Hyundai has unveiled a partnership with Waymo, which will add Hyundai’s Ioniq 5 to the fleet of the robotaxi operator.

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 providing its Ioniq 5 robotaxi platform to Waymo will allow it to expand at much greater speed, as autonomous ride-hailing services finally catch on.