Jim Cramer: Waymo's soaring valuation adds a new layer to the Alphabet buy story

Core Viewpoint - Waymo is generating significant investor interest with a potential $16 billion financing round at a valuation of nearly $110 billion, reinforcing the bullish outlook on Alphabet stock [1] Company Overview - Waymo, originally the Google Self-Driving Car project launched in 2009, has evolved into a major player in the robotaxi business [1] - The company is currently operational in Phoenix, San Francisco Bay Area, Los Angeles, and recently expanded to Miami, with Washington, D.C. next on the list [1] Financial Performance - Alphabet shares increased by 1.4% to reach an all-time intraday high of nearly $345, marking a 9.5% rise since the start of the year [1] - The stock gained over 65% in 2025, indicating strong market performance [1] Competitive Landscape - Waymo is positioned as a leader in the robotaxi sector, outperforming Tesla's efforts in the same space [1] - Tesla's market capitalization stands at nearly $1.6 trillion, while Waymo's target valuation is significantly lower, highlighting the competitive dynamics [1] Strategic Partnerships - Waymo has partnered with Uber to expand its services to Austin and Atlanta, indicating a collaborative approach to growth [1] Future Outlook - Anticipation is building for Alphabet's fourth-quarter earnings report, with expectations of strong performance, particularly in Google Cloud and advancements in AI [1] - The company maintains a buy-equivalent 1-rating on its stock with a price target of $350 per share, reflecting confidence in its future growth [1]