Google's "other revenues" (mostly Cloud and Play) was $14B as of their last 10-K, growing at 40% YoY. That pales in comparison to their advertising revenues, but if you just had an isolated business (not part of Alphabet) with $14B in revenue growing 40%/year, that would be a pretty attractive stock.

(For comparison, HP Enterprise has about $28B in revenue with negative growth and is worth $23B. At current growth rates, Alphabet's Cloud segment will surpass HP in revenue in 2-3 years.)