Alphabet’s autonomous-vehicle unit Waymo could command a valuation exceeding $200 billion if assessed against metrics applied to Tesla, according to a new research note from brokerage DA Davidson. The firm argues that investors continue to undervalue the self-driving subsidiary within Alphabet’s conglomerate structure. DA Davidson reiterated its view that a full breakup of Alphabet would unlock shareholder value by allowing investors to own high-growth assets such as Waymo separately from the company’s mature advertising business. The note comes as Alphabet’s Class A shares hover near record levels around $190–$198, with some market participants anticipating a further move higher.