Here's Where Alphabet Plans to Invest $1 Billion

While Alphabet Inc. (NASDAQ: GOOGL) (NASDAQ: GOOG) is known primarily for its flagship Google search, one of its most compelling opportunities is in self-driving cars. Waymo is the company's autonomous-vehicle unit that was spun off from its "moonshot" research arm last year. The company currently has a substantial lead in development and testing of the technology, having logged more than three million self-driving miles on public roads.

In a move that seemed destined to happen, Alphabet has been in discussions with ride-hailing company Lyft, and Bloomberg is reporting that the Google parent could invest as much as $1 billion in the start-up.

This wouldn't be the first collaboration between the two. Earlier this year, Lyft reached a deal with Waymo for the companies to work together on projects that would help bring autonomous driving into the mainstream. An investment of this magnitude would be a coup for Waymo, and further strengthen the ties between the two companies. It also provides insight into how Waymo could quickly ramp up revenue in the nascent industry.

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Source: Fool.com