It was a pun on "alpha"(the investment/speculation term)-"bets". The original idea is that the Google founders would use Alphabet as holding company for their

It was a pun on "alpha"(the investment/speculation term)-"bets". The original idea is that the Google founders would use Alphabet as holding company for their "alpha-bets", but apparently since Pichai took over of Alphabet as well this venture is probably also "Killed by Google"...