When Google renamed to Alphabet, the pun was that it was an umbrella company covering those parts of the business that had exceptional financial return – mostly

When Google renamed to Alphabet, the pun was that it was an umbrella company covering those parts of the business that had exceptional financial return – mostly Ads – and the "long bets," some of which would provide future growth as the established business saturated, and some of which would fizzle – think X. The established businesses would saturate the risky investments, giving a long term growth strategy. Market beating returns: Alpha. Long bets – Bet. Alphabet.