Amid all the hoopla over OpenAI's ChatGPT, Alphabet (GOOG 0.33%) (GOOGL 0.30%) seems to have been pushed aside by some investors. That could prove to be a mistake.

Alphabet's strengths -- and there are plenty of them -- haven't evaporated with the surging interest in generative artificial intelligence (AI). Many factors that helped the stock deliver a gain of more than 350% over the last 10 years remain firmly in place.

But there are also other things investors should consider when evaluating Alphabet. Here's, arguably, the most overlooked reason to buy and hold this beaten-down tech stock.

The next big thing in computing

Could a new technology that makes an even greater impact than chatbots be on the way? Yes. There's one that should especially be on your radar: quantum computing. To understand quantum computing, we must first delve a little into quantum physics. Don't worry, though; it won't be too painful.

Quantum physics studies subatomic particles. You're probably at least somewhat familiar with a few of them, such as protons, neutrons, and electrons. However, there are also more exotic subatomic particles -- quarks, leptons, and bosons -- that you might not have heard much about.

With respect to quantum computing, there are two crucial things to know about these subatomic particles. First, they can exist in multiple states at the same time. Observing a subatomic particle forces it into only one state. Second, two particles can be connected even if far away from each other. This is called quantum entanglement.

Current computers use bits (0 or 1). Quantum computing uses quantum bits, or qubits, to take advantage of particles' ability to exist in multiple states. Because qubits can be entangled, quantum computers can perform calculations in parallel. The combination of these factors means quantum computers can perform massive calculations in seconds that even the fastest supercomputers available today would take many years to solve.

AI stands out as one of the top uses of quantum computers. The ultra-fast processing capabilities of quantum computers could dramatically reduce the time required to train AI systems. Quantum AI could also be much more powerful than AI apps that run on classical computers. Potential quantum AI applications include natural language processing, self-driving cars, drug development, and weather forecasting.

Alphabet's quantum credentials

There are several leaders in quantum computing. Alphabet is definitely near the top of the list. The company's Google unit has developed several frameworks and libraries for software development to manage and use quantum computers. But Google has made even greater advances.

In 2019, Google announced it had achieved quantum supremacy. The term refers to the ability of a quantum computer to solve a problem that a classical computer couldn't (at least not in a practical timeframe). The company said its quantum computer performed a calculation in three minutes and 20 seconds that the most powerful supercomputers would have taken thousands of years to solve.

IBM scientists disputed Google's claim, arguing that adding enough disk storage would enable a supercomputer to solve the problem in 2.5 days. Even if the IBM team is correct, Google still completed an important milestone for quantum computers.

Less than two weeks ago, Google trumpeted another major accomplishment. The company said it successfully demonstrated for the first time that errors could be reduced by increasing the number of qubits used in processing.

Why is this a big deal? Qubits are super-sensitive. Sundar Pichai, CEO of Alphabet and Google, wrote in a blog that "even stray light can cause calculation errors." But the promise that ramping up the number of qubits used can significantly reduce these errors could overcome a major hurdle for quantum computing.

Global consulting firm McKinsey & Company predicts that the quantum computing market could range from roughly $300 billion to $700 billion. To put those numbers into perspective, Alphabet generated total revenue of $257.6 billion last year. Quantum computing represents a massive new market opportunity for the company, potentially bigger than any of its current businesses.

That opportunity might not be nearly as far off as you might think. Many executives expect quantum computing will begin to disrupt industries within the next seven years.

Don't overlook the obvious

Maybe Alphabet won't be a big winner in quantum computing. I wouldn't take that bet, though. My prediction is that it will likely rank at least in the top two or three most successful quantum computing companies over the next decade. Quantum computing truly could be the most overlooked reason to buy and hold Alphabet stock.

But investors shouldn't overlook the obvious reasons to invest in Alphabet. The company remains highly profitable. It has a boatload of cash. Several of its products dominate their respective markets. The stock also looks like a bargain based on its historical valuations. In my view, Alphabet appears to be a no-brainer stock to buy, even without its huge opportunity in quantum computing.