Alphabet (GOOGL -0.49%) (GOOG -0.54%), the parent company of Google, has a massive $1.7 trillion market cap. However, in this Fool Live clip, recorded on July 2, Fool.com contributor Matt Frankel, CFP, and Chief Growth Officer Anand Chokkavelu discuss why there could potentially be trillions in upside ahead. 

Anand Chokkavelu: So, when I think about Alphabet, I think of Google search and the results in digital advertising domination along with Facebook (META 1.11%) and Amazon (AMZN -0.73%). Now, Amazon. But I also think of optionality. Whether it's data, machine learning or AI, we're talking self-driving cars, Waymo, drones, robotics, whatever. Alphabet has its hands in it, and I could've gone through their moonshots and 20 more enticing things that they're really taking small bets in, so between its current business and the possibilities, and it's like that Amazon day one mentality of just continuing to throw stuff at the wall, and because the real danger for buying into an Alphabet is that it starts operating like a Comcast (CMCSA 0.03%) or something instead of operating enough of its business like a start-up and trying to disrupt its different things. Between those things, they got $1.7 trillion market cap, it seems quite reasonable. It's one that I don't own, but I'm always, why don't I own Alphabet outside of indexes?

Matt Frankel: I want to see their other bets segment have one big home run. That's really, I think what would sell me on getting aggressive on Alphabet.

Chokkavelu: See you at $3.4 trillion then.

Frankel: Well, and if they had a bid It would be like just add that much more to the valuation. I want to know what is the biggest hit in their other bet segment?

Chokkavelu: Well, I mean, would just say Waymo?

Frankel: Maybe Waymo.

Chokkavelu: Then, outside of, I don't think this was all their bets. But just being smart about doing Android, maintains their data. Some of that's keeping their data supremacy, but they were successful in that.

Frankel: I think it's Nest in their other bets. Smart homes

Chokkavelu: Pardon me.

Frankel: Nest, Google owns Nest, right?

Chokkavelu: They do. Yeah.

Frankel: Is that in the other bets or is that part of Google or?

Chokkavelu: I'm not sure.

Frankel: Because that's got to be pretty successful at this point.

Chokkavelu: Right. But it's like, yeah, and I guess, yeah just thinking about non-search. Well, I guess YouTube's kind of search. But that acquisition way back was brilliant, so was DoubleClick. They've done some really good moves. Now, but the whole point of the moonshots, is that a lot of it is not going to work out.

Frankel: Right.

Chokkavelu: You do hear about people hiding out in big tech, really smart people doing not much.

Frankel: I mentioned that GM (GM 1.00%) sees a $7 trillion opportunity on autonomous. Waymo could be. It's probably not going to be but if it works out really well, they realize it's a bet. That's why the segment's called that.

Chokkavelu: Right.

Frankel: It could be enormous.