Alphabet has announced a new multi-year investment of $5 billion into its autonomous driving subsidiary, Waymo, as revealed during the company's second-quarter earnings call. This funding aims to bolster Waymo's position as a leader in self-driving technology, enabling it to expand its commercial ride-hailing services, which already operate in San Francisco, Phoenix, Los Angeles, and soon Austin. Alphabet CEO Sundar Pichai highlighted Waymo's success, noting it provides over 50,000 paid rides weekly. Despite significant cash burn, Alphabet remains optimistic, contrasting with competitors like Tesla, whose CEO Elon Musk mocked the investment's cost. Further details will be disclosed in Alphabet's upcoming SEC filings.