Late Monday, the Wall Street Journal reported that Google had purchased drone maker Titan Aerospace, presumably to improve its map product but also to expand Internet availability to folks worldwide. That may help to grow the online advertising market faster than ZenithOptimedia and others predict. Titan Aerospace confirmed the deal on its web site.
Google has also aggressively moved into mobile and, not so aggressively, into payments. Google Wallet, unfortunately, is a bit of an also-ran in the e-payments space. But Google's Droid phones gained considerable market share from Apple (AAPL) iPhones, and now are the dominant handsets.
Despite Google's efforts at diversification, some investors maintain that the search giant is still primarily an advertising shop and, given its size, can't keep growing faster than the online ad market. Some bullish investors bought protection against an earnings miss this week.
But most investors believe Google keeps innovating -- and using its cash to acquire innovation. And it just needs one new business to take off in order to support its $366.43 billion valuation.
At the time of publication, the author held no positions in any of the stocks mentioned.
This article represents the opinion of a contributor and not necessarily that of TheStreet or its editorial staff.