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Waymo Valuation Slashed on Autonomous Vehicle Tech Delays

A Waymo autonomous vehicle

A Waymo autonomous vehicle

Photographer: Caitlin O'Hara/Bloomberg
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Morgan Stanley slashed its estimate of how much Alphabet Inc.’s Waymo driverless car business is worth, saying the technology is taking longer to develop than previously expected.

Waymo is worth about $105 billion, Morgan Stanley analyst Brian Nowak said in a note to clients. That’s down from the $175 billion valuation he pegged the unit at just a year ago.