In case you missed it, Google announced a totally unexpected development today. They announced that it had formed a new holding company, Alphabet. A new conglomerate that is absorbing Google itself but also includes Fiber, Ventures, Google X, Nest and more. I think it totally makes sense for a few reasons, the market as it closed today, seems to agree, as Googles stock spike 6%.
I think the main reason would be to play under the radar, without being tied to Google brand, to buy larger set of businesses, to play safe given the recent antitrust case and to let Google cash cow be highly profitable even if the moonshot projects fail to turn a profit for years end. It also means Larry and Sergey would work more closely at a higher level as they removed themselves from daily Google operations.