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Waymo's edge in self-driving chip technology also gives partner Fiat Chrysler a real leg up in the race toward safer vehicles.
Stock looks set to rise even if $47 billion QCOM merger fails.
Jim Cramer says NXP Semiconductor will probably reach $110 a share.
The autonomous Chrysler Pacifica features technology developed inside Alphabet, but it's unclear how the company will make money on it.