No, I'm not talking about gaining access to the "Magnificent Seven" -- although each of those companies is in that club, too. All four of these tech giants have a market cap of at least $2 trillion, and Alphabet is the newest member to reach that milestone.

Following an encouraging first-quarter earnings report, Alphabet's shares have soared as high as 9%. Is it too late for growth investors to scoop up shares in Alphabet since eclipsing a $2 trillion valuation?

I don't think so. In fact, now looks like as good a time as ever to scoop up some shares. Let's explore why.

Don't sleep on the advertising business

One of the biggest knocks against Alphabet over the last couple of years is that its core advertising business has been slowing down. Stiff competition from Meta Platforms, TikTok, and some smaller players, such as Pinterest and Snap, have found ways to attract cyclical advertising dollars away from Alphabet.

What I think investors are missing is that even though Alphabet's advertising business may not be growing at levels seen in the past, this segment remains enormously profitable for the company. In fact, Alphabet's advertising and services operations account for nearly all the company's operating income -- with cloud computing contributing nominal profitability.