虎牙
1198亿美元营收、资本支出再次上调，谷歌继续“为AI发电”_我的网站
一 | 谷歌CEO桑达尔·皮查伊。
Young student athletes compete during the Shijingshan District Primary and Secondary School Football League in Beijing on May 28, 2026. Photo: Li Hao/GTOn youth soccer pitches across China this World Cup summer, one match often seemed to give way immediately to the next. Coaches shifted cones, parents raised phones behind the fence, and children in numbered bibs warmed up along the touchline while the previous teams were still packing away their gear.
It was a busy school break. The national finals of the 2025-26 youth campus soccer league, rounds of the fifth China Youth Football League, city and provincial campus competitions, private club cups and overseas invitationals filled the calendar. Some children played close to home; others spent part of their summer travelling with teammates from one tournament to another.
The sixth 2034 Cup was among the most visible. Its 39 regional qualifiers drew 882 teams and 12,604 players, with 128 teams reaching the finals in Suzhou, East China's Jiangsu Province. Teams from other countries also took part, adding an international element to a tournament aimed at primary-school players, according to the Xinhua News Agency.
Does this crowded calendar by itself signal a turnaround for Chinese soccer? China's men last reached the World Cup in 2002. But the summer offered a view of a playing base being built from below and raised a harder question: Can the enthusiasm survive the return to school, unequal access to training and the growing costs borne by families?
From the first touchIn China's youth soccer system, coach Zhao Xinxin works at its broadest and most fundamental level - introducing young children to the game.
He coaches an introductory group of about 15 three-year-olds, three interest classes of 15 to 20 children aged five to 10, and four advanced groups of roughly 10 players aged five to 14. He has worked with more than 100 children over the years.
Starting younger is one of the clearest changes Zhao has observed in recent years. Soccer is appearing not only in schools and social clubs but also in some kindergartens. Most parents initially want an after-school activity that gets their kid moving.
Only when a player begins to stand out do questions about more advanced training and a possible route forward arise.
That route now has several layers. A child in a commercial club can move from introductory and interest classes to advanced teams. A school player may be selected for district and city teams, then enter national campus competitions; professional academies, sports schools and social clubs provide other pathways.
China began promoting campus soccer on a national scale in 2015, when six government departments issued guidelines calling for soccer to be incorporated into school education through designated soccer schools, regular competitions, teacher training and improved facilities, according to the Ministry of Education.
The program has continued to expand while shifting its focus from increasing participation to improving the quality of teaching, training and competition. In 2025, another 4,928 schools were recognized as national youth campus soccer schools, according to the ministry.
The result is more soccer on the calendar. Zhao told the Global Times that youth matches take place somewhere in Beijing almost every week, especially during school holidays. His club's advanced teams play weekend fixtures with referees and standings, as well as regional competitions and finals.
Tournaments such as the 2034 Cup give this broad base a visible target. Soccer commentator and youth-project organizer Dong Lu launched the event in 2021 after repeatedly seeing Chinese social media celebrate Japan's high-school soccer tournament. Its name looks toward the 2034 World Cup, when the first group of participants will be about 25.
Earlier this summer, a team selected through Dong's youth soccer project offered another source of encouragement. The Chinese Football Boy U12 team won all seven matches at the Sigismondi International Youth Cup in Italy, becoming the first Asian team to claim the championship.
Yet Dong cautioned against reading too much into a single championship. Strong players, he said, must emerge from a much broader soccer culture. "Players come from the people around us, from the soil and culture in which they grow," he told the Global Times.
Who can keep playing?
A coach walks his young players to the pitch for a soccer tournament in Beijing. Photo: Li Hao/GTYet the larger test begins after the tournament. Dong acknowledged that most 2034 Cup participants will not become professional players. For many, reaching the finals in Suzhou may serve as a "soccer graduation ceremony" at the end of primary school. The question is whether graduation from primary school must also mean graduation from soccer.
For Zhao, the first major break comes at 12. Children may train throughout primary school, then stop after entering middle school as homework, examinations and family expectations take over - a pattern he calls "retiring at 12."
Campus soccer should be the main way to keep the player pool broad, he said, because school is where nearly every child spends most of the day. More schools now provide soccer classes and in-class competitions, but implementation varies.
Zhao recalled a class tournament in which a child was injured. After a parent complained, the remaining matches were cancelled. Safety concerns are understandable, he said, but cancelling competition altogether removes opportunities from every child.
For families, this is also the stage when soccer stops being a simple extracurricular activity. If a child has shown unusual ability, parents must decide whether to seek stronger teams, change schools, accept more travel and training, or keep soccer only as an interest. The decision depends not only on talent and the child's wishes, but also on educational expectations and how much time and money the household can commit.
The contrast with Europe lies partly in continuity. Zhao cited his nephew in Hungary, who trained at a Barcelona-affiliated academy between the ages of six and eight before being selected by a local club at nine.
Once children join organized training there, he said, they are registered at relatively low cost, and their movement between clubs is recorded in the soccer association's system - closer to transferring schools than simply leaving one commercial course for another.
Dong made a broader comparison. Japan's national team increasingly draws on players who have further developed further in European leagues, while China still relies mainly on its domestic league to prepare future internationals.
In his view, the two systems operate like production lines with different competitive standards. Young Chinese players therefore need more high-level matches, whether foreign teams come to China, Chinese teams travel abroad or selected players enter overseas leagues.
But overseas training cannot substitute for a domestic system, nor is it open to every family. Zhao said it requires ability, physical readiness, money and the capacity to adapt to a different language, diet and daily life. Some parents send a child abroad; others move with them, reorganizing work and family life around soccer without knowing whether the child will ever turn professional.
For now, the most telling test may come not in 2034, but this coming September, when a child enters a new grade and decides whether there is still time in the week for soccer.
。图片由AI生成
文丨苏扬
编辑丨徐青阳
美国当地时间7月22日，谷歌母公司Alphabet发布了截至6月30日的2026年第二季度财报。
二 | 当季总营收达1197.96亿美元，同比增长24%；在巨额股权投资收益大幅增值的拉动下，净利润一举飙升至1121.07亿美元，摊薄后每股收益达9.11美元。
Alphabet主要财务数据
然而，强劲的财务数据并未在资本市场引发狂欢。财报发布后，Alphabet股价在盘后交易中一度跌超4%。
市场态度的冷淡，揭示了投资者在面对庞大账面利润时更深层的担忧：在AI战争胶着、资本开支疯狂翻倍的背景下，谷歌强劲的云业务与搜索基本盘，能否支撑起AI基建吞金的胃口？
01 业务拆解：云业务暴涨82%，搜索与广告盘口稳固
Alphabet业务拆解财务数据
从具体业务板块来看，本季度Alphabet的核心业务呈现出“云业务陡峭拉升、搜索与广告稳健支撑”的格局。
作为AI工具与企业级服务主要承载平台的谷歌云表现最为亮眼。谷歌云当季营收达到247.68亿美元，同比大幅增长82%，远超市场预期。这一突破主要受谷歌云平台（GCP）在企业级AI基础设施与AI解决方案领域的强劲需求驱动。
随着规模效应释放，谷歌云部门的营业利润从去年同期的28.26亿美元拉升至88.14亿美元，营业利润率从20.7%提升至35.6%。
据了解，在Gemini Enterprise等商业化方案渗透率提升的推动下，目前近90%的《财富》100强企业均在使用其产品，这也让谷歌云在手积压订单规模从一季度的4600亿美元攀升至5140亿美元。
作为集团现金流来源的“谷歌服务”部门，本季度整体实现营收945.40亿美元，同比增长15%，实现营业利润395.44亿美元。
“谷歌服务”细分业务中，旗舰搜索业务实现营收632.71亿美元，同比增长17%，主要来自AI Overviews与全新“AI Mode”功能融合带来的搜索查询量增长，目前AI Overviews的月活用户已超过25亿。
YouTube广告营收在2026年FIFA美加墨世界杯等全球赛事的带动下，实现了13%的增长，达到110.55亿美元，期间有超过17亿独立用户在YouTube上观看世界杯相关内容。
包含硬件与订阅在内的“订阅、平台与硬件”业务营收达129.11亿美元，同比增长15%。传统联盟网络广告业务微幅下滑0.7%至73.03亿美元，反映出广告主预算向搜索端和短视频端的集中。本季度总流量获取成本（TAC）为161.79亿美元，占广告收入的比重保持稳定，显示出谷歌在渠道买量上的控制力。
在前沿项目与集团层面，包含Waymo自动驾驶在内的“前沿项目”（Other Bets）二季度实现营收3.82亿美元，营业亏损从去年同期的12.46亿美元扩大至 17.99亿美元，主要是自动驾驶在多城市加速商业化落地带来的前期投入增长。
此外，反映集团共享AI基础研发与前沿模型开发成本的“集团级活动”营业亏损达到了57.89亿美元，较去年同期的33.72亿美元扩大了71.7%，显示出大模型研发费用的消耗速度。
三 |
02 980亿“其他收益”的账面富贵
本季财报中最引人注目的数据，莫过于高达1121.07亿美元的归母净利润。
拆解利润构成可以发现，这主要归功于一条容易被忽视的会计明细：Alphabet的“其他收益”在本季度达到了979.83亿美元，而去年同期这一数字仅为26.62亿美元。
四 | 财报明确标注，该笔巨额收益主要来自Alphabet持有的股权证券未实现收益，即尚未变现的账面浮盈。
这笔收益背后，是Alphabet此前对几家科技公司的早期押注。
Alphabet早在2015年就通过投资获得了SpaceX约7%的股份，伴随SpaceX于6月完成IPO，其估值飙升给Alphabet带来了约133倍的账面回报。
同时，Alphabet持有AI独角兽Anthropic约14%的股份，后者在5月融资后估值已接近1万亿美元。此外，Alphabet持股的Databricks估值也在7月份的融资中达到了1880亿美元。
虽然这笔近千亿美元的浮盈拉高了当季净利润，但由于其属于非经营性且未变现的账面数字，资本市场并未将其视为公司核心业务经营能力的提升。
03 隐忧与风险：资本开支狂飙与自由现金流承压
在云业务与投资收益之外，投资者在财报发布后选择卖出，核心在于对公司资本开支与自由现金流状况的顾虑。
五 |
为了在AI基础设施竞争中保持产能，谷歌二季度资本支出达449亿美元，较去年同期的225亿美元直接翻倍。更让市场担忧的是，谷歌将2026年全年资本支出预期区间由上一季度的1800亿至1900亿美元，上调至1950亿至2050亿美元。
随着资金砸向数据中心与GPU采购，公司第二季度的自由现金流已正式转负。
六 |
为了支撑资本开支，谷歌在二季度展开了频繁的融资动作，包括通过发行股票及可转换优先股获得了496亿美元净收益，签署了最高可达400亿美元的ATM股票发行协议，并发行了203亿美元的高级无担保债券。
但在投入增加的同时，谷歌在核心大模型的研发攻坚上遇到了一定困难。原定推出的新一代旗舰模型Gemini 3.5 Pro因未达内部预期而推迟发布，本周仅推出了三款轻量级模型。
七 |
在Anthropic推出Mythos 5、OpenAI官宣GPT-5.6的竞争格局下，谷歌主模型已多月未更新，加之6月份两位核心研究员跳槽至 Anthropic，也引发了外部对其技术迭代节奏与人才团队稳定的关注。
Alphabet的二季度财报折射出公司在AI转型期面临的现实：传统的搜索与广告业务基本盘依然稳固，云业务在AI需求的驱动下实现了82%的增长，早期的科技投资也带来了上千亿美元的账面回报；但另一方面，AI基建极高的资金门槛挤压了自由现金流，庞大的资本开支迫使公司需要通过债券和股权市场密集筹资。
对于资本市场与投资者而言，后续观察Alphabet的关键，在于其每年2000亿美元级别的硬件基础设施投入，能否尽快推动谷歌在下一代旗舰模型上实现技术突破，并转化为可落地的商业化产出。
特约编译无忌对本文亦有贡献。
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