(Bloomberg) -- Alphabet Inc. will focus its biggest bets next year on the staid world of business software and cloud computing, a marked departure from lofty "moonshots" of recent years, such as burrito-carrying drones and super-fast internet service.

Alphabet was formed last year, in part, to insulate the lucrative online advertising business of its Google division from riskier, more capital-intensive projects now called Other Bets. The strategy was on display in the company’s third-quarter results, released on Thursday. The technology giant culled investment in Other Bets and doubled down on Google’s cloud and artificial-intelligence initiatives.

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