Alphabet 2023 Q2 Earnings Call - YouTube

Welcome everyone. Thank you for standing by for the Alphabet 2nd quarter 2023 earnings conference call. At this time all participants are in a 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 star 1 on your telephone. I would now like to hand the conference over to your speaker today Jim Friedlin, Director of Investor Relations. Please go ahead. Thank you.

大家好。感谢大家参加 Alphabet 2023年第二季度盈利电话会议。目前所有参与者均处于听取模式。演讲结束后将进行问答环节。在问答环节中，若您想提问，请按下您电话上的“星号1”键。现在我想把会议交给今天的演讲者Jim Friedlin，投资者关系主管。请开始。谢谢。

Good afternoon everyone and welcome to Alphabet 2nd quarter 2023 earnings conference call. With us today are Sundar Pichai, Philip Schindler and Ruth Peratt. 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 and such statements involve a number of risks and uncertainties that could cause actual results to differ materially. For more information please refer to the risk factors discussed in our most recent form 10k filed with the SEC. During this call, we will present both GAAP and non-GAAP financial measures. Our 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 forward slash investor. Our comments will be on year over year comparisons unless we state otherwise.

大家下午好，欢迎参加Alphabet 2023年第二季度业绩电话会议。今天与我们一起的是Sundar Pichai、Philip Schindler和Ruth Peratt。现在我将快速介绍安全港条款。我们今天对于我们的业务、运营和财务表现所作的一些声明可能被视为前瞻性声明，这样的声明涉及多个风险和不确定因素，可能导致实际结果大相径庭。更多信息请参阅我们最近一份提交给美国证券交易委员会（SEC）的10K表中讨论的风险因素。在本次电话会议中，我们将提供包括符合普通会计准则（GAAP）和非符合普通会计准则（non-GAAP）的财务指标。我们将在今天的业绩新闻发布中附上非GAAP到GAAP指标的对应关系，该发布已通过我们的投资者关系网站abc.xyz/investor向公众分发并可供使用。除非另有说明，我们的评论将基于年度同比对比。

And now, I'll turn the call over to Sundar. Thank you Jim and hello everyone. We are holding our call from London today. It's an important hub for us and I'm excited to spend time with our local teams including Google DeepMind as well as leaders and partners from across the region. This quarter we shared great progress at IO, Brandcast and Google Marketing Live and we are looking forward to cloud next in August. The momentum across the company drove our results this quarter. We delivered solid performance in Search and YouTube and ongoing strong growth in cloud where we remain focused on long-term value creation. And we continue our important work to operate more efficiently creating durable savings to fund investments in our biggest priorities.

现在，我将把通话交给Sundar。谢谢Jim，大家好。今天我们从伦敦进行通话。伦敦对我们来说是一个重要的中心，我很高兴能与我们当地的团队以及Google DeepMind的领导和合作伙伴共度时光。本季度，我们在IO、Brandcast和Google Marketing Live上取得了巨大的进展，我们期待着8月的Cloud Next活动。公司在整个季度取得了良好的发展势头。我们在搜索和YouTube方面取得了稳定的业绩，云计算方面的持续增长也表明我们一直专注于长期价值的创造。我们继续努力提高运营效率，实现持久性的节约，以用于投资我们最重要的优先事项。

Today I'll talk about this momentum including our continued leadership in AI and our excitement about the evolution of Search. At IO we shared how we are making AI helpful for everyone in four important ways. First improving knowledge and learning. This is our seventh year as an AI first company and we intuitively know how to incorporate AI into our products. Large language models make them even more helpful models like Palm 2 and soon Gemini which we are building to be multi-model. These advances provide an opportunity to reimagine many of our products including our most important products Search. We are in a period of incredible innovation for Search which is continuously evolve over the years.

今天我将谈论我们在人工智能领域的持续领先地位以及我们对搜索进化的兴奋感。在开发者大会上，我们分享了我们以四种重要方式使人工智能对每个人都有帮助的方法。首先是改善知识和学习。作为一家以人工智能为先的公司，这已经是我们的第七个年头，我们深知如何将人工智能融入到我们的产品中。大型语言模型使它们变得更加有帮助，例如Palm 2和即将推出的Gemini，我们正在打造它们成为多模型。这些进步为我们重新构想我们的很多产品提供了机会，包括我们最重要的产品搜索。我们正处在一个令人难以置信的搜索创新时期，它在多年来一直在不断演进。

This quarter saw our next major evolution with the launch of the Search Generative Experience or SG which uses the power of Generative AI to make Search even more natural and intuitive. User feedback has been very positive so far. It can better answer the queries people come to us with today while also unlocking entirely new types of questions that Search can answer. For example, we found that Generative AI can connect the dots for people as they explore a topic or project helping them weigh multiple factors and personal preferences before making a purchase or booking a trip. We see this new experience as another jumping off point for exploring the web enabling users to go deeper to learn about a topic. I'm proud of the engineering excellence underlying our progress. Since the May launch, we've boosted serving efficiency reducing the time it takes to generate AI snapshots by half. We'll deliver even faster responses over time. We are engaging with the broader ecosystem and will continue to prioritize approaches that send valuable traffic and support a healthy open web.

本季度我们迈出了下一个重大进步，推出了Search Generative Experience（SG），它利用生成式人工智能的力量，使搜索更加自然和直观。迄今为止，用户反馈非常积极。它可以更好地回答人们提出的问题，同时也能解锁搜索能够回答的全新问题类型。例如，我们发现生成式人工智能可以帮助人们在探索一个主题或项目时理清思路，帮助他们在购买或预订旅行之前权衡多个因素和个人偏好。我们将这种新体验视为探索互联网的又一个起点，使用户能够更深入地了解一个主题。我为我们取得的工程卓越感到自豪。自5月推出以来，我们提高了服务效率，将生成人工智能快照所需时间减少了一半。随着时间的推移，我们将提供更快的响应。我们正在与更广泛的生态系统进行合作，并将继续优先考虑那些能够带来有价值流量并支持健康的开放式网络的方法。

Ads will continue to play an important role in this new Search experience. Many of these new queries are inherently commercial in nature. We have more than 20 years of XP in serving ads relevant to users' commercial queries and SGE enhances our ability to do this even better. We are testing and evolving placements and formats and giving advertisers tools to take advantage of Generative AI.

广告将在这种新的搜索体验中继续发挥重要作用。许多这些新的查询本质上与商业有关。我们在为用户的商业查询提供相关广告方面已经有超过20年的经验，并且SGE技术进一步提高了我们的能力。我们正在测试和改进广告展示和格式，并为广告商提供利用生成式人工智能的工具。

Philipp will talk more about how we are using Generative AI in our ads products to better serve both advertisers and users.

Philipp将会更详细地谈论我们在广告产品中如何运用生成式人工智能，以更好地为广告主和用户提供服务。

Second, we are helping people use AI to boost their creativity and productivity. One example is BARD, our experiment in conversational AI. Since launching in March it continues to get better. We rolled out a number of exciting features and capabilities earlier this month. BARD is now available in most of the world and over 40 of the most widely spoken languages. We also added Google Lens capabilities so you can take an image and ask all kinds of questions. Turn it into code and more. This new feature has been really popular and it's been great to see people sharing their experiences. BARD can now read its responses aloud and you can adjust them for tone and style. We continue to see great interest in using BARD for coding tasks.

其次，我们正在帮助人们运用人工智能以提升创造力和生产力。一个例子就是我们在对话人工智能领域的实验项目“BARD”。自从今年三月推出以来，它一直在不断改进。本月初，我们推出了许多令人兴奋的功能和能力。现在，“BARD”已经在全球大部分地区推出，并支持40多种最常用的语言。我们还增加了Google Lens的功能，这样你可以拍照并提出各种问题，甚至将其转化为代码等。这一新功能非常受欢迎，大家分享了许多使用经验，这让我们非常高兴。现在，“BARD”可以朗读回复，并允许你调整其语调和风格。我们继续看到人们对使用“BARD”进行编码任务的浓厚兴趣。

On productivity earlier this year we introduced Duvat AI in both Google Cloud and Workspace. It helps people collaborate with AI to code write and get better insights from data and more. Today more than 750,000 Workspace users have access to the new features in preview.

今年早些时候，我们在Google Cloud和Workspace中推出了Duvat AI，旨在帮助人们与人工智能协作进行编码、撰写代码，并从数据中获得更好的见解。如今，超过75万个Workspace用户可以提前体验这些新功能。

Third we are making it easier for others to innovate using AI. One way is by providing Google Cloud's high performance infrastructure optimized for a range of generated AI models. It's being used by thousands of customers and partners to transform their businesses. I'll give an update on the cloud business in just a moment.

第三，我们正在让其他人更容易利用人工智能进行创新。其中一种方式是通过提供针对各种生成的人工智能模型进行优化的谷歌云高性能基础设施。成千上万的客户和合作伙伴正在使用它来改变他们的业务。我将稍后对云业务进行更新。

Finally we are making sure we develop and deploy AI technology responsibly so that everyone can benefit. Last week we signed on to joint commitments with other leading AI companies at the White House building on the principles that have guided our work for many years.

最终，我们正在确保以负责任的方式发展和应用人工智能技术，以使每个人都能从中受益。上周，我们在白宫与其他领先的人工智能公司签署了联合承诺，这进一步建立在多年来指导我们工作的原则基础之上。

To take advantage of the AI opportunities ahead we've been sharpening our focus as a company investing responsibly with great discipline and finding areas where we can operate more cost effectively. We've made good progress in data center machine efficiency which will pay dividends as we continue to invest in AI. We continue to slow our expense growth and pace of hiring and ensure our teams are aligned to our highest priorities. This quarter we reallocated a number of teams including aligning, phases ad sales with our existing business organization. We are combining various engineering efforts across core infrastructure and cloud. Products like Bardon SGE are being built by small fast-moving teams that have been reallocated to these high priority efforts. Overall we are actively moving people to higher priority activities within the company and we continue to optimize our real estate footprint for current and future needs.

为了利用未来的人工智能机会，我们一直在公司中保持着专注并负责任地进行投资，严格遵循纪律，寻找能够更具成本效益地运营的领域。我们在数据中心机器效率方面取得了良好的进展，这将在我们继续对人工智能进行投资时带来回报。我们继续放缓费用增长和招聘速度，并确保我们的团队与我们的 最高优先事项保持一致。本季度我们重新分配了一些团队，包括将广告销售与我们现有的业务组织相结合。我们正在整合核心基础设施和云计算等各种工程努力。像Bardon SGE等产品是由小型快速行动的团队建立的，这些团队已被重新分配到这些高优先级的项目中。总体来说，我们正在积极将人员调动到公司内的更高优先级活动，并继续优化我们的房地产占用以满足当前和未来的需求。

Next Google Cloud we see continued growth with Q2 revenue of $8 billion up 28% and operating profit of $395 million. Our AI optimized infrastructure is a leading platform for training and serving generative AI models. More than 70% of Gen AI unicorns are Google Cloud customers including Kohir, Jasper, Typeface and many more. We provide the widest choice of AI supercomputer options with Google TPUs and advanced NVIDIA GPUs and recently launched new A3 AI super computers powered by NVDS H100. This enables customers like AppLaven to achieve nearly two times better price performance than industry alternatives. Our new generative AI offerings are expanding our total addressable market and winning new customers. We are seeing strong demand for the more than 80 models including third party and popular open source in our vertex search and conversational AI platforms with the number of customers growing more than 15x from April to June. Among them price line is improving trip planning capabilities. Car4 is creating full marketing campaigns in a matter of minutes and cab Gemini is building hundreds of use cases to streamline time-consuming business processes. Our new anti-money laundering AI helps banks like HSBC identify financial crime risk and our new AI powered target and lead identification suite is being applied at cerebral to help enable drug discovery. Our generative AI capabilities also give us an opportunity to win new customers and upsell into our installed base of 9 million paying Google workspace customers. I mentioned Dewate AI earlier Instacart is using a team-proof customer service workflows and companies like X10 are scaling sales outreach and optimizing customer service. Customers confidently choose workspace because of the safety and security we provide their distributed workforces. Our AI capabilities are helping us differentiate core products like cybersecurity. We have integrated AI throughout our portfolio winning organizations like Pfizer who are using Google Cloud transform their security operations. Chronicle security operations suite with Mandy and fully integrated is helping customers stay protected at every stage of the security lifecycle. In the first half of 2023 we saw a 35% increase in incident response engagements compared to the same period last year.

在谷歌云端平台，我们持续增长，第二季度营收达到80亿美元，增长了28%，运营利润为3.95亿美元。我们的人工智能优化基础设施是训练和提供生成式人工智能模型的领先平台。超过70%的生成式人工智能独角兽是谷歌云的客户，其中包括Kohir、Jasper、Typeface等等。我们提供了最广泛的人工智能超级计算机选择，包括谷歌TPUs和先进的NVIDIA GPU，最近还推出了由NVDS H100提供动力的新型A3 AI超级计算机。这使得像AppLaven这样的客户能够达到接近行业替代品两倍的性价比。我们的新型生成式人工智能产品正在扩展我们的可寻址市场，并赢得新客户。我们在顶点搜索和对话式人工智能平台上推出的80多个模型（包括第三方和热门开源）受到了强烈需求，客户数量在4月至6月间增长了15倍以上。其中有Price Line正在改进旅行计划能力，Car4能够在几分钟内创建完整的营销活动，Cab Gemini则正在构建数百个用例，以简化耗时的业务流程。我们的新型反洗钱人工智能帮助像汇丰银行这样的银行识别金融犯罪风险，而我们的新型人工智能目标和潜在客户识别套件正在被应用于Cerebral，以帮助促进药物研发。我们的生成式人工智能能力也给我们提供了赢得新客户和向我们已安装的900万付费谷歌工作区客户升级的机会。我之前提到过Dewate AI，Instacart正在使用团队验证的客户服务工作流程，而像X10这样的公司则正在扩大销售推广和优化客户服务。客户自信地选择工作区，因为我们为他们的分布式劳动力提供了安全保障。我们的人工智能能力正在帮助我们区分核心产品，如网络安全。我们在整个产品组合中集成了人工智能，赢得了像辉瑞这样的组织的青睐，他们正在使用谷歌云来改变他们的安全运营。Mandy全面集成的编年史安全运营套件帮助客户在安全生命周期的每个阶段保护自己。2023年上半年，我们在事故响应方面的合作比去年同期增长了35%。

Finally, our AI capabilities are also expanding our partner ecosystem with hundreds of ISVs and SaaS providers such as Box, Salesforce, and Snorkel, and the world's largest consulting firms like Accenture and Deloitte. They've collectively committed to train more than 150,000 people on Google Cloud-generated AI.

最后，我们的人工智能能力还在扩大我们的合作伙伴生态系统，与数百个独立软件供应商和SaaS提供商合作，例如Box、Salesforce和Snorkel，以及全球最大的咨询公司Accenture和Deloitte。他们共同承诺培训超过15万人使用谷歌云生成的人工智能。

Turning next to YouTube, earlier this year we shared that revenues across YouTube products were nearly 40 billion for the 12 months ending in March. I'm really pleased with how YouTube is growing audiences and driving increased engagement.

接下来说到YouTube，今年早些时候我们分享了截至3月份结束的12个月内，YouTube产品的收入接近400亿美元。我非常高兴看到YouTube的观众数量在不断增长，并且用户参与度也在增加。

YouTube shots are now watched by over 2 billion logged-in users every month, up from 1.5 billion just one year ago. The living room remained our fastest-growing screen in 2022 in terms of watch time. We are reaching more than 150 million people on connected TV screens in the US and seeing growth and momentum internationally.

YouTube的视频现在每个月由超过20亿的已登录用户观看，较一年前的15亿大幅增长。就观看时间而言，客厅仍然是我们在2022年增长最快的屏幕。在美国，我们已经触达了超过1.5亿人的智能电视屏幕，并在国际上看到了增长和势头。

And on subscriptions, there is good growth. Late last year, we announced over 80 million YouTube Music and Premium subscribers. Sign-ups for NFL Sunday ticket kicked off in April, and we look forward to hosting our first football season on YouTube this fall.

而且订阅服务也有良好的增长。去年年底，我们宣布YouTube音乐和高级订阅者超过8000万人。美国国家橄榄球联赛（NFL）的星期天赛票签约于四月份开始，我们期待能在今年秋季在YouTube上举办我们的第一个橄榄球赛季。

Finally, hardware and Android Pixel continue to have strong sales momentum. We introduced new Pixel devices at I.O., including Pixel Fold, Pixel Tablet, and Pixel 7a, and we've had a great response. Android 14, our latest OS, will incorporate our advances in generative AI to personalize Android phones. The Pixel and Android teams are working together to advance the latest devices. The Pixel Fold is a great example, with its many hardware and software innovations.

最后，硬件和安卓像素持续保持强劲的销售势头。我们在开发者大会上推出了新的像素设备，包括像素折叠手机、像素平板和像素 7a，反响非常好。我们的最新操作系统安卓 14 将融入我们在生成 AI 方面的进展，以个性化安卓手机。像素和安卓团队正在共同努力推进最新设备的发展。像素折叠手机是一个很好的例子，它具有许多硬件和软件创新。

Before I close, you may have seen that we just announced some exciting news that Ruth is taking on the important new role of President and Chief Investment Officer. As our longest-serving CFO, she has helped guide the company through an amazing period of growth, a global pandemic, and the ongoing economic uncertainty that has followed. I'm excited to continue to work with Ruth, who will lead our 2024 planning and remain a CFO while we do a full search for a successor. So it's business as usual now and no change in approach for the future. I look forward to seeing the impact Ruth will have in our new role, driving our investments, engaging with our stakeholders, and creating opportunities for people and communities everywhere.

在我结束之前，你可能已经看到我们刚刚宣布了一些令人振奋的消息，即Ruth将担任总裁兼首席投资官这一重要新职位。作为我们任职最长时间的首席财务官，她在公司的令人瞩目的增长、全球大流行病以及随之而来的持续经济不确定性中发挥了重要指导作用。我很期待继续与Ruth合作，她将领导我们的2024年计划，并在我们全面寻找继任者的同时继续担任首席财务官。因此，现在的工作仍将照常进行，未来的方式也不会发生变化。我期待看到Ruth在新职位上产生的影响，推动我们的投资，与利益相关者互动，并为世界各地的人们和社区创造机会。

To close, I'm energized by the pace of innovation and the momentum across the company, with 15 products that each serve a half a billion people and six that serve over two billion each. We have so many opportunities to deliver on our mission. Thank you to our employees around the world for their great work this quarter.

总之，创新的速度和公司整体的势头让我充满了活力。我们拥有15款产品，每款产品可以为5亿人服务，其中6款产品更是每款为20亿人提供服务。我们有很多机会来实现我们的使命。感谢我们全球的员工在这个季度的出色工作。

Over to you Philip.

轮到你了，菲利普。

Thanks Ondre and hello everyone. Happy to be here with you all today.

谢谢Ondre，大家好。很高兴今天能和大家在这里共聚一堂。

Let's jump right into our performance for the quarter. Google services revenues of 66 billion were up 5% year-on-year. In Google advertising, search, and other revenues grew 5% year-on-year, led by solid growth in the retail vertical. In YouTube ads, revenues were up 4% year-on-year, driven by growth in brand followed by direct response reflecting further stabilization and advertiser spend. In network revenues declined 5% year-on-year. Google other revenues were up 24% year-on-year, led by strong growth in YouTube subscriptions revenues.

让我们直接开始我们本季度的表现。谷歌服务收入达到660亿美元，同比增长5%。在谷歌广告、搜索和其他收入方面，同比增长5%，其中以零售行业增长稳定为主导。YouTube广告的收入同比增长4%，品牌广告和直接回应广告的增长推动了这一增长，反映了广告主支出的进一步稳定。网络收入同比下降5%。谷歌的其他收入同比增长24%，其中YouTube订阅收入增长强劲。

Let's now take a few minutes to cover our three key priority areas: Google AI, retail, and YouTube, which I've laid out in prior quarters as clear opportunities for long-term advertising growth. I'll then turn it over to Ruth for more details on our financial performance.

让我们现在花几分钟来介绍我们的三个主要优先领域：谷歌AI、零售和YouTube。我之前已经明确指出，这些领域是长期广告增长的明确机会。接下来，我将转交给Ruth详细介绍我们的财务表现。

Q2 was a big quarter for Google AI, and our ads products IO, GML, and Brandcast were testament to our deep commitment to building cutting-edge tools and solutions that help businesses navigate complexity in real time and deliver the results they need, all while improving the experience for users. Sundar covered some of these innovations, I'll share more.

2018年第二季度是Google AI的重要时期，我们的广告产品IO、GML和Brandcast证明了我们深入致力于构建前沿工具和解决方案的承诺，帮助企业实时应对复杂问题并实现他们所需的结果，同时还改善了用户体验。桑达尔已经介绍了一些创新，我将分享更多信息。

It's worth reiterating that while generative AI is now supercharging new and existing ads products with tons of potential ahead, AI has been at the core of our ads business for years. In fact, today nearly 80% of advertisers already use at least one AI-powered search ads product. Our approach to AI and ads remains grounded in understanding what drives real value for businesses right now and what's most helpful for users.

值得重申的是，虽然生成式人工智能正在为新的和现有的广告产品注入大量潜力，但人工智能已经成为我们广告业务的核心多年。事实上，几乎80%的广告商已经使用至少一种由人工智能驱动的搜索广告产品。我们对人工智能和广告的方法仍然是基于对当前对企业产生真正价值的驱动力和对用户最有帮助的理解。

Advertisers tell us they're looking for a more assistive experience to get set up with us faster, so at GML, we launched a new conversational experience in Google Ads, powered by a LLM tuned specifically from ads data to make campaign construction easier than ever. Advertisers also tell us they want help creating high-quality ads that work in an instant, so we're rolling out a revamped asset creation flow and Performance Max (PMAX) that helps customers adapt and scale their most successful creative concepts in a few clicks.

广告商告诉我们，他们希望通过更具协助性的体验更快地与我们建立联系，因此在GML，我们推出了一种新的对话式体验，使用了经过定制的来自广告数据的LLM技术，使广告活动的构建变得比以往更加容易。广告商还告诉我们，他们希望能够在瞬间内创建出高质量的广告，因此我们正在推出一个经过改进的资源创建流程和性能最大化（PMAX），帮助客户以几次点击的方式调整和扩展他们最成功的创意概念。

And there's even more with PMAX. We launched new asset insights and new search term insights that improve campaign performance understanding in new customer lifecycle goals. that let advertisers optimize for new and existing customers while maximizing sales. We've long said it's all about reaching the right customer with the right creative at the right time so later this year automatically created assets which are already generating headlines and descriptions for search ads will start using generative AI to create assets that are even more relevant to customer queries. Broadmatch also got updates. AI based keyword prioritization ensures the right keyword bid budget creative and landing page is chosen when there are multiple overlapping keywords eligible and then to make it easier for advertisers to optimize visual storytelling and drive consideration in the mid funnel we're launching two new AI powered ad solutions demand gen and video view campaigns and both will include shorts inventory.

还有更多的PMAX功能。我们推出了新的资产洞察和搜索词洞察，以提高对新客户生命周期目标的广告活动性能理解。这让广告主能够优化新老客户，并最大程度地提升销售额。我们一直说，关键是要在合适的时间将合适的创意传递给合适的客户，所以今年晚些时候，自动创建的资产将开始使用生成式人工智能来生成更加与客户查询相关的资产，这些资产已经在为搜索广告生成标题和描述。Broadmatch也进行了更新。基于人工智能的关键字优先级确保在存在多个重叠关键字的情况下选择合适的关键字出价、预算、创意和落地页。为了方便广告主优化视觉叙事并推动中期漏斗中的考虑阶段，我们推出了两个新的基于人工智能的广告解决方案——需求生成和视频浏览广告系列，两者均包含短视频广告库存。

Sundar talked earlier about SGE and our early experiments with new ad formats when active conversations with advertisers publishers and partners to get their input on how to make these solutions work best for them and are excited to test and evolve this experience as we learn more.

Sundar之前谈到了SGE（可能是广告系统的缩写）以及我们在尝试新广告形式方面的初步实验。我们正在积极与广告商、发布商和合作伙伴进行交流，以征求他们对如何最好地使这些解决方案发挥作用的意见，并且我们对能够测试和完善这种体验而感到兴奋。

Let's pivot to retail where we had a good quarter profitability remains a top theme for retailers so solutions like PMAX that drive bottom line value continue to do well. We also continue to see success in helping businesses unlock efficient growth and deliver on their omni-channel goals. Take ACE hardware who tapped into AI powered search and omni-bidding to capture increased seasonal demand leading up to Memorial Day. This drove increases across online sales, store visits and in-store sales resulting in 87% year-year growth in omni revenue from Google Ads and led to one of the largest revenue weeks ever for ACE store onos.

让我们转向零售业，我们在这个季度取得了良好的利润。利润能力仍然是零售商的重要主题，因此像PMAX这样能够带来底线价值的解决方案仍然表现出色。我们还继续在帮助企业实现高效增长和实现全渠道目标方面取得成功。以ACE硬件为例，他们利用人工智能技术驱动的搜索和全渠道竞价，捕捉到了美国阵亡将士纪念日前的季节性需求增长。这增加了在线销售、门店访问量和实体店销售额，使得从谷歌广告中获得的全渠道收入较去年同期增长了87%，同时为ACE店铺创造了有史以来最高的营收周。

Q2 also brought innovation on the consumer and merchant front. We rolled out a new gen AI powered virtual trion tool that brings the fitting room experience online. Shoppers can try on women's tops across a wide array of models from brands like anthropology, Everlane, H&M and Loft. Rich, visual engaging content is a win-win for both consumers and merchants. In fact, product office with more than one image see a 76% average increase in impressions and a 32% increase in clicks. Our new product studio uses gen AI to help retailers create tailored eye-catching imagery for free and we're working towards optimizing for performance. We think this will be a game changer especially for SMBs who can now create high-quality images to use both across Google and their own sites without spending a lot of time or money. As we continue to make Google a valuable place for merchants to grow their businesses and connect with users, merchant center next is another win. We've seen two X growth and the number of businesses using merchant center in the past two years and we're now simplifying it by automating inventory management and giving a consolidated view of performance insights. Better tools means better growth for merchants and better experiences for users.

Q2还在消费者和商家方面带来了创新。我们推出了一个全新的AI技术驱动的虚拟试衣间工具，使试衣间体验上线。购物者可以在像Anthropology、Everlane、H&M和Loft等品牌的各种模特身上试穿女装上衣。丰富、视觉引人入胜的内容对消费者和商家来说都是双赢的。事实上，拥有多个图像的产品页面的印象量平均增长了76%，点击量增加了32%。我们的新产品工作室利用AI技术帮助零售商免费创建定制的吸引人的图像，并致力于对性能进行优化。我们认为这将是一个改变游戏规则的举措，特别是对于小型企业来说，他们现在可以在谷歌和自己的网站上使用高质量图像，而不需要花费大量的时间或金钱。随着我们继续使谷歌成为商家发展业务和与用户互动的宝贵场所，下一个商家中心(Merchant Center Next)将是另一个胜利。在过去两年中，使用商家中心的企业数量增长了两倍，现在我们通过自动化库存管理和提供综合的性能洞察视图来简化它。更好的工具意味着对商家来说有更好的增长，对用户来说有更好的体验。

Moving to YouTube. I've said it before I'll say it again. YouTube starts with our creators and it's their success and our multi-format strategy that will drive YouTube's long-term growth. In prior quarters I've laid out how we think about this enabling our creators to make a living on our platform with more formats and awesome tools leads to more content which leads to quality consumption of video content, another big focus of the team and this leads to better opportunities for monetization and for advertisers to support this incredible ecosystem. As we think about growth we're focused on shorts, connected TV and our subscription offerings all of which grew nicely this quarter.

转向YouTube。我以前说过，现在再说一次。YouTube的起点是我们的创作者，他们的成功和我们的多格式策略将推动YouTube的长期增长。在之前的几个季度中，我已经阐述了我们对此的看法，即让我们的创作者能够在我们的平台上谋生，通过更多的格式和强大的工具来产生更多的内容，这将导致视频内容的高质量消费，这也是团队的另一个重点，这将为变现和广告商支持这一令人难以置信的生态系统提供更好的机会。在思考增长时，我们将重点放在短视频、连网电视和我们的订阅服务上，这些都在本季度有良好的增长。

Let me double-click into shorts and CTV. First shorts, momentum remains strong. Watch time and monetization are moving in the right direction. Last year we introduced ads on shorts to help drive performance and direct response campaigns via video action, performance max and app campaigns. As of Q2 brand advertisers can start testing shorts ads and awareness campaigns. It's still early days but we're excited by the results.

让我来简单介绍一下短视频和 CTV（Connected TV）。首先谈谈短视频，这个市场的发展势头仍然很强劲。观看时长和盈利模式正在朝着正确的方向发展。去年，我们推出了短视频广告，以帮助提升表现，并通过视频行动、性能最大化和应用程序营销推动直接响应式广告活动。从第二季度开始，品牌广告商可以开始测试短视频广告和品牌认知广告活动。虽然目前还处于早期阶段，但我们对结果感到非常兴奋。

La Nege, the more Pacific's number one premium skincare brand was an early adopter. It leaned into video reach campaigns and new creative over 10-day tests to drive a 21% increase. in unique users reach from shorts and in feet, all at a more efficient CPM.

La Nege，太平洋地区的顶级皮肤护理品牌，是一个早期的采用者。它通过视频广告、创新的10天测试来推动曝光用户数提高21%，同时在更高效的CPM下实现短视频和传统广告的覆盖。

Second, connected TV. Substantial engagement by viewers and our RIFR advertisers is driving monetization of the living room. We are very pleased with the growth we've seen and how we're delivering the reach results and relevance that businesses are looking for at scale. At Brandcast we announced two new ad offerings for streaming. First 30 second unskippable ads are coming to YouTube Select which is landing 70% plus of impressions on the TV screen. 30 second ads are a TV industry staple and now YouTube is bringing our advanced audience capabilities and unparalleled reach to the format. We're also exploring new pause experiences so brands can drive awareness or action when you hit pause.

其次，连接电视。观众和我们的RIFR广告客户的积极参与推动了客厅的货币化。我们对我们所见到的增长以及我们如何以规模交付企业所期望的覆盖结果和相关性感到非常满意。在Brandcast活动上，我们宣布了两项针对流媒体的新广告产品。首先是30秒不可跳过的广告将会出现在YouTube Select上，该平台目前已占据了70%以上的电视屏幕印象。30秒广告是电视行业的一个重要组成部分，现在YouTube将我们先进的受众能力和无与伦比的覆盖范围引入到了这种格式中。我们还在探索新的暂停体验，让品牌能够在暂停时提高知名度或促进行动。

Looking at YouTube holistically according to our measurement partners Nielsen, TransUnion and Ipsus MMA. YouTube delivers higher RIFR than TV and other online video on average. Take the Hershey company. As part of a multi-year partnership to optimize its YouTube strategy, Hershey's brands have been tapping into CTV efficient AI-powered formats and made-for platform creative leading to YouTube becoming its number one RRI driving media partner producing a 65% plus increase in RRI from 2018 to 2023.

根据我们的测量合作伙伴尼尔森、TransUnion和Ipsos MMA，全面观察YouTube，从平均水平上看，其RIRF要高于电视和其他在线视频。以好时公司为例，作为多年合作伙伴的一部分，该公司优化了其YouTube战略，利用了CTV高效的AI动力格式和专为该平台定制的创意，使YouTube成为其主要的RRI推动媒体合作伙伴，从2018年至2023年，RRI增长了65%以上。

One last highlight that bridges the power of YouTube with our continued efforts to bring the best across Google to our partners. With Warner Brothers Discovery we expanded our multi-year relationship across our entire Android ecosystem including partnering on the launch of Max, a deep and mutually beneficial relationship on Google TV and plans to work together on new surfaces. YouTube's expanded deal for Max inclusive of a Max NFL Sunday ticket bundle on YouTube TV also underscores our joint commitment to bring the highest quality content and experiences to our customers.

最后一个要点是通过YouTube的力量与我们持续努力将谷歌最优秀的资源带给合作伙伴。与华纳兄弟探索公司的合作使我们扩大了多年的合作关系，涵盖了整个Android生态系统，包括合作推出Max，与谷歌电视上实现深入合作并计划在新平台上共同努力。YouTube与Max的扩大合约，包括在YouTube TV上提供Max NFL Sunday套餐，也强调了我们共同为客户提供最高质量内容和体验的承诺。

I'll close by echoing Sundar with a huge thank you to Googlers everywhere for their incredible passion and hard work and to our customers and partners for their continued collaboration and trust. Ruth over to you.

最后，我想和Sundar一样衷心感谢全球各地的谷歌员工，感谢他们的无与伦比的热情和努力，也感谢我们的客户和合作伙伴一直以来的合作和信任。接下来请Ruth发言。

Thank you Philip. Before I go into the results first Sundar thank you very much for the opportunity. I'm very excited about the new role and I look forward to it. So turning to the results. We're very pleased with our financial results for the second quarter which reflect an acceleration of growth in search and momentum in cloud. My comments will be on year over year comparisons for the second quarter unless I state otherwise. I will start with results at the alphabet level followed by segment results and conclude with our outlook.

谢谢Philip。在我进入结果前，首先感谢Sundar给予我的机会。我对新角色非常兴奋，并期待着。现在让我们来看一下结果。我们非常满意第二季度的财务结果，体现了搜索业务的增长加速和云业务的势头。除非我另有说明，我的评论将以年度同比为基础来进行。我将首先介绍字母表层面的结果，然后是各业务领域的结果，并最后给出我们的展望。

For the second quarter our consolidated revenues were 74.6 billion up 7% or up 9% in constant currency. Search remained the largest contributor to revenue growth. Total cost of revenues was 31.9 billion up 6% driven by other cost of revenues of 19.4 billion which was up 8%. Growth here was driven by content acquisition costs primarily for YouTube subscription offerings followed by hardware costs associated with pixel family launches in the second quarter. As noted in our earnings release the overall increase in data center and other operations costs was partially offset by a reduction in depreciation expense due to the change in estimated useful lives we discussed last quarter.

对于第二季度，我们的综合收入为746亿美元，同比增长7%或者按恒定汇率计算增长9%。搜索仍然是收入增长的最大贡献者。营业成本总额为319亿美元，同比增长6%，其中其他营业成本为194亿美元，增长8%。这里的增长主要由于YouTube订阅服务的内容采购成本，以及第二季度Pixel系列产品的硬件成本。正如我们在收益公告中提到的，数据中心和其他运营成本的整体增加部分抵消了由于上个季度我们讨论的估计有用寿命变化而导致的折旧费用减少。

Operating expenses were 20.9 billion up 4%. Operating income was 21.8 billion up 12% and our operating margin was 29%. I will cover our expense and margin performance in our outlook. Other income and expense was 65 million. Net income was 18.4 billion. We delivered free cash flow of 21.8 billion in the second quarter and 71 billion for the trailing 12 months reflecting improved operating performance as well as the deferral of certain tax payments to the fourth quarter of 2023 as noted in our earnings release. We ended the quarter with 118 billion in cash and marketable securities.

运营费用为209亿美元，增长4%。运营收入为218亿美元，增长12%，运营利润率为29%。在展望中，我将讲解我们的费用和利润率表现。其他收入和支出为6500万美元。净利润为184亿美元。我们在第二季度实现了218亿美元的自由现金流，并在过去12个月达到了710亿美元，反映出改善的运营绩效以及如我们的财报所述的某些税款延期至2023年第四季度。我们以1180亿美元的现金和可变现证券结束了本季度。

Turning to our segment results prior period results have been recast for two changes that we made as of the first quarter. First deep mind is now reported as part of alphabets unallocated corporate costs. Second we updated our cost allocation methodologies.

针对我们的部门结果，我们对前期结果进行了重新调整，以反映我们在第一季度所做的两个变化。首先，DeepMind现在被报告为Alphabet未分配的企业成本的一部分。其次，我们更新了成本分配的方法。

In the second quarter we then combined the brain team from Google research with deep mind to form Google deep mind. Costs associated with the brain team which were previously included in Google services are now reported as part of alphabets unallocated corporate costs. We have not recast prior period results to reflect this additional change.

在第二季度，我们将Google研究的大脑团队与DeepMind合并，组成了Google DeepMind。之前计入Google服务的大脑团队相关费用现在作为字母公司未分配的企业费用进行报告。我们没有重新调整之前期间的结果以反映这一额外的变化。

Within Google services revenues were 66.3 billion up 5%. Google search and other advertising revenues of 42.6 billion in the quarter were up 5% led by growth in retail. YouTube advertising revenues of 7.7 billion were up 4% driven by brand advertising followed by direct response reflecting further stabilization in spending by advertisers. Network advertising revenues of 7.9 billion were down 5%. Other revenues were 8.1 billion up 24% reflecting growth in YouTube non advertising revenues primarily from subscription growth in YouTube music premium and YouTube TV followed by growth in hardware revenues primarily driven by the launch of the Pixel 7a in the second quarter.

谷歌服务的收入为663亿美元，增长5%。谷歌搜索和其他广告收入为426亿美元，在本季度增长了5%，主要受零售业增长的推动。YouTube的广告收入为77亿美元，增长4%，主要受品牌广告的推动，随后是直接回应广告，反映了广告商支出的进一步稳定。网络广告收入为79亿美元，下降5%。其他收入为81亿美元，增长24%，主要反映YouTube非广告收入的增长，主要是由YouTube音乐高级版和YouTube电视订阅增长推动，其次是硬件收入的增长，主要是由第二季度Pixel 7a的推出推动。

Finally play return to positive growth in the second quarter. TAC was 12.5 billion up 3%. Google services operating income was 23.5 billion up 8% and the operating margin was 35%.

最后我们在第二季度看到了积极的增长。TAC为125亿，增长了3%。谷歌服务的运营收入为235亿，增长了8%，运营利润率为35%。

Turning to the Google cloud segment revenues were 8 billion for the quarter up 28%. GCP revenue growth remained strong across geographies industries and products that being said we saw continued moderation in the rate of consumption growth as consumers optimized their spend. Google workspace strong revenue growth was driven by increases in both seats and average revenue per seat. Google cloud had operating income of 395 million and the operating margin was 5%.

转向Google云业务部门的收入为80亿美元，同比增长28%。GCP收入增长在地理、行业和产品方面持续强劲，而消费者优化了他们的开支，我们看到消费增长的速度继续放缓。Google Workspace的强劲收入增长主要来自席位数和平均每个席位收入的增加。Google云的运营收入为3.95亿美元，运营利润率为5%。

As to our other bets for the second quarter revenues were 285 million and the operating loss was 813 million. The decrease in operating loss was primarily driven by a reduction in valuation based compensation liabilities related to certain other bets.

关于我们对第二季度收入的其他投注，金额为2.85亿美元，运营亏损为8.13亿美元。运营亏损的减少主要是由于与某些其他投注相关的估值补偿负债的减少。

Turning to our outlook for the business with respect to Google services first within advertising we were pleased with the acceleration of search advertising revenue growth in the second quarter. Our continued ability to generate sustained growth reflects our unparalleled engineering innovation that creates extraordinary experiences for users and capabilities for advertisers and delivered with the deep expertise of our go to marketing. And in YouTube we saw ongoing signs of stabilization in advertiser spending. We are prioritizing product focus on increasing quality consumption of video content with both shorts and in the living room which is translating into improved monetization.

首先，就Google服务的广告业务展望而言，我们对第二季度搜索广告收入增长的加速感到满意。我们持续产生持续增长的能力反映出我们在工程创新方面的无与伦比，为用户创造非凡的体验和为广告商提供无可比拟的能力，并通过我们的营销专业知识进行交付。在YouTube方面，我们看到广告主支出的稳定迹象。我们将产品重点放在增加视频内容的高质量消费上，包括短视频和在客厅中观看的视频，这将转化为改善获利能力。

Second within other revenues in our YouTube subscription products the sustained strong growth in revenues reflects significant subscriber growth. You may have seen that last week we increased subscription prices for YouTube music and premium which underscores the value of the products. Strong year on your growth in hardware revenues was due in large part to a timing change given the Pixel 7a was launched in the second quarter whereas the Pixel 6a launch occurred in the third quarter last year.

在我们的YouTube订阅产品中的其他收入中，持续强劲的收入增长反映了订阅者的显著增长。你可能已经注意到，我们上周提高了YouTube音乐和高级的订阅价格，突显了这些产品的价值。硬件收入在去年第三季度推出Pixel 6a与今年第二季度推出Pixel 7a的时间变更的大部分原因是由于今年硬件收入出现了强劲的年度增长。

Looking ahead the launch timing change will be a headwind to hardware revenue growth in the third quarter. Play returned to positive growth in the second quarter driven primarily by a solid increase in the number of buyers. Turning to Google cloud we are particularly excited about the customer interest in our AI optimized infrastructure our large language models our AI platform services and our new generative AI offerings such as duet AI for Google workspace although we are still clearly in the early days.

展望第三季度，产品发布时间的变动将对硬件收入增长构成阻力。在第二季度，游戏业务实现了积极增长，主要受购买者数量的大幅增加推动。谈到Google云平台，我们对客户对我们的人工智能优化基础设施、大型语言模型、人工智能平台服务和我们的新一代生成式人工智能产品（如Google Workspace中的Duet AI）表达出极大兴趣，尽管我们仍然处于早期阶段。

At the same time we continue to experience headwinds in the second quarter for moderation in consumption growth as customers optimize their spend. We continue to invest aggressively while remaining focused on profitable growth. In terms of expenses and profitability we remain very focused on durably re-engineering our cost base. Most evident to date are the actions we have taken to reduce the pace of headcount growth including the workforce reductions we announced in the first quarter and a slower pace of organic hiring and part given our focus on reallocating talent from within to fuel our growth priorities.

与此同时，由于消费者优化他们的支出而导致的消费增长减速，我们在第二季度仍然面临困难。我们继续积极投资，同时专注于盈利增长。在支出和盈利方面，我们仍然非常注重持久性地重塑成本结构。迄今为止，我们采取的措施最为明显的是减少员工增长的速度，包括在第一季度宣布的人员裁员，并且我们对有机招聘的速度也降低了。这是因为我们专注于从内部重新分配人才，以推动我们的增长优先事项。

A quick comment on the sequential improvement in operating margins in the second quarter. There are two factors to note. First the benefit from an acceleration and search advertising revenue growth in the second quarter. Second the vast majority of the charges related to our workforce reduction and optimization of our global office space were taken in Q1.

关于第二季度运营利润逐步提高的快速评论。有两个因素需要注意。首先是第二季度搜索广告收入增长的加速受益。其次，与我们的员工削减和全球办公空间优化相关的大部分费用已在第一季度扣除。

Finally as it relates to CAPEX in Q2 the largest component was for servers which included a meaningful increase in our investments in AI compute. The sequential step up in the second quarter was lower than anticipated for two reasons. First with respect to office facilities we continue to moderate the pace of fit outs and ground up construction to reflect the slower expected pace of headcount growth. Second there were delays in certain data center construction projects.

最后，就第二季度的资本支出而言，最大的组成部分是服务器，其中包括我们在人工智能计算方面的投资显著增加。第二季度的顺序递增步伐低于预期，原因有两个。首先，关于办公设施方面，我们继续减缓装修和新建房屋的速度，以反映预期人员增长速度的减缓。其次，某些数据中心建设项目出现了延迟。

We expect elevated levels of investment in our technical infrastructure increasing through the back half of 2023 and continuing to grow in 2024. The primary driver is to support the opportunities we see in AI across alphabet including investments in GPUs and proprietary TPUs as well as data center capacity.

我们预计在2023年下半年，我们的技术基础设施的投资水平将会增加，并将在2024年继续增长。主要的动力是为了支持我们在Alphabet全球范围内看到的人工智能机遇，包括对GPU和自有TPU的投资，以及数据中心容量的增加。

With all that said we remain committed to durably re-engineering our cost base in order to help create capacity for these investments in support of long-term sustainable financial value.

尽管说了这么多，我们仍致力于可持续地重塑成本结构，以为这些投资创造空间，从而支持长期可持续的财务价值。

Thank you Sundar, Philip and I will now take your questions.

谢谢，桑达尔和菲利普，我会回答你们的问题。

Thank you as a reminder to ask a question you will need to press star one on your telephone. To prevent any background noise we ask that you please mute your line once your question has been stated.

作为提醒，感谢您在提问时需要按下电话上的星号键。为了避免任何背景噪音，我们要求在您提问后请将您的线路静音。

Our first question comes from Brian Noahck of Morgan Stanley please go ahead.

我们的第一个问题来自根斯坦利摩根士丹利的布莱恩·诺亚克，请提问。

Just taking my questions I have to the first one up for Sundar. I'm curious to learn about some of your early learning and surprises around consumer behavior on how people are using bard versus search and what new behaviors or consumer utility are you most excited about as you think about what Gemini could provide for people over the course of the next year or so.

只是在谈一谈我对Sundar的第一个问题，我很想了解一些关于消费者行为的早期学习和惊喜，包括人们如何使用才艺与搜索以及你对新行为或消费者效用中最令你兴奋的部分，想到Gemini在未来一年左右能够为人们提供什么。

And then the second one for Ruth, Ruth congrats on the new position. One question is about the durable expense comments. I think last quarter you talked about the idea that expenses could grow slower than revenue in 2024. Is that still the right way to think about it and just to confirm does that include the impact of depreciation in those comments?

然后是给露丝的第二个问题，露丝，恭喜你的新职位。有一个问题是关于耐用费用的评论。我记得上个季度你提到了一个观点，即在2024年，费用的增长速度可能比收入慢一些。现在这个观点是否依然适用，同时请确认这些评论是否包括了折旧的影响？

Thanks.

感谢您的理解。 如您所愿，以下是中文翻译： 感谢。

Thanks Brian I'll take the first part. You know it's definitely early days but both across bard and search and rate of experience. You know feedback has been very positive from our users. I think you know we are definitely now you know able to serve. You know I would say deeper and broader information use cases which is very exciting.

谢谢Brian，我会负责第一部分。尽管现在还处于早期阶段，但在整体规划、搜索和评估经验方面，我们的用户反馈非常积极。我认为我们现在能够提供更深入、更广泛的信息使用途径，这非常令人兴奋。

Yeah you know I wouldn't say surprise. So for example people really using it to for coding you know something we understood but it's definitely on the news side. There's a lot of excitement around we integrated Google Lens into bard. We have known how how big Google Lens can be. We see that in the visual searches. We get and how much it has grown over the last two years and so we've been doing this for a while but definitely that in bard has been super well received. So which gives me a sense that as given Gemini is being built from the ground up to be multi-modal I think that's an area that's going to excite users and I go back many years ago when we did universal search whenever for users we can abstract different content types and put them in a seamless way. They tend to receive it well and so I'm definitely excited about what's ahead.

是的，你知道我不会说令人惊讶的。例如，人们真的在用它来编码，你知道我们理解的某些东西，但在新闻方面肯定是很受欢迎的。我们整合了Google Lens到bard中，这引起了很多兴奋。我们知道Google Lens的潜力有多大，我们从视觉搜索中看到了它的增长。我们已经在做这个一段时间了，但是在bard中的确受到了极好的反响。因此，给我一种感觉，由于Gemini是从头开始构建的多模态，我认为这是一个会激发用户兴趣的领域。回想起很多年之前我们做了通用搜索，为用户抽象出不同的内容类型并以无缝的方式呈现给他们，他们往往接受得很好，因此我对未来感到兴奋。

And on your second question Brian we are really pleased with the operating performance in the second quarter. We've been saying for some time that we are focused on revenue growth ahead of expense growth and achieved that for the first time in some time and that is cost of sales plus operating expense overall and we do remain very focused on durably re-engineering our cost-based there are a lot of stream work streams that are in flight and I mentioned a couple of them in opening comments this remains a major priority as Cinder and I both commented on. Great thank you both. Thank you.

关于你的第二个问题，布莱恩，我们非常满意第二季度的运营表现。我们已经说了很长时间，我们的重点是收入增长超过费用增长，并且这一次我们首次实现了这一目标，这包括销售成本和总体运营费用，而且我们确实非常专注于持久地重构我们的成本基础，有很多工作流在进行中，在开场發言中我提到了其中的一些，这仍然是我们的主要优先事项，正如辛德尔和我都提到的。非常感谢你们俩。谢谢。

The next question comes from Eric Sheridan of Goldman Sachs please go ahead.

下一个问题来自高盛的埃里克·谢里丹，请提问。

Thank you so much for taking the questions maybe you want for Cinder and one also for Ruth. Cinder you know can you talk a little bit about elements of open source versus closed and things like custom silicon and how you're thinking about AI offerings broadly developing over the next couple years and what you see is some of the key differentiation points that Google either through the cloud business or the consumer offerings are going to bring to market and how we should think about differentiation playing out to a greater degree in AI in the years ahead there'll be number one and then Ruth I'll let go Brian's congrats as well on the new role you know maybe both of you could talk to why this type of role might be important at this point in.

非常感谢您接受提问，也许您想为Cinder和Ruth提问。Cinder，您能否谈谈开源与封闭的不同之处，以及有关定制硅和AI解决方案在未来几年中的发展趋势，您认为Google在云服务业务或消费者产品方面将带来哪些关键差异化点，以及我们应该如何看待差异化在AI领域的进一步发展。这是第一个问题。然后Ruth，我也要祝贺您的新角色，也许您俩都可以谈谈为什么此时此刻这种角色可能变得重要。

time for alphabet and and Ruth what you're looking to sort of drive into the organization from this new role as you move into it in the fall. Thanks. Thanks Eric on the first part you know obviously a big topic you know would broadly say you know the investments for AI you know when you look at the type of deep computer science work the talent we have worked hard to bring to the company and from the ground up the infrastructure we have built from the earliest days Google has been a company we've thought about the switches in our data centers wherever we think we can do the best and get a get an advantage by by innovating we have chosen to do so we have done that on AI on the on the silicon side but what's important to us is really you know stay focused on our users and customers and you know support all the innovations that's needed

在秋季进入这个新角色后，您是时候把字母表和和露丝想要推动组织的事情进行整理了。谢谢。谢谢埃里克在第一部分中，您知道这显然是一个重要的话题，您可以笼统地说，对于人工智能的投资，当您看到我们公司努力引进的人才和我们从最早开始建立的基础设施时，我们一直考虑过我们数据中心的变革，无论我们认为在哪个领域我们能够通过创新获得最大优势，我们都选择这样做。我们在硅片领域也做到了这一点，但对我们来说真正重要的是保持专注于我们的用户和客户，支持所有需要的创新。

so for example with cloud we've been we've really embraced open architecture we you know we have embraced customers wanting to be multi-cloud when it makes sense for them so similarly you would see with AI we will embrace you know we will offer not just our first-party models we'll offer third-party models including open source models I think open sources are critical role to play in this ecosystem Google contributes we are one of the largest contributors to if you if you look at hugging phase and in terms of the contribution there when you look at projects like Android chromium and so on Kubernetes and so on so we'll embrace that and we'll stay at the cutting edge of technology and I think I think that'll serve us well for the long term on the second part of your question first of all I'm very grateful and thankful to all the work that Ruth was done for the company it's too invaluable to capture in words I am super thrilled that she's going to continue on an impactful new role and at the scale of her company with the broad changes in technology

所以例如，对于云技术，我们真正采纳了开放架构，我们欢迎客户希望在多云环境下使用我们的服务，当对他们有意义时。同样的，对于人工智能，我们也将采纳不仅仅是我们自家的模型，还将提供第三方模型，包括开源模型。我认为开源在这个生态系统中起着至关重要的作用，谷歌也是其中最大的贡献者之一，如果你看看hugging phase，以及类似Android、Chromium和Kubernetes等项目，贡献都是相当大的。我们将拥抱这一点，并保持在技术前沿，我认为这将对我们的长期发展很有帮助。关于你问题的第二部分，首先我非常感谢鲁思为公司所做的所有工作，她的贡献无法用言语来表达。我非常高兴她将继续在一个有着广泛技术变革的公司担任重要职务。

I think it's more important than ever before to engage on these issues globally at scale you know and advocate on the economic opportunity of the investments we make across alphabet and Google and I'm glad that she's going to continue a CFO and so no changes there and we'll take the time to find a successor and Ruth will be closely involved not just on that but also our long-range planning including 20-24 Ruth anything bad just to underscore when you asked the point about impact one of the places Sunder and I have discussed quite a bit is landing well the 2024 capital plan and the multi-year plan and completing all of the very important efforts we have underway we're excited about what they mean setting the company up well to be able to invest for long-term growth and so we're continuing to execute against those and then I think Sunder summarized it well we see technology can make such a difference in the lives of so many and the lives of economies and to be able to focus on the impact on economic growth and the opportunity for people for organizations for countries I think is a privilege I'm really excited about it in particular with this amazing company and so focusing there as well as the investments that we make across alphabet to drive economic growth globally across numerous sectors.

我认为，比以往任何时候都更重要的是，在全球范围内以大规模参与这些问题，并为我们在字母表和谷歌上的投资机会进行倡导。我很高兴她将继续担任首席财务官，所以不会有任何变化，我们将花时间寻找接任者，而卢思将密切参与不仅这个问题，还包括我们的长期规划，包括2020年至2024年。卢思特别强调一下，当你提到影响的时候，桑德和我已经详细讨论过的一个地方就是我们2024年的资本计划和多年计划，以及我们正在进行的所有非常重要的工作完成。我们对它们的意义感到兴奋，这将使公司有能力进行长期增长的投资，所以我们继续执行这些计划。然后，桑德总结得很好，我们看到技术可以在很多人的生活、经济和机会上产生如此大的影响。能够专注于对经济增长的影响以及为个人、组织和国家带来的机会，我觉得是一种特权，我对这个令人惊异的公司感到非常兴奋，所以我们也将重点放在那里，以及我们在字母表上的投资，以推动全球各个领域的经济增长。

Great thank you. Thank you the next question comes from Doug and of GP Morgan please go ahead. Thanks for taking questions one for Sunder and one for Ruth for Sunder. Curious how do you think about timing for more broadly integrating generative AI into search and more specifically what are some of the things you'll need to see to do that and then Ruth just on capex the two two capex lower than expected as you explained do you still expect modestly higher capex in 23 versus 22 and then I know it's getting a little bit ahead but how should we think about kind of timing of that real estate and office optimization efforts you know through 23 and then also into 24 thanks.

非常感谢。下一个问题来自道格和GP摩根，请发言。感谢您解答问题。关于Sunder的一个问题，我想知道您对于更广泛地将生成式人工智能应用于搜索方面的时间安排是如何考虑的，具体而言，您需要看到哪些条件才能实现这一目标？然后是Ruth关于资本支出的问题，正如您已经解释的那样，两份资本支出低于预期，您是否仍然预计2023年的资本支出会略高于2022年？虽然这有点超前，但我们应该如何考虑到2023年以及2024年的房地产和办公室优化工作的时间安排呢？谢谢。

Look on the search and rate of experience you know we we definitely you know wanted to make sure we're thinking deeply from first principles while it's exciting new technology if constantly been bringing in you know AI innovations into search for the past few years and this is the next step in that journey but you know it is a big change so we thought about. from first principles it really gives us a chance to now not always be constrained in the way search was working before allowed us to think outside the box and you know I see that play out in the experience so I would say you know we are ahead of where I thought we would be at this point in time and the feedback has been very positive you know we've just improved our efficiency pretty dramatically since the product launch the latency has improved significantly we are keeping a very high bar and but I would say we are I had on all the metrics in terms of how we look at it internally and so couldn't be more pleased with it and so you will you will see us continue to bring it to more and more users and over time this will just be how search works and so while it's you know we are taking deliberate steps you know we are building the next major revolution in search and I'm pleased with how it's going so far in terms of cab backs I tried to lay out sort of the cadence of cab backs and the point what's an important one that the sequential step up in the second quarter was lower than anticipated for the two reasons I noted one the work that we're doing around office facilities and then the delays in certain data center construction projects but that's why we wanted to be really clear that we do expect elevated levels of investment in our technical infrastructure and that would be increasing through the back half of 2023 consistent with the comments we've made previously that we had expected 2023 to be higher and given the slower start at the front half of the year and then continuing to grow into 2024 and the primary driver of this as you know well is to support the opportunities we see in AI across the company including the investments that we've already talked about proprietary TPUs all that we're doing with GPUs as well as data center capacity and as we continue to see the pace of innovation accelerate we just want to make sure we're positioned to address the opportunity across alphabet and to your the other part of your question when we look at real estate optimization that's one of many work streams that are important when we talk about durably re-engineering our cost base to create capacity for investments and support long-term sustainable financial value and we're continuing to work against that.

我们非常重视搜索和用户体验方面的反馈和评级。虽然这项新技术令人兴奋，我们一直在过去几年里将AI创新引入搜索，而这是这一旅程的下一步。但是，我们知道这是一个很大的改变，所以我们从头开始深入思考。这让我们有机会不再受到以前搜索工作方式的限制，可以放开想象力。在用户体验中，我可以看到这一点的表现。我想说，我们的进展超出了我预期的，而且反馈非常积极。自产品发布以来，我们的效率得到了巨大提升，延迟时间也大幅改善。我们在内部对各项指标有着很高的期望，并且目前看来，我们已经取得了不错的成绩。因此，我们将继续将其推向更多用户，随着时间推移，这将成为搜索工作的常态。虽然我们采取的步骤是故意的，但我们正在构建搜索的下一个重大革命，对此我感到很满意。至于回报率方面，我试图解释一下回报率的步伐，重要的一点是，第二季度的顺序递增比预期低，这有两个原因，我已经提到过，一是我们在办公设施方面的工作，二是某些数据中心建设项目的延迟。所以我们希望非常清楚，我们确实预计将持续增加对技术基础设施的投资，这将在2023年后半年逐渐增加，这与我们之前所说的一致，我们预计2023年的投资将较高，并且鉴于今年上半年的较慢起步，到2024年将继续增长。正如你所知道的，这主要是为了支持我们在整个字母表公司内看到的AI机遇，包括我们已经谈到的专有TPU以及与GPU相关的所有工作，以及数据中心能力。随着创新速度的加快，我们希望确保我们的位置能够应对字母表的各种机遇。至于你提到的房地产优化，这是我们重点关注的许多工作领域之一，当我们谈到持久地重新设计我们的成本基础以为投资创造空间，并支持长期可持续的财务价值时，我们将继续努力。

Thank you both. Thank you. The next question comes from Lloyd Walmsley of UBS please go ahead. Thanks for a lot for taking the question.

谢谢你们两个。谢谢你。下一个问题来自瑞银(UBS)的劳埃德·沃姆斯利，请继续。非常感谢你们答复这个问题。

I wanted to just follow up on the some of the SGE questions and just get a sense I know it's early but what are you seeing in terms of of monetization and how do you guys think about that as you scale up the deployment of SGE is that I think there's a lot of concern out there that that maybe in the short term it's a bit of a headwind but over the longer term maybe maybe query growth from a more useful product can kind of make up for that but how do you guys see that playing out and what can you share there?

我想就一些SGE问题进行跟进，只是想了解一下，虽然现在还很早，但在SGE推出的规模扩大过程中，你们在收益方面看到了什么情况，并且你们是如何考虑这个问题的。我想有很多人担心短期内可能会有点阻碍，但从长期来看，更实用的产品可能会弥补这个缺点，但你们如何看待这个问题，有什么可以分享的吗？

Maybe I can give some color here. You know we've obviously been focused on bringing this experience and making sure it works well for users and it's very clear to me first of all as a user myself that are certain queries for which the answers are so so significantly better. It's a clear quality win and so I think we are definitely headed in the right direction and we can see it in our metrics and the feedback we're getting from our users as well and the thing that doesn't change with these experiences is that many you know a lot of user journeys are commercial in nature you know they that are inherent commercial user needs and what's exciting to me is that SGE gives us an opportunity to serve those needs again better right then better so it's clearly an exciting area and as part of that the fundamentals don't change.

也许我可以在这里进行一些补充。你知道，我们显然一直致力于提供这种体验，并确保它对用户来说能够很好地运行，作为一个用户，我很清楚有些查询的答案要好得多。这是一个明显的质量胜利，所以我认为我们正在朝着正确的方向前进，我们可以从指标和用户反馈中看到这一点，这种体验不会改变的一点是，许多用户之旅是商业性质的，这意味着它们固有的商业用户需求。令我兴奋的是，SGE使我们有机会更好地满足这些需求，所以这显然是一个令人兴奋的领域，而在其中，基本原则是不会改变的。

Users have commercial needs and they are looking for choices and there are merchants and advertisers looking to provide those choices so those fundamentals are true in SGE as well and you know we have a number of experiments in flight including ads and we are pleased with the early results we are seeing and so you know we will continue to evolve the experience but I'm comfortable at what we are seeing and we have a lot of experience working through these transitions and we'll bring all those learnings here as well.

用户有商业需求，他们在寻找选择，同时有商家和广告商希望提供这些选择，所以在SGE中这些基本需求也是存在的。我们正在进行一些实验，包括广告，我们对早期结果感到满意，所以我们会继续改进用户体验，但是我对我们目前所见的情况感到满意，我们在处理这些过渡问题上拥有丰富的经验，我们也会将这些经验运用到这里。

All right thank you. Thank you. The next question comes from Justin Post of Bank of America please go ahead. Great thank you just ask about the cloud it really looks like revenue growth stabilized despite optimization so could you talk about the pipeline and the client wins in the quarter how you fell about those and then any uptick are you seeing related to AI spending in the total revenues this quarter or in the second half.

好的，谢谢你。谢谢你。下一个问题来自美国银行的贾斯汀·波斯特，请继续。 太好了，谢谢你。我想问一下有关云计算的情况，尽管进行了优化，但收入增长似乎已经稳定下来，你能否谈谈本季度的项目线索和客户赢取情况，以及你对此的感觉，还有本季度或下半年AI支出方面是否有提高的迹象，对于总体收入是否有所助力。

Thank you. Thanks Justin. Okay it is an exciting moment overall in cloud because there is definitely a lot of interest from customers on AI and they definitely are engaging in many more conversations with us so you know I would say you know without commenting on the short term but you know when I think about it long term I view the AI opportunity as expanding our total addressable market and allows us to win new customers you know scale of scale of investments that we can directly bring to cloud now you know as I said earlier we have over 80 models across vertex enterprise search and conversational AI and we are taking all of them translating it into deep industry solutions so you know I'm excited about it.

谢谢。谢谢贾斯汀。总的来说，云端领域确实是一个令人兴奋的时刻，因为客户对人工智能表现出了很大的兴趣，并且他们与我们的对话也更加频繁。我认为，从长期来看，我认为人工智能机遇将扩大我们的总地址市场，并帮助我们赢得新客户。现在，我们可以直接将规模投资引入云端。正如我之前所说，我们在Vertex企业搜索和对话式人工智能方面已经拥有超过80个模型，并且我们正在将它们全部转化为深度行业解决方案。所以我对此感到非常兴奋。

Second it gives us an opportunity to upsell and cross-sell into our install base so for example if you think about do a day I in Google workspace now it's a collection of all our generated AI powered collaboration features you know we can bring it and make it available to more than nine million paying Google workspace customers. Similarly do a day I in Google cloud you know is again allows us to go back to our install base and engage in deeper conversations and finally I think AI helps us differentiate our core products for example if you take a look at cybersecurity we are deeply incorporating AI to you know drive profound changes there so overall I'm excited excited and I view this as a long-term opportunity and all the investments we are doing in AI across alphabet including you know the work we are doing in Google Deep Mind and Google research on Gemini and so on are directly applicable to cloud as well so excited about it.

其次，这使我们有机会向我们的现有用户进行升级销售和交叉销售。举个例子，如果您考虑一下在Google Workspace中进行的一天，它现在是我们生成的人工智能协作功能的集合，我们可以将其提供给超过900万付费Google Workspace客户。同样，在Google Cloud中进行的一天也使我们能够回到我们的现有用户群体，进行更深入的交流。最后，我认为人工智能有助于区别化我们的核心产品，举个例子，如果您关注网络安全，我们正在深度结合人工智能，实现深刻的变革。总体而言，我感到非常兴奋，并认为这是一个长期的机会。我们在整个字母表公司对人工智能的投资，包括我们在Google DeepMind和Google Research中的工作，如Gemini等，也直接适用于云计算，所以我对此感到兴奋。

Great thank you maybe one follow-up for Ruth did the infrastructure cloud grow faster than workspaces again this quarter. So we we did I don't think we commented on that yes in the second quarter GCP growth was above the growth rate for cloud overall. Great thank you. Thank you the next question comes from Michael Nathanson of Moffat Nathanson please go ahead.

非常感谢，也许还有个追问，关于 Ruth 的，本季度基础设施云增长是否比工作空间快？我们是这样的，我认为我们没有评论过这一点，是的，在第二季度，GCP 的增长速度超过了整个云计算市场的增长速度。非常感谢。谢谢。下一个问题来自 Moffat Nathanson 的 Michael Nathanson，请发言。

Thanks I want to fill up one for Sundar. So if you talk about the the ad market if you step back you're seeing real size now of weakness in linear TV ad agencies small digital companies real slowing the macro backdrop something cloudy yet you guys are accelerating your growth this quarter what factors are you looking at do you see that would you know identify why are you growing while others are really struggling and slowing now and then Sundar I think you spent over a hundred billion dollars on R&D over the past five years and yet there's a narrative that it's so competitive and so expensive to compete going forward. Can you tell talk a bit about how you're visiting that R&D spend any near-term cadence updates can give us for growth and any factors that could change the growth code going forward for research and development spending for you guys. Thanks.

谢谢。我想为Sundar填写一个表格。如果谈到广告市场，退后一步来看，你会发现线性电视广告代理、小型数字公司以及宏观背景的真实疲软。而你们在这个季度的增长却加速了。你们关注什么因素？你们觉得自己为什么会在其他公司真的正在陷入困境和放缓的时候依然保持增长？此外，Sundar，在过去的五年里，你们在研发上花费了超过1000亿美元，但有人说竞争如此激烈，所以未来的竞争成本也会很高。你能谈一谈你们对这个研发支出的看法吗？你们是否会提供近期的更新以及增长的任何变化因素，以推动研发支出？谢谢。

Maybe I can comment on the how we think about R&D and look if anything I think two things we are always committed to driving deep computer science research and innovation that's the foundation on which the company is built and taking that and applying it and building new products and services and generating value is the virtual cycle and you say nothing changes in that fundamental thesis we are definitely you know both you know as Ruth mentioned on AI investments we are going to be committed to making sure we invest to realize the opportunity but all the work we are doing on efficiency and optimization applies to on the AI side as well and so we are bringing all that lens there so that we do this responsibly but no overall changes in our philosophy our approach there and maybe a let's look comment on the overall market dynamics.

也许我可以评论一下我们对研发的看法，并且看看我认为是否存在任何两件事情。我们始终致力于推动深入的计算机科学研究和创新，这是公司建立的基础，然后将其应用于建立新的产品和服务，产生价值。这是一个虚拟循环，你可以说在这个基本观点上没有任何变化，我们肯定会像Ruth提到的一样，致力于AI投资，确保我们投资以实现这个机会，但我们在效率和优化方面所做的所有工作也适用于AI领域，所以我们将所有这些方面结合起来，以负责任地进行。但是在我们的哲学和方法论方面没有整体上的变化，也许我们还可以对整体市场动态做一些评论。

Yes look I can't comment on others but our focus continues obviously to be helping customers through whatever uncertainty or complexity they're facing and a lot of companies are focused on profitability driving efficiencies and they're carefully evaluating the effectiveness of their budgets and our goal is really to help them maximize efficiency and drive-start R&D and I think we have the proven AI power tools and solutions to actually do it I called out a search and other revenues being led by solid growth and retail vertical we talked about the DR and brand side on the YouTube side I think those are the key points I would make. Thank you.

是的，看吧，我不能对其他人评论，但我们的重点显然是帮助客户面对任何不确定性和复杂性，并且许多公司都专注于提高盈利能力和推动效率，他们正在仔细评估预算的有效性，我们的目标是真正帮助他们最大化效率并推动研发，我认为我们有经过验证的人工智能工具和解决方案来实现这一目标，我提到了搜索和其他收入由零售垂直领域的强劲增长推动，我们在YouTube方面还谈到了DR和品牌方面，这些是我要强调的关键点。谢谢。

Thank you the next question comes from Ken Gowrelski of Wells Fargo please go ahead.

谢谢，下一个问题来自富国银行的Ken Gowrelski，请发问。

Yes thank you so much for the the opportunity I appreciate that. Can I ask on performance max you've had great success there could you talk about any vertical or use case expansions and how long until we possibly get to the point of more automated AI generated creative and production. Yeah look this is a great question AI is a foundational component that really allows us to help use us advertise those pops partners at scale and we've been on journey for years right to take the key components of advertising whether it's bidding targeting and creatives as well as innovation frankly in the core advertiser and publisher experiences and improve them dramatically through AI and performance max is an example of all this comes together at scale for advertisers they provide us with business goal a set of assets and we can then take care of the rest to meet consumer demand and really deliver on advertiser or I and as you heard it at GML we've seen over many quarters we continue to build new AI features really on top of this I think I talked a bit in my prepared remarks about where we're taking some of our products from a gen AI perspective and if you take a look at some of the things we announced there it's fair to say whether you look at our revamped asset creation flow and performance max whether you look at automatically created assets whether you look at product studio and so on that we're on a right path to deliver some really exciting new innovation in automated let me call it asset creation in the broader sense thank you thank you.

非常感谢您给了我这个机会，我很感激。我想问一下，在性能最大化方面，您取得了巨大的成功，您能谈谈任何垂直或使用案例的扩展，以及我们可能何时达到更多自动化的AI生成的创意和制作的阶段吗？没错，这是一个很好的问题。AI是一个基础组成部分，它真正帮助我们以规模化的方式帮助广告伙伴进行广告推广。多年来，我们一直在努力改进广告的关键组成部分，包括竞价、定位和创意，以及在核心广告商和发布商体验方面的创新，通过AI大大改进它们。性能最大化就是一个例子，它将所有这些部分结合起来，为广告商提供商业目标和一套资源，然后我们可以负责其余工作，以满足消费者的需求，并实现广告商的目标。正如您在GML（谷歌营销直通车峰会）上所听到的，在过去的几个季度中，我们继续在这个基础上不断构建新的AI功能。在我的开场发言中，我谈到了我们将一些产品从通用AI的角度进行改进，如果您看一下我们在那里宣布的一些内容，可以说无论是我们改进过的资源创建流程和性能最大化，还是自动生成的资源，抑或是产品工作室等等，我们正在朝着一个正确的方向迈进，以在更广义上的自动化资产创建方面提供一些令人激动的新创新。非常感谢，再次向您表示感谢。

Our last question comes from Mark Mahaney of Evercore please go ahead.

我们最后一个问题来自爱信的马克·马哈尼，请你提问。

Okay actually I'll follow up on that last question Phillip you know you you pointed out AI has been used to improve the advertising mousetrap at Google for you know many years do you view generative AI as just a material accelerant of your ability to return to improve return on ad spend for the millions of marketers who use Google and if you think about where generative AI would have the most impact could you could you could you feel the part of what your guests now over the next couple years where it's going to have the most impact on the creative on the audience creation on the at the campaign optimization where do you think the most impact will come from generative AI just for all the that your your advertising customers thanks well look as I said earlier generative AI is supercharging you and existing ads products with really tons of potential ahead and we're really helping advertisers here make better decisions solve problems enhance creativity and I covered this earlier for example we launched a new conversational experience in Google Ads the as a creation flow in PMACs I mentioned the automatic created assets the product studio and so on when I talk to customers they're very excited about AI and understandably have some questions one of the top questions is for example what's the next best step I should take and this is a key reason why we launched our Google Ads AI Essentials which was a big announcement at GML it's a checklist of simple steps customers can take right now to unlock the power of AI and has to do with a foundation of data and measurement it has to do with taking action with our AI product and it really is a mindset shift to set up organizations for AI success so those are just some of the examples if you extrapolate this going forward those are some of the examples where I see a lot of upside apart from the points that someone already mentioned

好的，实际上，我会对菲利普提出的最后一个问题进行跟进。你提到谷歌已经多年以来利用AI改进了广告陷阱，对于数百万使用谷歌的营销人员来说，你是否认为生成式AI只是你们提高广告支出回报能力的一种材料加速剂？如果你考虑到生成式AI将产生最大影响的领域，你能感受到它在下几年将对创意、受众创建、活动优化等方面产生最大影响吗？你认为生成式AI对于所有广告客户的影响将主要来自哪些方面？非常感谢。 嗯，正如我之前所说的，生成式AI正在为我们现有的广告产品注入巨大的潜力，并真正帮助广告商做出更好的决策、解决问题和增强创造力。例如，我们在Google Ads中推出了一种新的对话式体验，即在PMACs中的创作流程，我提到了自动生成的素材、产品工作室等。当我与客户交谈时，他们对AI非常兴奋，但也有一些问题。其中一个最重要的问题是，我应该采取下一步行动是什么，这也是我们推出Google Ads AI Essentials的核心原因。这是我们在GML上的一个重大宣布，它是一个简单步骤的清单，客户现在就可以采取这些步骤来释放AI的力量，它涉及到数据和测量的基础，涉及到与我们的AI产品采取行动，这确实是一种思维转变，为AI的成功应用建立组织结构。这些只是一些例子，如果展望未来，这些都是我看到的一些有很大潜力的地方，除了其他人已经提到的要点外。

and I think all of this is before we have a multimodal capabilities really in the mix and and so looking at the early innovations there I think it's going to be an exciting couple years ahead thanks Mark. Thank you Sundar thank you Philip congratulations Ruth. Thank you and that concludes our questioning the answer session for today I'd like to turn the conference back over to Jim Friedlin for any further remarks.

我认为在我们真正拥有多模式能力之前，所有这些都发生在混合中。所以看到早期的创新，我认为未来几年将是令人兴奋的。谢谢Mark。谢谢Sundar，谢谢Philip，祝贺Ruth。谢谢大家，今天的问答环节到此结束。我想将会议交给Jim Friedlin发表一些进一步的话语。

Thanks everyone for joining us today we look forward to speaking with you again on our third quarter 2023 call thank you and have a good evening.

非常感谢大家今天的参与，我们期待在2023年第三季度电话会议再次与您交谈，感谢您，祝你晚安。

Thank you everyone this concludes today's conference call thank you for participating you may now disconnect

谢谢大家，今天的电话会议就到此结束。感谢大家的参与，现在你们可以断开连接了。