财报数字很好看，股价却跌了8%。谷歌用一整块AI广告讲的新故事，投资者似乎还没完全买账。但另一边，AI搜索广告已经正式出海了。
营收数字确实亮眼
Alphabet三季度营收1276亿美元，同比增长25%，这一增速放在任何一家科技公司都算亮眼。但市场用脚投票，股价当天跌了8%。跌幅背后只有一个明确信号：核心搜索广告业务的增速正在回落。
增长从哪来，又去哪了？
问题在于，25%的增长主要来自云业务和部分AI产品的收入，而不是传统搜索广告。搜索广告一直是谷歌的现金牛，也是市场给谷歌估值的核心锚点。当这个引擎的声音变小，哪怕其他部位跑得快，投资者也会先担心一下。
谷歌首席商务官菲利普·辛德勒在财报电话会议上说，正在将AI Overviews及AI Mode中的高质量广告向更多用户和查询场景铺开，并首次把该业务的商业化布局拓展至全球市场。同日，美国上线多轮对话广告。
这不是第一次谷歌用AI讲新故事。2023年AI Overviews上线时，欧洲独立出版商就因点击率腰斩把谷歌送上了被告席。当时市场普遍预测付费搜索点击率会暴跌，结果财报数据显示，AI概览的整体变现率与传统搜索大致持平，付费点击量也重新踩上了油门。
数据比情绪诚实
坦白讲，这次的情况和上次很像。一边是传统广告增速放缓的隐忧，一边是AI带来的增量叙事。资本市场在等一个清晰的信号，告诉它AI广告不是PPT上的概念，而是能真正补上搜索广告下滑的缺口。
目前能看到的信号是：谷歌已经把AI广告从美国试点扩展到了国际市场，同时在国内用AI Max取代了动态搜索广告。后者取消了关键词定向，改用Gemini根据着陆页内容匹配用户意图。这两条动作都在指向同一个方向——让广告系统从「匹配关键词」变成「理解意图」。
系统级的切换，不是小打小闹
这种切换的代价是可见的。广告主需要重新评估过去的关键词管理投入，着陆页质量变成新的竞争维度，自动扩量的同时也会带来可控性的下降。对于习惯了精细化操作的企业来说，这是一种需要适应的新常态。
二、AI广告全球铺开：谷歌的下一步押注
谷歌首席商务官菲利普·辛德勒在财报电话会议上给出了一个明确的信号。AI Overviews与AI Mode中的高质量广告，开始向更多用户和查询场景铺开。这不是某个市场的局部试验，而是首次将AI广告的商业化布局拓展至全球市场。
这一动作的背后，是谷歌对传统搜索广告增长天花板的一种提前对冲。当欧洲独立出版商把谷歌送上被告席，当AI概览导致点击率腰斩的消息持续发酵，谷歌需要一条新的收入曲线来告诉市场：AI不是搜索广告的终结者，而是下一阶段的引擎。
AI Overviews与AI Mode广告走向国际市场
AI Overviews是谷歌在搜索结果页顶部引入的AI生成摘要功能，用户可以直接看到整合后的答案，而不再需要逐个点击搜索结果。AI Mode则是更完整的AI驱动搜索体验，支持多轮对话和深度信息检索。
这两类产品正在从「工具」转变为「广告位」。早期测试显示，AI Overviews的整体变现率与传统搜索大致持平，这意味着AI并没有简单地侵蚀广告收入，而是在重塑流量分发结构。
当谷歌把这套系统推向国际市场，它实际上是在复制美国的成功经验。对于在海外市场依赖谷歌搜索的广告主来说，这是一次必须提前布局的调整——因为AI广告的出现逻辑和美国本土并无本质区别。
美国本土同步上线多轮对话广告
同期，谷歌在美国上线了多轮对话广告（multi-turn ads）。这一产品的核心变化在于：用户不再只是输入简短的搜索词，而是通过多轮交互逐步表达预算、场景、偏好和约束条件。
这带来了两个直接后果。第一，广告平台获得了更细颗粒度的需求信号；第二，广告主需要适应一种新的投放逻辑——精准不再是靠关键词匹配，而是靠意图理解。
谷歌AI广告从试点到全球化的推进节奏
从试点到全球化，商业化节奏加快
从试点到全球化，谷歌的节奏明显比市场预期更快。过去几年，大厂在AI商业化上普遍采取「先内后外」的策略，但这次谷歌几乎是同步推进。这释放出两个信号：一是AI广告的变现能力已经得到验证，二是市场竞争窗口正在收窄。
竞争对手们也在跟进。Meta的Advantage+已覆盖65%广告主，CPA降幅达32%。ChatGPT Ads也进入了AI对话广告阶段。谷歌选择此时加速国际化，本质上是在争夺AI搜索广告的标准制定权。
更早的布局意味着更早的生态绑定。当广告主习惯了AI Overviews的投放逻辑，习惯了用意图而非关键词来定位受众，切换平台的成本就会显著提高。
财报数字很好看，股价却跌了8%。
但市场用脚投票，股价当天跌了8%。
同日，美国上线多轮对话广告。
这不是第一次谷歌用AI讲新故事。2023年AI Overviews刚推出时，独立出版商就集体诉讼，称点击率从15%腰斩至8%，被引用的源网站点击率低至1%。市场当时忧心忡忡：付费搜索点击率从19.7%跳水至6.3%，这无疑是「革自己的命」。
但谷歌用财报打脸了质疑者。AI Overviews的整体变现率与传统搜索大致持平。更关键的是，搜索广告付费点击量经历了几个季度增速放缓后，重新踩起了油门。
三、AI Max取代DSA：搜索广告的架构重构
动态搜索广告（DSA）正式退出历史舞台，被AI Max全面接管。这不是简单的产品迭代，而是搜索广告底层逻辑的重写。
动态搜索广告（DSA）正式退出历史舞台
DSA依赖的是着陆页内容自动匹配搜索词。广告主只需提供网站，谷歌会自动抓取页面内容，匹配相关查询。这套机制运行多年，但问题在于：它只能理解字面匹配，无法捕捉意图。
AI Max继承了DSA的自动化基因，但用Gemini模型替代了传统的关键词匹配逻辑。从9月起，符合条件的DSA广告系列将自动升级。迁移窗口只有几周，逾期强制切换。
取消关键词定向，全面转向Gemini意图匹配
这是本次架构重构最核心的变化。广告主不再手动添加关键词，而是由Gemini根据着陆页内容、用户历史行为、实时查询语境自动判断匹配哪些搜索意图。
用户不再只是输入简短关键词，而是输入预算、场景、偏好和约束条件——谷歌由此获得更细颗粒度的需求信号。以往「酒红色衬衫」这样的搜索，现在可能变成「12码带口袋的酒红色衬衫，价格低于500元」。查询变长，商业意图反而更清晰。
一季度财报电话会议上，谷歌管理层明确提到：来自AI Overviews、AI Mode及Gemini的更长、更复杂查询，提供了更多基于意图的数据。这一点直接关系广告价值。
智能出价（Smart Bidding）已覆盖30%以上搜索广告支出
AI Max并非孤立的产品变化。与之配套的智能出价体系已经在过去两年快速渗透。目前，AI驱动的广告活动已占搜索广告支出的30%以上，覆盖AI Max、P-Max、Demand Generation等工具。
效果最大化广告系列推出以来，整合碎片化投放结构的广告主CPA降幅达32%。Smart Bidding Exploration的实验组转化量提升19%，触达的搜索查询类别增加18%。
更狠的是，每年能省下一个亿的预算分配。
四、机制与取舍：AI广告怎么赚钱
AI虽然让传统广告断了一臂，但带来的增量营收正在长成新的支柱。
``mermaid
AI广告变现机制
机制说清楚：用户查询变长，需求信号更细颗粒度。传统上，约20%的查询具有商业属性。若AI搜索让更多查询变成可识别、可匹配、可投放的商业意图，搜索广告的天花板可能上移。
一季度查询量创历史新高。2026年4月，Google全球搜索份额为90.0%，环比增加10个基点。Chrome全球份额为68.0%，环比增加130个基点。若这些入口继续扩大，AI搜索的商业化基础将更稳固。
但取舍也在其中。AI Max要求广告主提供高质量的着陆页内容和清晰的商业意图信号。着陆页逻辑混乱、排除项设置不当、资源生成配置错误的账户，在迁移后会出现短期波动。
问题在于：谁准备充分，谁就能平滑过渡。
五、边界与判断
本结论在X条件下成立，超出范围需要重新评估。
在广告主具备清晰着陆页结构和明确转化目标的前提下，推荐全面迁移至AI Max。理由是：意图匹配的覆盖广度和精准度均优于传统关键词定向，且智能出价已验证转化效率。
当广告主缺乏稳定转化数据或着陆页逻辑复杂时，建议保留部分DSA账户作为对照组，观察2-4周波动后再做最终切换决策。
下一步动作：1）审核现有DSA账户的转化追踪配置；2）梳理着陆页核心意图标签；3）准备迁移前后的性能基准数据。
参考文献
- Google Q3 2026 Earnings Call Transcript - abc.xyz/investor/
- AI Max for Search Campaigns - Google Ads API Documentation - developers.google.com/google-ads/…
- Dynamic Search Ads upgrading to AI Max - ALM Corp - almcorp.com/zh-CN/blog/…
- 核心广告业务增长放缓，谷歌将AI搜索广告推向国际市场 - IT之家/TechCrunch - m.sohu.com/a/109415816… 财报数字很好看，股价却跌了8%。 但市场用脚投票，股价当天跌了8%。 同日，美国上线多轮对话广告。 这不是第一次谷歌用AI讲新故事。2023年AI Overviews推出时，市场也期待过一波反弹。当时谷歌告诉投资者，AI概览会让搜索体验更好，广告主能触达更精准的用户。现实是，流量分配逻辑变了。
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- 原文归档：tobemagic.github.io/ai-magician…
- 公众号：计算机魔术师
本文由 AI图鉴自动抓取并翻译，版权归原作者所有；如需查看原文请点下方链接。
The financial figures were good, but the stock price fell by 8 per cent. Google's new story with an entire AI ad does not seem to have been fully bought by investors. But on the other side, the AI search ad is officially out of the sea.
The numbers are bright.
Alphabet received $1276.6 billion for the third quarter, an increase of 25 per cent over the same period, and this increase is visible in any technology company. The market voted with foot, however, and stock prices fell by 8 per cent the same day. There is only one clear signal behind the drop: the core search advertising business is falling back.
Where did the growth come from? Where did it go?
The problem is that 25 per cent of the increase comes mainly from cloud operations and some AI products, rather than from traditional search advertising. Search advertising has been a cash cow of Google and a central anchor for the market valuation of Google. When the engine gets smaller, even if other parts run fast, investors worry first.
The Chief Commercial Officer of Google, Philip Schindler, at the Press conference, said that high-quality advertising in AI Overviews and AI Mode was reaching out to more users and queries, and that for the first time the commercialization of the business was reaching out to the global market. On the same day, the United States posted an ad for multiple rounds of dialogue.
It's not the first time Google's ever told a new story with AI. When AI Overviews came online in 2023, the European independent publisher put Google in the dock because of the hits. At that time, the market generally predicted that paid's search hits would drop sharply, and the result financial data showed that the overall liquidity of AI's overview was roughly the same as that of traditional searches, and that paid hits were re-stamped.
Data is more honest than emotions.
To be honest, it's like last time. On the one hand, there are concerns about slowing down the growth of traditional advertising and on the other hand, the incremental narrative of AI. The capital market is waiting for a clear signal that the AI ad is not a concept on the PPT, but can really fill the gap in the fall in search advertising.
The signal that can be seen is that Google has expanded the AI ad from the US pilot to the international market, and that dynamic search advertising has been replaced domestically by AI Max. The latter removes keyword orientation and replaces Gemini with Gemini matching user intent with the content of the landing page. Both actions point in the same direction - to move the advertising system from "matching key words" to "understanding intent".
The system-level switch is not just a little bit of a joke.
The cost of this switch is visible. Advertising owners need to reassess past key word management inputs, landboard quality becomes a new competitive dimension, and automatic expansion also leads to a decline in controlability. This is a new normal for enterprises that are used to fine-tuning operations.
II. Global spread of AI advertising: Google bets for next step
The Chief Commercial Officer of Google, Philip Schindler, gave a clear signal at the Press conference. High-quality advertising in AI Overseas and AI Mode began to spread to more users and queries. This was not a partial experiment in a particular market, but the first time that the commercialization of AI advertising was extended to the global market.
Behind this move is Google's pre-emptive confrontation with traditional search advertising to increase the ceiling. When European independent publishers put Google on the bench, when the AI overview led to fermentation of hits, Google needed a new income curve to tell the market: AI is not the ender of the search, but the next engine.
AI Overviews and AI Mode Advertising to the international market
AI Overviews is an AI-generated summary feature introduced by Google at the top of the search result page. Users can see the consolidated answer directly without having to click on the search results. AI Mode is a more complete AI-driven search experience that supports multi-cycle dialogue and in-depth information retrieval.
These two types of products are moving from "tools" to "advertisements". Early tests have shown that the overall liquidity rate of AI Overviews is roughly the same as that of traditional searches, which means that AI is not simply eroding advertising revenues, but is reshaping the flow distribution structure.
When Google pushed the system to the international market, it was actually replicating the United States success story. For advertisers who rely on Google searches in overseas markets, this is an adjustment that has to be made in advance — because the logic of the appearance of AI is not fundamentally different from that of the United States mainland.
U.S.S.A. Synchronized Up-line Multi Wheel Dialogue Advertising
During the same period, Google launched multiple rounds of dialogue ads (multi-turn ads) in the United States. The core change in this product is that users are no longer simply entering short search terms, but express budgets, scenes, preferences and constraints gradually through multiple rounds of interaction.
This has two immediate consequences. First, the advertising platform has received a much more finer demand signal; second, the advertiser needs to adapt to a new delivery logic -- – Precision is no longer a key word match, but is understood by intention.
GoogleAi ads from pilot to the pace of globalization
From pilot to globalization, the pace of commercialization has accelerated.
From pilot to globalization, Google's rhythm is clearly faster than market expectations. Over the past few years, large plants have adopted a "first-in-first-out" strategy in the commercialization of AI, but this Google is almost synchronized. This sends two signals: first, the liquidity of AI advertising has been tested, and second, the market competition window is shrinking.
Competing parties are following up. The Advantage+ in Meta has covered 65 per cent of the advertisers, and the CPA has fallen by 32 per cent. ChatGPT Ads also entered the AI dialogue advertising phase. Google chose to accelerate internationalization at this point in time, essentially in competition for standard-setting power for AI search advertising.
Early layout means earlier ecological binding. The cost of switching platforms increases significantly when the advertisers become accustomed to the AI Overviews delivery logic and to targeting audiences with intent rather than keywords.
The financial figures were good, but the stock price fell by 8 per cent.
The market voted with foot, however, and stock prices fell by 8 per cent the same day.
On the same day, the United States posted an ad for multiple rounds of dialogue.
It's not the first time Google's ever told a new story with AI. When AI Overviews was launched in 2023, independent publishers filed a class action claiming that the number of hits ranged from 15 to 8 per cent and that the number of hits on the cited source site was as low as 1 per cent. The market was worried: paid hits from 19.7% to 6.3%, which is undoubtedly a "fault of life".
But Google hit the questioner with a newspaper. The overall liquidity rate of AI Overviews is roughly the same as that of traditional searches. More crucially, the search for the ad paid hits, after several quarterly slowdowns, re-stamped the oil.
AI Max replaces DSA: Restructured search for advertising
The Dynamic Search Advertisement (DSA) officially withdrew from the historical stage and was fully taken over by AI Max. This is not a simple product iterative, but a rewrite of the bottom logic of the search.
Dynamic Search Advertising (DSA) is officially out of history.
DSA relies on an automatic search word matching the content of the landing page. All the advertisers need to do is provide a website, and Google will automatically capture the page content and match the related queries. The mechanism has been in operation for many years, but the problem is that it can only understand a word match and cannot capture intent.
AI Max inherited the DSA automated gene, but replaced the traditional keyword matching logic with the Gemini model. From September, the eligible DSA advertising series will be automatically upgraded. The migration window is only a few weeks away and has to be replaced.
Undirected Keywords. Full turn to Gemini's intent.
This is the central change in the current architecture. Instead of adding keywords manually, the advertiser will be Gemini to automatically determine which search intent matches the landing page content, user history behaviour, real-time query context.
Users no longer simply enter short keywords, but rather budgets, scenes, preferences and constraints — Google obtains a more finer demand signal. In the past, searches such as "drink red shirts" may now become "12 yards of red shirts with pockets at a price of less than $500". Business intentions are clearer when inquiries become longer.
Google management explicitly mentioned at the quarterly financial conference that longer and more complex queries from AI Overviews, AI Mode and Gemini provided more intent-based data. This directly relates to the value of advertising.
Smart Biding has covered over 30% of search advertising expenses
AI Max is not an isolated product change. The associated smart bidding system has been rapidly penetrating over the past two years. Currently, AI-driven advertising activities account for more than 30 per cent of search advertising expenditures, covering tools such as AI Max, P-Max and Demand General.
Since the launch of the Maximum Effect Advertising series, the number of advertisers who integrated the debrisization delivery structure has decreased by 32 per cent. The group conversion of Smart Bidding Exchange increased by 19 per cent and the touch-up search query category by 18 per cent.
Worse still, the next billion budget allocations could be saved each year.
IV. Mechanisms and trade-offs: How to make money in AI advertising
Although AI has cut off traditional advertising, the resulting incremental revenue is growing into a new pillar.
``mermaid
AI Disbursement Mechanism
The mechanism is clear: the user query becomes longer and the signal is required to be more nuanced. Traditionally, about 20 per cent of queries have commercial properties. If AI searches turn more queries into identifiable, matching, dropable business intentions, the search ceiling may move up.
The number of queries in one quarter is at an all-time high. In April 2026, Google ' s global search share was 90.0 per cent, an increase of 10 basis points. The global share of Chrome is 68.0 per cent, an increase of 130 basis points. If these portals continue to expand, the commercial base of the AI search will be stronger.
But the trade-off is in it. AI Max requires the advertiser to provide high-quality landing page content and clear signals of commercial intent. Short-term fluctuations after migration occur when landing pages are logically confused, inappropriate set-up of items is excluded, and accounts are misconfigured for resource generation.
The problem is that whoever is well prepared can smooth the transition.
V. Boundary and judgement
This conclusion is established under conditions X and needs to be reassessed beyond its scope.
Full migration to AI Max is recommended, provided that the advertiser has a clear landing page structure and clear conversion targets. The reason is that the intended level of coverage and precision is better than the traditional keyword orientation and that smart bids have validated conversion efficiency.
When the advertiser lacks stable conversion data or the logic of the landing page is complicated, it is recommended that a portion of the DSA account be retained as a control group to observe fluctuations of 2-4 weeks before final switching decisions are made.
next step Actions: 1) review the conversion tracking configuration of existing DSA accounts; 2) combo the core intent label on landing pages; 3) performance baseline data prior to and after migration.
References
- Google Q3 2026 Earnings Call Transcript - abc.xyz/investor/
- AI Max for Search Campaigns - Google Ads API Documentation - developers.google.com/google-ads/…
- Dynamic Search Ads upgrading to AI Max - ALM Corp - almcorp.com/zh-CN/blog/…
- The growth of core advertising has slowed, with Google pushing AI search advertising to the international market - IT House/TechCrunch - m.sohu.com/a/1099415816 - the financial figures are good and the stock price has fallen by 8%. The market voted with foot, however, and stock prices fell by 8 per cent the same day. On the same day, the United States posted an ad for multiple rounds of dialogue. It's not the first time Google's ever told a new story with AI. When AI Overviews was launched in 2023, the market also looked forward to a rebound. Google told investors at the time that the AI overview would make the search feel better and that advertisers would reach more accurate users. The reality is that the flow distribution logic has changed.
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