The UK-based hedge fund first bought Alphabet stock in 2017 and currently has shares valued at more than $6 billion in its portfolio, which it says indicates its belief in the future of the organization.Google launched Simplicity Sprint in August as a way to ask its 174,000 employees for ideas to up efficiency and boost productivity.- BT CEO ups cost-cutting plan amid rising inflation and soaring energy costs- Gelsinger takes ax to Intel after chip sales slump, profit nosedives- Billionaire CEO tells Googlers 'we shouldn't always equate fun with money'- Oracle seeks $1b savings, staff prepare for layoffs“Waymo has not justified its excessive investment and its losses should be reduced dramatically,” the investor added.Shareholders love share buybacks – for obvious reasons – and Alphabet's run rate is $60 billion per year, yet it has $116 billion of cash on the balance sheet which, TCI claimed, is not serving shareholders or the company.Alphabet’s ability to pursue M&A is limited due to “regulatory scrutiny” so it should follow Apple’s capital allocation strategy and become “cash neutral over time through increased share repurchases.” The group’s stock price is down 34 percent in the year to date, the share price is “cheap” and buybacks could take advantage of this, TCI said."