Alphabet trades at a forward price-to-earnings ratio of 19 times next year's earnings estimates for the world's most dominant search company, a fast-growing cloud computing business, and a leading streaming video platform. At this point, Waymo is largely an afterthought that isn't reflected much, if at all, in its valuation.

Hyundai Motor and Waymo have agreed to a multiyear, strategic partnership that includes the self-driving company adding the South Korean automaker’s Ioniq 5 electric vehicle to its robotaxi fleet.

Waymo has its sights set on its next robotaxi: the Hyundai Ioniq 5. The Alphabet company announced that it was entering a “multi-year, strategic” partnership with the Hyundai Motor Group that will result in the Ioniq 5 eventually joining its robotaxi fleet.