Alphabet 2026 Q2 Earnings Call

发布时间 2026-07-22 21:37:05 来源

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以下是内容的中文翻译： **Alphabet 2026年第二季度财报电话会议强调，得益于其在所有业务领域对人工智能的巨额投资，公司展现出强劲的发展势头，实现了营收的显著增长并持续扩大产品版图。** **整体财务表现：** Alphabet 公布的合并营收达 **1198亿美元**，同比增长24%（按固定汇率计算增长23%）。运营利润增长30%至**408亿美元**，运营利润率达到34%。净利润和每股收益（EPS）均大幅增长，主要得益于股权证券带来的**980亿美元未实现收益**。本季度，公司产生了强劲的运营现金流**391亿美元**，但由于巨额资本支出**449亿美元**（主要用于人工智能基础设施，其中60%用于服务器，40%用于数据中心/网络），自由现金流为负**59亿美元**。截至季度末，Alphabet 持有**2425亿美元**现金及有价证券。董事会还宣布派发每股0.22美元的季度现金股息。 **人工智能进展与模型：** 首席执行官桑达尔·皮查伊（Sundar Pichai）强调，人工智能投资正在重新定义各种可能性。Alphabet 发布了诸如 **Gemini 3.6 Flash 和 3.5 Flashlight** 等具有成本效益且高效的新模型，并指出其“主力”Flash系列需求强劲。Gemini 3.5 Flash Cyber 结合代码修复代理，因其发现和修复漏洞的能力而受到重点关注。公司目前正在预训练雄心勃勃的下一代模型 **Gemini 4**，并对其前沿能力充满信心。市场对其模型的需求正转化为高代币使用量，超过900万开发者每分钟处理约**220亿个代币**，高于上季度的160亿。全新的 **Omni** 平台允许用户通过任意输入（从视频开始）创建任何内容，其在 Gemini 应用上的日活跃用户增长了40%。开源模型 Gemma 系列的下载量已超过9亿次。在内部，智能体开发平台 **Antigravity**（每周活跃用户达240万）将一个 Chrome 团队的交付时间表缩短了八倍。 **谷歌服务（搜索与YouTube）：** 谷歌服务营收增长15%至**945亿美元**。 * **搜索及其他业务营收增长17%**至633亿美元，受零售和金融行业的推动。AI概览和AI模式已整合到无缝的搜索体验中，吸引了**超过10亿**的AI模式月活跃用户，并推动了增量查询。谷歌每周通过人工智能功能向网站发送数十亿次点击，并降低了AI模式响应的成本。 * **YouTube广告营收增长13%**至111亿美元，受直接响应广告和品牌广告的推动。**2026年国际足联世界杯**是一个主要驱动因素，超过17亿独立观看者收看了相关视频。**由 Gemini 提供支持的 Ask YouTube** 功能允许用户查询视频，在2026年6月吸引了超过1.4亿用户参与。 * **AI Max** 等广告主工具（已被50万广告主采用）平均带来15%的转化率提升。超过50%的中小型企业（SMB）使用人工智能来创建或优化创意内容。新的广告格式正在AI模式中进行测试，**通用商务协议（UCP）**正在商家中获得采用。 * YouTube 的订阅业务（YouTube Music、Premium、Google One）增长速度快于广告业务。 **谷歌云：** 谷歌云取得了卓越的成绩，营收增长82%至**248亿美元**，主要受 Google Cloud Platform (GCP) 的推动。其积压订单增长至**5140亿美元**。谷歌云的增长势头归因于其集成的人工智能产品组合（芯片、模型、数据、安全、智能体）。**Gemini Enterprise** 是一个主要驱动力，财富100强公司中近90%都在使用它，并且智能体开发工具包（Agent Development Kit）的下载量接近7000万次。付费代币使用量正在迅速扩大，近500家客户每年处理超过1万亿个代币。谷歌云的人工智能驱动安全平台扫描的AI工作负载环比增长超过45%。公司强调其领先的人工智能基础设施，包括 TPU、Virgo 网络以及全新的 Axion CPU，吸引了各行各业的需求。 **其他业务：** Alphabet 的“其他业务”也取得了进展：Waymo 推出了其最新车型 Ohio；Wing 完成了超过100万次送货上门服务；Isomorphic Labs 为其AI药物设计引擎筹集了超过20亿美元。 **展望与挑战：** 首席财务官阿纳特·阿什肯纳齐（Anat Ashkenazi）指出，目前对计算能力，特别是 TPU 的强劲需求超出了投资规模，导致了供应受限的环境。虽然公司正在扩大第三方产能作为过渡策略，但这将因成本上升对第三季度和2026年剩余时间的云业务运营利润率造成一定压力。Wiz 的整合也带来了近期不利因素。然而，这些投资的长期投资回报率（ROI）仍然极具吸引力。在资本结构方面，Alphabet 优先考虑运营现金流，其次是债务（已大幅扩张），再次是股权（最近的融资旨在增强资产负债表的弹性，除为支付股权薪酬（SBC）税费而进行的股票回购计划（ATM）外，目前不计划进一步的股权融资）。

Alphabet's Second Quarter 2026 Earnings Conference Call highlighted significant momentum driven by its heavy investments in AI across all segments, resulting in strong revenue growth and expanding product footprints. **Overall Financial Performance:** Alphabet reported consolidated revenues of **$119.8 billion**, a 24% year-over-year increase (23% in constant currency). Operating income grew 30% to **$40.8 billion**, achieving a 34% operating margin. Net income and EPS saw significant increases, primarily boosted by **$98 billion in unrealized gains** from equity securities. The company generated strong operating cash flow of **$39.1 billion** for the quarter but reported negative free cash flow of **$5.9 billion** due to substantial capital expenditures of **$44.9 billion**, primarily for AI infrastructure (60% in servers, 40% in data centers/networking). Alphabet ended the quarter with **$242.5 billion** in cash and marketable securities. The board also declared a quarterly cash dividend of $0.22 per share. **AI Progress and Models:** CEO Sundar Pichai emphasized that AI investments are redefining possibilities. Alphabet announced new cost-effective and efficient models like **Gemini 3.6 Flash and 3.5 Flashlight**, noting strong demand for the "workhorse" Flash series. Gemini 3.5 Flash Cyber, paired with a code mender agent, was highlighted for its ability to find and fix vulnerabilities. The company is already pre-training **Gemini 4**, an ambitious next-generation model, and expressed confidence in its frontier capabilities. Demand for their models is translating into high token usage, with over 9 million developers processing approximately **22 billion tokens per minute**, up from 16 billion last quarter. The new **Omni** platform, which allows users to create anything from any input (starting with video), saw a 40% increase in daily active users on the Gemini app. The Gemma family of open models has been downloaded over 900 million times. Internally, the agentic development platform **Antigravity** (2.4 million weekly active users) accelerated a Chrome team's delivery timeline by eight times. **Google Services (Search & YouTube):** Google Services revenue increased 15% to **$94.5 billion**. * **Search & Other revenue grew 17%** to $63.3 billion, driven by retail and finance. AI overviews and AI mode have been integrated into a seamless search experience, attracting **over 1 billion monthly active users** for AI mode and driving incremental queries. Google is sending billions of clicks to websites weekly through AI features and has reduced the cost of AI mode responses. * **YouTube advertising revenue grew 13%** to $11.1 billion, fueled by direct response and brand advertising. The **FIFA World Cup 2026** was a major driver, with over 1.7 billion unique viewers watching related videos. The **Gemini-powered Ask YouTube** feature, allowing users to query videos, engaged over 140 million users in June 2026. * Advertiser tools like **AI Max** (adopted by half a million advertisers) deliver an average of 15% more conversions. Over 50% of SMBs use AI to create or optimize creatives. New ad formats are being tested within AI mode, and the **Universal Commerce Protocol (UCP)** is gaining adoption among merchants. * YouTube's subscription business (YouTube Music, Premium, Google One) is growing faster than ads. **Google Cloud:** Google Cloud delivered outstanding results, with revenue up 82% to **$24.8 billion**, driven primarily by GCP. Its backlog grew to **$514 billion**. Cloud's momentum is attributed to its integrated AI portfolio (chips, models, data, security, agents). **Gemini Enterprise** is a key driver, with nearly 90% of Fortune 100 companies using it, and the Agent Development Kit nearing 70 million downloads. Paid token usage is rapidly expanding, with nearly 500 customers processing over 1 trillion tokens annually. Google Cloud's AI-powered security platform also saw a 45%+ quarter-over-quarter increase in AI workloads scanned. The company highlights its leading AI infrastructure, including TPUs, the Virgo network, and the new Axion CPU, attracting demand from various industries. **Other Bets:** Alphabet's "Other Bets" also showed progress: Waymo introduced its newest vehicle, Ohio; Wing completed over 1 million home deliveries; and Isomorphic Labs raised over $2 billion for its AI drug design engine. **Outlook and Challenges:** CFO Anat Ashkenazi noted that strong demand for compute capacity, particularly for TPUs, currently outpaces investment, leading to a supply-constrained environment. While the company is expanding third-party capacity as a bridging strategy, this will put some pressure on Cloud operating margins in Q3 and the remainder of 2026 due to higher costs. The integration of Wiz also presents a near-term headwind. However, the long-term ROI for these investments remains highly attractive. On capital structure, Alphabet prioritizes cash flow from operations, followed by debt (which has significantly expanded), and then equity (with the recent raise aimed at balance sheet resilience, not further equity raises planned except for ATM to cover SBC tax).

中英文字稿

欢迎大家。谢谢各位拨冗参加Alphabet 2026年第二季度财报电话会议。现在，所有与会者都处于只听模式。在演讲结束后，我们将进行问答环节。如果您想在问答环节中提问，请在电话上按*1。现在，我把会议交给今天的发言人，投资者关系主管吉姆·弗里兰德。吉姆，请开始您的发言。谢谢。

▶ 英文原文 ⏱

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. Thank you.

下午好，大家好。欢迎参加Alphabet公司2026年第二季度财报电话会议。今天与我们一起的有Sundar Pichai、Philip Schindler和Anat Ashkenazi。现在，我将快速说明一下“安全港”声明。我们今天关于业务、运营和财务表现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，这些预期和假设受到多种风险和不确定因素的影响。实际结果可能会有很大差异。请查阅我们的10-K和10-Q表格，包括风险因素说明。我们不承担更新任何前瞻性声明的义务。

▶ 英文原文 ⏱

Good afternoon, everyone. And welcome to Alphabet's Second Quarter 2026 Earnings Conference Call. With us today are Sundar Pichai, Philip 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.

在此次电话会议中，我们将介绍符合GAAP（公认会计原则）和非GAAP的财务指标。今天发布的收益新闻稿中包含了非GAAP指标与GAAP指标的对比，并已通过我们的投资者关系网站公开发布，网址是abc.xyz/investor。除非另有说明，我们的评论基于同比比较。现在，我将把电话交给Sundar。

▶ 英文原文 ⏱

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.

桑达尔·皮查伊：大家好。感谢你们加入我们。我们正在稳步前进。字母表公司的收入同比增长了24%。我们的人工智能投资正在重新定义我们业务中的每一个可能性。我们的进步从搜索开始，人们正在使用无缝连接的搜索体验，将人工智能概览和人工智能模式整合到一起。我们在“搜索及其他”业务上看到了17%的收入增长，YouTube广告的收入增长了13%。云计算业务的收入增长了82%，这得益于对人工智能基础设施和解决方案的强劲需求。而云计算的积压订单增长到了5140亿美元。令人欣慰的是，几乎90%的《财富》100强企业都在使用Gemini Enterprise，显示了其广泛的应用。

▶ 英文原文 ⏱

Sundar Pichai: 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 and 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 Fortune 100 using it.

今天，我将详细介绍我们的人工智能进展情况、由搜索和YouTube主导的全球产品布局、Google Cloud的领导地位以及我们长期的战略投资。首先是人工智能。昨天，我们宣布了新的模型，分别是Gemini 3.6 Flash 和 3.5 Flashlight，它们具有成本效益高且效率出色的特点。我们的Gemini Flash 系列因其性能与成本的完美平衡而受到广泛需求。此外，我们还推出了令我非常兴奋的Gemini 3.5 Flash Cyber。与我们的代码修复代理配合使用时，它能够发现和修复漏洞，并在性能上达到与体积更大网络模型相当的前沿水平。目前，Gemini 3.5 Pro 正在测试中，我们的团队也已经开始研发下一代模型。

▶ 英文原文 ⏱

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 3.5 Flashlight, which are cost-effective and highly efficient. We are 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 code mender agent, it finds and fixes vulnerabilities and delivers performance at the frontier, comparable to far bigger cyber models. Gemini 3.5 Pro is currently in testing, and our team is already building the next generation of models.

我们已经开始了对Gemini 4进行迄今为止最雄心勃勃的预训练，并对在这一前沿领域所取得的进展感到振奋。我们的模型需求正在转化为开发者和企业客户的大量使用。而且我们仍然面临供应限制，这表明我们的技术正迅速普及并获得动能。目前，每个月有超过900万开发者使用我们的API和主要开发者产品进行开发。我们的模型API现在每分钟处理大约220亿个字符，而就在一个季度前，这个数字还是160亿。

▶ 英文原文 ⏱

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 9 million developers are building each month with our models across our APIs and key developer products. Our model APIs are now processing approximately 22 billion tokens per minute. That's up from 16 billion just a quarter ago.

此外，本季度我们推出了Omni。它允许用户从任何输入开始创建任何内容，其中以视频为起点。自从五月在I/O大会上发布以来，Gemini应用中每天活跃创建视频的用户增加了40%。我们的Gemma开放模型系列非常受欢迎，这些模型足够小，可以在本地设备上运行。自推出以来，已被下载超过9亿次，其中最新的Gemma 4模型自四月发布以来已被下载超过3亿次。

▶ 英文原文 ⏱

Additionally, this quarter, we launched Omni. It allows users 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.

我们的动态开发平台 Antigravity 让任何人都能在以代理为主导的时代中创建。它每周有超过 240 万活跃用户。Antigravity 是一个对用户和企业都非常有力的工具，并且极大地加快了我们内部的开发速度。其中一个例子是，Chrome 团队现在通过模型驱动的重构，将交付速度提高了八倍，把两年的时间缩短到了三个月。

▶ 英文原文 ⏱

Our agentic development platform, Antigravity, allows anyone to build in the agent-first era. 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.

接下来讲讲我们的全球产品布局，它比其他任何公司都更广泛地将人工智能带给大众。首先是搜索业务，人工智能正在推动新体验的扩展，这些新体验受到用户的欢迎，并推动了搜索量的增长。作为一个狂热的足球迷，我对今年世界杯期间搜索使用量达到历史新高感到非常兴奋。这确实强调了在重要时刻，人们多么依赖谷歌。我们会继续努力让搜索变得更有帮助和更直观。

▶ 英文原文 ⏱

Moving on to our global product footprint, which brings AI to more people than any other company. 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.

我们最近将 AI 概览和 AI 模式整合为一个无缝的搜索体验，将我们的前沿技术与网络上的最佳资源结合在一起。我们也在继续将更多的前沿技术融入搜索中，包括智能助手、个性化智能和笔记本功能。我们基于 AI 的功能正推动搜索使用量的增加。自去年十月在全球扩展 AI 模式以来，我们的月活跃用户已经超过十亿。就像 AI 概览一样，AI 模式正在整体上推动搜索查询量的增长，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。

▶ 英文原文 ⏱

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 are 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 have surpassed one billion monthly active users. And just like AI overviews, AI mode is driving an incremental increase in search queries overall, and we are now sending billions of clicks to websites every week through AI features in search.

随着我们处理越来越多的查询，我们不断提高效率。多亏了我们的工程和硬件优化，即使我们引入了更先进的AI功能，本季度我们还是将AI模式响应的成本降低到了自推出以来的最低水平。Philip还会详细介绍我们如何在广告体验方面进行创新。接下来是Gemini应用程序，该应用每月活跃用户已达9.5亿，日活跃用户在过去一年中增长了三倍。用户非常喜欢这些新功能，比如每日简报（Daily Brief）和我们个性化的助手Gemini Spark，这些功能现已在美国及国际市场上推出。

▶ 英文原文 ⏱

As we serve more of these queries, we have continued to drive efficiencies. Thanks to our engineering and hardware optimizations, this quarter we reduced the cost of AI mode responses to its lowest level since launch, even as we have brought more advanced AI capabilities. Philip 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 U.S. and internationally.

我们以惊人的速度推出了一些有用的新功能。接下来，谈谈YouTube。每当世界上发生重大事件时，人们就会转向YouTube。令人惊讶的是，在2026年FIFA世界杯期间，全球有超过17亿独立观众观看了与世界杯相关的视频。我们还将对话式人工智能的功能直接引入YouTube体验中。YouTube问答使用我们的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精彩片段。

▶ 英文原文 ⏱

We have 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 are also bringing the power of 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.

早期的用户参与情况令人振奋。2026年6月，在观看页面中，有超过1.4亿用户参与了Ask YouTube功能。我们正在将这种Ask体验扩展到YouTube的更广泛搜索体验中。接下来是云服务。我们持续的增长动力来自我们的综合AI产品组合，其中包括芯片、模型、数据、安全性和代理平台，这些都被设计为协同工作。Gemini继续是增长的关键驱动因素，并且深度整合在我们所有的云产品中，包括Gemini企业服务、数据分析、网络安全和Google工作区。

▶ 英文原文 ⏱

The early engagement is encouraging. More than 140 million users engage with Ask YouTube on the watch page in June 2026. And we are bringing that Ask experience to the wider search experience on YouTube. Next, cloud. Our continued momentum is driven by our integrated AI portfolio 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.

我们看到在产品、客户、地域和行业方面都有强劲且多样化的需求。我们的产品差异化正从三个方面推动扩展。首先，我们正在迅速赢得新客户，客户获取速度同比增长了一倍以上。其次，我们正在加深与现有客户的关系，他们的使用量不断扩大，履约超过50%，这一增长速度比上个季度还要快。最后，我们通过合作伙伴推动增长，在 Google Cloud Marketplace 上的交易量同比增长了七倍以上。

▶ 英文原文 ⏱

We are seeing strong, diversified demand across products, customers, geographies, and industries. Our product differentiation is driving expansion in three ways. We are winning new customers more than doubling our acquisition velocity year over year. We are deepening our relationships with existing customers who are expanding their usage and exceeding their commitments by more than 50%. 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.

我们增长最强劲的部分之一来自于我们的Gemini Enterprise平台的快速普及。这个平台的特点是拥有简单易用的工具来构建智能代理和自动化流程，能够连接企业系统，并且具备成本管理和治理工具。在第二季度，我们用于构建和部署企业AI代理的Agent Development Kit框架的总下载量接近7000万次。如我所述，近90%的财富100强企业都在使用Gemini Enterprise。

▶ 英文原文 ⏱

One of the strongest parts of our growth comes from the rapid adoption of our Gemini Enterprise platform. It's 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 Fortune 100 are using Gemini Enterprise.

我们的客户包括百事公司，他们使用我们的AI和分析解决方案；英特尔，利用我们的服务简化核心流程；Galaxy用于营运管理；Belp Canada借助我们的服务提升客户参与度；梅西百货为改善商业体验；以及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，以构建定制代理、自动化流程、提升网络安全、管理客户关系、简化数据分析、有效协作等多方面。

▶ 英文原文 ⏱

We have customers like PepsiCo for AI and analytics solutions, Intel to streamline core processes, Galaxy for Belp Management, Belp 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.

这种势头正在推动我们付费代币使用量的增长。过去一年中，接近500个云客户每个都处理了超过1万亿个代币，而且实际使用量还远不止这些。在过去的12个月中，有超过2000家企业消耗了超过1000亿个代币。我们也看到对我们人工智能驱动的安全平台有很大的兴趣，该平台的独特之处在于它将威胁情报、网络响应优先级与WIS、人工智能自动扫描、代码修复和监控相结合。

▶ 英文原文 ⏱

All of this momentum is driving growth in our paid token usage. Nearly 500 cloud customers have each processed more than 1 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. We are also seeing strong interest in our AI-powered security platform, which is differentiated because it integrates threat intelligence, cyber response prioritization with WIS, AI automated scanning, code remediation, and monitoring.

今天，90%的《财富》100强公司都是谷歌云安全用户。近90%的WIS客户在使用人工智能驱动的安全功能。我们观察到，通过我们的安全平台扫描和保护的AI工作量季度环比增长了45%以上。我们的安全工具被用于保护包括摩根士丹利这样的金融服务机构、Telus这样的电信提供商、德克萨斯儿童医院这样的医疗机构、Atlassian这样的软件公司，以及一些政府机构在内的重要基础设施。

▶ 英文原文 ⏱

Today, 90% of Fortune 100 are Google Cloud security users. Nearly 90% of WIS 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 Telus, healthcare organizations such as Texas Children's, software companies such as Atlassian, and several government agencies.

我们非常高兴地向大家介绍新的Google AI威胁防御系统，通过这个全新的网络模型和代码供应商来帮助我们的客户防御AI相关的威胁。这一切都依托于我们领先的AI基础设施。我们提供业内最广泛的加速器选择，包括来自Google和NVIDIA的产品，如新推出的NVIDIA Verarubin平台以及TPU-AT和8i，它们在价格和性能之间实现了很好的平衡。

▶ 英文原文 ⏱

And with our new Google AI threat defense, we are really excited to bring our new cyber model and code vendor to help our customers defend against AI threats. 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 Verarubin platform and TPU-AT and 8i, which deliver strong price performance.

此外，让我介绍三个独特的产品。首先，我们的Virgo网络专为满足现代大规模AI工作负载的需求而设计。它允许客户把分布在多个数据中心站点的一百万个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、VLM和SGLAN，使工作负载可以在GPU和TPU之间自由迁移。

▶ 英文原文 ⏱

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, VLM, and SGLAN, enabling workload portability across GPUs and TPUs.

第三，我们的新代理优化Axion CPU在每美元性能上比同类产品提高了30%。我们观察到来自各领域顶尖实验室、下一代AI构建者以及其他行业对我们的AI基础设施需求强劲增长。这些客户包括Ineffable Intelligence等领先实验室，Kakao等新一代AI公司，Deutsche Börse Group等金融服务机构，辉瑞和罗氏等制药公司，以及World Labs等机器人和空间智能公司。

▶ 英文原文 ⏱

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 Börse Group, pharmaceutical companies such as Pfizer and Roche, and robotics and spatial intelligence companies such as World Labs.

我们正在继续我们的战略，投资于有前景的公司以及将创新的人工智能研究应用于现实的内部工作。我们已经在其他项目上看到了令人兴奋的进展。最近，Waymo向公众推出了其最新的自动驾驶汽车——Ohio。这是首款由第六代Waymo自动驾驶系统驱动的汽车，并将在未来几个月迎接更多乘客。

▶ 英文原文 ⏱

We are continuing our strategy of investing in promising companies and internal efforts that bring pioneering AI research into the real world. We have seen exciting progress from our other beds. In the past, Waymo introduced its newest vehicle, Ohio, 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已经安全地完成了超过一百万次的家庭配送，并且通过与沃尔玛、DoorDash和棒约翰的合作，继续扩大我们的影响力。在健康和药物研发方面，同构实验室（Isomorphic Labs）筹集了超过20亿美元资金，用于推动其人工智能药物设计引擎的研发、实现全球扩展以及推进其候选药物的研发管线。2026年的上半年确实是一个非凡的时期，未来还有更多精彩在等待着我们。

▶ 英文原文 ⏱

Wing has safely completed more than one million home deliveries, and we continue to grow our presence through partnerships with Walmart, DoorDash, and Papa John's. 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.

感谢我们全球所有员工和合作伙伴在这个季度的出色工作。接下来，菲利普，请开始你的部分。谢谢，桑达尔，大家好。我将从回顾谷歌服务开始，重点介绍在搜索、YouTube和合作伙伴关系方面的进展。这个季度谷歌服务的收入是950亿美元，同比增长15%，主要得益于搜索业务的推动。

▶ 英文原文 ⏱

Thanks to all of our employees and partners worldwide for their incredible work this quarter. With that, Philip, over to you. Thanks, Sundar, and hello, everyone. I'll start with a review of 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.

搜索业务和其他部门带来了17%的增长，其中零售和金融做出了最大的贡献。YouTube的广告收入增长了13%，主要受直接响应和品牌广告的推动。网络广告收入则同比下降了1%。搜索和YouTube的强劲表现说明了我们在人工智能方面的投资如何为用户和广告商创造了可衡量的价值。

▶ 英文原文 ⏱

Search and 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. Strong performance in Search and YouTube underscores how our investments in AI translate into measurable value for our users and advertisers.

从搜索开始。该季度的收入超过了630亿美元。桑达尔强调了我们在搜索方面看到的增长势头，这直接影响了我们的广告业务。我们继续在整个广告基础设施中加速部署Gemini，以提升在之前提到的三个领域的表现：广告质量、广告商工具和人工智能用户体验。

▶ 英文原文 ⏱

Starting with Search another. 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，广告质量。在谷歌营销大会上，我们展示了Gemini如何提升查询理解能力，让我们能够为之前难以变现的较长搜索找到相关广告。我们的搜索广告核心引擎依靠双重预测，为用户提供即时有用的信息，同时最大化广告主的可衡量价值。首先，Gemini彻底增强了这一能力。

▶ 英文原文 ⏱

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. First, Gemini completely supercharges this capability.

我们利用Gemini的高级推理能力来解读更长、更详细查询中的细微差别。例如，在购物广告方面，我们提升了20%的展示效果，使得广告更加相关，帮助购物者迅速找到最佳匹配。其次是广告商工具。以AI Max为例。它已经成为广告商全面参与我们新AI体验的核心构建模块。

▶ 英文原文 ⏱

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

该产品已经不再是测试版，目前已有五十万广告商开始使用。那些采用我们AI驱动的广告活动（如AI Max或Pmax）的用户发现，其搜索转换率或价值平均提升了15%，而回报率（ROAS）保持相似。Triple A Auto Club Enterprises公司使用AI Max个性化创意素材，从日益详细的保险搜索中获取了增长。这使他们的转换量提高了17%，每个潜在客户的成本下降了11%。

▶ 英文原文 ⏱

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. Triple A 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 and an 11% decrease in cost per lead.

我们看到，我们的生成式人工智能创意工具被广泛采用，使得创意开发变得更加简单，尤其对中小型企业（SMB）来说更为便利。事实上，在全球范围内，超过一半的中小型企业客户使用人工智能来创建或优化他们的创意。第三点是新的人工智能用户体验。在我们的I/O大会上，我们展示了搜索功能，包括AI概览和AI模式，如何作为一个整体体验来运作。正如你从我们的结果中看到的，我们在这一整体系统上的表现非常稳健。即便在将AI概览扩展到更多商业搜索查询中，我们在这些搜索中展示AI概览的盈利表现仍然令人振奋。

▶ 英文原文 ⏱

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. 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.

在 AI 概览和 AI 模式中，人们提出了更多具体和详细的问题，这为发布更相关的广告提供了机会。在 AI 模式中，我们不断测试和部署各种新的广告格式。对于文字广告，我们通过根据对话添加上下文网站链接来提高广告效果。“直接优惠”正在与如洲际酒店集团等合作伙伴之间取得进展，不久将在旅行规划中显示特别优惠。在重点回答中，我们最新的体验是在列表响应中清晰标记的赞助链接，初步显示出用户的关注。

▶ 英文原文 ⏱

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 improve performance by adding contextual site links based on the conversation. Direct offers is gaining momentum with partners like IHG Hotels and Resorts, soon surfacing special offers during trip planning. In highlighted answers, our latest experience placing clearly marked sponsored links inside list responses is showing early user traction.

在商业方面，我们与零售行业合作，建立了开放源码的通用商业协议——UCP，作为Argentic Commerce的新标准。商家们正在迅速采用UCP，其中Target和Steve Madden已经上线，同时新的成员也加入了UCP购物和食品技术委员会以协助规划其愿景。我们还宣布了Universal Card，让购物者能够在Google的不同服务中添加来自不同零售商的商品，并通过一次结账完成购买。

▶ 英文原文 ⏱

Looking at commerce, in collaboration with the retail industry, we established the Open Source Universal Commerce Protocol, UCP, as the new standard for Argentic 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 Card, allowing shoppers to add items from different retailers across Google services and buy in a single checkout.

现在来说说YouTube。作为FIFA（国际足联）的首选平台合作伙伴，我们帮助全球各地的球迷观看比赛。正如Sundar提到的，有超过17亿的独立观众观看了与世界杯相关的视频，其中超过5.5亿人在电视上观看。这使得2026年的FIFA世界杯成为YouTube历史上观看次数最多的世界杯。广告商通过FIFA频道的接管、由Gemini支持的足球主题赞助以及比赛日的大型广告牌与球迷们建立了联系。当然，要向西班牙表示热烈祝贺，他们夺得了冠军奖杯。

▶ 英文原文 ⏱

Now onto YouTube. As a FIFA preferred platform partner, we help fans around the world tune into 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 game day masthats. And, of course, a huge congratulations to Spain for taking home the trophy.

更广泛地说，在YouTube上，我们推出了一系列独家的创作者节目，让品牌更容易接触到创作者的粉丝群。我们发起了定制赞助项目，利用人工智能动态呈现与品牌期望时刻相匹配的视频，让品牌成为YouTube上全球重大时刻的核心。品牌继续与YouTube创作者合作，以吸引新的观众群。Kate Spade通过一个独特的YouTube创作者活动成功抓住了Z世代的注意，并与创作者Ellie Thuman和Hannah Melosh合作。

▶ 英文原文 ⏱

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 brands desired moment. Brands continue to partner with YouTube creators to engage new audiences. Kate Spade reached Gen Z through a first of its kind YouTube creator campaign and partnered with creators Ellie Thuman and Hannah Melosh.

通过利用 YouTube 上的多种格式视频，该品牌实现了3.25%的品牌提升和购买意向。这种品牌资产与商业行动的独特结合，使YouTube成为一个强大的全渠道平台。中小企业通过像Demand Gen这样的活动继续推动我们的直接响应增长。我们利用人工智能在YouTube、Shorts以及现在的Google Maps上扩展视觉故事讲述。为了吸引北美和欧洲的高价值消费者，户外品牌Arterix使用Demand Gen，实现了广告花费比其他付费渠道高70%的回报。

▶ 英文原文 ⏱

By leveraging multiple format videos on YouTube, the brand drove a 3.25% brand lift and purchase intent. This unique conversions 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. We 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 Arterix use Demand Gen to achieve a 70% better return on their ad spend compared to other paid channels.

在YouTube的货币化方面，我们在主要优先事项上取得了持续增长。在客厅的电视端，我们看到品牌广告和直接响应类广告都在持续增长。随着“使用Google Pay购买”功能的推出，观众可以直接在他们的智能电视上完成购买，将电视屏幕变成一个更强大的互动平台。短视频（Shorts）继续为社交和视频买家提供高效的机会。除了广告业务，YouTube的订阅业务，特别是在客厅屏幕上的业务，发展速度比广告更快，这主要得益于YouTube音乐和高级服务的推动。

▶ 英文原文 ⏱

Looking at monetization across YouTube, we're 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 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来改变我们的工作方式和为客户服务的方式。83%的销售团队每周使用Gemini辅助工具，这使得在使用定制的推销方案时，成功率提高了20%。我们的广告客户支持团队使用了Gemini驱动的自动化解决方案，现在可以自主处理75%的支持请求，使他们能够专注于解决客户面临的最复杂挑战。类似地，为中小企业开发的新自动化解决方案使我们今年以来新增了数十万客户。

▶ 英文原文 ⏱

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 to 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，我们以合作伙伴关系作为结尾。我们看到越来越多的企业从谷歌AI技术的统一力量中受益。Booking Holdings扩大了与我们的多年云合作承诺，并密切合作，以推动我们的AI驱动广告格式的进步。他们还将谷歌的AI技术应用于新的客户体验，例如在OpenTable上进行代理餐厅预订，这可以帮助餐厅在关键时刻被发现和预订。最后，我想感谢所有谷歌员工对我们成功的贡献，以及客户和合作伙伴对我们的持续信任。Anad，接下来交给你。

▶ 英文原文 ⏱

As always, ending with partnerships. We're 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's also deploying Google's 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. Anad, over to you.

谢谢你，Philip。除非另有说明，我的评论将专注于第二季度的同比比较。我将从Alphabet整体的业绩开始，然后再介绍我们各个业务部门的结果。我们还增加了一些对2023年第三季度和全年展望的评论。我们在第二季度取得了出色的成绩，实现了连续第12个季度的两位数收入增长。总收入为1198亿美元，同比增长24%（不考虑汇率因素为23%）。总收入成本为459亿美元，同比增长18%。其中，科技成本为162亿美元，增长了10%。其他收入成本为298亿美元，增长了22%，主要由于TPU系统销售给客户导致的折旧和库存成本增加，以及YouTube的内容采购成本上升。

▶ 英文原文 ⏱

Thank you, Philip. 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's result. We've added 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% or 23% in constant currency. Total cost of revenues was $45.9 billion, up 18%. Tech 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.

总运营费用上升了27%，达到331亿美元。研发费用增加了32%，主要由于在人工智能人才上的投入以及折旧支出所致。销售和营销费用增长了18%，这与支持Gemini应用和搜索的投资以及相关补偿有关。行政管理费用增加了24%，主要由于补偿和某些法律及其他事项的费用驱动。运营收入增长了30%，达到408亿美元，运营利润率为34%。其他收入和支出为980亿美元，相比去年有显著增长，这主要归因于我们股票证券投资组合中的未实现收益。我刚才提到的这些未实现收益，显著推动了净收入和每股收益的增长。

▶ 英文原文 ⏱

Total operating expenses were up 27% to $33.1 billion. R&D expenses increased by 32%, driven by compensation from investments in AI talent, as well as depreciation. Sales and marketing expenses were up 18%, due to investments to support the Gemini app and search and compensation. And 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 equities securities portfolio. Net income and earnings per share increased significantly, primarily due to the unrealized gains in OINE I just mentioned.

我们在第二季度产生了强劲的运营现金流，金额为391亿美元，过去12个月的总额为1857亿美元。第二季度的资本支出为449亿美元，其中大部分用于支持人工智能投资的技术基础设施。本季度我们在技术基础设施上的投资中，大约60%用于服务器，40%用于数据中心和网络设备。由于我们的资本支出投资，第二季度自由现金流为-59亿美元。过去12个月，自由现金流为533亿美元。我们在季度末拥有2425亿美元的现金和有价证券，其中包括871亿美元的可交易股权证券。长期债务为982亿美元。

▶ 英文原文 ⏱

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 billion of marketable equity securities. Long-term debt was $98.2 billion.

正如我们在新闻稿中提到的，我们的董事会宣布向普通股股东每股发放0.22美元的季度现金股息，并将在九月支付。关于业务部门的业绩，谷歌服务的收入增加了15%，达到945亿美元，这反映了搜索和订阅业务的强劲增长。广告总收入增长了14%，所有主要行业的增长都很强劲。我们在世界杯期间的广告增长尤其强劲，尤其是在YouTube广告方面。谷歌搜索和其他广告收入增长了17%，达到633亿美元，其中零售和金融业贡献最大。谷歌搜索和其他广告收入增加了13%，达到111亿美元，这得益于直接反应广告和品牌广告的推动，正如Philip早前提到的，尤其是在客厅领域表现强劲。

▶ 英文原文 ⏱

And as mentioned in our press release, our board of directors declared a quarterly cash dividend on our common stock of $0.22 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 ad 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. Google search and other advertising revenues increased by 13% to $11.1 billion, driven by direct response advertising, as well as brand, with strength in the living room, as Philip mentioned earlier.

网络广告收入为73亿美元，同比下降1%。由于YouTube订阅（尤其是YouTube音乐和高级服务）以及Google One的强劲增长，本季度订阅平台和设备收入增长了15%，达到129亿美元，推动因素是对人工智能计划的需求。Google服务的营业收入增加了20%，达到395亿美元，营业利润率为41.8%。在第二季度，Google云部门表现出色，这得益于我们面向企业的人工智能产品和服务。云业务收入增长了82%，达到248亿美元，这主要是由于Google云平台（GCP）的快速增长，其增速超过了整体云业务。

▶ 英文原文 ⏱

Network advertising revenues of $7.3 billion were down 1%. Subscription platforms and 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.

在上个季度，我们开始了。

▶ 英文原文 ⏱

In the last quarter, we started out. In the last quarter, in the last quarter, we started out. We started out in the last quarter, in the last quarter. We started out in the last quarter. We started out in the last quarter. We started out in the last quarter. We started out in the last quarter. We started out in the last quarter. We started out in the last quarter. We started out in the last quarter. We started out in the last quarter. We started out in the last quarter. We started out in the last quarter. We started out in the last quarter. We started out in the last quarter. We started out in the last quarter. We started out in the last quarter. We started out in the last quarter. We started out in the last quarter. We started out in the last quarter. We started out in the last quarter. We started out in the last quarter. We started out in the last quarter. We started out in the last quarter. We started out in the last quarter. We started out in the last quarter. We started out in the last quarter.

我们从上个季度开始。我们从上个季度开始。我们从上个季度开始。我们从上个季度开始。我们从上个季度开始。我们从上个季度开始。我们从上个季度开始。我们从上个季度开始。我们从上个季度开始。我们从上个季度开始。我们从上个季度开始。我们从上个季度开始。我们从上个季度开始。我们从上个季度开始。我们从上个季度开始。我们从上个季度开始。

▶ 英文原文 ⏱

我们是从上一季度开始的。

▶ 英文原文 ⏱

我们是在上个季度开始的。

▶ 英文原文 ⏱

我们从上一季度开始。我们从上一季度开始。我们从上一季度开始。我们从上一季度开始。

▶ 英文原文 ⏱

We started out in the last quarter. We started out in the last quarter. We started out in the last quarter. We started out in the last quarter.

我们是从上一季度开始的。我们是从上一季度开始的。我们是从上一季度开始的。我们是从上一季度开始的。

▶ 英文原文 ⏱

We started out in the last quarter. We started out in the last quarter. We started out in the last quarter. We started out in the last quarter.

我们是从上个季度开始的。上个季度我们开始了。我们从上个季度开始。我们是在上个季度起步的。

▶ 英文原文 ⏱

We started out in the last quarter. We started out in the last quarter. We started out in the last quarter. We started out in the last quarter.

我们在上个季度开始。我们在上个季度开始。我们在上个季度开始。我们在上个季度开始。

▶ 英文原文 ⏱

We started out in the last quarter. We started out in the last quarter. We started out in the last quarter. We started out in the last quarter.

我们是在最后一个季度开始的。我们是在最后一个季度开始的。我们是在最后一个季度开始的。我们是在最后一个季度开始的。

▶ 英文原文 ⏱

We started out in the last quarter. We started out in the last quarter. We started out in the last quarter. We started out in the last quarter.

我们是从上个季度开始的。我们是从上个季度开始的。我们是从上个季度开始的。我们是从上个季度开始的。

▶ 英文原文 ⏱

We started out in the last quarter. We started out in the last quarter. We started out in the last quarter. We started out in the last quarter.

我们是在上一季度开始的。

▶ 英文原文 ⏱

我们在上个季度开始的。

▶ 英文原文 ⏱

我们是从上个季度开始的。

▶ 英文原文 ⏱

我们在上一季度开始。我们在上一季度开始。我们在上一季度开始。我们在上一季度开始。我们在上一季度开始。我们在上一季度开始。我们在上一季度开始。

▶ 英文原文 ⏱

我们是从上一季度开始的。

▶ 英文原文 ⏱

我们是从上一季度开始的。我们是从上一季度开始的。我们是从上一季度开始的。我们是从上一季度开始的。我们是从上一季度开始的。我们是从上一季度开始的。我们是从上一季度开始的。我们是从上一季度开始的。我们是从上一季度开始的。我们是从上一季度开始的。

▶ 英文原文 ⏱

我们在上个季度开始的。

▶ 英文原文 ⏱

我们从上个季度开始的。

▶ 英文原文 ⏱

我们是从上一季度开始的。

▶ 英文原文 ⏱

We started out in the last quarter. We started out in the last quarter. We started out in the last quarter. We started out in the last quarter. We started out in the last quarter. We started out in the last quarter. We started out in the last quarter. We started out in the last quarter. We started out in the last quarter. We started out in the last quarter. We started out in the last quarter. We started out in the last quarter. We started out in the last quarter. We started out in the last quarter. We started out in the last quarter. We started out in the last quarter. We started out in the last quarter. We started out in the last quarter. We started out in the last quarter.

我们是从上个季度开始的。

▶ 英文原文 ⏱

我们是在最后一个季度开始的。我们是在最后一个季度开始的。我们是在最后一个季度开始的。我们是在最后一个季度开始的。我们是在最后一个季度开始的。我们是在最后一个季度开始的。我们是在最后一个季度开始的。我们是在最后一个季度开始的。我们是在最后一个季度开始的。我们是在最后一个季度开始的。

▶ 英文原文 ⏱

我们是在上一季度开始的。我们是在上一季度开始的。我们是在上一季度开始的。我们是在上一季度开始的。我们是在上一季度开始的。我们是在上一季度开始的。我们是在上一季度开始的。我们是在上一季度开始的。我们是在上一季度开始的。

▶ 英文原文 ⏱

我们是在上一季度开始的。

▶ 英文原文 ⏱

我们是在上个季度开始的。

▶ 英文原文 ⏱

我们从最后一个季度开始。

▶ 英文原文 ⏱

我们从上一季度开始。

▶ 英文原文 ⏱

我们从上个季度开始的。

▶ 英文原文 ⏱

我们在上个季度开始的。

▶ 英文原文 ⏱

我们是从上个季度开始的。

▶ 英文原文 ⏱

虽然在过去三年中我们的产能有了显著提高，但市场需求仍然超过了我们的投资。而且我们和其他行业一样，都在一个供应受限的环境中运作。因此，我们正在努力应对。我们有一个优势，即采用完整的技术方案，因此能够在技术基础设施中提高运营效率和技术效率，从而提供更多的计算能力。只要看到有吸引力的投资机会，我们就会继续投资。

▶ 英文原文 ⏱

While we have increased our capacity quite significantly over the past three years, the demand still outpaces that investment. And we are just 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 the 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.

感谢你们两位。接下来，J.P. Morgan的Doug Unmuth有个问题。您的线路已打开。感谢你接听我的提问。我有一个问题给Sundar，还有一个给Anat。Sundar，你能谈谈你对Gemini模型能够保持在前沿的信心吗？我知道你们本周发布了Gemini和flash模型，但也许谷歌并不像其他一些领先的实验室那样频繁发布或者制造话题。我想了解你如何应对外界对谷歌继续开发领先模型能力的担忧。

▶ 英文原文 ⏱

Thank you both. Our next question comes from Doug Unmuth with J.P. Morgan. Your line is now open. Thanks for taking the questions. One for Sundar and one for Anat. Sundar, can you just 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. I'm just curious how you'd address any concerns about that ability to continue developing leading models.

当然。首先，请谈谈您在编程方面的计划，以及您如何缩小公司在这一领域的差距。随后，请Anat在近期的股权和债务融资后，帮助我们理解您对最佳资本结构的看法，以及您如何看待债务与股权的成本。

▶ 英文原文 ⏱

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?

谢谢。谢谢你，Doug。你知道，我觉得前沿领域是一个非常动态的空间，总是在激烈地向前发展。在任何时刻，当你捕捉到一个瞬间时，都会觉得它充满活力。我们已经取得了一些前沿的模型，在许多方面我们仍然处于前沿位置。

▶ 英文原文 ⏱

Thanks. Thanks, Doug. Look, I think, you know, the frontier is an incredibly dynamic space, you know, and it's fiercely moving forward. At any given moment when you take a snapshot, it feels dynamic. We are, you know, we've had clearly frontier models. There are many attributes on which we are still at the frontier.

我们已经意识到在某些领域需要改进，比如编码和代理解码就是一个例子。我认为团队在3.6版本的Flash上非常专注。顺便说一下，Flash是我们的主力模型，我们看到对它的需求非常大。因为它在性能、成本、可靠性、延迟等方面达到了一个完美的平衡点。

▶ 英文原文 ⏱

There are areas where we've acknowledged we need to improve coding and agent decoding 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, you know, we see tremendous demand for it. Now, given it generally hits a sweet spot of performance, cost, reliability, latency, et cetera.

我们已经将Gemini和Flash特别整合到我们的整个解决方案组合中，不论是在网络安全还是数据分析方面。比如说在客户服务领域，你需要非常好的语音质量、直播能力以及实时推理的能力。又或者，如果你是一家专业服务公司，你需要高质量的总结能力、内容生成等功能。

▶ 英文原文 ⏱

And we have incorporated, you know, Gemini and Flash particularly in our entire portfolio of solutions, be it in cybersecurity, data analytics. You know, if you think about an area like customer service, you need really good voice quality, you need live streaming, you need the ability to reason on that. Or if you're a professional services firm, you need high quality summarization, content generation, et cetera.

所以你知道，Flash在这方面表现得非常好。在代理解码方面，我们正在不断改进，你会看到我们持续的更新。例如，3.6版本的Flash相比于3.5版本，在DeepSuite这个标准测试中提高了10多个点。而且在实现这些改进的过程中，它的令牌效率更高。

▶ 英文原文 ⏱

So, you know, Flash does very well on all of that. In terms of agent decoding, you know, we are iterating and you will see us make continued iterations. 3.6 Flash, for example, compared to 3.5 Flash jumped over, you know, over 10 points in DeepSuite as a benchmark. And it is more token efficient doing so.

所以很明显，我们在内部使用它，并且已经在很多客户中进行编码测试。在短短六周内，我们就看到了从之前版本到新版本的进展。而且你会看到更多的持续迭代。在前沿技术方面，我们都非常投入，并且对达到前沿充满信心。

▶ 英文原文 ⏱

So we are clearly, you know, we are 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.

对于下一代的Frontier，你需要更大规模的基础模型。我们现在正在训练Gemini 4，并且对此雄心勃勃。我对Gemini 4的内部进展感到非常兴奋，并且我相信，当我们发布它时，人们会感到满意。但为了在Frontier层面上具备竞争力，我们需要Gemini 4这样更大的基础模型。因此，我们专注于良好的执行这一任务。

▶ 英文原文 ⏱

For the next generation of Frontier, you're going to need much larger base models. We are now training Gemini 4 and we are being very ambitious with it. I am very excited by the progress I'm seeing internally on Gemini 4 and I'm confident, you know, 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 level. And so we are focused on executing on that well.

关于我们的资本结构以及最近的股票和债务融资问题。我们考虑到投资需求，如我所说，我们会着眼于明年及未来的几年。首先，我们会基于运营产生的现金流来评估能够支持多少投资。正如您在我们今天的结果中看到的，我们继续从运营中产生非常健康和强劲的现金流。

▶ 英文原文 ⏱

And on the question regarding our capital structure and recent equity and debt raise. So as we think about our investment needs and, you know, 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.

所以这就是我们的第一个资金来源。接着，我们考虑借贷，最近我们进行了股权融资。在过去的12个月里，我们大幅扩大了债务组合。如果你查看一年前的数据，我们大约是160亿美元，而现在我们在多个货币和地区的债务已经扩展至大约1000亿美元。所以，我们正在扩大这个组合。

▶ 英文原文 ⏱

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.

但是，我们也想确保我们不仅有增长前景，还要有一个有弹性的、强健的资产负债表。为了这个目标，我们决定扩展到股票市场。这就是我们这样做的原因。目前，除了早先提到的一部分股票发行是通过市场随时发行（ATM）的方式进行，以解决基于股票补偿（SBC）的问题外，我们没有计划重新进入股市。这种做法将在一段时间内进行。

▶ 英文原文 ⏱

But we also want to make sure we have a resilient, not just growth outlook, but also resilient balance sheet and a strong balance sheet, healthy balance sheet, which is the rationale behind expanding into the equity markets. At this point, we're not planning to go back to the equity markets, with the exception of, as you recall, part of our equity offering was the ATM or at the market offering that we will do to address the stock based company or the tax on SBC, which we'll do for some period of time.

我们从三个方面来考量：运营现金流、债务水平和权益，以确保我们的资产负债表保持健康。谢谢你们二位。接下来的提问来自高盛的Eric Sheridan。您的线路已经打开。非常感谢你们回答我的问题。我可能会问两个问题，都是关于TPU的。Sundar，您能谈谈在扩大TPU工作时的一些重要经验吗？比如TPU的需求，以及如何平衡外部对TPU的需求与公司内部对定制芯片的需求？请分享一下您未来几年的看法。

▶ 英文原文 ⏱

But we look at those three dimensions, the cash flow from operations, debt levels, and equity in a way to balance it in a way that ensures that we continue to maintain a healthy balance sheet. Thank you both. Our next question comes from Eric Sheridan with Goldman Sachs. Your line is now open. 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.

好的，Anato，我想接下来就由你来跟进。在你的发言中，你提到了TPUs对谷歌云的影响。不知道你能否更详细地说明一下TPUs在收入积压中的规模，以及在未来几年中TPUs对利润率影响的收入确认方面应该如何考虑。非常感谢。

▶ 英文原文 ⏱

And then Anato, I thought you'd just follow up. You made some comments in your prepared remarks about the impact of TPUs on Google Cloud. I 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 of the potential for margin impact from TPUs in the years ahead. Thanks so much.

好的。首先，我们对TPU路线图的进展感到非常满意，你知道，从性能和优势来看，这确实很有价值，而我们也在广泛使用它。因此，在TPU的分配方面，我们首要任务是确保在AGI（通用人工智能）开发领域，我们可以在前沿领域保持竞争力。这是我们做所有事情的基础。但是，由于需求非常高，我们在满足外部需求方面要保持平衡，即使是大多数云客户，我们主要都在使用TPU和GPU来支持我们的模型。

▶ 英文原文 ⏱

Okay. I think in terms of, first of all, we are very pleased with our TPU roadmap progress and, you know, the value in terms of performance, you know, and the edge it gives and we obviously use it extensively. So, 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, you know, given the extraordinary demand, to balance the external demand, even for most cloud customers, we are using, you know, both TPUs and GPUs mainly for serving our models.

所以，想想 Vertex AI、Gemini Enterprise 以及我们看到的那些发展势头，我们正在利用这些技术，比如处理代理工作负载等等。我们就是为了这些目的来使用它们。如果人们想要将其用作基础设施，我们也在努力平衡，通过不断寻找机会来将 TPU（张量处理单元）放入他们的数据中心或其他数据中心，比如我们正在与某个平台合作的项目。我们利用这个能力来平衡，确保我们可以尽可能多地将可用计算资源分配给前沿模型开发，同时满足我们消费者业务和企业业务在一方模型方面的需求。

▶ 英文原文 ⏱

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, you know, 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 platform. So, we are using that as an ability to balance and make sure, you know, 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系统的销售，可以这样理解。当我们签署上述发言中提到的协议时，这些协议就会反映在云业务的积压中。目前，5140亿云积压订单中绝大部分是GCP（谷歌云平台）协议，但TPU系统的销售也包含在这个积压订单中。我们开始建立库存，以便能够销售这些系统。因为正在重建和扩展这项业务，所以我们会提前进行库存建设，这会在运营现金流中产生影响。一旦我们开始交付销售产品，通常这时我们就可以确认收入了。

▶ 英文原文 ⏱

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 sign 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 build ahead, obviously, is rebuilding that business and ramping up. And then once we start delivering the sales, generally, that's when we start recognizing revenue.

这季度仅占了整个协议的一小部分。我们将在2026年持续增加投入，但您会看到大部分收入将在2027年实现。谢谢。接下来是来自巴克莱的罗斯·桑德勒。您的线路已打开。好的。回到正在进行的AI模型竞争问题，Sundar。我想问一下关于模型发布速度的问题，以及你们如何可能加快Gemini发布模型的步伐。

▶ 英文原文 ⏱

This quarter was a small amount of the 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. Thank you. Your next question comes from Ross Sandler with Barclays. Your line is now open. Yeah. Just back to the AI model kind of war that's going on, Sundar. Just wanted to ask about, like, the speed of model releases and how you can potentially speed up the cadence by which Gemini is releasing models.

所以，我们都看到了与SpaceX的第三方计算协议。除此之外，我们还采取了哪些措施来加快模型发布的速度，与其他竞品相比？您刚才提到的 "闪电模型" 非常成功。考虑到低成本模型市场已经变得十分拥挤，您是否认为瞄准高端市场是正确的战略？您对这一切的看法是什么？谢谢，罗斯。我的看法有两点。首先，我们非常注重帕累托前沿（Pareto Frontier）。我们想要确保为我们的客户在不同的价格点提供最佳的模型。

▶ 英文原文 ⏱

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, like, 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? Thanks, Ross. Look, I mean, two things I'll say. First of all, we are, you know, we really think about the Pareto Frontier. You know, we want to make sure for our customers we are offering, you know, best models at various price points, right?

所以，你知道，你们会看到我们的。对我们来说，拥有最好的前沿模型以及高性能且低成本的模型非常重要。这就是为什么我们有Flashlight、Flash、Pro等等。因此，我们承诺要处于完整的帕累托前沿。在模型发布的速度上，我确实认为你们会看到我们继续加快步伐。显然，你们已经看到我们在I/O大会上发布了3.5版本的Flash，随后是3.6版本的Flash，你们还会看到这个模型的持续迭代，以及在代理解码等方面的进一步进步。

▶ 英文原文 ⏱

So, you know, 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 Flashlight, Flash, Pro, et cetera. And, you know, so we are committed to being at the full Pareto Frontier. On the speed of model releases, I do think you will see us, you know, continue to pick up pace. You know, obviously you've seen us come with, you know, we announced 3.5 Flash at I/O. We have followed that up at 3.6 Flash, and you'll see continued iterations of that model with further progress in agent decoding, et cetera.

我们非常专注于Gemini 4的开发，并投入了大量的精力。这是一项非常有野心的计划。我们希望在Gemini 4问世时能够与最前沿的技术水平竞争。因此，我们正在将大量的计算能力和努力投向这个方向。在此基础上，我们将迅速推出后续版本的模型迭代。因此，加快进度，几乎每月发布新模型，也是我们开发Gemini 4的路线图的一部分。

▶ 英文原文 ⏱

We are really focused, putting a lot of effort into Gemini 4. It's a very ambitious effort. We wanted 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 which, on top of which, you will see us rapidly iterate with subsequent model releases. And so, you know, picking up pace and releasing models almost at a monthly cadence is part of our roadmap as we are building Gemini 4 as well.

您的下一个问题来自Muppet Nathanson的Michael Nathanson。现在可以提问了。谢谢。一个问题给Sundar，一个给其他人。参议员，为了保持这次电话会议的主题，您能谈谈您认为这种新模式的护城河是什么吗？或者说，是什么战略优势推动您的业务，即使所有人都具备相同类型的模式能力，是什么让您能够继续像现在这样增长？

▶ 英文原文 ⏱

Your next question comes from Michael Nathanson with Muppet Nathanson. Your line is now open. Thanks. Thank you. One for Sundar and one for not. Senator, just keep with the model theme of this call. Can you talk a bit about what do you think the moats are to this new model or what is your strategic advantages that fuel your business, that even if everyone gets to the same type of model capabilities, what gives you the edge to keep growing like you're doing?

然后，Anant，回到Eric的问题。你能谈谈未来TPU对利润率的影响吗？它是核心云利润的增量利润，还是较低的利润率？谢谢。听着，Michael，我想首先，看看，我们在多个层面上提供解决方案，对吧？我认为我们全栈方法的价值部分在于客户会来找我们寻求解决方案。

▶ 英文原文 ⏱

And then, Anant, back to Eric's question. Anything you could tell about the margin impact on TPUs going forward, right? Is it incremental margin to the core cloud margin or is it a lower margin coming through? Thanks. Look, Michael, I mean, first of all, look, there are many, many layers at which we are providing solutions, right? I think part of what the value of our full stack approach is customers are coming to us for solutions.

所以，如果你考虑像网络安全或数据分析这样的领域，人们正在使用解决方案，其中的模型是这些解决方案的一部分，对吧？就拿网络安全来说，人们正在使用Chronicle和Viz，再加上我们即将推出的CodeMendor产品，他们利用这些工具来检测和修补漏洞，等等。

▶ 英文原文 ⏱

So if you take an area like cybersecurity or data analytics, people are deploying solutions in which models are an ingredient in that solution, right? So take cyber, people are using Chronicle and Viz and, you know, with our upcoming CodeMendor product, you know, they're using it to detect and patch vulnerabilities and so on.

或者以数据分析为例，人们正在将过去分散孤立的数据源整合在一起，并在其上使用Gemini Enterprise的智能层。因此，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。

▶ 英文原文 ⏱

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. And so the model is just an ingredient in those solutions. So I think it's important to remember that.

当然，以下是您的文本分成段落的版本：

▶ 英文原文 ⏱

Certainly, here is your text divided into paragraphs:

请提供需要翻译成中文的文本内容，我会尽量翻译得易读并表达原意。

▶ 英文原文 ⏱

==========

即使在纯粹以模型消费为主的领域，人们也能看到，模型正日益发展成为端到端的协同系统，对吧？

▶ 英文原文 ⏱

Then even within where you're purely on a more model consumption area, you know, people are, you know, you know, there is what looks as models are increasingly becoming end-to-end orchestrated systems, right?

所以我认为这是重要的，值得我们记住。

▶ 英文原文 ⏱

So I think it's important to remember that. And I think it's important to remember that. I think it's important to remember that. And I think it's important to remember that, I think it's important to remember that. I think it's important to remember that. I think it's important to remember that.

我认为重要的是要记住这一点：我认为重要的是要记住这一点。

▶ 英文原文 ⏱

I think it's important to remember that I think it's important to remember that.

我觉得记住这一点很重要。

▶ 英文原文 ⏱