎、全球扩张并推进其候选药物管线。2026 年上半年确实非同寻常，未来还有更多精彩。感谢全球所有员工和合作伙伴本季度的出色工作。接下来，有请 Philipp。

We are continuing our strategy of investing in promising companies and internal efforts that bring pioneering AI research into the real world. We've seen exciting progress from our Other Bets. Waymo introduced its newest vehicle, Ojai, to public riders. This is the first vehicle powered by the sixth-generation Waymo Driver and will welcome more riders in the coming months. Wing has safely completed more than one million home deliveries, and we continue to grow our presence through partnerships with Walmart, DoorDash, and Papa Johns. In health and drug discovery, Isomorphic Labs raised over $2 billion to power its AI drug design engine, scale globally, and advance its drug candidate pipeline. It's truly been an extraordinary first half of 2026, with much more to come. Thanks to all of our employees and partners worldwide for their incredible work this quarter. With that, Philipp, over to you.

谢谢 Sundar，大家好。Google 服务方面，重点介绍我们在搜索、YouTube 和合作伙伴关系方面的势头。本季度 Google 服务收入为 950 亿美元，同比增长 15%，主要由搜索推动。搜索及其他业务实现了 17% 的增长，其中零售和金融贡献最大。YouTube 广告收入增长 13%，由直接反应和品牌广告驱动。网络广告收入同比下降 1%。YouTube 突显了我们在 AI 方面的投资如何转化为用户和广告商可衡量的价值。

Thanks, Sundar, and hello, everyone. Google Services, highlighting our momentum across Search, YouTube and Partnerships. Google Services revenues were $95 billion for the quarter, up 15% year-on-year, primarily driven by Search. Search & Other delivered 17% growth, with Retail and Finance driving the largest contributions. YouTube advertising revenues grew 13% driven by Direct Response and Brand. Network advertising revenues were down 1% year-on-year. YouTube underscores how our investments in AI translate into measurable value for our users and advertisers.

首先从搜索及其他业务开始。本季度收入超过 630 亿美元。Sundar 强调了我们在搜索领域看到的势头，这直接影响我们的广告业务。我们继续加速在整个广告基础设施中部署 Gemini，以提升之前提到的三个领域的表现：广告质量、广告商工具和 AI 用户体验。

Starting with Search & Other. Revenues reached over $63 billion for the quarter. Sundar highlighted the momentum we see in Search which directly impacts our advertising business. We continue to accelerate the deployment of Gemini across our entire ads infrastructure to boost performance in three areas mentioned before: ads quality, advertiser tools, and AI user experiences.

首先是广告质量。在 Google Marketing Live 上，我们展示了 Gemini 如何改进查询理解，使我们能够为更长的搜索找到相关广告，这些搜索以前难以变现。我们搜索广告的核心引擎依赖于双重预测：为用户提供即时效用，同时为广告商最大化可衡量的价值。Gemini 完全增强了这一能力。我们利用 Gemini 的高级推理来解码更长、更详细查询的细微差别。例如，在购物广告中，我们推动展示高度相关广告的效果提升了 20%，帮助购物者立即找到最佳匹配。

First, ads quality. At Google Marketing Live, we showcased how Gemini improves query understanding, allowing us to find relevant ads for longer searches, previously difficult to monetize. The core engine of our search ads relies on a dual prediction: delivering immediate utility for the user, while maximizing measurable value for the advertiser. Gemini completely supercharges this capability. We use Gemini's advanced reasoning to decode the nuances of longer, more detailed queries. With Shopping ads, for instance, we drove a 20% improvement in showing highly relevant ads, helping shoppers immediately find the best match.

其次是广告商工具。以 AI Max 为例。它已成为广告商充分参与我们新 AI 体验的核心构建模块。

Second, advertiser tools. Take AI Max. It has become the core building block for advertisers to fully participate in our new AI experiences.

它已结束测试，已有 50 万广告主采用。采用 AI Max 或 PMax 等 AI 驱动广告系列的客户，在搜索广告上平均获得 15% 的更多转化或价值，且 ROAS 相近。AAA Auto Club Enterprises 使用 AI Max 个性化创意素材，从日益细化的保险搜索中捕捉增长，转化量提升 17%。我们看到生成式 AI 创意工具被广泛采用，这使创意开发更简单，尤其对中小企业而言。事实上，全球超过一半的中小企业客户使用 AI 创建或优化创意。

It's out of beta, and half a million advertisers have already adopted it. Those who adopt our AI-powered campaigns like AI Max or PMax see an average of 15% more conversions or value on Search at a similar ROAS. AAA Auto Club Enterprises used AI Max to personalize creative assets and capture growth from increasingly detailed insurance searches. This led to a 17% improvement in conversion volume lead. We see strong adoption of our generative AI creative tools, which makes creative development easier, especially for SMBs. In fact, over half of our SMB customers globally use AI to create or optimize their creatives.

第三，新的 AI 用户体验。在 I/O 大会上，我们展示了搜索（包括 AI 概览和 AI 模式）如何作为一个互联体验运作。从我们的结果可以看出，整个系统的表现强劲。即使我们将 AI 概览扩展到更多商业查询，我们对显示 AI 概览的查询的变现表现仍感鼓舞。在 AI 概览和 AI 模式中，用户提出更具体、更详细的问题，为更相关的广告提供了机会。在 AI 模式中，我们持续测试和部署一系列新广告格式。对于文字广告，我们通过添加基于对话的上下文站点链接提升了效果。Direct Offers 势头正劲，IHG Hotels & Resorts 等合作伙伴即将在旅行规划中展示特别优惠。而 Highlighted Answers——我们在列表回复中放置明确标注的赞助链接的最新体验——已初步获得用户关注。

Third, new AI user experiences. At I/O, we showed how Search -- including AI Overviews and AI Mode -- works as one connected experience. As you saw from our results, our performance across this holistic system is robust. We continue to be encouraged with monetization performance on queries that show AI Overviews, even as we've expanded AI Overviews to more commercial queries. Across AI Overviews and AI Mode, people are asking more specific and detailed questions, providing opportunities for more relevant ads. Within AI Mode, we continue to test and deploy a range of new ad formats. For text ads, we improved performance by adding contextual sitelinks based on the conversation. Direct Offers is gaining momentum, with partners like IHG Hotels & Resorts soon surfacing special offers during trip planning. And Highlighted Answers -- our latest experience placing clearly marked sponsored links inside list responses -- is showing early user traction.

再看商务领域。在 Protocol 中，UCP 成为智能体式商务的新标准。商家迅速采用 UCP，Target 和 Steve Madden 已上线，同时新成员加入了 UCP 购物和食品技术委员会，以协助引导其愿景。我们还推出了 Universal Cart，让购物者可以从 Google 各界面添加不同零售商的商品，并在一次结账中完成购买。

Looking at Commerce. In Protocol, UCP, as the new standard for agentic commerce. Merchants are rapidly adopting UCP, with Target and Steve Madden now live, while new members have joined the UCP Shopping and Food Tech Councils to help steer its vision. We also announced Universal Cart, allowing shoppers to add items from different retailers across Google surfaces and buy in a single checkout.

接下来是 YouTube。作为 FIFA 首选平台合作伙伴，我们帮助全球球迷收看比赛。正如 Sundar 提到的，超过 17 亿独立观众观看了世界杯相关视频，其中超过 5.5 亿在电视上观看。这使得 2026 年 FIFA 世界杯成为 YouTube 历史上观看次数最多的世界杯。广告主通过 FIFA 频道接管、Gemini 驱动的足球主题赞助和比赛日横幅与球迷互动，捧得奖杯！更广泛地看，YouTube 推出了独家创作者节目系列，使品牌更容易利用创作者的粉丝群。我们推出了 Custom Sponsorships，让品牌置身于 YouTube 上展开的世界重大时刻的核心，利用 AI 动态展示针对品牌期望时刻量身定制的视频。品牌继续与受众合作，Kate Spade 通过首次 YouTube 创作者活动触达 Z 世代，并与创作者 Ellie Thumann 和 Hannah Meloche 合作。通过利用 YouTube 上的多种格式视频，该品牌将购买意向提升了 3.25%。品牌资产与商业行动的这种独特融合，使 YouTube 成为一个强大的全漏斗平台。中小企业通过 Demand Gen 等广告系列继续推动我们的直接响应增长。他们利用我们的 AI 在 YouTube、Shorts 以及现在的 Google Maps 上扩展视觉叙事。为了吸引北美和欧洲的高价值购物者，户外品牌 Arc'teryx 使用 Demand Gen 实现了比其他付费渠道高 70% 的广告支出回报。

Now, onto YouTube. As a FIFA-preferred platform partner, we helped fans around the world tune in to the games. As Sundar mentioned, over 1.7 billion unique viewers watched World Cup-related videos, and over 550 million watched them on their televisions. This made the FIFA World Cup 2026 the most-viewed World Cup in YouTube history. Advertisers connected with fans through FIFA Channel Takeovers, Gemini-powered soccer-themed Sponsorships and gameday mastheads. taking home the trophy! More broadly on YouTube, we introduced an exclusive slate of Creator Shows, making it easier for brands to tap into the fandom of creators. We launched Custom Sponsorships to put brands at the heart of the world's biggest moments as they unfold on YouTube, using AI to dynamically surface videos tailored to a brand's desired moment. Brands continue to partner with audiences Kate Spade reached Gen Z through a first-of-its-kind YouTube creator campaign and partnered with creators Ellie Thumann and Hannah Meloche. By leveraging multiple format videos on YouTube, the brand drove a 3.25% brand lift in purchase intent. This unique convergence of brand equity and commercial action makes YouTube a powerful full-funnel platform. SMBs continue to fuel our Direct Response growth through campaigns like Demand Gen. They leverage our AI to scale visual storytelling across YouTube, Shorts, and now Google Maps. To attract high-value shoppers across North America and Europe, outdoor brand Arc'teryx used Demand Gen to achieve a 70% better return on their ad spend compared to other paid channels.

纵观 YouTube 的变现，我们正在关键优先事项上推动持续增长。在客厅场景中，品牌和直接响应都保持势头。随着 Buy with Google Pay 的推出，观众可以直接在联网电视上完成购买，将电视屏幕转变为更强的效果界面。Shorts 继续为社交和视频买家提供高绩效机会。除广告外，YouTube 的订阅业务（在客厅屏幕上蓬勃发展）增长快于广告，尤其受 YouTube Music 和 Premium 驱动。

Looking at monetization across YouTube, we are driving sustained growth across our key priorities. In the Living Room, we see continued momentum across both Brand and Direct Response. With the launch of Buy with Google Pay, viewers can complete purchases directly on their CTV, turning the TV screen into a stronger performance surface. Shorts continues to deliver high-performing opportunities for social and video buyers alike. Beyond advertising, YouTube's Subscription business, which thrives across living room screens, is growing faster than Ads, particularly driven by YouTube Music and Premium.

在内部，我们利用 Gemini 转变工作方式和客户服务方式。83% 的销售团队每周使用 Gemini 辅助工具，在使用定制推销文案时胜率提高 20%。我们的广告客户支持团队使用 Gemini 驱动的智能体式解决方案，现已自主处理 75% 的支持查询，使他们能够解决客户最复杂的挑战。同样，我们为中小企业推出的新智能体式解决方案，今年迄今已为我们拓展了数十万新客户。

Internally, we leverage Gemini to transform how we work and how we serve our customers. 83% of our Sales team uses Gemini-assisted tools weekly, driving up a 20% higher win rate when using customized pitch narratives. Our Ads Customer Support teams use Gemini-powered agentic solutions that now autonomously address 75% of support queries, freeing them to solve our customers' most complex challenges. Similarly, our new agentic solutions for SMBs have expanded our reach by hundreds of thousands of new customers year to date.

一如既往，最后谈谈合作伙伴关系。我们看到更多企业受益于 Google AI 栈的统一力量。Booking Holdings 扩大了多年云承诺，并密切合作推进我们的 AI 驱动广告格式。它还部署 Google AI 技术以实现新的客户体验，例如 OpenTable 上的智能体式餐饮预订，帮助餐厅在最关键的时刻被发现和预订。最后，我要感谢各地的 Google 员工对我们成功的贡献，以及我们的客户和合作伙伴的持续信任。Anat，交给你了。

As always, ending with Partnerships. We are seeing more businesses benefit from the unified strength of Google's AI stack. Booking Holdings expanded a multi-year Cloud commitment and are partnering closely to advance our AI-powered ad formats. It is also deploying Google AI technology to enable new customer experiences, like agentic dining reservations on OpenTable, helping restaurants get discovered and booked right when it matters most. In closing, I'd like to thank Googlers everywhere for their contributions to our success, and our customers and partners for their continued trust. Anat, over to you.

谢谢 Philipp。除非另有说明，我的评论将聚焦第二季度的同比比较。我将从 Alphabet 层面的结果开始，然后介绍各业务板块结果，最后对第三季度和 2026 全年的展望进行评论。第二季度表现卓越，实现了连续第 12 个季度的两位数营收增长。合并营收为 1198 亿美元，增长 24%，按固定汇率计算增长 23%。总营收成本为 459 亿美元，增长 18%。TAC 为 162 亿美元，增长 10%。其他营收成本为 298 亿美元，增长 22%，主要由于折旧、库存成本（主要来自向客户销售 TPU 系统）以及内容获取成本（主要来自 YouTube）的增加。总运营支出增长 27% 至 331 亿美元。研发支出增长 32%，主要受 AI 人才投资相关的薪酬以及折旧推动。销售与营销支出增长 18%，主要由于支持搜索中 Gemini 应用的投资和薪酬。一般及行政支出增长 24%，主要受薪酬以及某些法律和其他事项的费用推动。运营收入增长 30% 至 408 亿美元，运营利润率为 34%。其他收入与支出为 980 亿美元，较上年大幅增长，主要由于股权和证券投资组合中的未实现收益。

Thank you, Philipp. My comments will focus on year-over-year comparisons for the second quarter, unless I state otherwise. I will start with results at the Alphabet level, and will then cover our segment results. I'll end with some commentary on our outlook for the third quarter and full year 2026. We had an outstanding second quarter, delivering our 12th consecutive quarter of double-digit revenue growth. Consolidated revenues were $119.8 billion, up 24% with 23% in constant currency. Total cost of revenues was $45.9 billion, up 18%. TAC was $16.2 billion, up 10%. Other Cost of Revenues was $29.8 billion, up 22%, driven by increases in depreciation, inventory costs, primarily from the sales of TPU systems to customers, and content acquisition costs, largely for YouTube. Total operating expenses were up 27% to $33.1 billion. R&D expenses increased by 32%, driven by compensation from investment in AI talent, as well as depreciation. Sales and Marketing expenses were up 18% due to investments to support the Gemini app in Search and compensation. G&A expenses increased 24%, primarily driven by compensation and charges for certain legal and other matters. Operating income increased 30% to $40.8 billion, and operating margin was 34%. Other income and expenses was $98 billion, representing a substantial increase from the prior year, primarily due to unrealized gains in our equity and securities portfolio.

净利润和每股收益大幅增长，主要得益于我刚才提到的 OI&E 中的未实现收益。第二季度我们实现了强劲的运营现金流 391 亿美元，过去 12 个月为 1857 亿美元。第二季度资本支出为 449 亿美元，其中绝大部分用于支持 AI 投资的技术基础设施。本季度技术基础设施投资中约 60% 用于服务器，40% 用于数据中心和网络设备。第二季度自由现金流为负 59 亿美元，主要受资本支出投资驱动。过去 12 个月自由现金流为 533 亿美元。本季度末我们持有 2425 亿美元现金和有价证券，其中包括 8710 万美元的权益性有价证券。长期债务为 982 亿美元。正如我们在新闻稿中提到的，董事会宣布普通股每股季度现金股息 22 美分，将于 9 月支付。接下来看各业务板块业绩。Google 服务收入增长 15% 至 945 亿美元，反映出搜索和订阅业务的强劲增长。广告总收入增长 14%，所有主要垂直领域均实现增长。与世界杯相关的广告增长强劲，尤其是 YouTube 广告。Google 搜索和其他广告收入增长 17% 至 633 亿美元，零售和金融贡献最大。YouTube 广告收入增长 13% 至 111 亿美元，由直接响应广告和品牌广告共同推动，客厅场景表现强劲，正如 Philipp 之前提到的。网络广告收入 73 亿美元，下降 1%。订阅、平台和设备收入本季度增长 15% 至 129 亿美元，得益于 YouTube 订阅（尤其是 YouTube Music 和 Premium）以及 Google One 的强劲增长，后者受 AI 套餐需求驱动。Google 服务运营收入增长 20% 至 395 亿美元，运营利润率为 41.8%。Google Cloud 板块在第二季度取得了出色业绩，得益于我们的企业 AI 产品和服务。云收入增长 82% 至 248 亿美元，主要由 GCP 驱动，其增速超过云业务整体。核心 GCP、AI 解决方案和 AI 基础设施都是重要的增长驱动力。我们还开始确认 TPU 系统销售收入，这是第二季度首次向客户数据中心交付。即使剔除 TPU 系统销售的影响，云收入增长也显著加速。云运营收入为 88 亿美元，同比增长超过两倍，运营利润率从去年第二季度的 20.7% 提升至 35.6%。Google Cloud 的积压订单环比增长超过 500 亿美元，第二季度达到 5140 亿美元。增长由企业 AI 产品的强劲需求驱动。大部分积压订单与面向广泛客户群的典型 GCP 合同相关，我们预计在未来 24 个月内将确认总积压订单中略超过 50% 的收入。在其他赌注方面，收入为 3.82 亿美元，运营亏损为 18 亿美元，因为我们继续扩大 Waymo 业务并投资于关键的其他赌注。在 Alphabet 层面活动方面，运营亏损为 58 亿美元，由共享 AI 研发费用驱动。

Net income and earnings per share increased significantly, primarily due to the unrealized gains in OI&E I just mentioned. We generated strong operating cash flow of $39.1 billion in the second quarter and $185.7 billion for the trailing 12 months. CapEx was $44.9 billion in the second quarter, with the vast majority of the spend in technical infrastructure to support our investments in AI. Approximately 60% of our investment in technical infrastructure this quarter was in servers, and 40% was in data centers and networking equipment. We had negative free cash flow of $5.9 billion in the second quarter, driven by our investments in CapEx. Free cash flow was $53.3 billion for the trailing 12 months. We ended the quarter with $242.5 billion in cash and marketable securities, which includes $87.1 million of equitable marketable securities. Long-term debt was $98.2 billion. And, as mentioned in our press release, our Board of Directors declared a quarterly cash dividend on our common stock of 22-cents per share, which is payable in September. Turning to segment results. Google Services revenues increased 15% to $94.5 billion, reflecting strong growth in Search and Subscriptions. Total advertising revenues were up 14% with growth across all major verticals. We experienced strong Ads growth related to the World Cup, particularly in YouTube Ads. Google Search and other advertising revenues increased by 17% to $63.3 billion, with retail and finance driving the largest contributions. YouTube advertising revenues increased 13% to $11.1 billion, driven by Direct Response advertising as well as Brand, with strength in the Living Room, as Philipp mentioned earlier. Network advertising revenues of $7.3 billion were down 1%. Subscriptions, Platforms & Devices revenues increased 15% this quarter to $12.9 billion due to strong growth in both YouTube subscriptions, particularly YouTube Music and Premium, and Google One, which was driven by demand for AI plans. Google Services operating income increased 20% to $39.5 billion, and operating margin was 41.8%. The Google Cloud segment delivered outstanding results in the second quarter, driven by our enterprise AI products and services. Cloud revenues were up 82% to $24.8 billion, driven primarily by GCP, which grew faster than Cloud overall. Core GCP, AI solutions, and AI infrastructure were all important drivers of growth. We also began to recognize revenues from TPU system sales, which we delivered to customer data centers for the first time in Q2. Cloud revenue growth accelerated meaningfully, even after excluding the impact of TPU system sales. Cloud operating income was $8.8 billion, more than tripling year-over-year, and operating margin increased from 20.7% in the second quarter last year to 35.6%. Google Cloud's backlog increased by more than $50 billion sequentially, reaching $514 billion in the second quarter. The increase was driven by strong demand for our Enterprise AI offerings. The majority of the backlog is related to typical GCP contacts for our broad mix of customers, and we expect to recognize just over 50% of the total backlog as revenue over the next 24 months. In Other Bets, revenues were $382 million, and operating loss was $1.8 billion as we continue to expand Waymo's business and invest in key Other Bets. In Alphabet Level Activities, the operating loss was $5.8 billion, driven by shared AI R&D expenses.

接下来看 2026 年下半年的业务表现预期。首先，在收入方面，按当前即期汇率，我们预计第三季度合并收入将面临轻微的外汇逆风，而第二季度则有一个百分点的外汇顺风。这一影响将主要体现在搜索和 YouTube 广告中。在 Google 服务方面，正如 Philipp 所说，我们通过 AI 改善用户和广告主体验，持续受益于搜索创新。同时，第三季度我们将开始对比去年第三季度开始的搜索加速表现。在 Google Cloud 方面，我们看到对产品和服务的强劲需求，预计将推动强劲增长。正如我之前提到的，我们在第二季度开始向客户数据中心交付 TPU 系统。我们仍然预计今年将从现有 TPU 系统销售协议中确认相对较小部分的收入，并在 2026 年底逐步增加。我们预计这些协议中的绝大部分收入将在 2027 年实现。鉴于供应紧张的环境，我们计划在第三季度扩大第三方容量的使用，作为建设更多内部容量的过渡策略。这一策略使我们能够继续扩大客户群并获取更大的整体价值。然而，在利用这些容量的短期内，将带来适度的利润率压力。在投资方面，我们将 2026 年全年资本支出指引区间更新为 1950-2050 亿美元，高于此前估计的 1800-1900 亿美元。区间上调主要是由于加速交付容量以满足不断增长的需求。正如我们之前分享的，我们仍然预计 2027 年资本支出将大幅增加，稍后将提供更多细节。在费用方面，投资和技术基础设施的大幅增加将继续以更高的折旧费用和相关数据中心运营成本（如能源）的形式对损益表构成压力。我们还预计将继续在 AI 和云等关键投资领域招聘，并投资于营销以支持我们的 AI 产品。最后，我们预计自由现金流将继续面临压力，这源于我们对技术基础设施的投资，这使我们能够抓住 AI 机遇并继续推动有吸引力的回报。第二季度又是一个强劲的季度。我们的团队继续交付令人印象深刻的创新，以纪律和速度执行。我想借此机会感谢员工对我们业绩的贡献。Sundar、Philipp 和我现在将回答你们的问题。

Turning to our outlook in business performance expectations in the second half of 2026. First, in terms of revenues, at the current spot rates, we would expect a slight FX headwind to our consolidated revenue in Q3, compared to a one percentage point FX tailwind in Q2. This impact will be seen primarily in Search and YouTube Ads. In Google Services, as Philipp mentioned, we continue to benefit from innovation in Search by improving the user and advertiser experience with AI. At the same time, in Q3, we will begin lapping an acceleration in Search performance that began in the third quarter last year. In Google Cloud, we're seeing significant demand for products and services, which we expect to drive strong growth. As I mentioned earlier, we started delivering TPU systems to customer data centers in the second quarter. We continue to expect to recognize a relatively small portion of the revenues from our existing TPU system sales agreements this year, ramping as we exit 2026. We anticipate the vast majority of the revenues from these agreements will be realized in 2027. And given the supply constraint environment, we plan to expand the use of third-party capacity in Q3 as a bridging strategy while we build out more internal capacity. This strategy allows us to keep growing our customer base and capture greater overall value. However, it will create modest margin pressure in the near-term as we utilize this capacity. Moving to investments, we are updating our full year 2026 CapEx guidance range to $195-205 billion, up from our previous estimate of $180-190 billion. The increase in the range is primarily due to an acceleration in the delivery of capacity to meet growing demand. As we previously shared, we continue to expect our CapEx to increase significantly in 2027, and we'll provide more details at a later date. In terms of expenses, the significant increase in our investments and technical infrastructure will continue to put pressure on the P&L in the form of higher depreciation expense and related data center operations costs, such as energy. We also expect to continue hiring in key investment areas such as AI and cloud, and we are investing in marketing to support our AI products. And finally, we expect the free cash flow will remain under pressure driven by our investments in technical infrastructure, which enables us to capitalize on the AI opportunity and continue to drive attractive returns. Q2 represented another strong quarter. Our teams continued to deliver impressive innovation, executing with discipline and velocity. I'm going to take this opportunity to thank our employees for their contribution to our performance. Sundar, Philipp and I will now take your questions.

谢谢。提醒一下，要提问，请在电话上按 *1。为防止背景噪音，请在提问后静音。我们的第一个问题来自摩根士丹利的 Brian Nowak。请提问。

Thank you. As a reminder, to ask a question, you will need to press *1 on your telephone. To prevent any background noise, we ask that you please mute your line once your question has been stated. Our first question comes from Brian Nowak with Morgan Stanley. Your line is now open.

感谢回答我的问题。我有两个问题，一个问 Sundar，一个问 Anat。Sundar，随着更多时间和生成式 AI 产品与工具进入市场，投资持续增加，你能谈谈与一年前相比，你对整体生成式 AI 投资资本回报率机会的规模和时机的看法有何变化？然后，Anat，你谈了很多关于供应容量限制的问题。同样的问题关于未来的资本支出。

Thanks for taking my questions. I have two. One for Sundar, one for Anat. Sundar, with more time and gen AI products and tools in the market and investments continuing to step up, can you just kind of give us some perspective on how your view on the size of the overall gen AI ROIC opportunity and the timing of the ROIC has changed now versus one year ago? And then, Anat, you talked quite a bit about supply capacity constraints. A similar question for you around forward CapEx.

你的预算理念以及你在未来支出上施加的约束，在你思考 2027 年需要花多少钱才能解决这个产能瓶颈时，是如何变化的？

How does your budgeting philosophy and just constraints you're putting on the forward spend, how are those changing as you sort of think about the right amount to spend in 2027 to close this capacity constraint?

谢谢，Brian，这是个好问题。我确实觉得我们正处于多个领域结构性转变的非常早期阶段。在我们核心的信息业务中，可能性巨大。当我看到利用最前沿能力所能做到的一切时，要将这些转化为面向消费者用户的体验，还有大量工作要做。你可以设想端到端的智能体式体验，真正为用户做更多有意义的事情。因此，所有这些都意味着非凡的机遇，而如果执行得当，将带来非凡的回报。同样，在企业端，从我们的需求（反映在增长率等指标上）可以看出，在我与许多 CEO 和公司的交流中，他们也都只是刚刚触及这些可能性的早期阶段。我们过去常谈论云本身：只有一小部分企业工作负载迁移到了云端。现在想想，有多少工作负载是真正原生 AI 和 AI 赋能的？感觉同样非常非常早期。所以，从投入资本回报率（ROIC）的角度看，我们正在采取全栈方法。我们在消费者、企业和开发者等各方面都看到了势头。因此，如果说有什么变化的话，那就是过去一年我们对未来的机遇变得更加乐观了。我把问题交给 Anat。

Look, thanks, Brian. It's a good question. I do think it feels like we are in very early innings of what feels like a secular shift across multiple areas. In our core information businesses, just the possibilities. When I see what all you can do with absolute frontier capabilities, there's still a lot of work ahead to translate all of that into experiences for our consumer users. You can think about end-to-end agentic experiences to really meaningfully do a lot more for them. So all of that looks like extraordinary opportunities with extraordinary returns for executing well on those opportunities. Similarly, on the Enterprise side, as you can see from our demand, which is reflected in our growth rates, et cetera, again, in my conversations with many CEOs, many companies, they all still are barely scratching the early stages of what's possible here. So, I think we used to talk about Cloud itself. A small percentage of overall workloads and enterprises have shifted to cloud. Now think about what percentage of workloads are really AI-native and AI-enabled. It, again, feels like very, very early. So, I would say from an ROIC standpoint, I think we are taking a full-stack approach. We are seeing momentum across consumers and enterprises and developers and so on. So it feels like, if anything, over the past year, we have gotten more bullish on the opportunities ahead. I'll turn it over to Anat.

感谢关于在供应受限背景下如何看待前瞻性资本支出的提问。我们仍处于供应受限的环境，这一点我们已经连续多个季度在强调。我们看到了非常强劲的需求，既来自外部云客户，也来自公司内部。我们的目标是，只要看到有吸引力的投资回报，就会进行投资，正如 Sundar 刚才提到的。我们确实采取长期视角，会从多年维度审视需求，同时聚焦于明年的短期目标，并积极建设以满足这些需求。如你所见，尽管过去三年我们大幅增加了产能，但需求仍然超过投资。和行业其他公司一样，我们在供应受限的环境中努力推进。我们的优势在于拥有全栈方法，因此能够在技术基础设施组织内部推动运营效率和技术效率，从而提供更多算力。只要我们看到这些有吸引力的投资机会，我们就会继续投资。

Thanks for the question on how do we think about forward-looking CapEx in the context of supply constraints. So, we're still in a supply-constrained environment. I think we've said this now for multiple quarters in a row. And we are seeing very strong demand, both from external Cloud customers as well as across the business. And our goal is to invest as long as we see an attractive return on that investment, as Sundar mentioned earlier. We do take a long-term view, so we take a multiyear view, at what the needs are, as well as focus on next year in the near term and building aggressively to meet those demands. And as you've seen, while we have increased our capacity quite significantly over the past three years, the demand still outpaces that investment. And we are, just like the rest of the industry, working in a supply-constrained environment, so we're working hard to do this. We do have a benefit of having a full-stack approach, so we're able to drive operational efficiencies, technological efficiencies within our technical infrastructure organization so that we can deliver more compute. But as long as we see these attractive opportunities to invest, we will continue to invest.

感谢回答问题。一个问题给 Sundar，一个给 Anat。Sundar，你能谈谈你对 Gemini 模型保持前沿地位的信心水平吗？我知道你们本周发布了 Gemini Flash 模型。但谷歌可能不像其他一些领先实验室那样制造那么多声量，或者发布频率没那么高。只是好奇你如何回应关于持续开发领先模型能力的担忧。另外，能否谈谈你们在编程方面的计划，以及如何缩小企业端这一领域的差距。然后，Anat，继最近的股权和债务融资之后，能否帮助我们理解你们如何看待最优资本结构，以及你们如何看待债务与股权的成本。谢谢。

Thanks for taking the questions. One for Sundar and one for Anat. Sundar, can you talk about your confidence level that the Gemini models can remain at the frontier? I know you had the Gemini -- the Flash model releases this week. But Google perhaps doesn't make maybe quite as much noise as some of the other leading labs, or perhaps have quite the frequency. Just curious how you'd address any concerns about that ability to continue developing leading models. And then just related, can you talk about your plans for coding and how you look to close the gap in that part of enterprise. And then, Anat, just following the recent equity and debt raises, can you just help us understand how you think about optimal capital structure and how you view the cost of debt versus equity. Thanks.

谢谢，Doug。我认为前沿领域是一个极其动态的空间，正在激烈地向前推进。在任何特定时刻，当你拍一张快照时，它都感觉充满变化。我们显然拥有前沿模型。在许多属性上，我们仍然处于前沿。有些领域我们承认需要改进，编程和智能体式编程就是一个例子，我认为团队非常非常专注于这一点。以 3.6 Flash 为例——顺便说一句，Flash 是我们的主力模型。我们看到了巨大的需求，因为它通常能在性能、成本、可靠性、延迟等方面达到最佳平衡点。我们将 Gemini 和 Flash 特别整合到了我们整个解决方案组合中，无论是网络安全还是数据分析。如果你考虑客户服务这样的领域，你需要非常好的语音质量、直播流、以及推理能力。如果你是一家专业服务公司，你需要高质量的摘要、内容生成等。Flash 在这些方面都做得很好。在智能体式编程方面，我们正在迭代，你会看到我们持续迭代。例如，3.6 Flash 与 3.5 Flash 相比，在 deep SWE 基准测试中提升了超过十个百分点，并且 token 效率更高。我们显然在内部使用它，也在与许多客户测试编程功能，所以我们看到了进步——仅从上一版本到新版本六周时间——你还会看到更多持续迭代。在前沿方面，我们既非常投入，也很有信心能保持前沿地位。对于下一代前沿模型，你需要更大的基础模型。我们正在训练 Gemini 4，并且对它抱有非常雄心勃勃的目标。我对内部看到的 Gemini 4 进展感到非常兴奋，我相信当我们把它推向外部时，人们会感到满意。但我们需要 Gemini 4 作为更大的基础模型来竞争前沿模型，所以我们专注于执行这条路径。

Thanks, Doug. Look, I think the frontier is an incredibly dynamic space, and it's fiercely moving forward. At any given moment when you take a snapshot, it feels dynamic. We have had clearly frontier models. There are many attributes on which we are still at the frontier. There are areas where we have acknowledged we need to improve. Coding and agentic coding is an example of that, and I think the teams are very, very focused on it. With 3.6 Flash -- and by the way, Flash is our workhorse model. And we see tremendous demand for it, given it generally hits a sweet spot of performance, cost, reliability, latency, et cetera. And we've incorporated Gemini and Flash particularly in our entire portfolio of solutions, be it in cybersecurity, data analytics. If you think about an area like customer service, you need really good voice quality, you need livestreaming, you need the ability to reason on that. If you're a professional services firm, you need high quality summarization, content generation, et cetera. So, Flash does very well on all of that. In terms of agentic coding, we are iterating, and you will see us continue iterations. 3.6 Flash, for example, compared to 3.5 Flash, jumped over ten points in deep SWE as a benchmark, and it is more token efficient at doing so. So we are clearly using it internally, we are testing it with many customers in coding, so we see the progress, just in six weeks from the prior version to the new version, and you will see more continued iterations on that as well. In terms of the frontier, we are both very committed and very confident of being at the frontier. For the next generation of frontier, you're going to need much larger base models. We are now training Gemini 4, and we're being very ambitious with it. I am very excited by the progress I'm seeing internally on Gemini 4, and I'm confident that people will be pleased when we are putting it outside. But we will need Gemini 4 as a larger base model to compete at that frontier model, and so we are focused on executing on that path.

关于资本结构和近期股权及债务融资的问题。在考虑投资需求时——正如我所说，我们着眼于明年和未来多年——我们首先看经营活动现金流能支撑多少。如你们今天在业绩中看到的，我们持续产生非常健康、强劲的经营活动现金流；这是我们的第一资金来源。然后我们考虑债务，最近我们还进行了股权融资。过去 12 个月，我们大幅扩展了债务组合。一年前，我们的债务约为 160 亿美元；现在已增至约 1000 亿美元，涵盖多种货币和地区。所以我们正在扩大这个组合。但我们也希望确保拥有一个具有韧性的——不仅是增长前景，还有韧性的资产负债表、强劲的资产负债表、健康的资产负债表，这正是我们进入股权市场的原因。

And on the question regarding our capital structure and recent equity and debt raise. So, as we think about our investment needs -- and as I said, we look at the next year and multiple years out -- we first look at how much we can support based on cash from operations. And as you've seen in our results today, we continue to generate very healthy, strong cash flow from operations; so that's our first source of funding. And then we look at debt, and most recently we did the equity raise. And we have expanded our debt portfolio quite significantly over the past 12 months. If you've seen a year ago, we were at about $16 billion; and we went to about $100 billion across multiple currencies and geographies. So we're expanding that portfolio. But we also want to make sure we have a resilient -- not just growth outlook, but also a resilient balance sheet and a strong balance sheet, a healthy balance sheet, which is the rationale behind expanding into the equity markets.

Douglas Anmuth：谢谢两位。接线员：下一个问题来自高盛的 Eric Sheridan。请讲。Eric Sheridan：非常感谢回答我的问题。如果可以的话，我想问两个关于 TPU 的问题。Sundar，你能谈谈在扩大 TPU 规模时的一些关键经验吗？包括对 TPU 的需求，以及在未来几年内，你如何看待平衡外部对 TPU 的需求与组织内部对定制芯片的需求？然后，Anat，我想追问一下。你在开场发言中提到了 TPU 对 Google Cloud 的影响。能否更详细地说明 TPU 在收入积压中的规模，以及如何考虑 TPU 在未来几年对收入确认和潜在利润率的影响？非常感谢。

Douglas Anmuth: Thank you both. Operator: The next question comes from Eric Sheridan with Goldman Sachs. Your line is now open. Eric Sheridan: Thanks so much for taking the questions. Maybe two, if I could, both on TPUs. Sundar, can you talk about some of your key learnings as you scale your TPU efforts in terms of both the demand for TPUs and how you think about balancing the external demands for TPUs versus the internal demand for custom silicon inside the organization as you look over the next couple years. And then, Anat, if I could just follow up. You made some comments in your prepared remarks about the impact of TPUs on Google Cloud. Didn't know if you could give us a little bit more granularity about the size of TPUs as a part of the revenue backlog and how to think about the revenue recognition over the potential for margin impact from TPUs in the years ahead. Thanks so much.

首先，我们对 TPU 路线图的进展以及它在性能和优势方面带来的价值感到非常满意，我们当然也在广泛使用它。在分配 TPU 方面，我们的首要任务是确保分配足够的资源以在 AGI 开发的前沿竞争中保持领先。这是我们一切工作的基础。但考虑到平衡外部需求的巨大压力，即使对于大多数云客户，我们也主要使用 TPU 和 GPU 来服务我们的模型。比如 Vertex AI、Gemini Enterprise，以及我们看到的增长势头。我们还将其用于智能体工作负载等。所以，我们正是出于这些目的在使用它。对于那些将其作为基础设施需求的客户，我们通过越来越多地寻找机会将 TPU 部署到他们的数据中心或其他数据中心（比如我们与 Blackstone 合作的项目）来平衡。这样我们就能在分配尽可能多的可用算力用于前沿模型开发的同时，也能服务我们的消费者业务和企业业务中的第一方模型。

I think in terms of -- first of all, we are very pleased with our TPU roadmap progress and the value in terms of performance and the edge it gives, and we obviously use it extensively. In terms of allocating TPUs, look, our first priority is making sure we are allocating what we need to compete at the frontier in terms of AGI development. And so that is the foundation for everything we do. But given the extraordinary demand to balance the external demand, even for most Cloud customers, we are using both TPUs and GPUs mainly for serving our models. So think Vertex AI, Gemini Enterprise, the momentum we see. So we are using it -- or agentic workloads, et cetera. So, we are using it for those purposes. To the extent people want it as infrastructure, we are balancing it by increasingly looking at opportunities to put TPUs in their data centers, or in other data centers, like the project we are doing with Blackstone, et cetera. So we are using that as an ability to balance and make sure we are allocating as much of the available compute for frontier model development, as well as serving both our consumer business and our Enterprise business in terms of first-party models.

关于收入确认以及我们如何看待 TPU 系统销售，可以这样理解。当我们签署了我在开场发言中提到的协议后，这些协议就会反映在云积压订单中。目前，5140 亿美元的云积压订单中绝大部分是 GCP 协议。但 TPU 系统销售也包含在积压订单中。我们开始建立库存以便销售这些系统，因此你会看到这对运营现金流的影响，因为我们提前进行了建设，显然，随着我们建立这项业务并扩大规模。一旦我们开始交付销售，通常就开始确认收入。本季度只确认了该协议总额的一小部分。我们将在 2026 年全年继续增加交付，但该协议的大部分收入将在 2027 年确认。

Anat Ashkenazi: And in terms of revenue recognition and how we look at the TPU system sales, so the way to think about it is the following. When we signed the agreements that I've mentioned in the prepared remarks, they would be then reflected in the cloud backlog. Now, the vast majority of the $514 billion of cloud backlog is the GCP agreements. But the TPU system sales are reflected in that backlog. We start building inventory to be able to sell those systems, so you see that impact on the cash from operations, because we built ahead, obviously, as we're building that business and ramping up. And then once we start delivering the sales, generally that's when we start recognizing revenue. This quarter was a small amount of that total agreement. We'll continue to ramp up throughout 2026, but then you'll see the vast majority of the revenue from that agreement come through in 2027.

接线员：下一个问题来自巴克莱的 Ross Sandler。请讲。Ross Sandler：回到正在进行的 AI 模型战争，Sundar。我想问一下模型发布的速度，以及你们如何可能加快 Gemini 发布模型的节奏。我们都看到了与 SpaceX 的第三方算力交易。与其他公司相比，我们还在做些什么来加快模型发布的速度？另外，你刚才提到了 Flash 模型，它们非常成功。考虑到低成本模型领域已经变得非常拥挤，你认为这是正确的市场定位吗？你对这一切如何发展有什么看法？

Operator: Your next question comes from Ross Sandler with Barclays. Your line is now open. Ross Sandler: Just back to the AI model kind of war that's going on, Sundar. Just want to ask about the speed of model releases and how you can potentially speed up the cadence by which Gemini is releasing models. So we all saw the third-party compute deal with SpaceX. What else are we doing to kind of speed up the pace of model releases compared to some of the other folks out there? And then you just mentioned the Flash models, which have been very successful, to your point. Do you view that as the right end of the market to be in, given how crowded the lower-cost end of the model space has become? Just any thoughts on how you see all that playing out.

谢谢，Ross。首先说两点。我们非常关注帕累托前沿。我们希望确保为客户提供不同价位的最佳模型。因此你会看到我们——但对我们来说，拥有最好的前沿模型以及高性能低成本模型非常重要。这就是为什么我们有 Flash-Lite、Flash、Pro 等。所以，我们致力于覆盖整个帕累托前沿。在模型发布速度方面，我认为你会看到我们继续加快步伐。显然，你看到我们在 I/O 上发布了 3.5 Flash，随后又推出了 3.6 Flash，并且你会看到该模型的持续迭代，在智能体编码等方面取得进一步进展。我们非常专注，投入大量精力在 Gemini 4 上。我们希望当 Gemini 4 推出时，能在前沿水平上竞争，因此我们将大量算力和努力投入这个方向。与此同时，我们正在创建一个基线，在此基础上你会看到我们通过后续模型发布快速迭代。因此，加快步伐，几乎以每月一次的节奏发布模型，也是我们构建 Gemini 4 路线图的一部分。

Thanks, Ross. Look, two things I'll say first of all. We really think about the Pareto frontier. We want to make sure for our customers we are offering our best models at various price points. So you will see us -- but it's very important to us to have the best frontier models out there, as well as models which are very performant and low cost. This is why we have Flash-Lite, Flash, Pro, et cetera. So, we are committed to being at the full Pareto frontier. On the speed of model releases, I do think you will see us continue to pick up pace. Obviously, you've seen us come with the -- we announced 3.5 Flash at I/O. We have followed that up with 3.6 Flash, and you will see continued iterations of that model with further progress in agentic coding, et cetera. We are really focused, putting a lot of effort into Gemini 4. want to compete at the frontier level of where the frontier will be when Gemini 4 comes out, and so we are applying a lot of our compute and effort in that direction. But with that, we are creating a baseline on top of which you will see us rapidly iterate with subsequent model releases. And so picking up pace and releasing models almost at a monthly cadence is part of our roadmap as we are building Gemini 4 as well.

接线员：下一个问题来自 MoffetNathanson 的 Michael Nathanson。请讲。Michael Nathanson：谢谢。一个问题给 Sundar，一个问题给 Anat。Sundar，继续这个电话会议关于模型的主题，你能谈谈你认为这场新模型战争的护城河是什么吗？你的战略优势是什么，推动你的业务发展？即使模型能力相同，是什么让你保持增长势头？然后，Anat，回到 Eric 的问题。你能谈谈未来 TPU 对利润率的影响吗？它是核心云利润率的增量，还是利润率较低？谢谢。

Operator: Your next question comes from Michael Nathanson with MoffetNathanson. Your line is now open. Michael Nathanson: Thank you. One for Sundar and one for Anat. Sundar, just keeping with the model theme of this call, can you talk a bit about what do you think the moats are to this new model war? What is your strategic advantage that fuels your business? Even if it's the same type of model capabilities, what gives you the edge to keep growing like you're doing? And then, Anat, back to Eric's question. Anything you can tell about the margin impact on TPUs going forward? Is it incremental margin to the core cloud margin, or is it a lower margin coming through? Thanks.

Michael，首先，我们在多个层面提供解决方案。我认为我们全栈方法的价值之一在于，客户是来找我们寻求解决方案的。以网络安全或数据分析领域为例，人们部署的解决方案中，模型只是其中的一个组成部分。以网络安全为例，人们使用 Chronicle 和 Wiz；通过我们即将推出的 CodeMender 产品，他们用它来检测和修补漏洞等。或者以数据分析为例，人们将过去孤立的数据源整合在一起，并通过 Gemini Enterprise 在其上构建一个智能层。

Look, Michael, first of all, there are many layers at which we are providing solutions. I think part of what the value of our full-stack approach is, customers are coming to us for solutions. So if you take an area like cybersecurity or data analytics, people are deploying solutions in which models are an ingredient in that solution. So take cyber. People are using Chronicle and Wiz; and with our upcoming CodeMender product, they are using it to detect and patch vulnerabilities and so on. Or take data analytics, people are bringing what's been in the past siloed data sources, putting it all together and having an intelligence layer on top of it with Gemini Enterprise.

所以模型只是这些解决方案中的一个组成部分，我认为记住这一点很重要。即使在纯粹的模型消费领域，人们也在看到模型越来越成为端到端编排的系统，对吧？工作流、智能体式工作流。而要开发这一切，你不仅需要具备训练和服务所需的算力、数据质量、环境，还需要持续改进的能力，并为客户提供安心保障，确保他们所有的数据、他们的数据、他们的轨迹都是保密的。这些数据绝不会以任何方式回流到模型中。他们还需要能够以安全的方式配置和服务这一切，并进行管理和配置等等。所以这些都是大的端到端的事情，这正是我们整个云业务专注于构建的方向，我们看到所有这些组件都有需求。显然，拥有我们自己的模型让我们能够真正优化这些解决方案并提供集成产品，但我们也会在这些解决方案中提供其他模型。我们还提供基础设施作为这些解决方案的一部分，等等，并采取全栈方法。所以我认为我们在这方面处于非常有利的位置。

And so the model is just an ingredient in those solutions, so I think it's important to remember that. Then, even within where you're purely on a more model consumption area, people are -- there is what looks as models are increasingly becoming end-to-end orchestrated systems, right? Workflows, agentic workflows. And to develop all this, it's your ability not just to bring the compute you need to train and serve, the data quality, the environments you have, your ability to continually improve, provide customers with that peace of mind that all the data they have, their data, their trajectories are confidential to them. None of that in any way flows back to the models. Their ability to configure and serve all this in a secure way, and manage it and provision it and so on. So, these are big end-to-end things, and so this is what our Cloud business as a whole is focused on building, and we are seeing demand across all of these components. And so obviously, having our own models allows us to really optimize these solutions and bring integrated offerings, but we will also provide other models as part of these solutions. We also bring infrastructure as part of these solutions, et cetera, and take a whole full-stack approach. So I think we are very, very well-positioned there.

关于 TPU 利润率，我们不会披露任何特定产品或基础设施组件的利润率，当然设计和制造自己的芯片是有好处的。但思考方式是，这扩大了我们总可寻址市场，通过为那些在数据中心需要这些系统的客户提供解决方案，从而扩展了机会。但总体而言，如果你考虑云利润率，显然本季度利润率大幅扩张至 35.6%。整个业务在利用营收增长方面展现了出色的运营纪律。现在，考虑到第三季度及今年剩余时间，我在准备好的发言中提到过，鉴于我们所处的供应受限环境，我们计划在第三季度扩大使用第三方容量作为过渡策略，同时继续建设内部容量。考虑到该容量的成本，这将对云业务的运营利润率造成一定压力。最后，我们过去提到过，Wiz 的整合在 2026 年短期内确实会因收购带来一些逆风。

And on the TPU margins, we don't break out margins for any specific products or infrastructure component, and certainly there are benefits from designing and manufacturing our own chips. But the way to think about it is this is an expansion of our total addressable market, so it expands the opportunities by providing solutions to customers that need those systems in their data centers. But overall, if you think about the cloud margins, obviously a really fantastic expansion of margin to 35.6% this quarter. Outstanding strong operational discipline across the business in leveraging growth in the top line. And now as you think about Q3 and through the remainder of the year, and I mentioned some of it in the prepared remarks, given the supply-constrained environment we're in, we are planning to expand the use of third-party capacity in Q3 as a bridging strategy, while we continue to build out internal capacity. That capacity, given the cost of that capacity, will put some pressure on operating margins for Cloud. And then the last item we mentioned in the past was the integration of Wiz does create some headwind here in the near-term in 2026 related to the acquisition.

感谢回答。Anat，关于这些第三方交易和容量过渡，是否有某个特定目标领域限制最严重，还是说问题普遍存在？另外，退一步思考各业务之间的容量分配，是否有任何变化？或者能否说明一下，你们现在如何权衡将算力分配给搜索、模型训练和 GCP 业务？谢谢。

Thanks for taking the questions. Anat, just on these third-party deals and kind of the bridge in capacity, is there a particular objective where the constraints are most severe, or is it really broad-based? And I guess, stepping back a bit and thinking about capacity allocation across the businesses, has that changed at all? Or is there a way to contextualize how you're now thinking about the tradeoffs between allocating compute to Search versus model training versus for the GCP business? Thank you.

Mark，我可以谈谈这个问题。关于分配，我们的基线是继续前沿 AGI 开发所需的条件。显然，这取决于模型前沿的移动方向。所以我们以此为基础。除此之外，我们显然会优先考虑核心产品领域，如搜索、YouTube 等，以及云。在云内部，我们优先分配算力，以确保我们能够在 Vertex 和 Gemini Enterprise 以及我们的核心解决方案（如数据分析和网络安全等）中服务我们的模型。所以，我们的核心——为消费者和企业核心产品提供服务——是算力的主要去向，这就是我们的思考方式。关于过渡交易，我想说的是，在边际上，我们有一些非常大的云客户，我们正在努力支持他们度过这个特殊时刻。他们带来的增量机会，虽然短期几个月内成本可能很高，但在整个交易生命周期内，随着我们增加更多容量，投资回报率是非常积极的。所以我们考虑了这些因素。你是否愿意先接受一个六个月的交易，以便服务一个多年期的机会，而在这个多年期范围内，利润率和回报都非常有吸引力？希望这能让你了解我们如何看待这些机会。

Mark, I can comment on it. Look, again, on allocation, the baseline with which we start is what it takes to continue AGI development at the frontier. Obviously, the priors on that are just based on where the model frontier moves. And so we start with that as a baseline. And beyond that, we want to obviously -- we are prioritizing our core product areas like Search, YouTube, et cetera, as well as Cloud. And within Cloud, we are prioritizing the compute to make sure we can serve our models in the context of Vertex and Gemini Enterprise and our core solutions, be it data analytics and cybersecurity, et cetera. So our core -- serving for our core products across consumers and Enterprise is where the computer is primarily going, and that's how we think about it. I think on the bridge deal, the main thing I would say is, look, there are -- on the margin, there are very, very large customers of ours on Cloud who -- we are trying to support them through this extraordinary moment. And the incremental opportunities they are bringing to us, while a short-term cost over a few months may be very high, in the lifetime of the deal, as we bring more capacity on, is highly ROI-positive. So those are factors we are taking into account. So are you willing to take upfront a six-month deal to be able to serve the customer in what is a multiyear opportunity where the margins and the returns are very, very attractive over that multiyear horizon? So hopefully that gives some color on how we've thought about those opportunities.

感谢回答。我换个话题，Philipp，想请你多谈谈搜索和 YouTube 的变现情况。考虑到 AI 搜索带来的更强信号，以及你提到的 YouTube 的优势，请进一步说明广告商如何利用 Google 更强的个性化和定向能力来提升广告支出回报率。我们经常被问到，Google 规模如此之大，搜索收入仍增长 17%，是什么推动了搜索收入创下历史新高？谢谢。

Thanks for taking the question. Maybe I'll switch topics somewhat and, Philipp, ask you a little bit more about monetization from a Search and YouTube perspective. Just given the greater signal we have with AI searches, and then you talked about YouTube's strength, talk to us a little bit more on how advertisers are leveraging the greater personalization and targeting that Google has to drive this ROAS. A question we often get is, Google at that size and scale, we're still growing 17%. Any reasons what's driving that all-time high on Searches? Thank you.

是的。非常感谢你的提问。我们第二季度搜索及其他收入同比增长 17%，这实际上是由我们业务的许多部分协同工作以及非常深入的 Gemini 集成所驱动的。稍微宏观一点看，所有主要垂直领域都对增长做出了贡献。零售贡献最大，其次是金融、科技、媒体娱乐等领域的显著贡献。我认为理解这一点很重要：Gemini 极大地增强了我们的能力，具体到你的问题，它帮助我们理解人们正在寻找什么，并匹配正确的广告。所以我们将 Gemini 模型应用于整个广告基础设施，无论是广告质量、广告工具、广告还是新的 AI 体验。我们正在非常深入地将 Gemini 集成到客户工具中，使广告活动更高效，这又进一步提升了效果。此外，我们还有 AI 驱动的广告活动，如 AI Max，帮助广告商适应并发现关键词之外的机遇。这再次体现了我们深入挖掘和更好定向的能力。AI Max 持续解锁——我们提到过——数十亿次以前无法变现的新搜索。在 YouTube 方面，总体而言，广告增长由直接响应和品牌广告驱动。我之前提到过，我们在客厅场景中看到了很大的势头。我们在品牌和直接响应方面都有非常令人兴奋的广告路线图。

Yes. Thank you so much for the question. Look, our 17% year-over-year growth rate in the Q2 Search and Other revenues was really driven by many parts of our business working well together and very, very deep Gemini integration. Maybe to zoom out for a second, all the major verticals contributed to the growth. Retail drove the greatest contribution that managed -- followed by really meaningful contributions from finance, tech, media entertainment, and so on. I think it's really important to understand that Gemini supercharges our ability, and this goes specifically to your question, to understand what people are looking for, and match the right Ads. So we're applying Gemini models really across our entire Ads infrastructure, whether it's Ads quality, advertising, tools, Ads and new AI experiences. And we're really deeply, deeply integrating Gemini into the customer tools to make the campaigns more efficient, which comes on top of this. And then we have our AI-powered campaigns like AI Max that help advertisers actually adapt and find the opportunities beyond keywords. Again, that's an ability for us to go deeper and target better. And AI Max continues to unlock -- we mentioned this -- billions of net new searches that weren't really monetizable before. And then on the YouTube side, high level, the Ads growth was driven by Direct Response and brand advertising. I shared earlier, we continue to see a lot of momentum in the Living room. We have a really exciting Ads roadmap as well ahead of us on the Brand side, on the Direct Response side.

首先，您如何评估 2027 年算力容量投资的预期回报，与之前 2025 和 2026 年相比？鉴于我们看到的供应链限制和供应链通胀，我很好奇您如何看待 2027 年的回报情况以及未来投资与过去容量投资的对比。

First, how would you assess the forecasted returns on compute capacity investments in '27 compared to prior years, '25 and '26. In light of the supply chain constraints and supply chain inflation we're seeing, I'm curious as to how you think about the return profile of '27 and kind of future investments versus past investments in capacity.

Ken，关于你的第一个问题，如果我没理解错的话，我们遵循的是严格的 ROIC 框架。显然，当我们的投入成本上升时，我们会通过解决方案的定价能力来反映并确保回报。所有这些都已纳入我们的规划。我认为 2027 年的算力容量投资——正如我回答第一个问题时提到的——我们看到强劲的需求指标，包括长期合同、现有合同续约时需求异常旺盛。我们正据此进行规划和投资。所以，我认为情况比一年前更健康，这给了我们进行这些投资的信心。

Look, Ken, on your first question, if I understand it, we are working off a disciplined ROIC framework here. Obviously, to the extent that our input costs going up to us, we reflect that in our ability to price our solutions and see returns there. So all of that is factored into how we are planning. I think our compute capacity investments in '27, I think to the first question I answered, I think we are seeing strong demand indicators, including long-term deals, existing deals which we have which are renewing with exceptional demand on a moving forward basis. And so we are using all that to plan and invest accordingly. And so, I think, if anything, the dynamics look healthier than where we were about a year ago. And so that's what gives us the confidence to undertake those investments.

第二个问题，话题略有不同。关于 Waymo，您在评估其公司结构变更时会考虑哪些关键因素？我知道您之前不愿谈论这个，但业务正在规模化，显然有领导力，势头强劲。在什么条件下 Waymo 脱离 Alphabet 才有意义？

And a second one, a little different topic here. When you think about Waymo, what are the key factors you would consider when evaluating a change in corporate structure for Waymo? I know you've previously been reticent to talk about this, but the business is scaling. Clearly there's leadership there, and has a lot of momentum. Under what conditions would it make sense for Waymo to live outside of Alphabet?

关于 Waymo，我认为我们真正专注于执行和规模化。我们通过 Other Bets 结构设立了它，并给予了团队大量支持。Alphabet 持续——我认为我们长期思考和规划、投资业务的能力，以及为他们提供长期路线图、承担长期路线图的信心和规模化，这些都极具价值。我们现在专注于规模化业务并实现其非凡潜力，这就是我们的重点。

On Waymo, look, I think we are really focused on executing and scaling up Waymo. We have set it up with our Other Bets structure and given the team a lot of support. Alphabet has continued -- I think our ability to think and plan long-term and invest in the business and give them that long-term roadmap, the confidence in undertaking a long-term roadmap, and scaling up, I think it's all hugely valuable. We're really focused on scaling the business right now and executing to that extraordinary potential, and that's what we are focused on.

第一个是关于 TPU 的长期战略。长期来看，是否可以认为随着 TPU 销售规模化，您会建立一个附带软件栈的商业芯片业务？

One is on TPU long-term strategy. Longer term, is it fair to think that as TPU sales scale, you'd build merchant silicon business with a software stack that goes with it?

关于第一个问题，TPU 方面，我认为我们——我们已经使用 TPU 一段时间了。我们很多云服务都在 TPU 上运行，我们也看到其他客户对 TPU 作为独立系统的强劲需求。显然，行业也存在限制，所以我们必须根据我之前提到的原则进行前瞻性规划和重新分配。我不想对未来做过多预测。但我确实认为——显然，我们会根据看到的机会和需求进行规模化，同时考虑现有限制以及前沿模型开发的分配需求，确保我们能很好地服务消费者和企业业务。

On the first one, on TPUs, look, I think we are -- we've been operating with TPUs for a while. A lot of our cloud serving is done on TPUs, and we are also seeing strong demand for TPUs as standalone systems up from other customers. And so, obviously, the industry has constraints, too, so we have to plan and reallocate on a forward-looking basis along the principles I spoke about earlier. So I don't want to project out too far into the future there. But I do think we are -- obviously, we will scale up based on the opportunities we see and the demand we see, commensurate with the constraints that exist and the allocation needs we have for frontier model development, making sure we can serve our consumer businesses and Enterprise businesses well.

第二个是关于 YouTube 收入，鉴于参与度如此强劲，未来哪些因素可能推动 YouTube 增长加速？

And second is on YouTube revenue, given how strong engagement is, what are some of the factors that could drive accelerating growth rate at YouTube on a go-forward basis?

Philipp，你想补充一下 YouTube 的变现情况吗？

And, Philipp, you want to add on YouTube monetization?

是的，非常感谢。我提到过 YouTube 广告收入的驱动因素。我认为在我们的广告路线图中有很多令人兴奋的事情。在品牌方面，我们在客厅的联网电视上看到了持续的机会。我们正在构建工具，帮助广告主找到创作者，跨屏幕规模化并衡量结果，而且我们有一系列新的和回归的创作者节目将独家登陆 YouTube。我们在直接反应方面看到了机会，特别是需求生成和 Shorts，我提到这仍然是一个非常有趣的机会，可以将我们的基础扩展到更多垂直领域的中小广告主，包括短视频。实际上，这很重要，它为干扰性更小的广告创造了更多机会，提高了整体广告效果，所以我认为在直接反应方面，我们将继续看到大量创新，包括客厅中的可购物广告格式，这再次推动了零售实力。我们在 Brandcast 上宣布了其他几种格式。我们推出了“使用 Google Pay 购买”，让联网电视观众只需点击两次即可直接在电视上完成购买，这是一个长期来看非常有趣的机会。我们推出了联盟合作伙伴提升计划以推动增量销售，创作者显然也能从 YouTube Shopping 联盟佣金中获益。所以，总体而言，坦率地说，这是非常非常激动人心的时刻。

Yes. Thank you so much. So, look, I mentioned that the drivers of YouTube Ads revenue growth. I think there's a lot of things we're actually excited about when we look at our Ads roadmap here. In brand, we see ongoing opportunities on connected TVs in the living room. We're building tools to help advertisers find creators scale across screens and then measure the results, and we have a slate of new and returning creator shows that are coming exclusively to YouTube. We see opportunities in Direct Response, particularly with Demand Gen and Shorts, which I mentioned remain a really interesting opportunity here to expand our base to more small and medium advertisers across more verticals, short of videos. Actually, this important one creates more opportunities for less disruptive Ads, increasing the overall ad effectiveness, so we're going to continue to see a lot of innovation, in my opinion, in Direct Response with shoppable ad formats in the living room, which again, we mentioned that drives retail strength. We announced a few other formats here at Brandcast. We announced Buy with Google Pay, to enable CTV viewers to actually complete purchases directly on their TV with two clicks, which is a really interesting opportunity over time. We launched the Affiliate partnership boost to drive incremental sales, and the creator earnings obviously from YouTube Shopping affiliate commissions. So, overall, frankly very, very exciting times.