- I think you make an excellent point regarding the synergies between Google and Waymo reference the technology. - however I think this is also a very different business from core google search and advertising. - the reasons to separate this would be A) focussed management and incentivization structure B) it could be potentially possible that Waymo would require a significant amount of capex - for autonomous taxi services for example - it would be better funded (for both shareholders) of Alphabets balance sheet C) data sharing between all of alphabets properties has to follow very strict regulations. For eg there are strict regulations on how YouTube data is shared with google search for advertising and re-targeting I would have also said value unlocking for Alphabet shareholders but knowing the management team I don’t think this would be a driving factor for them. Obviously all the above is really in the realm of conjecture so it would be an interesting journey to observe but in my opinion you have asked a question on the most interesting aspect of the Waymo path so thank you for that.

On 3 compelling industries over the next decade -