Most investors still see Alphabet as a search-and-ads company with a cloud kicker, but there is a commercial-scale robotaxi network buried inside the valuation that changes the entire risk-reward ...

It has not been a good year for the two ride-hailing giants.

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Investors need to factor in how long it will take for the robotaxi market to become what it will be, and where Waymo is currently valued.

Waymo said cameras alone are insufficient, defending its use of lidar, radar and HD maps. Ferragu accused Waymo of “cognitive dissonance” and said its mapping dependence reflects legacy architecture.