Google buys time for bold bets with new Alphabet structure

London

BY separating moonshots from moneymakers, Google founders Larry Page and Sergey Brin are now free to pursue more quixotic business ideas such as glucose-monitoring contact lenses, Internet-connected, high-altitude balloons and even immortality.

Investors cheered the corporate restructuring announced on Monday for giving greater visibility into Google's central business and seemed less anxious about zany ventures that may pose as distractions.

But of all the businesses in Alphabet - the new holding company that isolates the core search and advertising business from riskier bets - popular smart home accessory maker Nest Labs is likely the only unit that will give investors the return…