Some analyst at Morgan Stanley made up that $100B number. It has ZERO meaning and no one should take it seriously. The market cap of a company is what investors

Some analyst at Morgan Stanley made up that $100B number. It has ZERO meaning and no one should take it seriously. The market cap of a company is what investors are willing to pay for it. Given that Alphabet wholly owns Waymo, there is no way the market is implicitly valuing Waymo at $100B given the present value of Google's advertising business and Alphabet's market cap.