Alphabet Inc. (GOOGL Quick QuoteGOOGL - Free Report) said on Wednesday that it is exploring new technologies to help bring high-speed wireless technology to people’s homes. The program operates under Google Fiber, the broadband Internet and cable television services section of Google.

In the company’s annual general meeting, executive chairman Eric Schmidt told shareholders that the company is planning to beam ultra high-speed Internet to homes through new cheaper wireless technology.

Schmidt’s statement echoed what head of Google Fiber Craig Barratt had said two months back. It re-confirms that Google is trying to achieve its bigger ambitions with wireless technology.

In April, Barratt spoke about the project in an interview with Re/code indicating that Google is planning to introduce fixed wireless Internet that does not require fiber or cable to reach homes.

Google Fiber has been testing new wireless technologies in Kansas City and plans to set up a test wireless network by the end of this year.  

Currently, Google Fiber is operational in only a handful of cities. So this could be an opportunity for Google to build a nationwide network and further strengthen its foothold in the broadband Internet space.

Internet charges may go down as well. This is because Google will save a lot by eliminating “the last mile problem” – the need to lay fiber-optic cables.

Market watchers like us believe that the new move, if successful, will help Google to wrest market share from competitors like Verizon Communications Inc. (VZ Quick QuoteVZ - Free Report) , AT&T, Inc. (T Quick QuoteT - Free Report) and Time Warner Cable Inc.

At present, Google has a Zacks Rank #3 (Hold).  A better-ranked stock in the broader technology space is CommVault Systems, Inc. (CVLT Quick QuoteCVLT - Free Report) , sporting a Zacks Rank #1 (Strong Buy).

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