2025-03-04 Alphabet Inc. (GOOG) Morgan Stanley TMT Conference (Transcript)

Alphabet Inc. (NASDAQ:GOOG) Morgan Stanley TMT Conference March 4, 2025 1:00 PM ET

Company Participants

Anat Ashkenazi - CFO

Conference Call Participants

Brian Nowak - Morgan Stanley

Brian Nowak

All right. Good morning, everyone. Welcome to day two of the Morgan Stanley 2025 TMT Conference. We are thrilled to have the CFO of Alphabet, Anat Ashkenazi with us. Thanks for joining us.

大家早上好。欢迎来到摩根士丹利2025 TMT会议的第二天。我们非常高兴能邀请到Alphabet的首席财务官Anat Ashkenazi与我们同在。感谢各位的参与。

Anat Ashkenazi

Thank you for inviting us.

感谢邀请。

Brian Nowak

Happy Tuesday. Happy first Morgan Stanley TMT Conference. Let me do the disclosures. Please note that all important disclosures, including personal holdings disclosures and Morgan Stanley disclosures appear on the Morgan Stanley public website at www.morganstanley.com/researchdisclosures. They are also available at the registration desk.

周二快乐。祝贺摩根士丹利TMT会议首届成功举行。接下来我将进行信息披露。请注意，所有重要的披露信息——包括个人持股披露和摩根士丹利的其他披露——均可在摩根士丹利官方网站 www.morganstanley.com/researchdisclosures 上查阅，同时在登记处也有提供。

Some of the statements made today by Alphabet may be considered forward-looking. These statements involve a number of risks and uncertainties that could cause actual results to differ materially. Please refer to Alphabet's Form 10-K and 10-Q, including the risk factors discussed in its Form 10-K filing. Any forward-looking statements made today by Alphabet are based on assumptions as of today, and Alphabet undertakes no obligation to update them.

Alphabet今天发表的部分声明可能被视为前瞻性陈述。这些陈述涉及许多风险和不确定性，可能导致实际结果出现重大偏差。请参阅Alphabet的10-K和10-Q表格，包括其10-K文件中讨论的风险因素。Alphabet今天所作的所有前瞻性声明均基于当前假设，且Alphabet不承担更新这些声明的义务。

Brian Nowak

So you've been in the role now for about half a year.

所以您担任这一职务大约半年了。

Anat Ashkenazi

Yeah.

是的。

Question-and-Answer Session

问答环节

Q - Brian Nowak

It's a very complicated business. There's a lot of moving pieces, like, you and I were talking about. Maybe just sort of from an external perspective, you're coming from the health care industry over the tech industry, what factors of Alphabet sort of excited you most when you thought about kind of coming to be the CFO?

这是一个非常复杂的业务。正如你我所讨论的，有许多不断变化的因素。从外部角度来看，您之前来自医疗保健行业而非科技行业，那么在考虑出任首席财务官时，Alphabet的哪些方面最令您感到兴奋？

Anat Ashkenazi

Yeah. So it's interesting, I guess, the question often of why did you move, from a very iconic health care company to another company. And I think about it as really an opportunity to serve as CFO of probably two of the most impressive American companies. And I looked at the Alphabet business. And what got me intrigued is the opportunity to be part of what I view will be likely one of the major, most significant transformation in our lifetime with the prevalent use of AI, both today and where I think it's heading.

是的。这个问题常被问到：为何会从一家非常标志性的医疗保健公司转而加入另一家公司。我认为，这实际上是一个机会，让我有幸担任两家可能是美国最令人印象深刻的公司的首席财务官。我研究了Alphabet的业务，吸引我的是有机会参与我认为将会是我们一生中最重大、最重要的变革之一——即当下及未来人工智能的广泛应用。

And as I was studying the Alphabet business and was talking to the management team, I saw a few things that I found incredibly impressive, and I thought were really exciting for someone to come in and join as the CFO. First, I believe Alphabet is probably one of the best positioned company to drive significant success at scale in AI over a long period of time. And I saw an incredible team of innovators within the company.

Anat Ashkenazi

在研究Alphabet的业务并与管理团队交流时，我发现了几件令我非常印象深刻的事情，我认为这些都是让一位新任首席财务官充满激情的理由。首先，我相信Alphabet可能是长期内在人工智能领域大规模取得重大成功的最佳定位公司之一。而且，我看到了公司内一支令人难以置信的创新者团队。

And that's something that always attracted me is the opportunity to work with people that always think a few steps ahead of where they can bring innovation, whether it's the consumers or enterprises, creators with YouTube, etc. And I thought we have -- this company has what it takes to be successful. So what a great opportunity to come in now and be able to shepherd that change in momentum.

Anat Ashkenazi

这正是一直吸引我的地方：有机会与那些总能领先几步思考如何推动创新的人共事，无论是面向消费者、企业，还是与YouTube创作者合作。我认为这家公司具备取得成功所需的一切。因此，现在加入并引领这种势头的转变，真是一个极好的机会。

Brian Nowak

布莱恩·诺瓦克

I know you've had a lot of investor meetings. We've spoken a few times. As you sort of, you encounter these investor questions, what in your mind are sort of some of the most recurring misperceptions or under estimations about Alphabet that you are being asked about that you think just are off base?

我知道你参加过许多投资者会议。我们已经交谈过几次。当你遇到这些投资者问题时，你认为哪些关于 Alphabet 的常见误解或低估是你被问及的，而且你觉得这些看法完全偏离实际？

Anat Ashkenazi

阿纳特·阿什肯纳齐

I don't know misperception. But I think, I'm not sure what I know is many of our long investors see the fact that we have a really impressive and strong stack, and there is talks about the stack that we have, really across the infrastructure that you've heard us and you heard me talk about the investments we're making, but robust infrastructure of data centers, TPUs, GPUs, incredible research teams. And when you're sitting on the outside, what you see is the innovation that we're bringing to the marketplace. We on the inside can actually see the level of innovation and the capabilities we have with the team and people.

我不认为这是误解。但我想，我所了解到的是，我们许多长期投资者都看到了这样一个事实：我们拥有一套真正令人印象深刻且强大的技术体系，人们讨论的正是我们在整个基础设施中所具备的体系——你曾听我们讨论过我们所做的投资，包括数据中心、TPU、GPU以及卓越的研究团队。当你处在局外观察时，你看到的是我们为市场带来的创新；而在内部，我们则能真实地看到团队与人才所展现的创新水平和能力。

And then obviously, everyone understands the global reach that we have to billions of users. But the Alphabet business is very comprehensive and very large. And obviously, we talk about search, that's very prominent. And you're now starting to see -- well, not starting, but you're seeing the growth in some of the other businesses or platforms, such as cloud and YouTube. And both of these combined, we shared on the last call, are now annualized in over $110 billion a year, that's a massive size business.

而且，显然，每个人都明白我们拥有覆盖数十亿用户的全球影响力。但 Alphabet 的业务非常全面且规模庞大。显而易见，我们常谈的搜索业务十分突出。而你现在不仅开始看到，而且已经见证了其他一些业务或平台（如云计算和 YouTube）的增长。正如我们在上次电话会议中所分享的，这两部分业务合计现在年化收入已超过 1100 亿美元，业务规模巨大。

But also behind it, the early innovation that we have with what's in the Other Bets. And you now start seeing Waymo, which we've just launched this morning in Austin, expanding isomorphic and other opportunities that we have for growth. So it's that whole set of opportunities we have across the business.

除此之外，我们在“Other Bets”（其他赌注）中的早期创新同样发挥着作用。而你现在开始看到 Waymo——我们今天早上刚在奥斯汀推出的产品——的扩展，以及我们为增长所预备的其他机会。这正体现了我们整个业务中拥有的一整套机遇。

Brian Nowak

布莱恩·诺瓦克

All right. A lot of growth opportunities. So I've asked you about areas that you think are sort of a misperception. Now I'm going to throw a few perceptions that I get asked about and sort of your response. So on your first conference call at 3Q '24, you talked about efforts to reengineer the cost structure, driving more operating efficiency, etc., that was 3Q '24. Coming out of the most recent conference call, there was a perception among a lot of investors that there was some of it backing away from how much further efficiency you can drive, your reaction is sort of that idea of there being less OpEx efficiency to come?

好的，有很多增长机会。所以我曾问过你认为哪些领域存在误解。现在，我要抛出几个投资者常问的观点，请你做出回应。在你 3Q '24 的第一次电话会议上，你谈到了重构成本结构、提升运营效率等举措——那正是 3Q '24 的内容。而在最近一次电话会议后，许多投资者认为你们似乎在放弃进一步提高效率的空间，你的回应是否正是认为未来运营支出效率提升的空间会减少？

Anat Ashkenazi

阿纳特·阿什肯纳齐

Let me start with the end and then I'll give you the longer answer. So first, there is no change. I think people may have interpreted that change in tone, which was not a change in tone, but -- and on my first earnings call, which was the Q3 call, I said, I laid out the priorities, which I thought was important for me to describe what the priorities are, things that I'll be focusing on and one of the things that I mentioned was cost efficiencies. It is by no means the only thing. Obviously, you want to drive growth and innovation and adoption of products appropriate allocation as well as cost efficiency. We're doing all of that.

让我先从结论开始，然后给你更详细的回答。首先，并没有变化。我认为人们可能误解了语气上的变化，但实际上并未发生变化——在我第一次的财报电话会议（即 Q3 会议）上，我阐明了我们的优先事项，我认为说明这些优先事项非常重要，也就是我将专注的方向，其中之一便是成本效率。当然，这绝不是唯一的要求。显然，你既要推动增长、创新和产品采纳以及合理分配资源，同时也要实现成本效率。我们正在同时推进这些工作。

And once I stated that, my view is now I'm executing. And the entire organization is moving and execute at speed based on the priorities we've laid out. So I didn't mention it again on the second call. And I did mention the fact that we're going to be faced with headwinds associated with the depreciation that's coming off the significant CapEx investments we're making. So if you think about last year, we had $15 billion in depreciation, which was an increase from the year before and next -- this year, we'll have more.

一旦我阐明这一点，我的观点就是：现在我正处于执行阶段。整个组织都在以我们设定的优先事项为基础迅速行动。所以在第二次电话会议上，我没有再重复这一点。但我确实提到，我们将面临由大量资本支出投资带来的折旧逆风。如果你回顾去年，我们的折旧费用为 150 亿美元，比前一年有所增加，而今年将会更多。

So with every efficiency you're driving through our operating expenses, you have to offset that depreciation. The efforts are not stopping and the efforts are continuing. And I think of it as for -- even for a company that feels that they're incredibly efficient and super discipline on investments and productivity, there's always an opportunity to push a lot further. And it's almost like it's like innovation, right? You never stop. And I'd like to move away from sometimes people think about productivity or efficiency as an intervention, and it's episodic.

因此，每当你通过优化运营费用提升效率时，你也必须抵消那部分折旧。努力不会停止，工作仍在持续进行。我认为，即便是那些自认为极为高效、在投资和生产力上非常自律的公司，总有进一步提升的空间。这几乎就像创新，对吧？你永不停歇。而且，我想强调，不要把生产力或效率看作是一种偶发性的干预措施。

增加设备、减少人员。

You come in and you fix something. And while you certainly want to do that, that's not how I operate. I think of it more as a continuous, you never stop. And you do something now. And then the next day, you ask, okay, now we're doing 20% better. Let's get to 30% better, right, and then push even further and even further.

你进来修复问题，虽然你当然希望那样做，但这并非我的运作方式。我更认为这是一项持续不断的过程，你永远不会停下。你今天做了一些改进，第二天就会问，好吧，现在我们提高了 20%，接下来让我们提高到 30%，然后再不断推动更高的提升。

And certainly, the more efficient you become the more difficult it is, but it doesn't mean you stop. I was -- I say, it's like a world class athlete. You don't stop training, you always look for how you can do a little better. And we're looking across the board, whether it's -- I talked about head count growth, we will be increasing or investing in head count in certain areas, primarily in AI, in certain areas within cloud because they're driving growth. But it doesn't mean that the cost of the rest of the business we're not prioritizing. So prioritization is critical.

当然，你越高效，进一步提升就越难，但这并不意味着你会停止前进。我常说，这就像一位世界级运动员，你不会停止训练，总是会寻找可以做得更好的方法。我们在各个方面都在努力，比如我提到的员工增长，我们将在某些领域增加或投入人力，主要是在人工智能领域和云计算中的部分领域，因为它们正推动着增长。但这并不意味着我们会忽视其他业务的成本管理。因此，确定优先级至关重要。

In other words, it was already in the media that we've taken some actions in certain parts of the business with voluntary exit program and that's just one of these examples. We said this is a priority. Now we're executing. It doesn't mean we're broadcasting it. But that doesn't stop. So people is one thing, and we need to make sure we invest in retain the best. And as I said, having the best researchers, the best minds in the industry is critical.

换句话说，媒体已经报道了我们在业务的某些领域采取了一些措施，比如自愿离职计划，这只是其中的一个例子。我们表明这是一个优先事项，现在正在执行。这并不意味着我们会大肆宣传，但这并不会阻碍我们的前行。人才是一切，我们必须确保投资并留住最优秀的人才。正如我所说，拥有业内最顶尖的研究人员和智慧至关重要。

You look at simple things such as our physical footprint, where we are located, the office structure, etc., all that needs to be looked at how we contract with third parties, how much do we pay for everything, just making sure there's -- everything is evaluated very closely, and then we push it forward. And then those efficiencies are what's going to be able to -- we can then bring that back in to reinvest that into the business to drive that continuous investments in innovation.

你会注意到一些简单的方面，比如我们的实体布局、所在地、办公室结构等；所有这些都需要审视，例如我们与第三方的合同方式、为所有事项支付的费用，确保每一项都得到细致评估，然后再推进。而这些效率提升将使我们能够将节省下来的资金重新投入到业务中，从而推动对创新的持续投资.

So not stopping one of the priorities along a few others, which I'm happy to talk about, but certainly one of them. I think the -- probably the bigger focus area is how do we drive growth and how do we get to market even faster.

因此，虽然我愿意讨论的优先事项不止这一项，但这无疑是其中之一。我认为，更重要的关注点可能在于如何推动增长以及如何更快地进入市场.

Brian Nowak

布莱恩·诺瓦克

Well, let's go there, that's another perception. You're entering the company at a fascinating time of rapid innovation across Generative AI, GPU-enabled machine learning and just changes across the tech ecosystem. There is a perception by some investors who say, Alphabet is still moving too slowly. They've built great technologies similar to maybe Bell Labs or your research lab, but their go-to-market is too slow. What is your reaction to that? And how do you think about sort of ensuring that you're pushing out next-generation consumer facing products fast enough to stay at your position at the top of the funnel?

那么，我们来谈谈这个问题，这是另一种看法。你正处于一个激动人心的时期，正值生成式 AI、基于 GPU 的机器学习以及整个科技生态系统的快速创新之际进入公司。一些投资者认为，Alphabet 的步伐仍然过于缓慢。他们认为，虽然你们构建了类似于贝尔实验室或你们的研究室那样出色的技术，但其产品推向市场的速度太慢了。对此你有什么看法？你如何看待确保能足够迅速地推出面向消费者的下一代产品，从而保持在漏斗顶端的领先地位？

Anat Ashkenazi

阿纳特·阿什肯纳齐

So certainly having tremendous innovation engine is insufficient, if you're not getting it to users quickly and you're not driving adoption. So that whole continuum and that flywheel needs to be -- to work well. And I think you've seen, if you just looked at the announcements we made over the past three months, really every month, sometimes every week in certain months, we've announced something, whether it's Gemini 2.0 or some of our video models or agentic or in other parts of the business, Waymo, we're just -- Willow, keep announcing new innovation. And that's the other piece of -- my focus is, how do we make sure we get that to consumers, enterprises, creators faster and then drive rapid adoption. We are already in billions of people, homes, TVs, mobile devices, computers, etc. How do we make sure we bring that innovation to them.

毫无疑问，仅有强大的创新引擎是不够的，如果你不能迅速将产品推向用户，不能促进采用，那么这一切就无法发挥效用。我认为你也看到了，若回顾我们过去三个月的公告——实际上每个月，某些月份甚至每周都有新消息——无论是 Gemini 2.0、我们的一些视频模型、代理技术还是业务其他部分如 Waymo，我们不断推出新的创新。这正是我关注的另一点：如何确保更快地将这些创新推送给消费者、企业和创作者，并迅速促成采用。我们已经触及数十亿人、家庭、电视、移动设备和电脑，那么如何确保把这些创新带给他们呢？

Now we do this in a way that is responsible because that's who we are, and we want to make sure we do that well. But it doesn't mean we shouldn't be testing things earlier. So that's one -- another area of focus that I have is to make sure that we move that rapidly and get that to the market quickly. It is a competitive marketplace. But beyond the fact that it's a competitive marketplace, we have tremendous innovation. I see it. Some of the things that -- I like to get my hands into things. And some of the innovation that I'm seeing there is showing me in the labs, etc., just phenomenal. You never thought things could be possible. And I want to make sure that our consumers like all of us have access to it because it is transformational. Again, this is one of the reasons I came here because I do think it is transformational for -- really across the globe.

现在，我们以一种负责任的方式来推动这一切，因为这就是我们的本质，我们也希望把这做得出色。但这并不意味着我们不应该更早地测试各种方案。这是我关注的另一个领域：确保我们迅速行动，将产品快速推向市场。市场竞争激烈，而不仅仅因为竞争激烈，我们还拥有巨大的创新能力。我看到了许多——我喜欢亲自参与其中的事物。而我在实验室等地方看到的一些创新成果，真是令人惊叹，你从未想过某些事情会成为可能。我希望确保我们的消费者——包括我们所有人——都能接触到这些变革性的产品，这也是我来到这里的原因之一，因为我认为这对全世界来说都是一种变革。

Brian Nowak

布莱恩·诺瓦克

Yeah. It brings up that -- it's actually -- it's a great segue to start the question about pushing from the lab into broader based products to all the consumers in this room and sort of the gating factors or what you consider internally for how quickly you're going to push big change to search. There is this discussion about the innovator's dilemma. Alphabet won't change search fast enough because they don't want to disrupt themselves. How do you think about that internally and you see these great things in the lab and you say, this would be great to consumers. When is it ready to go to consumers?

是的。这正好引出下一个问题：如何将实验室中的成果转化为面向所有消费者的广泛产品？你们内部考虑的关键因素是什么？你们打算多快推动搜索领域的重大变革？人们常谈创新者的困境——认为 Alphabet 不会足够迅速地改变搜索，因为他们不想自我颠覆。你们内部是如何看待这个问题的？当你们在实验室看到这些伟大的成果时，你会认为它们对消费者来说会很棒，那么何时能准备好推向消费者？

Anat Ashkenazi

阿纳特·阿什肯纳齐

So I have -- I always talk about self-disruption. This is just my -- I like to talk about this. And I think you should always look to disrupt your own innovation and not wait for someone else to do it, and that's the thinking that we have. And certainly for Search, this is probably one of the places where you've seen AI implemented in a really meaningful way. And think about how we all use Search five years ago even. You're not searching the same way today. First, you're not asking the same question. In the past, you'd ask a very simple questions, very focused. Now you know that you can get a lot more from Google Search.

我总是谈论自我颠覆。我喜欢这样说，我认为你应该始终寻求颠覆自己的创新，而不是等待别人来做。这正是我们的思考方式。对于搜索来说，这可能是你见过 AI 得到真正意义上应用的少数领域之一。试想五年前我们使用搜索的方式，与今天相比大不相同。首先，你不再问同样的问题。过去，你会提出非常简单且专注的问题；而现在，你知道可以从 Google 搜索中获取更多信息。

And you're asking a very complex -- very set of complex much longer question. We brought in a different way of searching. So now you can search with Google Lens or circle to search, we have AI Overviews. And we're seeing that when we bring that innovation to consumers, we see increased level of engagement. So we are seeing increased level of engagement with the AI Overviews, we're seeing increase in commercial queries. So that's -- the search metrics are very healthy, but we're continuing to innovate behind it.

而现在，你提出的是非常复杂、内容更长的问题。我们引入了一种不同的搜索方式。如今，你可以使用 Google Lens 或 Circle 搜索，我们还推出了 AI 概览。我们发现，当把这些创新推向消费者时，用户的参与度显著提升——AI 概览带来的参与度上升，以及商业查询量的增加，这表明搜索指标非常健康，但我们仍在不断推进创新。

Sundar mentioned that 2025 is a big change for Search, which means more innovation is coming and more innovation is coming. So we're not going to wait. We're going to bring it to consumers so that they can benefit from it. But I do think we have been changing and will be changing Search and how people search and what they search for. And now they're all -- for example, the AI Overviews are powered by Gemini. So we have the power of our AI models behind Search as well.

Sundar 提到 2025 年将是搜索领域的重大变革，这意味着更多的创新将陆续到来，所以我们不会等待。我们将把这些创新推向消费者，让他们从中受益。我认为我们一直在改变搜索方式，也将继续改变人们如何搜索以及搜索什么。例如，AI 概览就是由 Gemini 提供支持，这也说明我们在搜索背后拥有强大的 AI 模型支持。

Brian Nowak

布莱恩·诺瓦克

Yeah. Sundar has talked about a lot of change to come to search throughout 2025, to your point. I know you shared some new stats in a blog post last night around overall search behavior. So maybe just a couple of questions on it. So can you give us an update on any numbers of what you're seeing in changes from search from some of these new generative AI capabilities and where are you in sort of the monetization of overviews in some of these new use cases versus core search?

是的。正如你所说，Sundar 谈到了 2025 年搜索领域将发生的诸多变革。我知道你昨晚在博客中分享了一些关于整体搜索行为的新数据。那么，我有几个问题：你能否更新一下，介绍一下从这些新型生成式 AI 能力中观察到的搜索变化的具体数字，以及在新用例中的 AI 概览与核心搜索之间的货币化进展情况？

Anat Ashkenazi

阿纳特·阿什肯纳齐

Yeah. So we shared yesterday that we have over 5 trillion -- more than 5 trillion careers a year, which is a really impressive number and immediately divided by a number of people, etc., per day. So it's -- and it's not surprising, I think, for all of us to that -- that's how we look for information now. And certainly, the introduction of different methods of searching and AI Overviews have helped with that. And what we're seeing with AI Overviews is when someone has served with an AI Overviews, and I'll mention in a second, not every search ends up with an AI Overviews. They do get more information. And they tend to then come back for more complex and longer queries.

是的。我们昨天分享过，我们每年处理超过 5 万亿次——不，是超过 5 万亿次的“搜索”行为，这个数字非常惊人，并且平均到每天每个人的使用量都非常高。这并不令人意外，因为这就是我们如今获取信息的方式。当然，不同搜索方式以及 AI 概览的引入对此起到了推动作用。我们观察到，当某次搜索采用了 AI 概览（我要说明一下，并非每次搜索都会用到 AI 概览）时，用户会获取更多信息，并且往往会回来进行更复杂、更长的问题查询。

And we're now -- and I think we've shared this before, we're monetizing search on -- with AI Overviews at the same rate as non-AI Overview search, which is great from a monetization perspective. So we're seeing all that progress and bring in opportunities for us to monetize even further as we think about where consumers are and certainly, advertisers as well as they have more targeted specific searches, you search and you get an AI Overview where you get -- it's more targeted now and what you're going to be served with in terms of advertisement. So it's beneficial for advertisers, it's beneficial to our users, beneficial for us as well.

而且，我们之前也提到过，目前通过 AI 概览的搜索与非 AI 概览的搜索的货币化率是相同的，这在货币化角度看是非常好的。我们正在见证这一进展，并且这也为我们提供了进一步货币化的机会，考虑到消费者和广告商的需求，他们现在进行更有针对性的搜索，搜索时会得到一个更加精准的 AI 概览，同时在广告投放上也更具针对性。因此，这对广告商、用户以及我们自己来说都是有利的。

Brian Nowak

布莱恩·诺瓦克

Great. Now let me ask one about the Gemini app. Now you mentioned you have a big funnel of users who are searching every day on Google. Billions of people who are searching. Now it seems like there's been a change where there's going to be separate Gemini app now. So walk us through sort of why move Gemini into a separate app? How do you think about monetizing the separate app versus the core search app or Chrome or your other multibillion user services?

太好了。现在让我问一下关于 Gemini 应用的问题。你提到你拥有一个庞大的用户渠道，每天有数十亿人在 Google 上进行搜索。现在似乎发生了变化，将会推出独立的 Gemini 应用。那么，请你解释一下，为什么要将 Gemini 独立成一个应用？你如何看待独立应用与核心搜索应用、Chrome 或你其他拥有数十亿用户的服务之间的货币化方式？

Anat Ashkenazi

阿纳特·阿什肯纳齐

So Gemini now has both a free tier for anyone who wants to use it as well as a paid tier for someone who wants something more advanced. So there's certainly a monetization option there as well. And we're learning as we're getting more users to use the platform, and it's now even more advanced and people can interact with Gemini in a different way. It can look through your calendar or Google maps where you are. If you have an Android or a Pixel, it even interacts in a more advanced way to your screen. So it's -- it literally is an assistant now for you.

所以，Gemini 现在既有一个供任何人免费使用的免费版本，也有一个为需要更高级功能的用户提供的付费版本。因此，这里当然存在一种货币化的选择。随着越来越多的用户使用这个平台，我们也在不断学习，它现在变得更加先进，用户可以以不同的方式与 Gemini 互动。它可以查看你的日历或你在 Google 地图上的位置。如果你使用的是 Android 或 Pixel 设备，它甚至能以更高级的方式与你的屏幕互动。所以，它——实际上现在就是你的一个助手。

And if you're like me, you have Gemini planning your vacation, detailed itinerary. So I do think there are opportunities there. And the interesting thing is also the dynamic between Gemini and Search because oftentimes or sometimes you go into Gemini and you look for -- you create something and you look for information that is not a traditional search, but then you'll use that to go back to Google Search and for something else. So I think we have multiple options there.

如果你像我一样，你会用 Gemini 来规划假期，制定详细的行程。所以我确实认为这里存在机会。有趣的是，Gemini 与搜索之间的动态关系，因为有时你进入 Gemini，查找或者创造一些信息，这些信息并不是传统意义上的搜索内容，但随后你会利用这些信息再回到 Google 搜索，做其他事情。所以我认为我们有多种选择。

And our approach had has always been Google for two plus decades is to make sure we build the best products for consumers. And when users use them more, we see greater level of engagement. We learn more we then bring forward opportunities for monetization, which AI Overview is a great example of that.

而且，Google 两十多年来一直的做法就是为消费者打造最好的产品。当用户使用这些产品的频率增加时，我们会看到更高的参与度，从中学到更多，然后创造更多货币化的机会，而 AI 概览就是一个很好的例子。

Brian Nowak

布莱恩·诺瓦克

The free versus paid subscription offerings, there's a -- you're not under those Wall Street can be impatient with seeing return. They want to see return from all the investment. And I think there's an argument that as long as these next-generation agentic capabilities are behind paid walls, might not be that large. So how do you think about internally of pushing out some of these next-generation agentic capabilities for the free tier, the travel product you mentioned, as opposed to keeping it behind the paywall. What are the gating factors there?

关于免费与付费订阅服务，华尔街那些人迫切希望看到投资回报，他们想从所有投资中看到回报。我认为有一种观点认为，只要这些下一代具备代理能力的功能被放在付费墙后面，其规模可能就不会太大。那么，你们内部如何看待将这些下一代代理能力功能（比如你提到的旅行产品）推向免费版本，而不是一直保留在付费墙后面？其中的关键制约因素是什么？

Anat Ashkenazi

阿纳特·阿什肯纳齐

Well, different variables. And again, we've done it before where we look at what's the user engagement, what are we looking at from users, what else do we bring in to consumers and then make -- we need to make a decision. We make a decision. Obviously, we don't announce it before we make it, but then we can make a decision of shifting this to where to some product sales.

嗯，这取决于不同的变量。同样，我们之前也曾这样做过：观察用户参与度、用户反馈以及我们为消费者带来了什么，然后做出决策。我们会做出决定。显然，在决定之前我们不会提前公布，但之后我们会决定是否将这一部分转向产品销售。

Brian Nowak

布莱恩·诺瓦克

Got it. Okay. Let's talk about CapEx sort of support of the AI investments and the ROIC. So we're talking about $75 billion-ish of CapEx this year. How internally are you new to the company, you are going to spent $75 billion. What types of ROIC metrics are you running internally or how do you determine the right amount of CapEx given where we are in this Generative AI build-out phase?

明白了。好，我们来谈谈资本支出（CapEx）对 AI 投资和投资回报率（ROIC）的支持。所以，今年我们大约有 750 亿美元的资本支出。作为公司新成员，你将参与花费这 750 亿美元。你们内部使用哪些 ROIC 指标，或者说在这个生成式 AI 建设阶段，你们如何确定合适的资本支出金额？

Anat Ashkenazi

阿纳特·阿什肯纳齐

So as you can imagine, this is an area I would -- I spent quite a lot of time on. And it starts with a very robust kind of governance process by which we look at the demand or the needs across the business, whether it's Google DeepMind or Cloud or Search or YouTube and we aggregate those needs and look at those needs over the long term because these investments are made in such a way that we want to make sure that they are used for years, and I'll talk about that here in a second.

正如你可以想象的，这个领域我花了相当多的时间。它始于一个非常严谨的治理流程，我们会审视整个业务中的需求，无论是 Google DeepMind、云计算、搜索还是 YouTube，并将这些需求汇总起来，从长远角度考虑，因为这些投资的目的在于确保它们能使用多年，我稍后会详细说明这一点。

And we take those inputs in and we then look at what the needs would be. And we do have the benefit of having TPUs and GPUs when we make those capital investments. TPUs really power our internal efforts. And then for cloud customers, they have options of TPUs and GPUs. The $75 billion is not, by the way, not all of our technical infrastructure because we have facilities, etc., building, but mostly, you can imagine, data centers, servers, network and equipment with servers being the largest component of that.

我们收集了这些信息后，再分析具体需求。进行这些资本投资时，我们受益于 TPU 和 GPU 的优势。TPU 真正推动了我们的内部工作，而对于云端客户，他们也可以选择 TPU 或 GPU。顺便说一句，这 750 亿美元并不是我们所有技术基础设施的全部，因为我们还包括建筑设施等，但主要是数据中心、服务器、网络和设备，其中服务器占据最大比例。

You look at the needs, we then look at what options we have. There are long lead times for this. It's not a light switch. You buy something and you install it and it immediately connects. It takes time to do these things. Certainly, if you build data centers. So when I look at the ROI, I do see a continuum of things that will have a return on investment in a very, very near future. They're fairly certain, such as cloud customers versus things where you're still building, as you said, kind of the future of AI and everything in between such as Search and YouTube.

你审视需求后，再考察我们有哪些选择。这些项目有很长的前置周期，不是开关那么简单。你购买、安装后不会立刻投入使用，这些都需要时间，特别是建设数据中心。因此，当我看投资回报率时，我看到一系列项目将在非常近的未来产生回报，其中一些相当确定（如云端客户），而另一些则处于建设阶段，比如你所说的 AI 的未来，以及介于搜索和 YouTube 之间的所有项目。

So as we look at our $75 billion and most of it, as I said, goes towards servers and data centers, and I look at where do we allocate that compute. So in 2025, we expect about half of that compute -- AI compute to go towards Cloud, the cloud business. So when you think about it from a return perspective, it's a different profile of return on investment and certainly a different risk profile. Because you -- I think I've mentioned on the call, we exited 2024 with more customers than we had capacity in cloud. So it's not that we're building something where we don't have demand. We already have the demand. Now it's -- again, we'll take some time to get this up and running and operational. But we look at this.

因此，我们考虑这 750 亿美元的投入，大部分用于服务器和数据中心，同时审视如何分配这些计算资源。预计在 2025 年，大约一半的 AI 计算资源将用于云业务。所以从回报角度看，这是一种不同的投资回报率模式，风险特性也不一样。正如我在电话中提到的，我们在 2024 年结束时，云端客户数量已经超过了我们的云容量。这说明我们并不是在建设没有需求的项目，而是需求已存在。现在，只是——我们需要一些时间使其投入运行并达到全面运营。但这是我们的考量重点。

And the other question is fungibility over time, and we have the benefit of having a broad business across different surfaces and different business lines. So I look at -- if we use this here today, would I be able over time to use it somewhere else. So that I can -- these are expensive servers, obviously, that we're putting in large data centers, and I want to make sure that, one, they're highly utilized; and two, that there will be utilized over a period -- a long period of time.

另一个问题是资产的可调配性，我们拥有跨不同平台和业务线的广泛业务优势。所以我会考虑——如果今天将其用于这里，未来是否能转用于其他地方。因为这些服务器价格昂贵，我们显然在大型数据中心中投入了这些服务器，我要确保：首先，它们能得到充分利用；其次，它们能在很长一段时间内持续使用。

And then going back to your original question -- initial question on efficiency and productivity, certainly in $75 billion, I want to make sure that we are investing in the most efficient and productive way. How we -- what we bring things in, how we build the data centers. So our strategy is to lean mostly on our own built data centers, which means they are more customized to our needs, our TPUs are customized for our workloads and our needs. So it does allow us to be more efficient and productive with that investment and spend. And that's incredibly important when you're talking about these almost -- money, there's a lot of money.

回到你最初关于效率和生产力的问题，显然在这 750 亿美元的投入中，我要确保我们以最高效、最具生产力的方式进行投资。我们如何引进设备、如何建设数据中心都是关键。我们的策略主要依赖于自建数据中心，这意味着它们能更好地根据我们的需求进行定制，我们的 TPU 也针对我们的工作负载和需求进行了定制。因此，这使得我们的投资和支出更加高效和富有成效，而这在涉及如此巨额资金时尤为重要。

So I look at the efficiency, how do we make sure that even when we build and plan for data centers and we have servers are going to come in. You want to make sure those are aligned so that when you have a data center ready, then you can put the servers in there. If nothing is waiting, there's no kind of wasted time in that it very quickly becomes operational live and that we can use that capacity. So it's all the way from scrutinizing in the demand, ensuring we invest in the most efficient, productive way and then allocate in a way that both contributes to growth in the near term and long term.

因此，我关注效率，确保即使在规划和建设数据中心时，服务器也能按计划到位。你需要确保各环节协调一致，这样当数据中心建成时，你可以迅速安装服务器；如果没有相应的服务器等待使用，就会浪费时间，无法迅速投入运营，无法充分利用这些资源。所以，这一切都涵盖了从仔细评估需求、确保我们以最高效、最具生产力的方式进行投资，到以既促进短期又推动长期增长的方式进行资源分配。

Brian Nowak

That's good color. Maybe let me ask one about the GCP and the Cloud growth then because it did decelerate most recently. Was that deceleration driven by capacity constraints, is the first question? And then as you sort of -- as you think about getting the infrastructure and the capacity in the right place, what are the key execution areas to it reaccelerate? Do you have to build the products out? Are the products built? You just need the chips to ship them out? Where are you in sort of driving the acceleration fundamentally?

布莱恩·诺瓦克

这个说法很生动。那我再问一个问题，关于 GCP 和云增长的情况，因为最近云增长有所放缓。第一个问题是，这种放缓是否由容量限制引起？其次，当你考虑如何将基础设施和容量置于正确的位置时，推动重新加速的关键执行领域是什么？是需要构建产品吗？产品已经建好了？还是只是需要将芯片投放出去？从根本上说，你们是如何推动加速的？

Anat Ashkenazi

So yes, Cloud growth in the fourth quarter was 30%, which is lower than 35%. But 30% is really, really impressive growth and certainly on the Cloud base. So it's very exciting to see that growth. Two dynamics that impacted that growth rate in the fourth quarter: one is lacking a very strong AI deployment in the base period in Q4 of 2023. So it just impacts that year-over-year comparison.

阿纳特·阿什肯纳齐

是的，第四季度云增长为 30%，虽然低于 35%，但 30% 的增长率在云业务领域已经非常非常令人印象深刻，看到这样的增长令人兴奋。影响第四季度增长率有两个因素：一是 2023 年第四季度基期内缺乏强有力的 AI 部署，这就影响了同比比较。

But the second is what you've highlighted, which is we had a very strong demand from customers, and we didn't have the capacity to match that demand. In fact, I looked at our list of customers because I wanted to make sure it's real and who are you going to serve when, long list of customers that we're going to be able to get to, but we ended the year with more demand than supply.

阿纳特·阿什肯纳齐

第二个因素正如你所提到的，我们遇到了客户需求非常强劲，但我们没有足够的容量来满足这种需求。事实上，我查阅了我们的客户名单，以确认实际情况，以及当面对众多客户时我们该如何服务，但我们以供应不足、需求过剩结束了这一年。

And it's really evidence of the great work that the cloud team is doing of providing outstanding products and services for our customers because we're seeing -- and this is an important thing, growth both within our existing customer base and by adding new customers. And I think that's always an important kind of metric to look at internally because it provides insight into the resilient growth profile for the business.

这充分证明了云团队在为客户提供卓越产品和服务方面所做的出色工作，因为我们看到，无论是现有客户群体内部的增长，还是新增客户的增长，都非常显著。我认为这始终是一个内部必须关注的重要指标，因为它反映了业务韧性增长的整体情况。

And when you see growth within the existing customer base, that they're getting what they need, and it's exciting when we hear from customers that they on their side are able to serve their customers in a better way, whether they're able to drive more productivity or efficiency for their customers or offer new services and products that they've never been able to do before.

当你看到现有客户群体内实现增长，表明他们得到了所需，而且当我们听到客户反馈说，他们能够以更好的方式服务于自己的客户，无论是提升生产力与效率，还是提供以往无法提供的新服务和新产品，这都令人振奋。

The partnership with Salesforce is a great example of that where they're now using AgentForce for their enterprise customers, a great partnership. So the more our customers can do that, the more growth we have in the business. So it was -- the entire industry is capacity constrained at this point. We are investing appropriately, and we're working hard to make sure we're bringing more capacity online and we're increasing, obviously, this year, the CapEx. Again, it's not an overnight thing. You still need to build data centers and you need to make sure you put the servers in them, and then you can use them, but it does take time. But I'm pleased with where the cloud businesses go in and you've asked about products and services.

与 Salesforce 的合作就是一个很好的例子，他们现在为企业客户使用 AgentForce，这是一个非常出色的合作关系。因此，我们的客户能够做得越多，业务增长就越明显。目前整个行业都面临着容量限制。我们正适当进行投资，并努力增加上线容量，同时今年的资本支出也在增加。当然，这不是一蹴而就的事情。你仍然需要建设数据中心，确保服务器安装到位，然后才能投入使用，但这确实需要时间。我对云业务的前景感到满意，同时你也提到了产品和服务的问题。

Brian Nowak

Got to get through the capacity constraints. The data center is built. Let's talk about cloud profitability then with all that because there's so many moving pieces of your cloud margins, we think are still below your peers. And so there is a scale of opportunity there. But then you do have all the DNA coming in. And there's a discussion about sort of the incremental margins on some of these GenAI products. So how should we think about the cloud segment profitability over the course of '25 and into '26 as AI grows in the mix?

布莱恩·诺瓦克

必须解决容量限制问题。数据中心已经建成。那我们来谈谈云业务的盈利能力吧，因为你的云毛利率还有许多动态因素，似乎仍低于同行水平，这其中存在巨大的机遇。同时，你们也拥有深厚的技术基因。现在有一个讨论，关于某些生成式 AI 产品的边际利润。那么，随着 AI 成分的增加，我们应如何看待 2025 年乃至 2026 年云业务板块的盈利能力？

Anat Ashkenazi

So certainly, we saw in 2024, an expansion in the cloud margins. And I will say two things. One is scale, as you mentioned, scale helps drive more profitability. But the second is, and I'll give credit to Thomas Kurian, Cloud leader, CEO of really driving efficiency and productivity across the business, whether it's where we're hiring, how we run the business, just looking across the business to make sure we do it in the most efficient, really focused way, that is not stopping. We have to continue at scale as well. But as I mentioned earlier, as we're investing more, obviously, there's more depreciation. So we're working to manage that as well. But just same as we're doing for the entire organization is to work on productivity and efficiency.

我们确实看到，2024 年云业务毛利率有所提升。我想说两点：第一，正如你提到的，规模效应有助于推动更高的盈利能力；第二，我要感谢云业务领袖 Thomas Kurian，他在整个业务中推动效率和生产力提升——无论是招聘、业务运营，还是从全局出发确保以最高效、最专注的方式运作，这一切都在不断进行。当然，随着投资增加，折旧也会增加，我们正努力管理这一点。但总体而言，我们与整个组织一样，都在致力于提升生产力和效率。

Brian Nowak

Okay. One of the other core platforms against another $1 billion-plus user platform is YouTube. You've talked about some of the benefits from Generative AI and YouTube, GenAI powered video campaigns had 17% higher return on ad spend than the manual campaigns. You have other creative tools and diffusion models you've rolled out. So as you bring a fresh lens to YouTube, what are sort of in your mind, one or two of the biggest opportunities for GenAI to drive faster structural YouTube growth going forward?

布莱恩·诺瓦克

好。另一个核心平台是 YouTube，这个平台的用户数超过 10 亿。你谈到了生成式 AI 在 YouTube 上带来的一些好处，比如生成式 AI 驱动的视频广告活动比手动操作的广告活动的广告支出回报率高出 17%。你还推出了其他创意工具和扩散模型。那么，站在新的角度看待 YouTube，你认为生成式 AI 推动 YouTube 结构性加速增长的最大机会是什么？请谈谈你心中一两个最重要的机会。

Anat Ashkenazi

YouTube is one of the -- it's an excellent example actually of the use of AI with an Alphabet and we're already seeing that. So the integration, whether it's for creators, which -- that's where we start at YouTube, our viewers or advertisers. So for creators, they now have new tools. If you look at a YouTube Short or a YouTube long-form video, today, it might look very different than what it looked like a year ago because they have completely new set of tools. Whether it's music in the background that they can use for their creation of production or view our new video models, so they can really bring new ways of creating content.

阿纳特·阿什肯纳齐

YouTube 实际上是 Alphabet 应用 AI 的一个极好例子，我们已经看到了这一点。无论是面向创作者——这正是我们在 YouTube 上的出发点，还是面向观众或广告商，这种整合都在进行。对于创作者来说，他们现在拥有了全新的工具。如果你看看今天的 YouTube Shorts 或长视频，可能会发现它们与一年前大不相同，因为创作者有了一整套全新的工具。不论是用于制作背景音乐，还是观看我们全新的视频模型，这都为内容创作带来了全新的方式。

And the content is just incredibly impressive. And we're seeing that on TV. So it's interesting that YouTube is now becoming the new TV. It's the number one streamer in the U.S., has been such for in terms of watch time for two years now. And you're seeing that increase in TV. People now are sitting in front in their living room and watching YouTube. And part of it is the fact that creators are unable to create much higher quality content and deliver it to viewers. So when viewers are getting that, obviously, they're watching more relevant content.

而且这些内容实在令人赞叹，我们在电视上也能看到这一点。所以很有趣的是，YouTube 正在变成新型电视。在美国，它已成为观看时长最长的流媒体平台，连续两年位居榜首。你会看到电视观看时长在增加，人们现在坐在客厅里看 YouTube。这部分原因在于创作者能够创作出更高质量的内容并传递给观众。因此，当观众获得这种体验时，他们显然会观看到更相关的内容。

So it gets to the viewers now in AI, we're able to then serve you as a viewer, more targeted relevant content that you're interested in based on different preferences. And when viewers watch and creators create, advertisers come as well, and they have tools as well, whether it's more dynamic ad creation or even getting more targeted, better ads. They're monetizing well as well. So you do see that across kind of the three pillars with the YouTube across creators, viewers and advertisers being leveraged very appropriately.

借助 AI，我们现在能够为观众提供更有针对性、更符合个人喜好的内容。当观众观看、创作者创作时，广告商也会介入，他们同样拥有工具，无论是更动态的广告创作，还是更精准、更优质的广告展示，都能实现良好的货币化。所以，在创作者、观众和广告商这三个支柱上，YouTube 都得到了非常合理的利用。

YouTube is doing incredibly well. We're seeing the growth and the watch time Shorts, YouTube TV and Shorts monetization, I think we shared before, we're closing that gap on monetization. And I expect we've increased that 30% last year. I expect we'll continue to progress in 2025 as we're bringing more offerings to creators and then viewers are benefiting from that as well.

YouTube 发展非常出色。我们看到 Shorts、YouTube TV 以及 Shorts 货币化方面都有显著增长，就像我们之前分享的那样，我们正在缩小货币化的差距。我预计去年增长了 30%，而在 2025 年，我们将继续进步，随着为创作者带来更多产品，观众也将从中受益。

Brian Nowak

Great. Yes. The multiscreen YouTube TV is an amazing innovation. Very underappreciated product innovation four screens at one.

布莱恩·诺瓦克

太好了。是的，多屏 YouTube TV 是一项惊人的创新，这种四屏合一的产品创新非常被低估。

Anat Ashkenazi

And the interesting thing is we all -- if you're like me, you're watching multiple screens at the same time. And if you are like my kids, you're screening YouTube on the TV and you're sitting with your device and you have your laptop on the side.

阿纳特·阿什肯纳齐

有趣的是，如果你像我一样，你会同时观看多个屏幕；如果你像我的孩子们一样，你可能一边在电视上播放 YouTube，一边使用手机，同时旁边还有笔记本电脑。

Brian Nowak

Eight things at once. That’s right and writing a note. Let's talk about capital allocation. It's interesting you come into a company that has a very healthy balance sheet and throws off a pretty healthy amount of free cash flow. So what is your perspective on capital returns, the appropriate amount of share count shrink? How are you sort of balancing that philosophically?

布莱恩·诺瓦克

一次处理八件事。没错，还要记下来。让我们来谈谈资本配置。你加入的这家公司资产负债表非常健康，并且产生了相当可观的自由现金流，这非常有意思。那么你如何看待资本回报，以及适当的股份回购规模？在理念上你是如何平衡这两者的？

Anat Ashkenazi

So I look at capital allocation priorities, and I start with how do I make sure that we fund the business appropriately, whether it's the capital expenditures we've shared for technical infrastructure or anything else across the business, that has to be the first place where we invest our cash and cash flow because that is what's going to create a resilient growth profile. That's something I'm focused on is how do you have a resilient growth profile. That's not just for the next quarter, for the next year, or that can actually sustain for multiple years.

阿纳特·阿什肯纳齐

我看待资本配置的优先级，首先要确保我们能为业务提供充足的资金支持，无论是用于技术基础设施的资本支出，还是业务中其他方面的需求，这都必须是我们投资现金和现金流的首要领域，因为这将构建一个具有韧性的增长格局。我关注的正是如何建立这种韧性增长，这不仅仅是为了下个季度或明年，而是要持续多年。

And then couple that with M&A, if there are interesting opportunities and areas that we are focused on, certainly, we would look at those opportunities and then the remaining would be returning cash to shareholders, whether it's through share repurchases or the dividend. We did $70 billion last year in return to shareholders. It's a really impressive amount, but that's how I think about priorities of capital allocation.

接下来，再结合并购，如果有我们关注的有趣机会和领域，我们肯定会考虑这些机会，其余部分则用于向股东返还现金，无论是通过股份回购还是派发股息。我们去年向股东返还了700亿美元，这是一个非常惊人的数字，这就是我对资本配置优先级的看法。

Brian Nowak

Okay. Let me ask you a couple on Other Bets. And I know you talked about Waymo and sort of the launch today in Austin. We think Atlanta is coming later this summer. So how do you think about -- so first on Waymo, how do you sort of think about the appropriate amount of investment levels at Waymo in the next couple of years is to make sure you stay at the knife's edge of autonomous driving?

布莱恩·诺瓦克

好的。让我问你几个关于其他赌注的问题。我知道你谈到了Waymo，以及今天在奥斯汀的发布，我们预计亚特兰大将在今年夏末推出。那么，你如何看待——首先是关于Waymo，在未来几年中，你认为投资水平应保持在何种程度，以确保你们始终处于自动驾驶技术的前沿？

Anat Ashkenazi

So if you look at the investments we've made at the Other Bets of the last couple of years, it may seem like we're fairly flat. So we haven't invested more or less, but kind of below the waterline. What's actually happening is increase in investments that goes towards Waymo. And I've mentioned on the first call, my first call, I said -- I mentioned the notion of pivoting, and it's pivoting away from and towards something and that comes to capital investment. So making choices and I think growth is about making choices and strategies about making choices. So we're making choices within the Other Bets as well.

阿纳特·阿什肯纳齐

如果你看看我们过去几年在其他赌注上的投资，表面上看似乎保持平稳，没有多投也没有少投，但实际上，在用于Waymo的投资上有所增加。我在第一次电话会议上就提到了转型的概念，即在资本投资上既有撤退也有加码，这就是做出选择，而我认为增长就是在于做出选择和制定策略。所以我们在其他赌注中也在做出选择。

And we see an opportunity that goes back to, by the way, the comment on how do you get to scale quickly, that Waymo's was one of my areas of that's where we need to invest. We have a tremendous opportunity here, phenomenal autonomous vehicles that can have -- be used in a variety of ways. So scaling that up rapidly, getting to more markets, getting more vehicles is critical. So it looks like we're investing the same level every year, but we're investing more in Waymo and then we're pivoting some of the things we've made an announcement about Verily. So we're making choices even within the Other Bets.

此外，我们看到一个机会，这也呼应了如何迅速扩张的讨论——Waymo是我关注的领域之一，我们需要在这里加大投资。这里有巨大的机会，出色的自动驾驶车辆可以在多种场景下使用，因此，迅速扩大规模、进入更多市场、增加车辆数量至关重要。表面上看每年的投资水平似乎保持不变，但实际上我们在Waymo上的投入更多，同时我们也在调整一些关于Verily的项目。所以，即便在其他赌注内部，我们也在做出战略选择。

I do think Waymo is a really, really interesting opportunity. Hopefully, you've all had a chance here all in San Francisco to take a ride in the Waymo, it's could be the future of transportation. But beyond that, there are other interesting opportunity within the bets that you asked early, what are the things that people don't see, there is such a great focus on Search and YouTube and Cloud rightfully so, but there's Waymo, there is isomorphic, right? You didn't talk about that.

我确实认为Waymo是一个非常非常有趣的机会。希望大家在旧金山都有机会体验一下Waymo，它可能就是未来交通的样子。但除此之外，在你早前提到的赌注中，还有其他有趣的机会，尽管大家对搜索、YouTube和云业务有充分关注，但还有Waymo，还有isomorphic，对吧？你没有提到这个。

Brian Nowak

Some of your background. Yeah, talk to us about some of the non-Waymo Other Bets that I think are particularly interesting from your perspective and your background.

布莱恩·诺瓦克

关于你的背景，谈谈那些从你的视角和背景来看你认为特别有趣的非Waymo其他赌注吧。

Anat Ashkenazi

I think isomorphic is an interesting one. Obviously, isomorphic has two large partnership, one with Lilly, one with Novartis, just extended one of them as well. Multiple targets could be interesting. I always -- a little bit caution when we do things early stage, you want to see them progress. But that's if it works, it can be really meaningful. We have the wing opportunity where we're expanding as well. So there are several interesting things. We invest appropriately, but you want to do -- you want to make sure that with these investments, you have certain milestones. And when you see the milestone that you can advance further with investments, but a lot of interesting opportunities there.

阿纳特·阿什肯纳齐

我认为isomorphic是一个很有趣的项目。显然，isomorphic与Lilly和Novartis有两个大型合作伙伴关系，最近其中一个合作还得到了延续。多个目标可能会很有意思。我总是在早期阶段会保持一点谨慎，你希望看到它们不断进展。如果成功了，那将非常有意义。另外，我们还有wing这样的机会，也在不断扩展。所以，总体上有几个非常有趣的领域。我们会进行适当的投资，但同时你需要确保在这些投资中设定明确的里程碑，当达到某个里程碑时，就可以进一步加大投入，机会非常多。

Brian Nowak

Great. Well, Anat, thank you so much for joining us. We're excited for all the Search changes in '25 and everything else to come.

布莱恩·诺瓦克

太好了，阿纳特，非常感谢你加入我们。我们对2025年搜索领域的所有变革以及其他即将到来的变化感到非常兴奋。

Anat Ashkenazi

Thanks.

阿纳特·阿什肯纳齐

谢谢。

Brian Nowak

Thank you much.

布莱恩·诺瓦克

非常感谢。

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