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A few weeks after Morgan Stanley said that Alphabet’s (GOOGL) autonomous driving unit Waymo could be worth a staggering $175 billion, analysts at Evercore ISI have calculated their own valuation: a possible $100 billion.

Kyla Jackson, a member of the Waymo Early Rider Program, demonstrates the power button in a Waymo LLC Chrysler Pacifica autonomous vehicle. Caitlin O'Hara/Bloomberg

Waymo grew out of Google-parent Alphabet's secretive X moonshots research and development division to become an independent subsidiary in 2016. Its fleet surpassed eight million autonomous miles driven on public roads last month, and the company is preparing to offer an autonomous ride hailing service to select residents in Phoenix, Ariz., by the end of the year.